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actual process of separating CO2

Coal Bed Methane gas produced at Bokaro. Capturing

enabling accurate reserves accounting, improving the reliability of reservoir simulations, ensuring precise well-wise production allocation, and supporting the achievement of production targets

• Implementation of SAP Extended Warehouse Management (EWM) at Cambay, Pipava and Ahmedabad to replace the SAP LE-WM module which is going out of support

• Complete automation of ONGC's Job Rotation and Transfer Policy (JRTP) within the ICE system to enable the HRD team to generate and manage transfers through a system-driven process

• Mapping and aligning Establishment processes within ICE to support the centralization of HR Establishment functions, ensuring standardization, process optimization, and improved operational efficiency

• The ICE team is sharing data from SAP S/4HANA and SAP BW/4HANA with various applications across ONGC to promote data democratization and enable advanced data analytics and AI-driven processes on other platforms

• ONGC initiated its AI transformation journey through a strategic digital maturity assessment conducted with consultancy support from Accenture, benchmarking the organization against industry peers and identifying key opportunities for Analytics and AI adoption. Corporate Infocom Services subsequently constituted a location-agnostic AI & Analytics Task Force comprising officers from diverse business domains. Skill-gap analysis, domain-specific cohorts, and Coursera-based upskilling enabled structured capability building in AI, analytics and Generative AI. To support AI workloads, ONGC strengthened computational infrastructure through C-DAC high-performance compute services and on-premise GPU facilities. Corporate Infocom also undertook Master Data Management to improve data quality, remediation and governance

• ONGC conducted the internal Hackathon "Udbhav 1.0" to democratize innovation and accelerate AI adoption by enabling employees to address real operational challenges through AI and digital technologies. The initiative created organization-wide AI awareness, broke functional silos, and demonstrated ONGC's internal innovation capability. Udbhav 1.0 received

591 ideas, resulting in 20 high-impact PoCs with significant business potential, now being scaled by Corporate Infocom with business functions. Building on this momentum, Udbhav 2.0 received 542 ideas, with 43 PoCs taken up. The Udbhav Alumni Network has been created to mentor future participants and sustain bottom-up AI adoption

• ONGC strengthened its AI strategy by empanelling leading digital consultants—Deloitte, KPMG and Ernst & Young. KPMG was engaged to develop a comprehensive AI Strategy and Roadmap, establish governance frameworks, and identify priority use cases under Project GATI (GenAI/AI-led Transformation and Innovation). The completed exercise provides a structured blueprint for enterprise-wide AI adoption

• ONGC also initiated the Enterprise Data Platform project to integrate diverse data sources and enable real-time analytics, while SAP integration support is under consideration to ensure seamless ERP data flow. These initiatives aim to institutionalize innovation and position ONGC as an AI-driven energy leader

• ONGC has inducted "Seistelligence" software developed by the R&D team at GEOPIC, ONGC, integrating advanced Machine Learning (ML) workflows for seismic as well as data analysis, modelling and prediction. More than 16 supervised and 8 unsupervised methods have been integrated. This software package includes Log & Facies Prediction in

1D Space, Facies & Reservoir property prediction in 3D space, AI-based fault mapping, Geological feature mapping, Unsupervised analysis & clustering of well & seismic data (WellLytics & SeisLytics softwares) and newly developed CNN based module SeisInvert

• The programs like Establishment of location agnostic AI / ML community and Organization of "Udbhav" – have already started to deliver field validated solutions in domains of Exploration, Drilling, Reservoir, Production and Corporate functions. Udbhav 1.0 successfully identified and piloted twenty transformative AI use cases. Each use cases when scaled up has the potential to add business value exceeding Rs. 500 to 10,000 million over 3–5 years, with many already demonstrating measurable production uplift, cost savings, reduced NPT, improved safety, and operational excellence

• Real-time Intelligence for Stuck pipe Risk Mitigation:

