Oil & Natural Gas Corporation Ltd has formally disputed its ESG rating from Crisil ESG Ratings & Analytics Ltd, describing the scores as low and factually incorrect. The company highlighted discrepancies in governance metrics and environmental scoring against its decarbonization efforts.

Rating Dispute Details

The company received an ESG Rating Report from Crisil but clarified it was not engaged for its preparation nor consulted during finalization. ONGC stated the assigned scores do not reflect its sustainability disclosures or governance structure.

Governance and Environmental Concerns

ONGC pointed to specific inaccuracies in the report regarding board attendance. The company noted that independent directors attended 100% of Board and Board Level Committee meetings, with only one absence (~92.30%) recorded. This contradicts the lower governance evaluation implied by the overall scores.

On the environmental front, the company emphasized its target to achieve net zero Scope 1 and 2 operational emissions by 2038. Despite elaborate disclosures on Scope 3 emissions and decarbonization initiatives detailed in its Business Responsibility and Sustainability Report (BRSR), ONGC received a below-average score of 44 out of 100 on environmental parameters.

Regulatory Disclosure

The intimation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Shashi Bhushan Singh, Company Secretary & Compliance Officer, on September 18, 2026.

Oil & Natural Gas Corporation has appointed three firms as cost auditors for the financial year 2026-27. The Board of Directors approved the appointments during its meeting held on September 17, 2026. The session commenced at 11:35 am and concluded at 1:00 pm.

The company selected M/s Chandra Wadhwa & Co, M/s Ramanath Iyer & Co, and M/s R Nanabhoy & Co to conduct the cost audit. This regulatory requirement ensures compliance with statutory cost accounting standards for the upcoming fiscal period.

Appointed Firms

The Board approved the following firms for the FY27 cost audit mandate:

• M/s Chandra Wadhwa & Co
• M/s Ramanath Iyer & Co
• M/s R Nanabhoy & Co

Chandra Wadhwa & Co previously conducted the cost audit for Oil & Natural Gas Corporation in FY18, FY19, FY20, and FY21. The Delhi-based firm, established in 2001, holds expertise in the petroleum sector.

Ramanath Iyer & Co, operating from New Delhi since 1978, obtained its peer review certificate from the Institute of Cost Accountants of India in March 2025. The firm specializes in statutory and voluntary cost audits across manufacturing and service sectors.

R Nanabhoy & Co, established in 1948 and based in Mumbai, received its peer review certificate without reservation on June 17, 2025. The certificate remains valid for five years from the date of issue.

Compliance Details

Shashi Bhushan Singh, Company Secretary and Compliance Officer, signed the disclosure. The brief profiles of the appointed cost auditors were attached as Annexure-A in the exchange filing, as required by SEBI circulars.