ONGC Q2 Results | ₹6 dividend announced with record date November 14; crude output rises 1%

Oil and gas major Oil and Natural Gas Corporation Ltd (ONGC) on Monday (November 10) reported a 28.2% year-on-year increase in consolidated net profit to ₹12,615 crore for the quarter ended September 2025 (Q2 FY26).

The company’s standalone net profit stood at ₹9,848 crore for the quarter, while consolidated gross revenue marginally declined by 0.9% to ₹1,57,911 crore. For the half-year period (H1 FY26), consolidated net profit rose 23.2% to ₹24,169 crore.

The company declared an interim dividend of ₹6 per equity share on a face value of ₹5, translating to a 120% payout. The total dividend payout amounts to ₹7,548 crore, with November 14, 2025, set as the record date.

Standalone crude oil production during Q2 FY26 increased by 1.2% year-on-year to 4.63 million metric tonnes (MMT), while natural gas production declined marginally by 0.04%. The share of new well gas (NWG) in total gas revenue from nomination fields crossed 21% during H1 FY26, contributing ₹3,352 crore—an additional ₹651 crore over the administered price mechanism (APM) gas rate.

Also Read: ONGC inks pact with Japan’s Mitsui O.S.K. Lines for ethane carriers

ONGC's crude oil realisation from nomination fields stood at $67.34 per barrel, down 14% year-on-year, while realisation from joint venture fields declined 12.3% to $68.35 per barrel. The company’s gas price realisation for nomination gas averaged $6.75 per million British thermal units (mmbtu), up 3.8% from the previous year.

In exploration, ONGC announced two hydrocarbon discoveries during H1 FY26 — the ‘Vajramani’ prospect and a new pool discovery in well MBS202HAA-1. Following the Prime Minister’s "Samudra Manthan" mission, ONGC is accelerating deepwater exploration efforts in the Andaman region, with seismic surveys underway on both coasts.

Among key developments, ONGC monetised its discovered small field block Chinnewala Tibba in Rajasthan and signed a memorandum of understanding with Vedanta Ltd for joint development of the Jantapathar Gas Field in the A&AA Basin. It also entered a joint operating agreement with BP Exploration (Alpha) Ltd and Reliance Industries Ltd for exploration in the Saurashtra Basin, and with Oil India Ltd for three OALP-IX blocks.

The company signed a binding Heads of Agreement with Japan’s Mitsui O.S.K. Lines Ltd to form joint ventures for owning two Very Large Ethane Carriers (VLECs), which will transport ethane from the US to India for ONGC’s subsidiary OPaL from 2028. It also signed its first LPG sale and purchase agreement with Hindustan Petroleum Corporation Ltd (HPCL) and a co-development agreement with JSW Steel Ltd for the Jharia CBM Block.\

Also Read: ONGC expects oil prices at $60–$65/bbl over next three years, Q2 production rise

In addition, ONGC successfully deployed VisiTraK drilling technology in the Western Offshore region, received patents for new fracturing fluid formulations and a US patent for its ThixoLite drilling solution.

The board also cleared an investment of up to ₹421.50 crore in its wholly owned subsidiary, ONGC Green Ltd (OGL), through subscription to a rights issue of equity shares. OGL will use the proceeds to invest in ONGC NTPC Green Pvt Ltd (ONGPL), which in turn will infuse equity in Ayana Renewable Power Pvt Ltd.

ONGPL is a 50:50 joint venture between OGL and NTPC Green Energy Ltd. Ayana, a subsidiary of ONGPL, operates about 4.1 GW of renewable energy assets across India with high-credit-rated offtakers such as SECI, NTPC, GUVNL, and Indian Railways.

Further, ONGC's board gave in-principle approval to form two joint venture companies in partnership with Japan-based Mitsui O.S.K. Lines Ltd (MOL), each having a 50:50 shareholding. The proposed ventures, subject to approval from the Department of Investment and Public Asset Management (DIPAM), mark ONGC’s entry into the ethane transportation business through Very Large Ethane Carriers (VLECs).

The company said the move aligns with India’s “Maritime Amrit Kaal Vision 2047” and aims to strengthen its position in energy logistics. The board approved a cumulative investment of up to $49.20 million (₹435.03 crore) for the two ventures, to be made in tranches.

Also Read: ONGC Q1 Results: Earnings beat across parameters despite sequential pressure on revenue

The company informed that it had issued four series of non-convertible debentures (NCDs) aggregating to ₹4,140 crore during FY2020–21. As of September 30, 2025, the outstanding amount stood at ₹1,000 crore.

The company clarified that the funds raised through these NCDs were fully utilised for the intended purposes within the same financial year. ONGC had also filed statements of “NIL” deviation on November 13, 2020, and June 24, 2021, confirming that there was no variation in the use of proceeds.

As of September 30, 2025, ONGC had ₹10,000 million worth of unsecured non-convertible debentures (NCDs) outstanding.

Shares of Oil & Natural Gas Corporation Ltd ended at ₹251.35, down by ₹0.60, or 0.24%, on the BSE.Read about our editorial guidelines and ethics policy