ONGC Q3 FY26 Results: Net Profit Surges 23% to ₹11,946 Cr, Highest Ever Dividend Payout
📊 Key Financial Highlights (Consolidated)
Metric Q3 FY26 Q3 FY25 Change
Net Profit ₹11,946 Cr ₹9,747 Cr ▲ +23%
Sequential Growth ₹11,946 Cr ₹11,268 Cr (Q2) ▲ +6%
Gross Revenue ₹1,67,423 Cr ₹1,67,213 Cr ▸ Flat
Standalone Net Profit ₹8,372 Cr ₹8,240 Cr ▲ +1.6%
Standalone Revenue ₹31,546 Cr ₹33,717 Cr ▼ -6.4%
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💰 Dividend – Highest Ever Cumulative Payout
Dividend Per Share Payout Record Date
1st Interim ₹6.00 (120%) ₹7,548 Cr Nov 2025
2nd Interim ₹6.25 (125%) ₹7,863 Cr Feb 18, 2026
Total FY26 (So Far) ₹12.25 (245%) ₹15,411 Cr —
📌 Highest ever cumulative interim dividend in any financial year
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🛢️ Realisation Trends – Lower Crude, Protected Gas
Parameter Q3 FY26 Q3 FY25 Change
Crude Oil – Nominated $61.63/bbl $72.57/bbl ▼ -15.1%
Crude Oil – JV $63.00/bbl $72.59/bbl ▼ -13.2%
APM Gas Price $6.59/mmbtu $6.50/mmbtu ▲ +1.4%
New Well Gas Price $8.00/mmbtu $8.92/mmbtu ▼ -10.3%
✅ Profitability protected despite sharp decline in crude realisations – driven by cost optimisation, higher volumes & New Well Gas contribution
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⛽ New Well Gas – Key Growth Driver
Metric Value
9M FY26 Revenue ₹5,028 Cr
Incremental Revenue vs APM ▲ +₹944 Cr
Share in Gas Sales Revenue 18%
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🏭 Production Performance (Standalone)
Segment Q3 FY26 YoY Change 9M FY26 YoY Change
Crude Oil 4.592 MMT ▼ -1.3% 13.907 MMT ▲ +0.35%
Natural Gas 4.988 BCM ▲ +0.2% 14.751 BCM ▸ Flat
📌 First positive growth in crude oil production after several quarters – Mumbai High redevelopment initiatives showing results
🤝 JV Production (Operated by Others – 9M FY26)
· Crude Oil: 0.900 MMT (▼ -9.5% YoY)
· Natural Gas: 0.336 BCM (▼ -19.2% YoY)
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🚧 Major Project Updates
Project Status Impact
KG-DWN-98/2 (KG-98/2) All mega structures installed; nearing commissioning ⏳ Gas production from FY27
Western Offshore Daman Upside Nearing gas production 📈 Near-term boost
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📅 Nine-Month Performance (April-December 2025)
Metric 9M FY26 9M FY25 Change
Consolidated Net Profit ₹36,115 Cr ₹29,364 Cr ▲ +23%
Standalone Net Profit ₹26,244 Cr ₹29,162 Cr ▼ -10%
Consolidated Revenue ₹4,88,442 Cr ₹4,95,512 Cr ▼ -1.4%
Standalone Revenue ₹96,579 Cr ₹1,02,864 Cr ▼ -6.1%
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📉 Stock Performance
Metric Value
Current Price (NSE) ₹276.35
Change ▲ +1.75 (+0.64%)
52-Week Range ₹235.15 – ₹299.77
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📌 Key Takeaways
✅ Strong profit growth – 23% YoY despite lower crude realisations
✅ Record dividend payout – ₹15,411 Cr cumulative interim dividend
✅ New Well Gas emerging as key growth driver – 18%+ revenue share
✅ Production turnaround – Crude oil grows after several quarters
✅ KG-98/2 project – Nearing commissioning, FY27 production upside
✅ Stock up +0.64% – resilient performance in weak crude environment
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