The application accelerates drilling performance optimization by delivering real-time insights and decision-ready visual intelligence for proactive stuck pipe mitigation. Stuck pipe alone contributes to ~ 40 % of rig days lost due to downhole complications. Annual Cost benefit (Assuming average rig cost Rs. 20 Lakh/ day): ~ Rs. 550 million, Cost saving in five years: ~ Rs. 2,750 million

• AI-Powered Hole Cleaning Advisory System: The AI-powered Hole Cleaning Advisory System uses computer vision to address inefficiencies in wellbore cleaning, a major contributor to Non-Productive Time (NPT) during drilling. The solution was deployed in all Rajahmundry drilling rigs and implemented. Since April 2025, 93 rig-days have been saved with notional saving of Rs. 264 million

• Optimization of Water Injection: A Physics based and AI-driven solution was developed to manage water injection and address oil production decline. Based on the insights of this use case, the water injection strategy was changed in Neelam Field during Sep-Oct 2025. This has resulted in arresting of production decline and total saving of Rs. 358 million can be attributed to this

• Candidate Well Selection for Well Intervention: An AI/ML-based system has been developed to automate candidate well selection for stimulation and well intervention. The solution prioritizes high-potential wells, enabling more effective intervention planning

It has been implemented on 10 wells in Ahmedabad fields (05 Gamij and 05 Nawagam) with attributed Oil Gain of 803.32 MT/ month. Till date, this has resulted in revenue gain of Rs. 322 million

• Full Wave Inversion: To accurately image the subsurface, a high-resolution velocity model is required that minimizes the mismatch between observed seismic data and synthetic data generated through numerical simulations. This is achieved using Full Waveform Inversion (FWI). At present, ONGC doesn't have FWI capability which necessitates dependence on external vendors, resulting in higher costs & longer turnaround times. The solution envisages to develop an AI-augmented in-house FWI software tailored to ONGC's geological settings and computational environment. Fine tuning is in progress in collaboration with IIT Bombay

• EnerGPT – Enterprise Generative AI Platform:

EnerGPT has been developed as ONGC's enterprise-wide Generative AI platform to enable secure, contextual, and role-based access to organizational knowledge. The platform significantly reduces time spent on information retrieval. The in-house implementation has resulted in cost saving of approximately Rs. 55 million when compared with similar developments carried out by external vendors

• AI Assisted JD Creation & Pen-Picture Generation: The AI-assisted Job Description and Pen-Picture generation system automates the creation of comprehensive skill requirement and career profiles for officers considered for senior-level promotions based on available inputs in SAP. Solution was developed internally and delivered within One Month. Similar solution would cost around Rs. 45 to 60 million by external vendors. The solution proved very useful during the interview of senior positions

• Contract Collation and Digital Signature : Application eliminates dependence on costly third-party e-signature platforms with workflows, resulting in major recurring savings for the organization by integrating seamlessly with Active Directory and SAP. It ensures secure authentication without any additional licensing or external identity management costs. The digital process significantly reduces turnaround time and approximate saving is around

Rs. 150 million

• In the present era where cyber threats are constantly evolving in sophistication and frequency, ONGC's state-of-art Information Security Operations Centre (ISOC) is operationalized 24X7 for safeguarding its digital assets, customer data, and intellectual property against cyber-attacks from adversaries. Threat Intelligence from several agencies - both Government of India & private are received and analysed in real-time with automation to respond in the fastest way. On an average, more than 2.1 billion events are handled every day

• ONGC has implemented Information Security management Systems (ISMS) in accordance with ISO 27001 international information security standard in its 42 Data Centres. All of these Data Centres are certified by the updated 2022 version of ISO 27001 standard. Periodic internal and external audits are carried out for sustenance of ISMS and ISO 27001 certification

• ONGC has been working consistently towards strengthening the weakest link in the Cyber security chain – the humans i.e. its employees. Towards this objective, the following focussed actions have been taken in the last year:

- Multiple phishing/smishing drill campaigns were launched to raise employee awareness enabling them to identify suspicious emails, SMS messages, and QR codes, and to enhance their readiness against real-world phishing and smishing attacks. Employees who fell prey to this campaign were subjected to a self learning course with an assessment at the end

- A session on topical issues related to cyber-security is conducted on the first Wednesday of every month under the Cyber Jaagrookta Diwas initiative

- Employees are regularly sensitised on the cyber hygiene and other cyber security aspects through text message every Wednesday throughout the year

- Cyber Security Awareness Month (CSAM) was celebrated in October month bringing in special focus on Cyber Security through quizzes, webcasts etc.

