State-run Oil and Natural Gas Corp on Monday recorded a 28% jump in its consolidated net profit in the second quarter of financial year 2025-26 at Rs 12,614.60 crore from Rs 9,841.40 crore in the same period last fiscal.
The company’s revenue from operations during the quarter remained largely muted at Rs 157,911.0 crore. Total income stood at Rs 161,019.10 crore, down by 1.5% from Rs 163,517.42 crore in Q2FY25.
The Board of Directors has declared the first interim dividend at the rate Rs 6 per equity share of face value of Rs 5/- each for the financial year 2025-26. The total payout on this account will be Rs 7,548 crore. The Record date for distribution of dividend has been fixed for November 14, 2025.
ONGC has been able to achieve an increasing trend in crude oil production in the second quarter of FY26. The standalone crude oil production (excluding condensate) during Q2FY26 and H1FY26 was 4.630 million tonnes and 9.314 MMT respectively registering a growth of 1.2% over corresponding periods of FY25.
On the gas production front too, ONGC has been able to arrest the degrowth, it said. The decline, which was 0.35% in Q1FY26 over Q1FY25 has been brought down to 0.04% in Q2FY26 over Q2FY25.
The company is strategizing and mobilizing resources to align its deepwater exploration activities with the National Mission. ONGC’s ultra-deepwater exploratory drilling campaign is progressing at full pace in the Andaman Offshore region, while seismic data acquisition activities are underway in the deepwater areas of both the East and West Coasts, said the company.
The Board also accorded approval for investment of up to Rs 421.50 crore in ONGC Green Limited (OGL) in one or more tranches by way of subscription to the rights issue of equity shares. OGL, is a wholly owned subsidiary of ONGC, mainly engaged in renewable energy business.
OGL shall utilise the proceeds of the issue of equity shares for investment in ONGC NTPC Green Private Limited (ONGPL), the company said in its exchange filing. ONGPL will make an investment of said amount by equity infusion in Ayana Renewable Power Private Limited. (Ayana).
ONGPL is a 50: 50 Joint venture of OGL and NTPC Green Energy Limited (NGEL) and Ayana, is a wholly owned subsidiary of ONGPL. Ayana, a leading renewable energy platform, has approximately 4.1 GW of operational and under-construction assets, strategically located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.
The Board has accorded its in-principal approval for entering into two identical Joint Venture Companies (JVCs) in partnership with M/s Mitsui O.S.K. Lines Ltd (MOL) with 50:50 shareholding, subject to approval of the Department of Investment and Public Asset Management (DIPAM).
“Proposed joint ventures with MOL mark a strategic expansion by the company into the transportation of petroleum resources, i.e. opening up new avenues for business growth and diversification,” the company said, adding that by entering the ethane transportation space through very Large Ethane Carrier (VLECs), the company is positioning itself to leverage emerging opportunities in energy logistics, enhance its value chain integration, and establish a strong foothold in maritime operation. The Board has approved cumulative investment up-to USD 49.20 million (equivalent Rs 4350.30 million) and the said investments would be made in tranches.
