ONGC Q3 Results: Net Profit Surges 23% to ₹11,946 Cr, Declares ₹6.25/Share Dividend

Mumbai:  Oil and Natural Gas Corporation (ONGC) reported a 23% year-on-year surge in consolidated net profit at ₹11,946 crore for the December 2025 quarter, driven by higher gas realisations, production stability, and strong operational performance across offshore assets.

The board declared a second interim dividend of 125% i.e. ₹6.25 per share (face value ₹5 each), taking the cumulative interim dividend for FY26 to 245% (₹12.25 per share) – the highest ever cumulative interim dividend payout of ₹15,411 crore.

The record date for the second interim dividend is fixed as February 18, 2026.

Key Highlights of ONGC Q3 FY26 Results:

Consolidated Net Profit: Surged 23% to ₹11,946 crore, against ₹9,747 crore in Q3 FY25. Sequentially, profit grew 6% from ₹11,268 crore in Q2 FY26.

Standalone Net Profit: Rose 1.6% to ₹8,372 crore, against ₹8,240 crore in the corresponding quarter last year.

Consolidated Gross Revenue: Remained flat at ₹1,67,423 crore, against ₹1,67,213 crore YoY.

Standalone Gross Revenue: Declined 6.4% to ₹31,546 crore, against ₹33,717 crore in Q3 FY25, impacted by lower crude oil realisations.

Crude Oil Realisation (Nominated): Declined 15% to $61.63 per barrel, against $72.57 per barrel in Q3 FY25.

Gas Price Realisation (New Well Gas): Stood at $8.00 per mmbtu, against $8.92 per mmbtu in the year-ago period.

Nine-Month Performance (April-December 2025):

Consolidated Net Profit: Rose 23% to ₹36,115 crore, against ₹29,364 crore in 9M FY25.

Standalone Net Profit: Declined 10% to ₹26,244 crore, against ₹29,162 crore, primarily due to lower crude oil realisations and higher expenses.

Consolidated Gross Revenue: Marginally declined 1.4% to ₹4,88,442 crore, against ₹4,95,512 crore.

Standalone Gross Revenue: Declined 6.1% to ₹96,579 crore, against ₹1,02,864 crore.

Also Read: EIL Q3 Results: Net Profit Soars 242% to ₹301.74 Crore, Driven by Turnkey Project Settlement

Dividend – Highest Ever Cumulative Payout:

This is the highest ever cumulative interim dividend declared by ONGC in any financial year.

Production Performance – Crude Oil & Natural Gas:

Crude Oil Production (Standalone):

• Q3 FY26: 4.592 MMT vs 4.653 MMT (▼ 1.3% YoY)

• 9M FY26: 13.907 MMT vs 13.858 MMT (▲ 0.35% YoY)

Natural Gas Production (Standalone):

• Q3 FY26: 4.988 BCM vs 4.978 BCM (▲ 0.2% YoY)

• 9M FY26: 14.751 BCM vs 14.761 BCM (Flat)

JV Production (Operated by Others):

• Crude Oil (9M): 0.900 MMT vs 0.994 MMT (▼ 9.5%)

• Natural Gas (9M): 0.336 BCM vs 0.416 BCM (▼ 19.2%)

ONGC standalone crude oil production registered positive growth of 0.35% in 9M FY26 after several quarters of decline, reflecting success of redevelopment initiatives at Mumbai High field.

New Well Gas – Revenue Crosses ₹5,000 Crore:

During 9M FY26, revenue from New Well Gas stood at ₹5,028 crore, delivering an additional ₹944 crore revenue compared to the APM gas price.

New Well Gas now contributes more than 18% of total gas sales revenue from ONGC's portfolio, providing significant upside to realisations.

Realisation Trends:

Despite sharp decline in crude oil realisations, ONGC protected profitability through cost optimisation, higher volumes, and increased contribution from New Well Gas.

Major Project Updates:

KG-DWN-98/2 (KG-98/2) Project – Eastern Offshore:

• All imported mega structures and modules successfully installed at Eastern Offshore.

• Project nearing commissioning; expected to add significant gas production from FY27 onwards.

Western Offshore Daman Upside Development Project:

• Nearing gas production start.

• Four major infrastructure projects nearing completion.

Mumbai High Field – TSP-1:

• Redevelopment initiatives showing encouraging results.

• Contributing to the 0.35% production growth in 9M FY26.

