Oil & Natural Gas Corporation Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
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ONGC reported standalone revenue from operations of ₹31,547 Crore for Q3 FY26, down from ₹33,717 Crore in Q3 FY25, with nine-month revenue at ₹96,580 Crore versus ₹102,864 Crore last year, a decline of about 6%. Net profit for Q3 stood at ₹8,372 Crore (vs ₹8,240 Crore, up ~1.6%), while nine-month profit was ₹26,244 Crore (vs ₹29,162 Crore, down ~10%). The Board declared a 2nd interim dividend of ₹6.25 per share (125% on face value of ₹5), amounting to ~₹7,863 Crore, following the ₹6 per share interim declared in November 2025. The auditors issued an unmodified review report but flagged three Emphasis of Matter items, including a contingent liability of ₹14,600 Crore (up from ₹13,915 Crore in March 2025) related to a Panna-Mukta arbitration award and a sharp increase in JV partners' disputed tax liability to ₹6,439 Crore (up from ₹3,290 Crore).
Results are mixed — modest Q3 profit growth despite lower revenue, supported by other income, but a clear nine-month earnings decline signals pressure on core operations. The combined interim dividend of ₹12.25 per share offers attractive near-term shareholder returns, though rising contingent liabilities on tax and arbitration matters remain a key overhang to watch.