Oil & Natural Gas Corporation Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
ONGC Q4 FY2026: Revenue ₹173,805.19 Cr (vs ₹167,749.00 Cr YoY), PAT ₹13,677.87 Cr (vs ₹8,964.67 Cr YoY)
In Q4 FY2026 ONGC (consolidated) reported revenue from operations of ₹173,805.19 Cr, up from ₹167,749.00 Cr in Q4 FY2025, while consolidated profit after tax was ₹13,677.87 Cr versus ₹8,964.67 Cr in Q4 FY2025. Profit before tax rose to ₹18,640.08 Cr in the quarter, supported by a strong Refining & Marketing contribution of ₹152,255.02 Cr. The Board recommended a final dividend of ₹1 per share for FY2026 and approved formation of a 50:50 JV to develop a 5 MMTPA liquid port at Dahej. Key contingent and tax items persist on the balance sheet, notably PMT arbitration exposure and Service Tax/GST...Revenue from operations (Consolidated, Q4 FY2026)
₹173,805.19 Crvs ₹167,749.00 Cr in Q4 FY2025
Profit for the period / PAT (Consolidated, Q4 FY2026)
₹13,677.87 Crvs ₹8,964.67 Cr in Q4 FY2025
Profit before tax (Consolidated, Q4 FY2026)
₹18,640.08 Crvs ₹13,136.92 Cr in Q4 FY2025
Earnings per share - Basic (Q4 FY2026)
₹8.60 per sharevs ₹5.91 per share in Q4 FY2025
Operating Margin (Consolidated, Q4 FY2026)
12.76%vs 9.85% in Q4 FY2025
Net Profit Margin (Consolidated, Q4 FY2026)
7.87%vs 5.34% in Q4 FY2025
Refining & Marketing segment revenue (Q4 FY2026)
₹152,255.02 Crvs ₹146,159.98 Cr in Q4 FY2025
Debt Equity Ratio (Consolidated, Q4 FY2026)
0.35vs 0.41 in Q4 FY2025
Key Highlights
10
Refining & Marketing drove consolidated top line with revenue of ₹152,255.02 Cr in Q4 FY2026, up from ₹146,159.98 Cr in Q4 FY2025, explaining the bulk of consolidated revenue growth.
Consolidated PAT improved to ₹13,677.87 Cr in Q4 FY2026 from ₹8,964.67 Cr in Q4 FY2025, driven by higher segment profits and stronger operating margin of 12.76% in the quarter.
Profit before tax rose to ₹18,640.08 Cr in Q4 FY2026 from ₹13,136.92 Cr in Q4 FY2025, reflecting stronger segment results and share of profits from associates & joint ventures of ₹2,792.92 Cr in the quarter.
Board recommended a final dividend of ₹1 per share for FY2026 (₹1,258 Cr), adding to interim dividends declared earlier and indicating strong shareholder cash returns.
E&P (offshore) revenue was ₹25,341.24 Cr in Q4 FY2026, broadly stable vs ₹24,782.70 Cr in Q4 FY2025, so E&P did not materially drag consolidated growth.
Operating cash generation remained robust at consolidated 'Cash generated from operations' of ₹132,001.40 Cr for FY2026 (year figure shown in cash flow) supporting capex and dividends.
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Key Highlights
10
Refining & Marketing drove consolidated top line with revenue of ₹152,255.02 Cr in Q4 FY2026, up from ₹146,159.98 Cr in Q4 FY2025, explaining the bulk of consolidated revenue growth.
Consolidated PAT improved to ₹13,677.87 Cr in Q4 FY2026 from ₹8,964.67 Cr in Q4 FY2025, driven by higher segment profits and stronger operating margin of 12.76% in the quarter.
Profit before tax rose to ₹18,640.08 Cr in Q4 FY2026 from ₹13,136.92 Cr in Q4 FY2025, reflecting stronger segment results and share of profits from associates & joint ventures of ₹2,792.92 Cr in the quarter.
Board recommended a final dividend of ₹1 per share for FY2026 (₹1,258 Cr), adding to interim dividends declared earlier and indicating strong shareholder cash returns.
Company disclosed provision for disputed Service Tax/GST on royalty amounting to ₹19,645 Cr as at March 31, 2026 (including ₹2,526 Cr recognised in the year), which materially affects contingent exposures and cash-deposit under protest of ₹18,647 Cr.
Contingent liability from PMT arbitration
E&P (offshore) revenue was ₹25,341.24 Cr in Q4 FY2026, broadly stable vs ₹24,782.70 Cr in Q4 FY2025, so E&P did not materially drag consolidated growth.
Operating cash generation remained robust at consolidated 'Cash generated from operations' of ₹132,001.40 Cr for FY2026 (year figure shown in cash flow) supporting capex and dividends.
Board approved in-principle formation of a 50
Consolidated other comprehensive income swung negative in the quarter (OCI total (quarter) (₹5,572.88 Cr) affecting reported total comprehensive income despite PAT improvement).
Guidance & Outlook
5
Board recommended final dividend of ₹1 per share for FY2025-26 (to be approved by shareholders), indicating management intent to continue strong cash returns.
Subsidiary ONGC Videsh’s Area-1 Mozambique project
ONGC approved in-principle JV with Gujarat Maritime Board to develop a 5 MMTPA liquid port at Dahej, subject to partner and government approvals, pointing to planned infrastructure/strategic capex.
Management continues to pursue recovery of Terminal Excise Duty refund of ₹2,088 Cr from DGFT, which the company considers 'good and recoverable', supporting future cash flows if upheld.
Company intends to provide parent company guarantee (ONGBV) of up to USD 325 million for abandonment liability on behalf of step-down subsidiary OCL, subject to arm’s length fee — a contingent commitment to support overseas operations.
Risks & Concerns
6
Large disputed indirect tax exposure
provision and deposits for Service Tax/GST on royalty total ₹19,645 Cr (provision) and ₹18,647 Cr deposited under protest as at March 31, 2026, creating cash and legal risk.
Arbitration exposure in PMT JV
Significant contingent/related-party exposures in overseas portfolio
Governance/compliance risk
OCI volatility
Consolidated leverage and cash
AI-generated analysis. May contain inaccuracies — verify against original sources.