Interim report
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ओएनजीसी OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT P OnGc ONGC / CS / SE / 2026-27 National Stock Exchange of India Ltd. Listing Department BSE Limited Exchange Plaza Bandra - Kurla Complex Bandra ( E ) Mumbai 400 051 Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street , Fort Mumbai 400 001 - BSE Security Code No : 500312 NCD : 959881 Symbol ONGC ; Series - EQ Sub : Outcome of Board Meeting 04.08.2026 Madam / Sir , It is informed that , the Board of Directors of the Company at its meeting held today i.e. 04.08.2026 , has inter - alia considered and approved the following business item : - Integrated Financial Results ( Standalone and Consolidated ) for the quarter ended 30th June , 2026 The Board of Directors has approved the Unaudited Financial Results ( Standalone and Consolidated ) along with limited review report ( s ) of the Auditors thereon for the Quarter ended 30th June , 2026 . Pursuant to Regulation 33 & 52 of SEBI ( LODR ) Regulations , 2015 , Financial Results ( Standalone and Consolidated ) along with limited review report ( s ) of the Auditors thereon for the quarter ended 30th June , 2026 are enclosed as " Annexure - A❞ . Disclosure under Regulation 52 ( 7 ) & ( 7A ) and Regulation 54 ( 3 ) of SEBI Listing Regulations , 2015 The Company had ₹ 10,000 million unsecured Non - Convertible Debentures ( NCDs ) as on 30.06.2026 . Security Cover certificates are not applicable under Regulation 54 of SEBI ( LODR ) Regulations , 2015 , as these are Unsecured NCDs . Disclosures submitted to the Stock Exchange w.r.t utilization of proceeds of NCDs and not applicability of security cover is enclosed as " Annexure - B " . The Meeting of Board of Directors commenced at 16:55 hrs and concluded at 18:40 hrs . This is for your information and record please . Thanking You , Yours Sincerely , for Oil and Natural Gas Corporation Ltd. ( Shashi Bhushan Singh ) Company Secretary & Compliance Officer Regd . Office : Plot No 5A - 5B , Nelson Mandela Marg , Vasant Kunj , New Delhi - 110070 Phone : 011-2675 4073 , 011-2675 4085 EPABX : 2675 0111 , 2629000 FAX : 011-26129081 CIN : L74899DL1993GOI054155 Website : www.ongcindia.com Email : secretariat@ongc.co.in
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Page 1 of 4 Independent Auditors’ Limited Review Report on the Quarterly Unaudited Standalone Financial Results of Oil and Natural Gas Corporation Limited ("the Company") for the Quarter and Three Months Ended June 30, 2026 pursuant to the requirements of Regulations 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended. To, The Board of Directors of Oil and Natural Gas Corporation Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Oil and Natural Gas Corporation Limited ("the Company") for the quarter ended June 30, 2026 (hereinafter referred to as “the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing O bligations and Disclosure Requirements) Regulations, 2015, as amende d (“the Listing Regulations”). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("I nd AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issue d there under and other accounting pri nciples generally accepted i n India and in compliance with Regulations 33 and 52 of the Listing R egulations . Our responsibility is to express a conclusion on the Statement based on our review . Laxmi Tripti & Associates Chartered Accountants SL-2, Door No’s 146-149, Old No. 15, Alsa Mall, Monteith Road, Egmore, Chennai – 600 008 Manubhai & Shah LLP Chartered Accountants 4t h Floor, Capital One, Ambli Bopal Road, Ahmedabad – 380 058 V Sankar Aiyar & Co. Chartered Accountants A-601, Mangalya Building, Off. Marol Maroshi Road, Andheri (E), Mumbai – 400 059 Talati & Talati LLP Chartered Accountants A-393, Basement, Defence Colony, New Delhi – 110 024 Rama K Gupta & Co. Chartered Accountants P-889, Lake Town Road, Kolkata – 700 089
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co Chartered Accountants Page 2 of 4 3. We conducted our review of the Statement in accordance with the Standard o n Review Engagements (SRE) 2410, "Review of Interim Financial information performed by the Independent Auditor of the Entity" is sued by the Ins titute of Charte red Accountants of India. This standard requires that we plan and perform the review to obtain m oderate assurance as to whether the Statem ent is free from material misstatement. A review of inter im financial information consists of making i nquiries, primarily of the Company's personnel responsible for fi nanc ial and accounting matters and applying analy tical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently do es not enable us to obtai n assurance that we would become aware of all signific ant matters that might be identified in an audit. Acc ordi ngly, we do not express an audit opinion. 4. Based on our review conduc te d as stated in paragraph 3 above, nothing has come to our attention that causes us to believ e that the accompanying Statement, prepared i n accordance with applicable Indian Accounting Standards spec ified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issue d there under and other accounting pri nciples generally accepted i n India, has not disc losed the information required to be disclosed in terms of the Regulations 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it co ntains any material misstatement. 5. Emphasis of Matter We draw attention to the following matters in the Notes to the Statement: - (i) Note no. 1, i n respect of the Statement reviewed and approved directly by the Board of Directors of the Company on August 04, 2026, as the Audit Committee could not be reconstituted by that date due to non-availability of Independe nt Directors on the Board of the Company and hence, the Audit Committee meeting could not be held o n that date. (ii) Note No. 4, in respect of pending finality of Arbitration Tribunal Award on various is sues re lated to Production Shari ng Contract with respect to Panna Mukta and Mid and South Tapti contract areas (PMT JV), demand of USD 1,624.05 million equivalent to Rs. 15,365 Crore as on June 30, 2026 (Rs. 15,225 Crore up to March 31, 2026) on the Company, to the extent of the Company’s participating i nterest in the PMT JV, by Directorate General of Hydrocarbo ns considered as conti ngent liabi lity for the reason state d in the s ai d note.
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co Chartered Accountants Page 3 of 4 (iii) Note no. 5, in respect of Service Tax / GST levied on royalty on crude oil and natural gas, though demands raised by the Tax Author ities on such Service Tax / GST have been disputed, the Company has accounted for the same as provision in the books. Further, dis puted demand due to penalty and other diffe rences on such taxes of Rs. 2,200 Crore (Rs. 2,187 Crore up to March 31, 2026) and with respect to Joint Venture blocks, share of such taxes together with interest thereon of Rs. 6,934 Crore (Rs. 6,683 Crore up to March 31, 2026) for other joint venture partners not paid by them till March 31, 2026 have been considered as conti ngent liabi lit ies for the reasons stated i n the said note. (iv) Note no. 6, in respect of refund of Rs. 2,088 Crore (Rs. 2,088 Crore up to March 31, 2026) of Terminal Excise Duty rec eivable from Director General of Foreign Trade, Government of India considered good and recoverable for the reasons stated in the said note. (v) Note no. 7, in respect of dispute in the matter of CB-OS/2 offshore oil and gas block. The Delhi High Court vide its order dated July 22, 2026 dismisse d Vedanta Limited's petition, upholding the government's letter date d September 19, 2025 refusing to extend the production sharing contract (PSC) in which ONGC also has a share of 50 per c ent. ONGC has taken effective control of the said block with effect from July 22, 2026 consequent to Government's directive to take control of the block. On July 22, 2026 Vedanta Limited has challenged the said order in Divisional Bench of the Hon’ble High Court of Delhi, and the matter is curre ntly under adjudic ation. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined. Si nce the matter is sub-judice, the c ompany has accounted for its interest in the block as an unincorporated joint venture till June 30, 2026. Our conclusion on the Statement is not modified in respect of the above matters. 6. Other Matters (i) We have placed reliance on technic al / commercial evaluation by the management in respect of categorization of wells as exploratory, development, producing and dry wells, allocation of costs incurred on them, production profile, proved (developed and undeveloped) / probable hydrocarbon reserves and depletion thereof on Oil and Gas Assets, impairment, liability for decommissioning costs, evaluation and timelines for completion of projects under progress, liability for New Exploration Licensing Policy (“NELP”) / Hydrocarbon Exploration and L icens ing Policy (“HELP”) and nominated blocks for under performance agai nst agreed Minimum Work Programme.
