The Board of Directors of ONGC met on February 12, 2026, approving the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025. Crucially, the Board also declared a 2nd Interim Dividend of ₹6.25 per equity share (@125%) for FY 2025-26. The established Record Date for this dividend payment is Wednesday, February 18, 2026. Disclosures regarding unsecured NCDs were also made.
Outcome of ONGC Board Meeting on February 12, 2026
The Board of Directors of Oil and Natural Gas Corporation Limited (ONGC) convened on February 12, 2026, from 15:30 hrs to 20:15 hrs, to consider several key proposals, leading to the approval of financial outcomes and a dividend declaration.
Unaudited Financial Results Approval
The Board approved the Unaudited Financial Results (Standalone and Consolidated), along with the limited review report from the auditors, for the quarter and nine months ended December 31, 2025. The detailed results are appended in Annexure-A.
Second Interim Dividend Declared
The Board declared the 2nd Interim Dividend for the Financial Year 2025-26. The rate declared is ₹6.25 per equity share, equivalent to @125% on the face value of ₹5/- per share.
- The Record Date for determining shareholder eligibility for this dividend has been set as Wednesday, February 18, 2026.
- The dividend payment is expected to be completed within 30 days from the date of declaration.
Debt Securities Disclosure
In compliance with applicable regulations, disclosures were made regarding outstanding debt securities as of December 31, 2025.
- The Company reported ₹1,000 Crore outstanding unsecured Non-Convertible Debentures (NCDs) as of 31.12.2025.
- It was confirmed that Security Cover certificates are not applicable as these NCDs are Unsecured.
Key Financial Highlights from Standalone Results (Q3 FY 2025-26 vs Q3 FY 2024-25)
Based on the accompanying standalone tables, key movements for the Quarter ended December 31, 2025:
- Total Income: ₹36,835.99 Crore (vs. ₹37,750.33 Crore in Q3 FY 2024-25, restated).
- Profit Before Tax (PBT): ₹10,602.06 Crore (vs. ₹11,000.26 Crore in Q3 FY 2024-25, restated).
- Profit/(Loss) for the period: ₹9,783.64 Crore (vs. ₹9,746.54 Crore in Q3 FY 2024-25, restated).
- Earnings Per Share (Basic): ₹6.85 (vs. ₹6.83 in Q3 FY 2024-25, restated).
Key Consolidated Financial Highlights (Q3 FY 2025-26 vs Q3 FY 2024-25)
For the Consolidated results for the Quarter ended December 31, 2025:
- Total Revenue from Operations: ₹167,422.93 Crore (vs. ₹167,212.55 Crore in Q3 FY 2024-25, restated).
- Profit Before Tax (PBT): ₹16,190.08 Crore (vs. ₹13,480.13 Crore in Q3 FY 2024-25, restated).
- Profit/(Loss) for the period: ₹16,190.08 Crore (vs. ₹13,480.13 Crore in Q3 FY 2024-25, restated).
Auditors’ Review Report: Emphasis of Matters
The joint auditors highlighted several significant matters that require attention, primarily concerning contingent liabilities and ongoing legal proceedings, particularly related to the Panna-Mukta and Mid & South Tapti (PMT JV) contract areas:
- Arbitration Award Contingency: A pending finality of the Arbitration Tribunal Award related to the PMT JV demands a potential liability of approximately US$ 1,624.05 million (₹14,600 Crore) as of December 31, 2025, treated as a contingent liability.
- Service Tax/GST on Royalty Disputes: Disputed demands concerning Service Tax/GST on royalty amount to approximately ₹2,174 Crore (plus interest) for the Company’s share, and ₹6,439 Crore for other JV partners’ shares (treated as contingent liability). The Company has made a provision of ₹18,810 Crore towards its portion of the disputed taxes plus interest.
- Terminal Excise Duty Refund: A receivable of ₹2,088 Crore related to terminal Excise Duty is considered good for recovery.
Subsidiary Matters (ONGC Videsh Limited – OVL)
The consolidated review report included emphasis of matters concerning OVL:
- Sakhalin-1 Project Transfer: The transfer of OVL’s rights in the Sakhalin-1 Project to a new Russian entity was completed in December 2025, with the carrying value of the investment disclosed as ‘Investment in Associate’ amounting to ₹15,814 crore as of December 31, 2025.
- Area 1 Mozambique (OVRL): Force majeure was lifted effective November 7, 2025, leading to the resumption of capitalization of borrowing costs. OVL subsidiary OVRL incurred a net loss of ₹980 crore for the nine months ended December 31, 2025.
- ONGSCBV Receivables: Receivables from associate PIVSA are subject to lifetime ECL provision due to US Sanctions in Venezuela, with an impairment loss of ₹579 crore charged during the nine months.
Corporate Changes and Regulatory Compliance
The Board noted ongoing updates:
- Labour Codes: A new unified labour framework became effective from November 21, 2025, which the Company continues to evaluate for financial impact.
Other Information – Integrated Filing
In the integrated filing section, several regulatory compliance points confirmed:
- Statement on deviation for proceeds of public issue: Not Applicable.
- Disclosure of outstanding default on loan and debt securities: No default hence Not Applicable.
The information was certified by Yogish Nayak S, Chief Corporate Finance, and reported by the joint auditors on February 12, 2026.
Source: BSE