• India's critical oil and gas sector faced an exponential surge in cyberattacks as adversaries launched relentless and coordinated digital offensives to disrupt Nation's critical oil and gas information infrastructure during Operation Sindoor. By adopting proactive cyber defence strategies during Operation Sindoor, ONGC safeguarded its digital assets, ensured operational continuity, and remained resilient against the evolving threat landscape

Your Company earned Profit After Tax (PAT) of Rs. 328,940 Million in FY'26 as against PAT of Rs. 356,103 Million in FY'25 i.e. a decline of Rs. 27,163 Million (7.63%) and registered Revenue from Operations of Rs. 1,325,081 Million in FY'26 down by 3.87% over FY'25 (Rs.1,378,463 Million).

• Revenue from Operations : Rs.1,325,081 Million

• Profit After Tax : Rs.328,940 Million

• Contribution to Exchequer : Rs.558,653 Million

• Return on Capital Employed : 22.46%

• Debt-Equity Ratio : 0.02:1

• Earnings/ Share : Rs. 26.15

• Book Value/ Share : Rs. 264

During the year under review, there was no change in capital structure of the Company.

Your Company has declared interim dividend of Rs.6.00 per share of Rs. 5 each (_120%) in November, 2025 amounting to Rs.75,481.68 Million and Rs.6.25 per share of Rs.5 each (_125%) in

February, 2026 amounting to Rs.78,626.74 Million. The Board of Directors has recommended final dividend of Rs.1 per share of Rs.5 each (_20%) amounting to Rs.12,580.28 Million, subject to the approval of shareholders. The total dividend pay-out for FY'26 would beRs.166,688.70 Million with pay-out ratio of 51%.

The Dividend Distribution policy may be accessed at the web link: https://www.ongcindia.com/wps/wcm/connect/en/ investors/policies

The Financial Statements of the Company for FY'26 have been prepared in compliance with the applicable provisions of the Companies Act, 2013 including Indian Accounting Standards (Ind AS) and Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India.

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Your Company is engaged in Exploration & Production (E&P) business which is covered under the exemption provided under Section 186(11) of the Companies Act, 2013. Accordingly, the details of loans given, investments made or guarantee or security given by the Company to subsidiaries and associates were not reported.

Your Company has not accepted any deposit during the year. Further, there was no outstanding deposit and/or unpaid or unclaimed principal amount or interest against any deposit either at the beginning or at the end of FY'26.

Details of the Credit Ratings of Debt Securities of the Company as on 31^st March 2026:

* At the request of the company, S&P has withdrawn Issue Rating on US$ Notes guaranteed by the Company

** ICRA Ratings and India Ratings and Research Private Limited have affirmed the long-term rating of IND AAA/Stable assigned to the balance NCD programme of Rs.1,000 Crore

Details of transfer of unclaimed dividends and eligible shares to IEPF have been placed in the Corporate Governance Report at para 14, which forms part of the Annual Report.

There was no Related Party Transaction which needs to be reported in the form of AOC-2, in terms of Section 134(3)(h) read with Section 188 of the Company Act, 2013.