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co Chartered Accountants Page 4 of 4 (ii) The Statement includes the Company's proportionate share i n the total value of expenditure and i ncome of 216 blocks under NELP / HELP / Disc overed Small Fields (“DSF”) / Open Acreage Licensing Policy (“OALP”) and Joint Operatio ns (“JO”) accounts for exploration and production, out of which 27 blocks have not been reviewed by us, which have been certified by the management. In respect of these blocks, the Standalone Financial Results include proportionate share in revenue amounting to Rs. 1,376.32 Crore and profit / (loss) (net) including other comprehensive income amounting to Rs. 515.26 Crore for the quarter ended June 30, 2026. Our conclusion is based solely on management certified ac counts in respect of the se blocks. (iii) The Statement includes comparative fi gures for the quarter ended June 30, 2025 were reviewed by five joint auditors of the Company, four of them are existing joi nt auditors, where they had expressed an unmodi fied conclusion vide their reports dated August 12, 2025 on such Standalone Financial Res ults . Our conclusion on the Statement is not modified in respect of the above matters. Laxmi Tripti & Associates Chartered Accountants Firm Reg. No. 009189C (CA Rajesh Kumar Gupta) Partner M. No. 077204 UDIN: 26077204EHHQOZ6013 Manubhai & Shah LLP Chartered Accountants Firm Reg. No. 106041W/W100136 (CA K. B. Solanki) Partner M. No. 110299 UDIN: 26110299ULCXQN3727 V Sankar Aiyar & Co. Chartered Accountants Firm Reg. No. 109208W (CA Lalithapriya B) Partner M. No. 263713 UDIN: 26263713VLVYKD6459 Talati & Talati LLP Chartered Accountants Firm Reg. No.110758W/W100377 (CA Amit Shah) Partner M. No. 122131 UDIN: 26122131LQIOTU5728 Rama K Gupta & Co. Chartered Accountants Firm Reg. No. 005005C (CA Abhay Gupta) Partner M. No. 087679 UDIN: 26087679BJMSBP2355 Place: New Delhi Dated: August 04, 2026
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Quarter ended 30.06.2026 Quarter ended 31.03.2026 Quarter ended 30.06.2025 Year ended 31.03.2026 Unaudited Audited Unaudited Audited I Revenue from operations 46,460.45 35,928.18 32,002.89 132,508.14 II Other income 1,861.20 2,627.73 1,210.50 10,355.76 III Total income (I+II) 48,321.65 38,555.91 33,213.39 142,863.90 IV EXPENSES Cost of materials consumed* 881.19 757.33 1,071.94 4,099.71 Purchase of stock-in-trade - - - - Changes in inventories of finished/ semi finished goods and work in progress (97.85) (87.96) (59.22) 54.46 Employee benefits expense** 637.28 641.99 682.71 2,652.12 Statutory levies 9,128.18 7,629.10 6,073.28 26,147.55 Exploration costs written off a. Survey Costs 201.11 231.80 533.87 1,492.80 b. Exploratory well Costs 897.07 4,876.75 937.97 8,235.98 Finance costs 1,085.59 1,144.97 1,120.86 4,529.26 Depreciation, depletion, amortisation and impairment 6,282.69 5,624.72 6,530.59 25,133.82 Other expenses 6,458.37 9,213.42 5,577.06 28,103.31 Total expenses (IV) 25,473.63 30,032.12 22,469.06 100,449.01 V Profit before exceptional items and tax (III-IV) 22,848.02 8,523.79 10,744.33 42,414.89 VI Exceptional items - - - - VII Profit before tax (V+VI) 22,848.02 8,523.79 10,744.33 42,414.89 VIII Tax expense: (a) Current tax relating to: - current year 5,907.05 3,110.39 2,898.20 11,910.68 - earlier years - (106.39) - (89.43) (b) Deferred tax (92.84) (1,130.18) (178.10) (2,300.38) Total tax expense (VIII) 5,814.21 1,873.82 2,720.10 9,520.87 IX Profit for the period (VII-VIII) 17,033.81 6,649.97 8,024.23 32,894.02 X Other comprehensive income (OCI) (a) Items that will not be reclassified to profit or loss (i) Re-measurement of the defined benefit obligations (166.63) (236.68) (181.47) (666.52) - Deferred Tax 41.94 59.57 45.67 167.75 (ii) Equity instruments through other comprehensive income1,966.33 (7,331.01) 4,118.05 88.09 - Deferred Tax (212.32) 795.20 (448.61) (13.10) Total other comprehensive income (X) 1,629.32 (6,712.92) 3,533.64 (423.78) XI Total comprehensive income for the period (IX+X) 18,663.13 (62.95) 11,557.87 32,470.24 XII Paid-up Equity Share Capital (Face value of ` 5/- each) 6,290.14 6,290.14 6,290.14 6,290.14 XIII Net worth## 350,433.56 331,770.44 327,841.46 331,770.44 XIV Paid up Debt Capital / Outstanding Debt$ 6,106.74 7,823.40 5,248.94 7,823.40 XV Other equity 344,143.42 325,480.30 321,551.32 325,480.30 XVI Capital Redemption Reserve 126.48 126.48 126.48 126.48 XVII Debenture Redemption Reserve# Not applicable Not applicable Not applicable Not applicable XVIII Earnings Per Share (Face value of ` 5/- each) - not annualised (a) Basic (₹) 13.54 5.29 6.38 26.15 (b) Diluted (₹) 13.54 5.29 6.38 26.15 XIX Debt Equity Ratio## 0.02 0.02 0.02 0.02 XX Debt Service Coverage Ratio## 512.17 206.91 21.38 66.89 XXI Interest Service Coverage Ratio## 512.17 206.91 215.57 232.65 XXII Current Ratio## 2.25 1.66 1.74 1.66 XXIII Long Term Debt to Working Capital## 0.09 0.15 0.15 0.15 XXIVBad debts to Account Receivable Ratio## - - - - XXV Current Liability Ratio## 0.28 0.29 0.25 0.29 XXVITotal Debts to Total Assets## 0.01 0.02 0.01 0.02 XXVIIDebtors Turnover## 3.93 3.28 3.20 11.30 XXVIIIInventory Turnover## 4.55 3.36 2.78 12.02 XXIX Operating Margin (%)## 51.51 26.91 37.08 35.43 XXX Net Profit Margin (%)## 36.66 18.51 25.07 24.82 $ comprises non-current and current borrowings. # Debenture Redemption Reserve is not required to be created by the company as per Companies (Share Capital and Debentures) Rules, 2014, as amended. ## Refer Note No.8. * Represents consumption of raw materials and stores & spares. ** Employee benefits expense shown above is net of allocation to different activities. (₹ in Crore unless otherwise stated) OIL AND NATURAL GAS CORPORATION LIMITED CIN No. L74899DL1993GOI054155 Regd.Office : Plot No. 5A-5B, Nelson Mandela Road, Vasant Kunj, New Delhi, South West Delhi – 110070 Tel: 011-26754002, Fax: 011-26129091, E-mail: secretariat@ongc.co.in STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2026 Financial results for ParticularsSl. No.
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(₹ in Crore) Particulars Quarter ended 30.06.2026 Quarter ended 31.03.2026 Quarter ended 30.06.2025 Year ended 31.03.2026 Unaudited Audited Unaudited Audited Segment Revenue Revenue from Operations a) Offshore 33,337.24 25,341.23 22,085.57 92,406.31 b) Onshore 13,123.21 10,586.95 9,917.32 40,101.83 Total 46,460.45 35,928.18 32,002.89 132,508.14 Less: Inter Segment Operating Revenue - - - - Revenue from operations 46,460.45 35,928.18 32,002.89 132,508.14 Segment Result Profit(+)/Loss(-) before tax and interest from each segment a) Offshore 19,182.50 7,343.68 9,570.02 34,384.65 b) Onshore 3,936.56 1,198.10 1,822.19 6,245.70 Total 23,119.06 8,541.78 11,392.21 40,630.35 Less: i. Finance Cost 1,085.59 1,144.97 1,120.86 4,529.26 ii. Other unallocable expenditure net of unallocable income. (814.55) (1,126.98) (472.98) (6,313.80) Profit before Tax 22,848.02 8,523.79 10,744.33 42,414.89 Segment Assets a) Offshore 191,114.68 191,875.76 194,988.12 191,875.76 b) Onshore 85,601.44 85,470.26 83,280.69 85,470.26 c) Other Unallocated 201,954.57 183,930.18 178,852.71 183,930.18 Total 478,670.69 461,276.20 457,121.52 461,276.20 Segment Liabilities a) Offshore 82,619.07 82,527.41 82,153.69 82,527.41 b) Onshore 19,510.30 19,052.11 19,382.95 19,052.11 c) Other Unallocated 26,107.76 27,926.24 27,743.42 27,926.24 Total 128,237.13 129,505.76 129,280.06 129,505.76 Note:- Above segment information has been classified based on Geographical Segment. 4 1 2 3 Tel: 011-26754002, Fax: 011-26129091, E-mail: secretariat@ongc.co.in OIL AND NATURAL GAS CORPORATION LIMITED CIN No. L74899DL1993GOI054155 Regd.Office : Plot No. 5A-5B, Nelson Mandela Road, Vasant Kunj, New Delhi, South West Delhi – 110070 STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS & LIABILITIES Sl. No.
