Oil & Natural Gas Corporation Limited has informed the Exchange regarding Outcome of Board Meeting held on May 26, 2026.
ONGC · price
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ONGC's Board approved audited standalone financial results for FY2025-26 showing revenue of Rs 1,32,508 crore (down 3.9% YoY) and profit after tax of Rs 32,894 crore (down 7.6% YoY), compared to FY2024-25. The company recommended a final dividend of Rs 1 per share (20% on face value of Rs 5), payable after shareholder approval. Key strategic decisions include in-principle approval for a 50:50 joint venture with Gujarat Maritime Board to develop a 5 MMTPA liquid port at Dahej, Gujarat. The board also approved a parent company guarantee of up to USD 325 million by ONGBV for abandonment liability on behalf of OCL (Brazil subsidiary) to Shell Brasil. Additionally, related party transactions for the Mozambique Project were recommended for shareholder approval. The auditors issued an unmodified opinion on the financial statements.
The decline in revenue and profit reflects challenging operating conditions, though the dividend payout remains stable. The Dahej port JV signals strategic infrastructure expansion to strengthen logistics capabilities. Shareholders should note governance concerns regarding the lack of Independent Directors on the board and substantial contingent liabilities of Rs 15,225 crore from the PMT JV arbitration dispute.