ONGC Videsh Ltd, the wholly owned subsidiary of your Company for carrying out E&P activities outside India, has participation in 29 oil and gas projects spread across 14 countries. ONGC Videsh portfolio comprises of 14 producing, 5 discovered/ under development, 7 exploration and 3 pipeline projects. The company operates 14 of these projects by itself or in collaboration with JV partners. ONGC Videsh also has 3 subsidiaries in global business hubs i.e., Amsterdam (Netherlands), Singapore and Houston (USA) for asset holding, commercial and technical activities in addition to a wholly Owned subsidiary in GIFT City, Gujarat, India which functions as Global Treasury Centre for ONGC Videsh. Gross consolidated revenue of ONGC Videsh for FY'26 was

Rs. 84,429 million as against Rs.129,946 million during FY'25 and the Profit After Tax (PAT) was Rs. 11,516 million during FY'26 as against Rs. 4,285 million (restated) during FY'25.

Significant events in the area of Exploration & Operations: Project-wise Operational Highlights and Achievements

• CPO-5, Colombia: Production grew by approximately 11% over the last two years, Cumulative production from the block reached approximately 44 million barrels as of 31 March 2026, having crossed the major 40-million-barrel milestone on 9 November 2025

• MECL, Colombia: Mansarovar Energy Colombia Limited (MECL) emerged as one of the premier growth drivers within the Company's international portfolio during FY'26. Average annual production grew by approximately 17%, rising from 4,147 BOPD in FY'25 to 4,841 BOPD in FY'26. This builds upon a sustained multi-year growth trajectory, reflecting an increase of 51% over a two-year horizon and 70% over a three-year period

• GPOC, South Sudan: The Greater Pioneer Operating Company (GPOC) maintained high operational resilience amid regional instability, posting an average production of 46,058 BOPD. Normalized for a 25-day geopolitical shut-in, output reached 49,532 BOPD, exceeding the BE target and limiting year-on-year decline to a marginal 1.7%

• SPOC, South Sudan:Despite a challenging operating environment marked by a near two-month geopolitical shutdown and temporary mid-year pipeline and supply disruptions, Sudd Petroleum Operating Company (SPOC) demonstrated strong structural resilience. The asset recorded an annual average production of 10,513 BOPD (against 11,315 BOPD in the previous year). Notably, the asset has maintained a remarkable 77% production growth over a two-year horizon. Sakhalin-1, Russia: The Sakhalin-1 project staged a robust operational recovery in FY'26 through focused development drilling and superior reservoir sweep efficiencies. Average field production expanded from approximately 150,000 BOPD in April 2025 to nearly 190,000 BOPD by March 2026

• Area-1, Mozambique: The world-class Area-1 Mozambique LNG project achieved a watershed milestone with the formal lifting of Force Majeure on 7 November 2025, catalysing the full-scale resumption of project execution. Following the restart, Engineering, Procurement, and Construction (EPC) activities accelerated rapidly, backed by the mobilization of an onsite workforce of approximately 5,900 personnel. During the year, the ONGC Videsh Board approved the revised development cost structure for its participating interest, cementing the Company's alignment with this high-value asset. Overall project progress stood at approximately 41.5% at fiscal year-end. The Golfinho-Atum development, utilizing two initial LNG trains with a combined capacity of 13.12 MTPA, remains securely on track for first LNG cargo delivery in July 2028

• ACG, Azerbaijan: The flagship Azeri-Chirag-Gunashli (ACG) asset delivered exceptional operational and commercial benchmarks, outstandingly outperforming its annual production forecasts. The field averaged approximately 328,626 BOPD (totalling ~120 million barrels for the year). This performance secured 109.48% of the asset's oil production target and 101.53% of its combined Oil & Gas target, delivering a net contribution of 0.590 MMTOE to the Company Subsurface Exploration and Value Accretion:

• GPOC, South Sudan: The Wizeen NW-1 exploratory well in Block 1A was successfully drilled, completed, and placed on active production at an initial rate of approximately 670 BOPD. Subsurface upside was further validated by the Umm Sagura East-1 discovery, which confirmed hydrocarbon saturation across both primary and secondary target reservoirs

• Sakhalin-1, Russia: Asset integrity and processing capacity were enhanced through the successful replacement of critical compressors at the Odoptu field and the installation of a new gas turbine generator at the De-Kastri Terminal, ensuring long-term operational uptime