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1 Notes: 1. Pursuant to the completion of tenure of Independent Directors on the Board of the Company on March 27, 2026, the Board does not have Independent Directors as per the provisions of SEBI (LODR) Regulations, 2015, the Companies Act, 2013 and DPE guidelines. Accordingly, the standalone financial results of the Company for the quarter ended June 30, 2026 have been reviewed and approved by the Board of Directors at the meeting held on August 04, 2026. 2. The financial results for the quarter ended June 30, 2026 have been reviewed by the Statutory Auditors as required under Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of the full financial year and the unaudited figures of nine months ended December 31, 2025, which were subjected to limited review. 4. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna - Mukta and Mid & South Tapti Fields along with Reliance Industries Limited (RIL) and BG Exploration and Production India Limited (BGEPIL) each having 30% PI, (all three together referred to as “Contractors”) signed two Production Sharing Contracts (PSCs) with Government of India (GOI) on December 22, 1994 for a period of 25 years. The PSCs for Panna Mukta and Mid & South Tapti have expired on December 21, 2019. In terms of the Panna -Mukta Field Asset Handover Agreement, the Contractors of PMT JV are liable for the pre-existing liability. RIL & BGEPIL (JV partners) invoked an international arbitration proceeding against GOI regarding interpretation of certain provisions of the PSCs, including cost recovery and profit petroleum matters in December, 2010. The Company was directed by MoP&NG n ot to participate in the arbitration, however the Arbitral Award would be applicable to the Company as a constituent of the Contractors. Based on the October 12, 2016 Final Partial Award (FPA) by the arbitration tribunal, DGH raised a demand towards differential GOI share of profit petroleum and royalty alleged to be payable by the Contractors pursuant to Government’s interpretation
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2 of the FPA. The Company’s 40% share of the demand amounts to USD 1,624.05 million including interest up to November 30, 2016 equivalent to ₹ 15,365 Crore as on June 30, 2026 (March 31, 202 6: ₹ 15,225 Crore). The JV partners have contested the demand as premature since liabilities are yet to be finally quantified and related awards remain subject to judicial and arbitral proceedings. The award had also been challenged before the English Commercial Cour t (London High Court) which delivered its final verdict on May 2, 2018 following which the Arbitral Tribunal re - considered some of its earlier findings from the 2016 FPA (Revised Award). Parts of the revised award was challenged by GOI and JV Partners before English Court which on February 12, 2020, passed a verdict favourin g RIL & BGEPIL and also remitted the matter in the Revised Award back to Arbitral Tribunal for reconsideration. BGEPIL has informed that the Tribunal issued a verdict in January 2021, favouring RIL/ BGEPIL on the remitted matter, which was challenged by the GOI before the English Court which was subsequently dismissed by the English Court in its verdict on June 9, 2022 upholding the Revised Arbitration Award. The GOI filed an appeal against the English Court verdict dated June 9, 2022 that was rejected by the English Court in August 2022. Based on the information shared by BGEPIL, the GOI filed an execution petition before the Hon’ble Delhi High Court seeking enforcement and execution of the October 12, 2016 FPA which the Delhi High Co urt concluded that the Government’s Execution Petition in respect of the 2016 FPA is premature, not maintainable and stands dismissed. The Government has filed an appeal against this verdict before a division bench of the Delhi High Court which ruled in favour of the Government stating that the appeal is maintainable and the hearing is pending. Separately, arbitration proceedings relating to increase in Cost Recovery Limit (CRL), which may reduce the liability, are also pending. Pending finality by Arbitration Tribunal on various issues raised above, no provision has been accounted in the financial statements. The demand raised by DGH, amounting to US$ 1,624.05 million equivalent to ₹ 15,365 Crore as on June 30, 2026 (March 31, 2026: ₹ 15,225 Crore) has been considered as contingent liability. The above disclosure is based on the information provided by BGEPIL , a joint operator of PMT JV.
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3 5. The Company has received demand orders relating to levy of Service Tax/GST on royalty paid for crude oil and natural gas and has challenged the same before various judicial forums. The matter involving the nature and taxability of royalty under the Oilfields (Regulation and Development) Act is presently pending adjudication before the Hon’ble Supreme Court of India. Pending final resolution and considering the prolonged litigation, the Company, as a matter of prudence, has recognized provision towards disputed Service Tax/GST on royalty (including interest thereon) amounting to ₹ 20,450 Crore as at June 30, 2026 (March 31, 202 6: ₹ 19,645 Crore), including ₹ 805 Crore recognized during the current year. The Company has deposited under protest an amount of ₹ 19,392 Crore up to June 30, 2026 (March 31, 2026: ₹ 18,647 Crore). In respect of Joint Venture (JV) blocks where disputes exist amongst JV partners, the Company, based on contractual arrangements and legal opinion, has not recognized provision towards other JV partners’ share amounting to ₹ 6,934 Crore as at June 30, 2026 (March 31, 202 6: ₹ 6,683 Crore), which has been disclosed as contingent liability. This view of the company is duly backed by a legal opinion from the Additional Solicitor General of India (ASGI) in the context of the arbitration between the Company and JV Partners relating to Ra jasthan JV where fresh arbitration has been invoked in view of the non -consideration of the terms and conditions of PSC which obligates the JV Partners to pay Service Tax and GST by the Arbitral Tribunal, London in its final award. Further, disputed demands relating to penalty and other matters amounting to ₹ 2,200 Crore as at June 30, 2026 (March 31, 202 6: ₹ 2,187 Crore) have also been disclosed as contingent liability. 6. The company purchased High Speed Diesel (“HSD”) from Oil Marketing Companies under ICB tender and paid Basic Excise Duty (“BED”), Additional Excise Duty (“AED”), Special Additional Excise Duty (“SAED”), Road and Infrastructure Cess (“RIC”). The company has applied for refund of these duties under the deemed export benefit of refund of “Terminal Excise Duty” (hereinafter referred to as “TED”) under Chapter 7 of the Foreign Trade Policy (2015 -20) for period from 1st July 2017 to 1st F ebruary 2022 i.e. upto the date when Customs Notification No. 50/2017 was revised to omit consumable fuel from List-33.