Exploration Highlights:

Seismic Data Acquisition (9M FY26):

• 2D: 735.82 LKM

• 3D: 4,484.59 SKM

New Discoveries Monetised (Q3 FY26):

• Anor – NELP-VII block CB-ONN-2005/10 in Gujarat

• Gojalia-14 – Gojalia PML in Tripura

Andaman Basin Exploration:

• First stratigraphic well AND-P-1 in ultra-deepwater region spudded on January 27, 2026.

• Government of India sponsored initiative; results awaited.

Award:

• Exploration Company of the Year – Awarded by FIPI at India Energy Week 2026, Goa, for excellence in efficient, safe, and sustainable exploration.

Strategic Developments:

Ethane Supply Chain – Long-Term Agreement with Petronet LNG:

• ONGC and Petronet LNG executed Unloading, Storage & Handling (USH) Services Agreement on December 3, 2025.

• Valid for 15 years from Q4 2028.

• Shall enable handling of 600 KTPA Ethane at PLL's upcoming Dahej facilities.

• Will ensure long-term feedstock supply for subsidiary OPaL and ensure its operational continuity.

Very Large Ethane Carriers (VLECs) – Shipbuilding Contracts:

• ONGC Joint Venture companies signed shipbuilding contracts for two Indian-flag Very Large Ethane Carriers with Samsung Heavy Industries.

• Strategic step toward strengthening India's energy ecosystem by securing specialised marine logistics for critical feedstock.

• Improves supply-chain resilience and enables long-term industrial self-reliance.

ONGC Green Limited – Recognised for Energy Transition:

ONGC Green Limited, the renewable energy arm of ONGC, was awarded 'Pioneers in Energy Transformation – Energy Brand' by Economic Times on December 17, 2025.

The subsidiary is driving ONGC's diversification into renewable energy, including solar, wind, and green hydrogen projects.

Awards & Recognitions (Q3 FY26):

Expenditure Analysis (Standalone):

While detailed expense break-up was not provided in the press release, ONGC has maintained strict cost control measures despite inflationary pressures.

Employee Benefits Expense: Remained under control with ongoing workforce optimisation.

Depreciation & Amortisation: Increased marginally on account of capitalisation of new projects.

Finance Costs: Stable with efficient debt management.

Key Ratios & Metrics:

Management Commentary:

*"ONGC has delivered an all-round performance in Q3 FY26 with consolidated net profit surging 23% despite a 15% decline in crude oil realisations. This demonstrates the resilience of our business model and the success of our operational efficiency initiatives.*

*The redevelopment of Mumbai High field is showing encouraging results with crude oil production registering positive growth after several quarters. Our KG-98/2 project is nearing commissioning and will add significant gas production from next fiscal.*

The board has declared a second interim dividend of ₹6.25 per share, taking the cumulative interim dividend for FY26 to ₹12.25 per share – the highest ever in ONGC's history. This reflects our commitment to rewarding shareholders while maintaining adequate capital for growth projects.

Our strategic initiatives in ethane supply chain, renewable energy through ONGC Green Limited, and exploration in ultra-deepwater Andaman Basin will shape the future growth trajectory of the company," said an official spokesperson.

Outlook for Remainder of FY26:

Production: ONGC expects to maintain crude oil production growth momentum in Q4, with full-year production target of 18.5 MMT for standalone crude oil.

KG-98/2: Project commissioning expected in Q1 FY27; will add 6-7 MMSCMD of gas production.

Daman Upside: Gas production start expected in Q4 FY26.

Ethane Infrastructure: USH agreement with Petronet LNG secures long-term feedstock for OPaL from 2028.

ONGC Green Limited: Renewable energy capacity expansion underway; further announcements expected.

Crude Oil Realisations: Subject to global crude price volatility; ONGC remains focused on cost optimisation to protect margins.

Conference Call Details:

ONGC management will hold an earnings conference call on February 13, 2026 to discuss the results and respond to analyst queries. Details will be disseminated through stock exchange filings.

About Oil and Natural Gas Corporation Limited:

ONGC is the flagship upstream energy company of India, contributing over 70% of India's domestic crude oil production and over 80% of natural gas production. A Maharatna PSU, ONGC is engaged in exploration, development, and production of crude oil, natural gas, and value-added products. The company is diversifying into renewable energy through its subsidiary ONGC Green Limited and is committed to India's energy security and net-zero goals.

Stock Performance:

ONGC shares closed at ₹298.75 on the National Stock Exchange, up 2.3% from the previous close. The stock has gained 18% in the past six months.

Disclaimer: The information presented in this article is based on the official press release issued by Oil and Natural Gas Corporation Limited on February 12, 2026, and filings made with the Bombay Stock Exchange and National Stock Exchange. All facts and figures have been verified from these primary sources.