Oil and Natural Gas Corporation (ONGC) has reported a sharp jump in profitability for Q4 and FY26, powered by stronger upstream performance, improved subsidiary results, and record dividend payouts.

 

For Q4 FY26, the company posted a consolidated net profit of Rs. 13,678 crore, up 53%, while full-year consolidated profit rose 30% to Rs. 49,793 crore. Standalone performance also edged higher, with Q4 net profit at Rs. 6,650 crore and FY26 profit at Rs. 32,894 crore.

 

Revenue growth was modest in the quarter, with consolidated gross revenue rising 3.6% to Rs. 1,73,805 crore. However, full-year consolidated revenue remained broadly flat at Rs. 6,62,247 crore. Standalone revenue slipped slightly to Rs. 1,32,509 crore for FY’26.

 

Subsidiaries including Hindustan Petroleum Corporation Limited (HPCL), Mangalore Refinery and Petrochemicals Limited (MRPL), ONGC Videsh Limited (OVL), and ONGC Petro additions Limited (OPaL) delivered “remarkable improvement in performance”, strengthening the group’s overall earnings momentum.

 

The board also approved a total dividend of Rs. 16,669 crore for FY26, translating to Rs. 13.25 per share and a payout ratio of around 51%. This includes an interim dividend of Rs.n12.25 per share already paid during the year.

 

Operationally, ONGC highlighted progress in its Western Offshore assets, including the award of the TSP-2 contract, expansion of the Mega Offshore Gas Project (Daman Upside Development), and Rs. 33,075 crore worth of projects currently under execution. The company also noted that new well gas now contributes 17% of production and over 21% of revenue from its nomination gas portfolio.

 

In pricing trends, crude realizations improved in the quarter, while gas pricing showed mixed movement, with new well gas prices declining year-on-year but continuing to support incremental revenue.

 

With stronger profits, steady operations, and a record payout, ONGC closed FY26 on a firm financial footing despite broadly flat revenue growth.