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4 Additional Director General of Foreign Trade (DGFT), Mumbai initially allowed refund of all the components of TED. Subsequently, revised refund orders were issued only for the BED amount and disallowed the other duties of Excise. Based on legal opinion, the Company filed an appeal with DGFT, Delhi. DGFT, Delhi, vide its order dated 25.02.2025, has rejected the claims of refund of other duties of excise made by the Company. The company filed the Writ Petition before the Hon’ble High Court of Delhi on 23.05.2025. The matter is listed for further hearing on October 07, 2026. Considering the legal position, as per the opinions of the learned counsels and the merits of the case, the company is of the view that the company is eligible for refund of other duties of excise and hence ₹ 2,088 Crore as on June 30, 2026 (March 31, 2026: ₹ 2,088 Crore) recoverable from Director ate General of Foreign Trade, Government of India has been considered as good for recovery and disclosed as Advance/claims recoverable in the financial statement. 7. The Government of India (GOI), vide its letter no. Expl-15019(25)/112/2017-ONG-V (E- 4641) dated September 19, 2025, has conveyed its decision not to extend the term of the Contract in respect of the Pre-NELP Joint Venture (JV) block CB-OS-02 having respective Participating Interests (PI) in the block as on date of ONGC–50%, Vedanta Limited (Operator)– 40%, and Invenire Petrodyne Limited (IPL)– 10%. Pursuant to the GOI directive, ONGC (the Company) was directed to take over the operations of the JV Block with immediate effect. Accordingly, the Company requested Vedanta Limited for the immediate handover and deployed its operational team at the block, from September 20, 2025. However, Vedanta Limited did not handover the operations in the month of September, 2025. Subsequently, Vedanta Limited filed a writ petition before the Single bench of Hon’ble High Court of Delhi on September 22, 2025, challenging the said rejection of extension of terms of the Contract by GOI. The Court directed the parties to maintain status quo. Thereafter, the Hon’ble High Court of Delhi vide its order pronounced on July 22, 2026 dismissed the Vedanta’s writ petition. Accordingly, the Company has taken over the operations and control over the block effectively on July 22, 2026 and has also applied for Petroleum Lease application for the said block on July 28, 2026. On July 22, 2026 Vedanta Limited has challenged the said order in Divisional Bench
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5 of the Hon’ble High Court of Delhi, and the matter is currently under adjudication. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined. Since the matter is sub -judice, the company has accounted for i ts interest in the block as an unincorporated joint venture till 30.06.2026. The Company on a conservative basis has recognized impairment of ₹ 40 crore against the carrying value of assets in the Pre -NELP Joint Venture (JV) block CB-OS- 02. 8. Formula used for computation of: a. Net worth (Total equity) = Equity share capital + Other equity b. Debt Equity Ratio = Total borrowings / Total equity. c. Interest Service Coverage Ratio = Earnings before interest, tax and exceptional item / Interest on borrowings (net of transfer to expenditure during construction). d. Debt Service Coverage Ratio = Earnings before interest, tax and exceptional item / [Interest on borrowings (net of transfer to expenditure during construction) + Principal repayments of Long Term borrowings]. e. Current Ratio = Current assets / Current liabilities. f. Long term debt to Working capital = Non -current borrowings (including current maturity of non -current borrowings) / Working capital (excluding current maturity of non-current borrowings). g. Bad debts to Accounts receivable Ratio = Bad debts / Average trade receivables. h. Current liability Ratio = Current liabilities / Total liabilities. i. Total debts to Total assets = Total borrowings / Total assets. j. Debtors turnover = Revenue from operations / Average trade receivables. k. Inventory turnover = Revenue from operations / Average inventories. l. Operating Margin (%) = Earnings before interest, tax and exceptional items / Revenue from operations. m. Net Profit Margin (%) = Profit for the period / Revenue from operations.
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6 9. Previous period’s figures have been regrouped by the Company, wherever necessary, to conform to current period’s grouping. By order of the Board (Anupam Agarwal) Director (Finance) / Whole-time Director (DIN: 09601339) In terms of our report of even date attached For Laxmi Tripti & Associates For Manubhai & Shah LLP For V Sankar Aiyar & Co. Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No. 009189C Firm Reg. No: 106041W/W100136 Firm Reg. No.109208W (CA Rajesh Kumar Gupta) (CA K. B. Solanki) (CA Lalithapriya B) Partner (M. No. 077204) Partner (M. No. 110299) Partner (M. No. 263713) For Talati & Talati LLP For Rama K Gupta & Co. Chartered Accountants Chartered Accountants Firm Reg. No. 110758W/W100377 Firm Reg. No. 005005C (CA Amit Shah) (CA Abhay Gupta) Partner (M. No. 122131) Partner (M. No. 087679) Place: New Delhi Date: August 04, 2026
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Page 1 of 7 Laxmi Tripti & Associates Chartered Accountants SL-2, Door No’s 146-149, Old No. 15, Alsa Mall, Monteith Road, Egmore, Chennai – 600 008 Manubhai & Shah LLP Chartered Accountants G-4, Capstone, Sheth Mangaldas Road, Ellisbridge, Ahmedabad – 380 006 V Sankar Aiyar & Co. Chartered Accountants A-601, Mangalya Building off. Marol Maroshi Road, Andheri (E), Mumbai – 400 059 Talati & Talati LLP Chartered Accountants A-393, Basement, Defense Colony, New Delhi – 110 024 Rama K Gupta & Co. Chartered Accountants P-889, Lake Town Road, Kolkata – 700 059 Independent Auditors’ L imited Review Report on the Quarterly U naudited Cons olidated Financial Results of Oil and Natural Gas Corporation Limited (“the Holding Company”) for the Quarter Ended on June 30, 2026 pursuant to the requirements of Regulations 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended. To, The Board of Directors of Oil and Natural Gas Corporation Limited 1. We have reviewed the accompanying Statement of Quarterly Unaudited Consolidated Fi nancial Results of Oil and Natural Gas Corporation Limite d (hereinafter referred to as “the Holding Company”) and its subsidiaries (the Holding Company, its subsidiaries and controlled e ntity together referred to as “the Group”), and its share of the net profit/(loss) after tax and total comprehensive income/(loss) of its associates and joint ventures for the quarter ended June 30, 2026 attached herewith (hereinafter referred to as “the Statement"), being submitted by the Holding Company pursuant to the requirements of Regulations 33 and 52 of SEBI (Listing Obligations and Disclosure Requi rements) Regulations, 2015, as amended (“the Listing Regulations”). 2. This Statement, which is the responsibi lity of the Holding Company’s Management and approved by the Holding Company’s Bo ard of Directors, has been prepared in accordance with the recognition and m easurement principles laid down i n Indian Accounting Standard 34 “Interim Financ ial Reporting” (“Ind AS 34”), prescribed under Section 133 of Companies Act, 2013 as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations. O ur responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard o n Review Engagements (“SRE”) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the I nstitute of
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 2 of 7 Charte red Accountants of India. This standard requires that we plan and perform the review to obtain m oderate assurance as to whether the Statem ent is free from material misstatement. A review of inter im financial information consists of making inquirie s, primarily of the Holding Company's pe rsonnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain ass urance that we would become aware of all signific ant matters that might be ide ntified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordanc e with the Ci rcular iss ued by the SEBI under Regulation 33(8) of the SE BI (Listing O bligations and Disclosure Requi rements) Regulations, 2015, as amended, to the extent appl icable. 4. The Statement includes the results of the following entities: Sr. No. Name of the entity A Holding Company 1 Oil and Natural Gas Corporatio n Limited B Subsidiaries/Controlled Entity 1 ONGC Videsh Limited * 2 Mangalore Refinery and Petrochemicals Limited * 3 Petronet MHB Limited 4 Hindustan Petrole um Corporation L imited * 5 ONGC Green Limited # 6 ONGC Petro Additions Limited 7 ONGC Startup Fund Trust # C Joint Ventures 1 ONGC Teri Biotech Limited 2 Mangalore SEZ Limited * 3 ONGC Tripura Power Company Limited * 4 Dahej SEZ Limited 5 Indradhanush Gas Grid Limited 6 Bharat Ethane One IFSC Private Limited # 7 Bharat Ethane Two IFSC Private Limited # D Associates 1 Pawan Hans Limite d #
