ONGC Q4 FY26 Results: Profit, revenue cues and dividend

Why ONGC’s Q4 print is in focus

ONGC’s March-quarter (Q4 FY26) results are being watched closely after crude oil prices jumped during the quarter amid disruptions around the Strait of Hormuz. The Strait is described as a critical chokepoint that facilitates around 20% of global oil supply, making price moves and realisations important for upstream producers. The company is expected to see year-on-year earnings growth, with higher oil realisations flagged as the main driver. Alongside numbers, investors are also tracking capital return as the ONGC board is set to recommend a final dividend, if any, for the financial year ended 31 March 2026.

Results date: what the article reports

The provided information includes more than one reference to the result timeline. One line states that ONGC will declare its result soon on 26 May 2026. Another line says Oil and Natural Gas Corporation is scheduled to announce its Q4 FY26 (January to March 2026) financial results on May 14, 2026. Separately, a small table snippet mentions “ONGC Q4 FY26 results date: May 2026 (Expected)”. With multiple dates cited, market participants typically watch company exchange filings for confirmation.

What analysts expect for Q4 FY26

Analysts cited in the text expect ONGC’s net profit to be in the range of ₹7,500 crore to ₹10,600 crore for the quarter ended March 2026. The comparison point mentioned is ONGC’s net profit of ₹8,371.9 crore in the December quarter. Kotak Institutional Equities expects revenue in Q4 FY26 to grow 21.2% to ₹38,247 crore from ₹31,546.5 crore, on a quarter-on-quarter basis. EBITDA is estimated to increase 20% QoQ, largely on higher crude price realisation. Net crude price realisation is seen 24% higher sequentially, while gas price realisation is expected to decline by 1.6%.

Volumes: crude and gas estimates

On operating metrics, Kotak’s estimates in the text point to crude oil sales volumes of 4.72 mmt, down 2.0% YoY and flat QoQ. Natural gas sales volumes are estimated at 3.91 bcm, up 0.7% YoY and down 0.9% QoQ. The combination of slightly softer volumes and higher crude realisations is the key setup highlighted for the quarter. That also frames the margin narrative, because upstream earnings are often more sensitive to realised prices than to modest volume changes.

ONGC’s recent quarterly snapshot (figures provided)

The article also carries a quarterly table titled “Quarterly - Oil and Natural Gas Corporation Q4 Results” with figures in ₹ crore (except per-share values). In that table, Total Revenue for Mar 25 is shown at ₹170,811.73 crore versus ₹167,422.93 crore in Dec 25, a 2.15% QoQ change. Net Income is listed at ₹7,322.83 crore for Mar 25 versus ₹10,015.78 crore in Dec 25, a -14.70% QoQ change. Diluted Normalized EPS in the same table is 5.91 for Mar 25 and 7.93 for Dec 25.

Oil India’s Q4 FY26: higher profits, stock reaction

While ONGC is in the results spotlight, the article also highlights Oil India’s March-quarter performance. Oil India reported a 62% year-on-year increase in consolidated net profit to ₹2,424 crore in Q4 FY26. Revenue from operations rose 4.4% YoY to ₹10,012.77 crore from ₹9,588 crore a year earlier. The stock hit a 52-week high of ₹531, rising about 5% after the earnings, and another line notes Oil India rose 2.40% to ₹519.70.

Oil India: drivers, margins, and segment revenue

Oil India attributed its standalone PAT of ₹1,790 crore in Q4 FY26 (vs ₹1,591 crore in Q4 FY25) to higher crude oil production (up 6%) and improved crude price realisation (up 5%) to $17.89/bbl from $14.46/bbl. Another data point in the text says Oil India’s crude oil realisation rose to $17.9/bbl in Q4 FY26 from $12.8/bbl in Q3 FY26, and EBITDA grew nearly 40% sequentially to ₹1,820 crore. The company also disclosed a sharper operating margin move: operating margin narrowed to 20.19% from 28.12%. Segment-wise, crude oil revenue rose 13.09% YoY to ₹4,406.53 crore, while natural gas revenue declined 4.35% to ₹1,322.45 crore.

Dividends: ONGC watch, Oil India recommendation

For ONGC, the key dividend update in the text is that the board will also recommend a final dividend, if any, for FY26. Another line adds market context that the stock is providing a dividend yield of 4.30% and that the company has maintained a healthy dividend payout of 37.9%. For Oil India, the board recommended a final dividend of ₹1.00 per equity share (face value ₹10), in addition to the first interim dividend of ₹3.50 per share and the second interim dividend of ₹7.00 per share already paid during the year.

Market impact: crude prices, Hormuz risk, and EPS sensitivity

The immediate market linkage in the article is the crude price move triggered by disruptions around the Strait of Hormuz. The text also notes that current prices for ONGC and Oil India were discounting only USD 65 to 70 per barrel due to fear of a windfall tax, versus actual realisation being significantly higher linked to Brent. It adds a sensitivity estimate: every USD 1 per barrel rise in oil price boosts their EPS by 1% to 2%. These inputs frame why both results and commentary on realised prices matter for the near-term narrative.

Key numbers at a glance

ONGC quarterly table (as provided, ₹ crore)

What to watch next

For ONGC, the key near-term triggers are the confirmed result date and the board’s final dividend decision for FY26. Operationally, the market focus remains on crude and gas realisations, and whether the quarter’s crude price strength translates into the magnitude of EBITDA improvement referenced in estimates. For the broader upstream space, Oil India’s reported improvement in profits alongside margin pressure provides a useful comparison point for how higher realisations can coexist with profitability challenges.