Oil & Natural Gas Corporation will convene its 33rd Annual General Meeting on Monday, August 31, 2026, at 11:00 hrs. (IST). The meeting will be held through Video Conferencing ("VC") or Other Audio Visual Means ("OAVM") in compliance with the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This virtual format ensures broad shareholder participation while adhering to regulatory guidelines issued by the Ministry of Corporate Affairs, including General Circular No. 03/2025 dated September 22, 2025.

The notice for the AGM, along with the Integrated Annual Report for FY26, will be dispatched electronically to members whose email addresses are registered with the company or its Registrar and Transfer Agent. For members who have not registered their email IDs, the company will provide access via web-links as mandated by Regulation 36(1)(b) of the SEBI LODR Regulations. The documents will also be available on the company’s website and the portals of BSE Limited and National Stock Exchange of India Limited.

Shareholders holding shares in physical form are advised to update their Know Your Customer (KYC) details, including PAN, nomination, email ID, contact number, bank account details, and specimen signature, with the RTA. Those holding shares in demat mode should ensure their KYC and nomination details are updated with their respective depositories, pursuant to SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/1/4298/2026 dated February 6, 2026.

The company is providing a remote e-voting facility to all members for casting votes on business items set out in the AGM notice. Additionally, e-voting during the meeting will be facilitated through National Securities Depository Limited (NSDL). Members can attend the AGM via the VC/OAVM facility, and their attendance will count towards the quorum under Section 103 of the Companies Act, 2013.

Members whose email IDs are not registered may request user IDs and passwords for e-voting by contacting evoting@nsdl.com . The company emphasizes that members should carefully read all instructions provided in the AGM notice regarding joining the meeting and casting votes electronically. For further assistance, shareholders may refer to the FAQs and e-voting user manual available on the NSDL website or contact the helpdesk at 022-4886 7000.

Oil & Natural Gas Corporation reported a standalone net profit of ₹17,034 crore for the quarter ended June 30, 2026, marking a 112% year-on-year increase from ₹8,024 crore in Q1FY26. The surge was driven by a 45% jump in gross revenue to ₹46,460 crore, fueled by significantly higher crude oil realizations and robust offshore performance. While the consolidated net profit declined 43% to ₹6,554 crore due to downstream losses at subsidiaries like HPCL, the upstream business delivered record profitability, with Profit Before Tax reaching an all-time high of ₹22,848 crore.

The Board of Directors approved the unaudited financial results on August 04, 2026, pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by statutory auditors Laxmi Tripti & Associates, Manubhai & Shah LLP, V Sankar Aiyar & Co., Talati & Talati LLP, and Rama K Gupta & Co. Notably, the Audit Committee could not review the results prior to board approval because independent directors were unavailable following the completion of their tenure on March 27, 2026.

Standalone Financial Performance

Standalone revenue from operations rose to ₹46,460 crore in Q1FY27, compared to ₹32,003 crore in Q1FY26. Crude oil realizations improved sharply, with net realization from nominated fields rising to USD 99.45 per barrel (₹9,419 per barrel) from USD 66.13 per barrel (₹5,658 per barrel) in the prior year period. Joint venture crude realizations also increased to USD 103.34 per barrel. Gas prices remained stable, with nomination gas priced at USD 7.00 per mmbtu and new well gas at USD 13.31 per mmbtu.

New well gas contributed significantly to the revenue mix, accounting for approximately 38% of total revenue from ONGC’s nomination gas portfolio. Revenue from new well gas stood at ₹3,998 crore, delivering an additional ₹1,897 crore over the Average Productivity Margin (APM) gas price.

Consolidated Results and Segment Pressures

On a consolidated basis, total revenue increased 26% to ₹204,987 crore. However, the group’s consolidated net profit fell to ₹6,554 crore from ₹11,554 crore, primarily impacted by a consolidated net loss of ₹12,265 crore at HPCL. This loss was attributed to under-recoveries on petroleum products arising from sharp increases in crude oil prices following the West Asia crisis. Despite this, net profit attributable to owners rose 21% to ₹11,899 crore, supported by strong contributions from ONGC Videsh and MRPL.

Production and Exploration Updates

Standalone oil and gas equivalent production remained flat at 9.444 million metric tons (MMT), down slightly from 9.779 MMT in Q1FY26. The decline was attributed to reservoir complexities in KG-98/2, inclement weather delays in Western Offshore, and operational disruptions at customer facilities affecting gas offtake. To arrest this trend, ONGC has engaged bp for Technical Service Provider (TSP) services across the Western Offshore portfolio, backed by a capital investment program exceeding ₹40,000 crore aimed at enhancing recovery and asset integrity.

In exploration, ONGC spudded its first deepwater well under the Samudra Manthan scheme in the Mahanadi basin on July 25, 2026. The company also declared two new discoveries during the quarter: one offshore prospect and one onland new pool discovery.

What the Numbers Show

The divergence between standalone strength and consolidated weakness highlights the structural vulnerability of ONGC’s downstream assets to global crude price shocks. While upstream operations benefited directly from higher crude realizations—boosting margins and profits—the refining segment suffered severe under-recoveries. The strategic pivot toward Western Offshore revitalization, with over ₹40,000 crore in capex, signals management’s focus on stabilizing production volumes to offset future price volatility risks.