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 3 of 7 * As per the quarter ended June 30, 2026 Consolidated Financial Results. # As per quarter ended June 30, 2026 Management certified Standalone/ Consolidated Financial Results. 5. Based on our review c onducted as stated in paragraph 3 above and based on the consideration of the Review Reports of other auditors refe rred to in paragraph 7(iii) below, nothing has come to our attention that causes us to believe that the accompanyi ng statement, prepared in accordance with applic able Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules iss ued thereunder and other accounting principles generally accepted in India, has no t disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations, including the manne r in which it is to be disclosed, or that it contains any material misstatement. 6. Emphasis of Matter We draw your attention to the following matters in the Notes to the statement, including the matters reported by the auditors of subsidiaries, as per the requirement of Standard o n Auditing (SA 600) on ‘Using the work of Another Auditor’ c onsidering materiality: - (i) Note no. 1, i n respect of the Statement reviewed and approved directly by the Board of Directors of the Holding Company on August 04, 2026, as the Audit Committee could not be rec onstituted by that date due to non-availability of Independent Directors on the Board of the Holding Company and hence, the Audit Committee meeting could not be held on that date. (ii) Note No. 4, in respect of pending finality of Arbitration Tribunal Award on various is sues re lated to Production Shari ng Contract with respect to Panna Mukta and Mid and South Tapti contract areas (PMT JV), demand of USD 1,624.05 million equivalent to Rs. 15,365 Crore as on June 30, 2026 (Rs. 15,225 Crore up to March 31, 2026) on the Company, to the extent of the Company’s participating i nterest in the PMT JV, by Directorate General of Hydrocarbo ns considered as conti ngent liabi lity for the reason state d in the s ai d note. (iii) Note no. 5, in respec t of Service Tax / GST levied on royalty on crude oil and natural gas, though demands raised by the Tax Author ities on such Service Tax Sr. No. Name of the entity 2 Petronet LNG Limited # 3 Rohini Hel iport Limited #
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 4 of 7 / GST have been dis puted, the Company has recognized for the same as provision in the books. Further, dis puted demand due to penalty and other diffe rences on such taxes of Rs. 2,200 Crore (Rs. 2,187 Crore up to March 31, 2026) and with respect to Joint Venture blocks, share of such taxes together with interest thereon of Rs. 6,934 Crore (Rs. 6,683 Crore up to March 31, 2026) for other joint venture partners not paid by them till March 31, 2026 have been considered as conti ngent liabi lit ies for the reasons stated i n the said note. (iv) Note no. 6, in respect of refund of Rs. 2,088 Crore (Rs. 2,088 Crore up to March 31, 2026) of Terminal Excise Duty rec eivable from Director General of Foreign Trade, Government of India considered good and recoverable for the reasons stated in the said note. (v) Note no. 7, in respect of dispute in the matter of CB-OS/2 offshore oil and gas block. The Delhi High Court vide its order dated July 22, 2026, dismisse d Vedanta Limited's petition, upholding the government's letter date d September 19, 2025 refusing to extend the production sharing contract (PSC) in which ONGC also has a share of 50 per c ent. ONGC has taken effective control of the said block with effect from July 22, 2026 consequent to Government's directive to take control of the block. On July 22, 2026 Vedanta Limited has challenged the said order in Divisional Bench of the Hon’ble High Court of Delhi, and the matter is curre ntly under adjudic ation. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined. Si nce the matter is sub-judice, the c ompany has accounted for its interest in the block as an unincorporated joint venture till June 30, 2026. (vi) Note No. 8 to the Statement and Emphasis of Matter paragraph (EOM) included in para 1 of the I ndependent Auditors’ Review Report on the Quarterly Unaudited Standalone Financial Res ults of ONGC Petro Additions Limited, a subsidiary of the Holding Company, issued by an independent firm of Chartered Accountants vi de their report dated July 27, 2026, the said EOM is reproduced as under – “We draw your attention to Note No. 32 of the accompanying financial statements regarding plant shut down due to shredding off of the shaft in the extruder plant, and the c ompany is in process of evaluating the inter im final report of the OEM relating to the said event. The assessment is ongoing for the insurance claim including possible bus iness interruption.” Our conclusion on the Statement is not modified in respect of the above matters.
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 5 of 7 7. Other Matters (i) We have placed reliance on technic al / commercial evaluation by the management in respect of categorization of wells as exploratory, development, producing and dry wells, allocation of costs incurred on them, production profile, proved (developed and undeveloped) / probable hydrocarbon reserves and depletion thereof on Oil and Gas Assets, impairment, liability for decommissioning costs, evaluation and timelines for completion of projects under progress, liability for New Exploration Licensing Policy (“NELP”) / Hydrocarbon Exploration and L icens ing Policy (“HELP”) and nominated blocks for under performance agai nst agreed Minimum Work Programme. (ii) The Statement includes the Company's proportionate share i n the total value of expenditure and i ncome of 216 blocks under NELP / HELP / Disc overed Small Fields (“DSF”) / Open Acreage Licensing Policy (“OALP”) and Joint Operatio ns (“JO”) accounts for exploration and production, out of which 27 blocks have not been reviewed by us, which have been certified by the management. In respect of these blocks, the Consoli dated Financial Results include proportionate share in revenue amounting to Rs. 1,376.32 Crore and profit / (loss) (net) including other comprehensive income amounting to Rs. 515.26 Crore for the quarter ended June 30, 2026. Our conclusion is based solely on management certified accounts in respect of these blocks. (iii) The Statement also include reviewed interim financial statements / financial results / other financial information, in respect of: 5 subsidiaries, whose reviewed standalone / consolidated financial statements / financ ial results / other financial inform ation reflect total revenues of Rs. 1,94,101.82 crores, total Profit/(Loss) (Net) of Rs. (10,746.96) crores and total comprehensive income of Rs. (10,383.27) crores for the quarter ended June 30, 2026. These financial statements / financial results have been reviewed by other auditors. 5 joint ventures, whose reviewed standalone / consolidated financial statements / financial results / othe r financial information reflect Group's share of net Profit/Loss of Rs. (7.91) crores and total comprehensive incom e of Rs. (8.02) crores for the quarte r ended June 30, 2026. These financial statements / financial results have been rev iewed by other auditors. The reports on the unaudited interim standalone / consolidate d financial statements and other financial information have been furnished to us by the Managem ent of the Holding Company and our conclusion on the Statements, in so
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 6 of 7 far as it relates to the amounts and disclosures included in respect of these subs idiaries, joint ventures is based solely on the reports of suc h auditors and the procedures performed by us as stated in Paragraph 3 above. Our conclusion on the statement is not modified in respect of the above matter with res pect to our reliance on the work done and the reports of s uch auditors. (iv) The statement includes unreviewe d interim financial statements / financ ial information, in respect of: 1 subsidiary and 1 controlled trust, whose unaudited fi nancial statements / financial information reflect total revenue of 83.63 crores, and total Pro fit/(Loss) (net) of Rs. 48.74 crores and total comprehensive income of Rs. 48.23 crore for the quarter ended June 30, 2026 which have not been audited by their auditors. These financi al statements / financial information are certi fied by the management of the respective entities. 2 Joint Venture and 3 Associates, whos e unreviewed financial statements /financial information reflect Group’s share of total Profit/(Loss) (net) of Rs. 127.18 crores and a total comprehensive income of Rs. 127.70 crores for the quarter ended June 30, 2026, which have not been reviewed by their auditors. These fi nancial statements / financial information are certified by the manageme nt of the respective entities. (v) The Statement includes comparative figures for the quarter ended June 30, 2025 which were reviewed by five joint auditors of the Company, four of them are existing joint auditors, where they had expressed an unmodified conclusion vide their reports dated Augus t 12, 2025 on such Consolidated Financ ial Results. Our conclusion on the Statement is not modified in respect of the above matters.
