The Board of Directors of ONGC approved the Unaudited Financial Results for the quarter and nine months ended December 31, 2025, along with the auditors’ limited review report. A key highlight was the declaration of the second interim dividend for FY 2025-26 at ₹6.25 per equity share (125%), payable on a Record Date of February 18, 2026. The company also confirmed no deviation regarding NCD utilization for the period.
Outcome of Board Meeting on February 12, 2026
The Board of Directors of Oil and Natural Gas Corporation Limited (ONGC) met on February 12, 2026, and finalized several key decisions concerning the financial performance and corporate actions for the period ending December 31, 2025. The meeting commenced at 15:30 hrs and concluded at 20:15 hrs.
Unaudited Financial Results Review
The Board formally approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025. These results were accompanied by the limited review report from the auditors. Standalone results showed Total Income reaching ₹16,602.06 Crore for the quarter, compared to ₹11,000.26 Crore in the corresponding quarter of the previous year (Q3 FY25). Profit Before Tax for the nine months stood at ₹33,891.10 Crore, up from ₹39,260.96 Crore in the nine months ended 31.12.2024 (As Restated).
Declaration of Second Interim Dividend
The Board declared the second interim dividend for the Financial Year 2025-26. The rate set was ₹6.25 per equity share (representing @125% on a face value of ₹5/- each). This is supplementary to the interim dividend of ₹6 per share (120%) previously declared on November 10, 2025. The “Record Date” for determining shareholder eligibility for this second dividend has been fixed as Wednesday, February 18, 2026.
Compliance and Debt Disclosure
Regarding outstanding debt obligations, the Company reported having ₹1,000 Crore in unsecured Non-Convertible Debentures (NCDs) as of December 31, 2025. Disclosures confirmed that Security Cover certificates were not applicable as these NCDs are unsecured. Furthermore, the company confirmed that for NCDs issued earlier (aggregating to ₹4,140 Crore in FY 2020-21), the funds were fully utilized for their intended purpose, with no deviation to report for the quarter ended 31.12.2025.
Key Notes from Auditors’ Review
The independent auditors drew attention to several significant matters detailed in the notes to the financial statements, including:
- Pending finality of an Arbitration Tribunal Award concerning Panna-Mukta and Mid and South Tapti contract areas (PMT JV), where a demand of USD 1,624.05 million (₹14,600 Crore) remains a contingent liability as of December 31, 2025.
- Disputes regarding Service Tax / GST on royalty, where the company provisioned ₹18,810 Crore toward disputed ST/GST for the period up to December 31, 2025, recognizing the risk based on evolving legal opinions.
- Reliance on management’s technical evaluation for asset categorization, reserve estimation, and decommissioning liabilities.
Other Key Financial Information
The review covered the Group’s proportionate share in 214 blocks under various policies (NELP/HELP/DSF/OALP). For 27 blocks not reviewed by the joint auditors, the Standalone Financial Results included proportionate revenue of ₹1,196 Crore and profit of ₹252 Crore for the quarter.
The results of 5 subsidiaries and 5 joint ventures were incorporated based on other auditors’ reviews. Furthermore, comparative figures included restatements for the previous year (Q3 FY24) following revisions based on accounting policy changes and restatements related to subsidiaries like ONGC Videsh Limited (OVL), particularly concerning the Sakhalin-1 Project equity transfer and impairment assessments.
Source: BSE