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Laxmi Tripti & Associates Chartered Accountants Manubhai & Shah LLP Chartered Accountants V Sankar Aiyar & Co. Chartered Accountants Talati & Talati LLP Chartered Accountants Rama K Gupta & Co. Chartered Accountants Page 7 of 7 Laxmi Tripti & Associates Chartered Accountants Firm Reg. No. 009189C (CA Rajesh Kumar Gupta) Partner M. No. 077204 UDIN: 26077204RKFDOM8233 Manubhai & Shah LLP Chartered Accountants Firm Reg. No. 106041W/W100136 (CA K. B. Solanki) Partner M. No. 110299 UDIN: 26110299ZFUVRP6169 V Sankar Aiyar & Co. Chartered Accountants Firm Reg. No. 109208W (CA Lalithapriya B) Partner M. No. 263713 UDIN:26263713ZBOJNL7434 Talati & Talati LLP Chartered Accountants Firm Reg. No. 110758W/W100377 (CA Amit Shah) Partner M. No. 122131 UDIN: 26122131CPJMJW3792 Rama K Gupta & Co. Chartered Accountants Firm Reg. No. 005005C (CA Abhay Gupt a) Partner M. No. 087679 UDIN: 26087679ETTNVY5995 Place: New Delhi Date: August 04, 2026
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(₹ in Crore unless otherwise stated) Unaudited Audited Unaudited Audited I Revenue from operations 204,987.35 173,801.45 163,106.33 662,243.41 II Other income 2,788.58 3,371.51 2,482.45 12,360.43 III Total income (I+II) 207,775.93 177,172.96 165,588.78 674,603.84 IV Expenses (a) Cost of materials consumed* 87,760.89 53,080.75 45,790.32 199,223.47 (b) Purchase of Stock-in-Trade 72,327.23 53,696.42 53,079.41 206,345.94 (c) Changes in inventories of finished goods, stock-in-trade and work-in progress (5,124.84) (5,081.02) 3,093.15 (3,234.82) (d) Employee benefits expense** 1,660.02 1,813.36 1,888.17 7,321.33 (e) Statutory levies 17,659.92 21,308.03 19,427.85 81,129.88 (f) Exploration costs written off (i) Survey costs 202.54 249.71 539.92 1,528.65 (ii) Exploratory well costs 905.61 4,985.73 1,241.49 8,649.66 (g) Finance costs 2,853.78 3,069.61 3,341.41 13,028.85 (h) Depletion, depreciation, amortisation and impairment 9,477.35 9,344.97 9,383.96 37,390.67 (i) Other expenses 14,110.63 18,396.15 12,048.07 58,163.45 Total expenses (IV) 201,833.13 160,863.71 149,833.75 609,547.08 V Profit before share of profit/(loss) of associates and joint ventures, exceptional items and tax (III - IV) 5,942.80 16,309.25 15,755.03 65,056.76 VI Share of profit/(loss) of associates & joint ventures 597.89 2,792.92 (227.89) 3,001.91 VII Profit before exceptional items (V+VI) 6,540.69 19,102.17 15,527.14 68,058.67 VIII Exceptional items - Income/(expenses) 471.76 (462.09) (18.56) (435.72) IX Profit before tax (VII+VIII) 7,012.45 18,640.08 15,508.58 67,622.95 X Tax expense (a) Current tax relating to: - current year 6,467.63 5,151.69 4,339.16 19,130.02 - earlier years (20.19) (164.21) (176.09) (327.85) (b) Deferred tax (5,989.43) (25.27) (208.70) (972.32) Total tax expense (X) 458.01 4,962.21 3,954.37 17,829.85 XI Profit for the period (IX-X) 6,554.44 13,677.87 11,554.21 49,793.10 XII Other comprehensive income (OCI) A. Items that will not be reclassified to profit or loss (a) Remeasurement of the defined benefit plans (229.84) (388.91) (188.11) (923.03) - Deferred tax 57.24 94.81 48.24 229.83 (b) Equity instruments through other comprehensive income 1,692.18 (7,125.91) 4,313.16 448.67 - Deferred tax (178.76) 765.87 (475.86) (64.00) (c) Share of other comprehensive income in associates and joint ventures, to the extent not to be reclassified to profit or loss 2.26 7.58 0.17 7.90 B. Items that will be reclassified to profit or loss (a) Exchange differences in translating the financial statement of foreign operation 1,318.17 2,318.39 864.13 6,525.31 - Deferred tax (332.90) (805.16) (303.94) (2,277.16) (b) Effective portion of gains (losses) on hedging instruments in cash flow hedges (750.14) (149.25) 56.14 (40.33) - Deferred tax 188.80 37.56 (14.13) 10.15 (c) Share of other comprehensive income in associates and joint ventures, to the extent to be reclassified to profit or loss 221.74 (327.86) 31.60 (354.27) Total Other Comprehensive Income (XII) 1,988.75 (5,572.88) 4,331.40 3,563.07 XIII Total Comprehensive Income for the period (XI+XII) 8,543.19 8,104.99 15,885.61 53,356.17 XIV Profit for the period attributable to: - Owners of the Company 11,898.93 10,819.65 9,804.07 41,424.38 - Non-controlling interests (5,344.49) 2,858.22 1,750.14 8,368.72 6,554.44 13,677.87 11,554.21 49,793.10 XV Other comprehensive income attributable to: - Owners of the Company 2,252.00 (5,399.65) 4,225.74 3,682.51 - Non-controlling interests (263.25) (173.23) 105.66 (119.44) 1,988.75 (5,572.88) 4,331.40 3,563.07 XVI Total comprehensive income attributable to: - Owners of the Company 14,150.93 5,420.00 14,029.81 45,106.89 - Non-controlling interests (5,607.74) 2,684.99 1,855.80 8,249.28 8,543.19 8,104.99 15,885.61 53,356.17 XVII Paid up equity share capital (Face value of ₹5/- each) 6,290.14 6,290.14 6,290.14 6,290.14 XVIII Net worth# 418,808.61 409,693.28 390,284.07 409,693.28 XIX Paid up Debt Capital / Outstanding Debt$ 162,969.34 142,055.10 139,429.38 142,055.10 XX Other Equity 379,854.61 365,477.66 351,147.08 365,477.66 XXI Capital Redemption Reserve 133.95 133.95 133.95 133.95 XXII Debenture Redemption Reserve 27.11 27.11 27.11 27.11 XXIII Earnings per equity share: (Face value of ₹5/- each) - not annualised (a) Basic (₹) 9.46 8.60 7.79 32.93 (b) Diluted (₹) 9.46 8.60 7.79 32.93 XXIV Debt Equity Ratio# 0.39 0.35 0.36 0.35 XXV Debt Service Coverage Ratio# 1.41 1.00 3.71 1.39 XXVI Interest Service Coverage Ratio# 4.69 10.31 9.04 9.84 XXVII Current Ratio# 0.86 0.84 0.88 0.84 XXVIII Long Term Debt to Working Capital# *** *** *** *** XXIX Bad debts to Account Receivable Ratio# - - - - XXX Current Liability Ratio# 0.48 0.44 0.41 0.44 XXXI Total Debts to Total Assets# 0.20 0.18 0.18 0.18 XXXII Debtors Turnover# 8.88 7.43 6.83 27.49 XXXIII Inventory Turnover# 3.07 2.83 2.90 10.69 XXXIV Operating Margin (%)# 4.58 12.76 11.57 12.24 XXXV Net Profit Margin (%)# 3.20 7.87 7.08 7.52 * Represents consumption of raw materials and stores & spares. ** Employee benefits expense shown above is net of allocation to different activities. $ comprises non-current and current borrowings. # Refer Note No. 9. *** Not disclosed as denominator is negative. Quarter Ended June 30, 2025 Year Ended March 31, 2026Sl. No. Particulars Quarter Ended June 30, 2026 Quarter Ended March 31, 2026 Financial Results for OIL AND NATURAL GAS CORPORATION LIMITED CIN No. L74899DL1993GOI054155 Regd.Office : Plot No. 5A-5B, Nelson Mandela Road, Vasant Kunj, New Delhi, South West Delhi - 110070 Tel: 011-26754002, Fax: 011-26129091, E-mail: secretariat@ongc.co.in STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026
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(₹ in Crore) Quarter Ended June 30, 2026 Quarter Ended March 31, 2026 Quarter Ended June 30, 2025 Year Ended March 31, 2026 Unaudited Audited Unaudited Audited Segment Revenue A. In India (i) E&P a) Offshore 33,337.24 25,341.24 22,085.57 92,406.31 b) Onshore 13,072.91 10,519.68 9,842.77 39,777.51 (ii) Refining & Marketing 186,884.38 152,255.02 141,256.06 584,345.80 (iii) Petrochemicals 3,857.87 4,424.72 3,349.24 14,214.26 B. Outside India 3,346.20 2,364.23 2,119.66 8,442.92 C. Others Unallocated 147.30 98.57 145.74 493.09 Total 240,645.90 195,003.46 178,799.04 739,679.89 Less: Inter Segment Revenue 35,658.55 21,202.01 15,692.71 77,436.48 Revenue from operations 204,987.35 173,801.45 163,106.33 662,243.41 Segment Result Profit(+)/Loss(-) before tax and interest from each segment A. In India (i) E&P a) Offshore 19,297.87 6,466.51 9,880.96 34,007.72 b) Onshore 4,077.53 989.47 1,813.80 5,955.30 (ii) Refining & Marketing (16,154.95) 8,906.41 5,932.03 28,664.02 (iii) Petrochemicals (453.76) 456.18 (380.96) (382.20) B. Outside India 1,032.75 802.06 478.57 2,236.29 Total 7,799.44 17,620.63 17,724.40 70,481.13 Less: i. Finance Cost 2,853.78 3,069.61 3,341.41 13,028.85 ii. Other unallocable expenditure net of unallocable income (1,468.90) (1,296.14) (1,353.48) (7,168.76) Add: Share of profit/(loss) of joint ventures and associates: A. In India (i) Refining & Marketing (136.10) 1,160.40 (77.08) 1,131.85 (ii) Unallocated 150.53 265.18 129.16 608.90 B. Outside India-E&P 583.46 1,367.34 (279.97) 1,261.16 Profit before Tax 7,012.45 18,640.08 15,508.58 67,622.95 Segment Assets A. In India (i) E&P a) Offshore 187,213.50 187,282.90 192,470.71 187,282.90 b) Onshore 85,073.22 85,441.66 83,114.24 85,441.66 (ii) Refining & Marketing 247,366.20 243,541.18 222,270.07 243,541.18 (iii) Petrochemicals 30,050.84 29,105.21 29,956.60 29,105.21 B. Outside India 139,606.44 136,334.04 128,736.71 136,334.04 C. Others Unallocated 127,242.11 110,200.19 106,256.99 110,200.19 Total 816,552.31 791,905.18 762,805.32 791,905.18 Segment Liabilities A. In India (i) E&P a) Offshore 82,561.57 82,315.06 82,147.15 82,315.06 b) Onshore 19,502.40 19,043.58 19,371.97 19,043.58 (ii) Refining & Marketing 176,805.84 161,086.10 152,458.82 161,086.10 (iii) Petrochemicals 27,882.41 26,855.18 26,463.90 26,855.18 B. Outside India 66,317.75 65,447.24 63,568.46 65,447.24 C. Others Unallocated 24,673.73 27,464.74 28,510.95 27,464.74 Total 397,743.70 382,211.90 372,521.25 382,211.90 Geographical Segments: a) In India - Offshore and Onshore b) Outside India. Business Segments : a) Exploration & Production (E&P) b) Refining & Marketing of Petroleum products c) Petrochemicals 1 2 3 4 Note: Segments have been identified and reported taking into account the differing risks and returns, the group's structure and the internal reporting systems. These have been organized into the following Geographical and Business segments: Sl. No. Particulars OIL AND NATURAL GAS CORPORATION LIMITED CIN No. L74899DL1993GOI054155 Regd.Office : Plot No. 5A-5B, Nelson Mandela Road, Vasant Kunj, New Delhi, South West Delhi - 110070 Tel: 011-26754002, Fax: 011-26129091, E-mail: secretariat@ongc.co.in CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS & LIABILITIES
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1 Notes: 1. Pursuant to the completion of tenure of Independent Directors on the Board of the Holding Company on March 27, 2026, the Board does not have Independent Directors as per the provisions of SEBI (LODR) Regulations, 2015, the Companies Act, 2013 and DPE guidelines. Accordingly, the consolidated financial results of the Company for the quarter ended June 30, 2026 have been reviewed and approved by the Board of Directors at the meeting held on August 04, 2026. 2. The consolidated financial results of the Group [The Holding Company (the Company) and its subsidiaries] for the quarter ended June 30, 2026 have been reviewed by the Statutory Auditors as required under Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements), Regulation, 2015. 3. The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of the full financial year and the unaudited figures of nine months ended December 31, 2025, which were subjected to limited review. 4. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid & South Tapti Fields along with Reliance Industries Limited (RIL) and BG Exploration and Production India Limited (BGEPIL) each having 30% PI, (all three together referred to as “Contractors”) signed two Production Sharing Contracts (PSCs) with Government of India (GOI) on December 22, 1994 for a period of 25 years. The PSCs for Panna Mukta and Mid & South Tapti have expired on December 21, 2019. In terms of the Panna-Mukta Field Asset Handover Agreement, the Contractors of PMT JV are liable for the pre-existing liability. RIL & BGEPIL (JV partners) invoked an international arbitration proceeding against GOI regarding interpretation of certain provisions of the PSCs, including cost recovery and profit petroleum matters in December, 2010. The Company was directed by MoP&NG not to participate in the arbitration, however the Arbitral Award would be applicable to the Company as a constituent of the Contractors. Based on the October 12, 2016 Final Partial Award (FPA) by the arbitration tribunal, DGH raised a demand towards differential GOI share of profit petroleum and royalty alleged to be payable by the Contractors pursuant to Government’s interpretation of the FPA. The Company’s 40% share of the demand amounts to USD 1,624.05 million including interest up to November 30, 2016 equivalent to ₹ 15,365 Crore as on June 30, 2026 (March 31, 2026: ₹ 15,225 Crore). The JV partners have contested the demand as premature since liabilities are yet to be finally quantified and related awards remain subject to judicial and arbitral proceedings. The award had also been challenged before the English Commercial Court (London High Court) which delivered its final verdict on May 2 , 2018 following which the Arbitral Tribunal re -considered some of its earlier findings from the 2016 FPA (Revised Award). Parts of the revised award was challenged by GOI and JV Partners before English Court which on February 12, 2020, passed a verdict favouring RIL & BGEPIL and also remitted the matter in the Revised Award back to Arbitral Tribunal for reconsideration. BGEPIL has informed that the Tribunal issued a verdict in January 2021, favouring RIL/ BGEPIL on the remitted matter, which was challenged by the GOI before the English Court which was subsequently dismissed by the English Court in its verdict on June 9, 2022 upholding the Revised Arbitration Award. The GOI filed an appeal against the English Court verdict dated June 9, 2022 that was rejected by the English Court in August 2022. Based on the information shared by BGEPIL, the GOI filed an execution petition before the Hon’ble Delhi High Court seeking enforcement and execution of the October 12, 2016 FPA which the Delhi High Court concluded that the Government’s Execution Petition in respect of the 2016 FPA
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2 is premature, not maintainable and stands dismissed. The Government has filed an appeal against this verdict before a division bench of the Delhi High Court which ruled in favour of the Government stating that the appeal is maintainable and the hearing is pending. Separately, arbitration proceedings relating to increase in Cost Recovery Limit (CRL), which may reduce the liability, are also pending. Pending finality by Arbitration Tribunal on various issues raised above, no provision has been accounted in the financial statements. The demand raised by DGH, amounting to US$ 1,624.05 million equivalent to ₹ 15,365 Crore as on June 30, 2026 (March 31, 2026: ₹ 15,225 Crore) has been considered as contingent liability. The above disclosure is based on the information provided by BGEPIL, a joint operator of PMT JV. 5. The Company has received demand orders relating to levy of Service Tax/GST on royalty paid for crude oil and natural gas and has challenged the same before various judicial forums. The matter involving the nature and taxability of royalty under the Oilfiel ds (Regulation and Development) Act is presently pending adjudication before the Hon’ble Supreme Court of India. Pending final resolution and considering the prolonged litigation, the Company, as a matter of prudence, has recognized provision towards disputed Service Tax/GST on royalty (including interest thereon) amounting to ₹ 20,450 Crore as at June 30, 2026 (March 31, 2026: ₹ 19,645 Crore), including ₹ 805 Crore recognized during the current year. The Company has deposited under protest an amount of ₹ 19,392 Crore up to June 30, 2026 (March 31, 2026: ₹ 18,647 Crore). In respect of Joint Venture (JV) blocks where disputes exist amongst JV partners, the Company, based on contractual arrangements and legal opinion, has not recognized provision towards other JV partners’ share amounting to ₹ 6,934 Crore as at June 30, 2026 (March 31, 2026: ₹ 6,683 Crore), which has been disclosed as contingent liability. This view of the company is duly backed by a legal opinion from the Additional Solicitor General of India (ASGI) in the context of the arbitration between the Company and J V Partners relating to Rajasthan JV where fresh arbitration has been invoked in view of the non-consideration of the terms and conditions of PSC which obligates the JV Partners to pay Service Tax and GST by the Arbitral Tribunal, London in its final award. Further, disputed demands relating to penalty and other matters amounting to ₹ 2,200 Crore as at June 30, 2026 (March 31, 2026: ₹ 2,187 Crore) have also been disclosed as contingent liability. 6. The company purchased High Speed Diesel (“HSD”) from Oil Marketing Companies under ICB tender and paid Basic Excise Duty (“BED”), Additional Excise Duty (“AED”), Special Additional Excise Duty (“SAED”), Road and Infrastructure Cess (“RIC”). The company has ap plied for refund of these duties under the deemed export benefit of refund of “Terminal Excise Duty” (hereinafter referred to as “TED”) under Chapter 7 of the Foreign Trade Policy (2015-20) for period from 1st July 2017 to 1st February 2022 i.e. upto the d ate when Customs Notification No. 50/2017 was revised to omit consumable fuel from List-33. Additional Director General of Foreign Trade (DGFT), Mumbai initially allowed refund of all the components of TED. Subsequently, revised refund orders were issued only for the BED amount and disallowed the other duties of Excise. Based on legal opinion, th e Company filed an appeal with DGFT, Delhi. DGFT, Delhi, vide its order dated 25.02.2025, has rejected the claims of refund of other duties of excise made by the Company. The company filed the Writ Petition before the Hon’ble High Court of Delhi on 23.05.2025. The matter is listed for further hearing on October 07, 2026.
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3 Considering the legal position, as per the opinions of the learned counsels and the merits of the case, the company is of the view that the company is eligible for refund of other duties of excise and hence ₹ 2,088 Crore as on June 30, 2026 (March 31, 2026 : ₹ 2,088 Crore) recoverable from Directorate General of Foreign Trade, Government of India has been considered as good for recovery and disclosed as Advance/claims recoverable in the financial statements. 7. The Government of India (GOI), vide its letter no. Expl-15019(25)/112/2017-ONG-V (E-4641) dated September 19, 2025, has conveyed its decision not to extend the term of the Contract in respect of the Pre-NELP Joint Venture (JV) block CB -OS-02 having respective Participating Interests (PI) in the block as on date of ONGC–50%, Vedanta Limited (Operator)– 40%, and Invenire Petrodyne Limited (IPL)– 10%. Pursuant to the GOI directive, ONGC (the Company) was directed to take over the operations of the JV Block with immediate effect. Accordingly, the Company requested Vedanta Limited for the immediate handover and deployed its operational team at the block, from September 20, 2025. However, Vedanta Limited did not handover the operations in the month of September, 2025. Subsequently, Vedanta Limited filed a writ petition before the Single bench of Hon’ble High Court of Delhi on September 22, 2025, challenging the said rejection of extension of terms of the Contract by GOI. The Court directed the parties to maintain status quo. Thereafter, the Hon’ble High Court of Delhi vide its order pronounced on July 22, 2026 dismissed the Vedanta’s writ petition. Accordingly, the Company has taken over the operations and control over the block effectively on July 22, 2026 and has also applied for Petroleum Lease application for the said block on July 28, 2026. On July 22, 2026 Vedanta Limited has challenged the said order in Divisional Bench of the Hon’ble High Court of Delhi, and the matter is currently under adjudication. The ultimate outcome of the litigation and its consequential impact, if any, cannot presently be determined. Since the matter is sub -judice, the company has accounted for its interest in the block as an unincorporated joint venture till 30.06.2026. The Company on a conservative basis has recognized impairment of ₹ 40 crore against the carrying value of assets in the Pre-NELP Joint Venture (JV) block CB-OS-02. 8. In respect of subsidiary OPaL, during FY 2025-26, the PP plant was shut down due to technical issue from 14th August 2025 to 20 th October 2025. A technical team comprising of internal and external experts was formed to find out the root cause analysis of shut down. The interim report of the technical team received from OEM is under study by operation team. Once the final report is received, the same shall be shared with Insurance Company. Accordingly, any amount settled with insurance company will be accounted for in the period when it is finalized/ received. Expenses incurred for the same have been accounted for as and when incurred. 9. Formula used for computation of: a. Net worth (Total equity) = Equity share capital + Other equity + Non-Controlling Interest. b. Debt Equity Ratio = Total borrowings / Total equity. c. Interest Service Coverage Ratio = Earnings before interest, tax and exceptional item / Interest on borrowings (net of transfer to expenditure during construction). d. Debt Service Coverage Ratio = Earnings before interest, tax and exceptional item / [Interest on borrowings (net of transfer to expenditure during construction) + Principal repayments of Long Term borrowings]. e. Current Ratio = Current assets / Current liabilities
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4 f. Long term debt to Working capital = Non-current borrowings (including current maturity of non- current borrowings) / Working capital (excluding current maturity of non-current borrowings). g. Bad debts to Accounts receivable Ratio = Bad debts / Average trade receivables. h. Current liability Ratio = Current liabilities / Total liabilities. i. Total debts to Total assets = Total borrowings / Total assets. j. Debtors turnover = Revenue from operations / Average trade receivables. k. Inventory turnover = Revenue from operations / Average inventories. l. Operating Margin (%) = Earnings before interest, tax and exceptional items / Revenue from operations. m. Net Profit Margin (%) = Profit for the period / Revenue from operations. 10. Previous period’s figures have been regrouped by the Company, wherever necessary, to conform to current period’s grouping. By order of the Board (Anupam Agarwal) Director (Finance) DIN: 09601339 In terms of our report of even date attached For Laxmi Tripti & Associates For Manubhai & Shah LLP For V Sankar Aiyar & Co. Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No. 009189C Firm Reg. No: 106041W/W100136 Firm Reg. No.109208W (CA Rajesh Kumar Gupta) (CA K. B. Solanki) (CA Lalithapriya B) Partner (M. No. 077204) Partner (M. No. 110299) Partner (M. No. 263713) For Talati & Talati LLP For Rama K Gupta & Co. Chartered Accountants Chartered Accountants Firm Reg. No. 110758W/W100377 Firm Reg. No. 005005C (CA Amit Shah) (CA Abhay Gupta) Partner (M. No. 122131) Partner (M. No. 087679) Place: New Delhi Date: August 4, 2026
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OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT Regd. Office: Plot No 5A-5B, Nelson Mandela Marg, Vasant Kunj, New Delhi-110070 Phone: 011-2675 4073, 011-2675 4085, CIN: L74899DL1993GOI054155 Website: www.ongcindia.com Email: secretariat@ongc.co.in ONGC/CS/SE/2026-27 07.07.2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai-400001 BSE Security Code Equity: 500312 NCDs: 959881 Subject: Disclosure under Regulation 52(7) and 52(7A) of the SEBI (LODR) Regulations, 2015 for the quarter ended 30.06.2026 Madam/ Sir, In terms of Regulation 52(7) and 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular dated 29.07.2022, it is hereby informed that the Company had issued four series of NCDs aggregating to ₹4,140 Crore during FY 2020-21 (outstanding amount as on 30.06.2026 was ₹1,000 Crore) for which funds were fully utilised for the intended purpose during the same year. Statements of “NIL” deviation were also filed on 13th November, 2020 and 24th June, 2021. Accordingly, Statement of deviation is not being submitted for the quarter ended 30.06.2026. This is for your information and record, please. Thanking You, Yours Sincerely, For Oil and Natural Gas Corporation Ltd. (Shashi Bhushan Singh) Company Secretary & Compliance Officer
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OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT Regd. Office: Plot No 5A-5B, Nelson Mandela Marg, Vasant Kunj, New Delhi-110070 Phone: 011-2675 4073, 011-2675 4085, CIN: L74899DL1993GOI054155 Website: www.ongcindia.com Email: secretariat@ongc.co.in ONGC/CS/SE/2026-27 07.07.2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai- 400001 BSE Security Code Equity: 500312 NCD: 959881 Subject: Security Cover under Regulation 54 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 for the Quarter ended 30.06.2026. Madam/ Sir, In terms of Regulation 54(2) and 54(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, it is informed that there were no outstanding Secured Debentures as on 30.06.2026. Accordingly, Security Cover Certificate for the quarter ended 30.06.2026 is not required. This is for your information and record, please. Thanking You, Yours Sincerely, For Oil and Natural Gas Corporation Ltd. (Shashi Bhushan Singh) Company Secretary & Compliance Officer