• CPO-5, Colombia: Completed a massive subsurface integration project by successfully merging multiple Northeast 3D seismic datasets across a continuous 2,000 sq. km volume. This merged dataset significantly improves structural mapping and accelerates prospect maturation across the block. Furthermore, the identification of the new LS-3 play within the La Urraca evaluation area has opened up prospective new fairways

Your Company holds 54.90% equity shares in HPCL as on 31 March 2026 and HPCL is a Schedule ‘A', Maharatna, and listed entity with pan India presence. HPCL owns and operates 2 major refineries – one at Mumbai (9.5 million metric tonnes per annum - MMTPA) and the other at Visakhapatnam (15.0 MMTPA). It also owns and operates a Lube Refinery at Mumbai with a capacity of 428 TMT (thousand metric tonne). HPCL has a vast marketing network of supply & distribution infrastructure comprising terminals, tap-off points, lpg bottling plants, aviation service facilities, lube blending plants, lube depots and various customer touchpoints across the country. HPCL has its research & development centre named ‘HP Green R&D Centre' in Bengaluru. During FY'26, HPCL refineries at Mumbai and Visakhapatnam achieved the highest ever combined refining thruput of 26.04 MMT registering an increase of 3.0% over crude thruput of 25.27 MMT processed during FY'25. Visakh refinery achieved a remarkable feat by processing the highest-ever annual crude throughput of 16.04 MMT. Similarly, the Mumbai refinery also exhibited excellent performance by processing the highest-ever annual crude throughput of 10.0 MMT. Refineries processed 10 new crude grades for the first time, the highest ever, up from the previous high of 8. Refineries also achieved highest-ever distillate yield of 75.8% in FY26. HPCL achieved the highest-ever total sales volume of 51.45 MMT (including exports) during FY'26, registering a growth of 3.3% as compared to the previous year's sales of 49.82 MMT, with a domestic market sales growth of 2.6%. HPCL also recorded the pipeline thruput of 25.54 MMT during FY'26.

During the year, HPCL crossed a key milestone of 25,000+ retail outlets with commissioning of 1351 retail outlets during FY'26 taking the total retail outlets number to 25,098 as of 31^st March 2026. During this period, 11 new LPG distributorships were added taking the total LPG distributorships to 6,389 as of 31^st March 2026. The Average GRM (Gross of export duty) for the FY'26 was US$ 8.79 per barrel (US$ 5.74 per barrel during the previous financial year).

During FY'26, HPCL recorded standalone Profit after tax of

Rs. 171,752 million as compared to Profit after tax of Rs. 73,649 million for the previous year. Revenue from operations for the FY'26 was Rs. 4,785,431 million as compared to Rs. 4,663,457 million during the previous year.

Your Company holds 71.63 % equity shares in MRPL, a Schedule ‘A' Mini Ratna company and listed entity, which is a single location 15 MMTPA Refinery. Further, HPCL (Subsidiary of your Company) also holds 16.95% equity shares in MRPL.

MRPL's refinery is established with a versatile design with complex secondary processing units and a high flexibility to process Crudes of various API, delivering a variety of quality products. MRPL also operates an Aromatic Complex, a petrochemical unit capable of producing 0.905 MMTPA of Para Xylene and 0.273 MMTPA of Benzene. The Aromatic Complex is situated in the Mangalore Special Economic Zone (MSEZ) and is fully integrated with MRPL.

MRPL achieved a Crude throughput of 16.774 MMT for the FY'26, as against 18.04 MMT during last year. In FY'26, GRM for MRPL was USD 9.22 /bbl against USD 4.45/ bbl during FY'25. During FY'26, MRPL registered a standalone turnover of Rs. 1,051,555 million against Rs. 1,092,795 million in FY'25 and recorded profit after tax of Rs. 19,312 million against Profit after tax of Rs. 506 million in FY'25.

Your Company, together with its subsidiary HPCL, hold equity shares of 50% each in PMHBL. With your Company's holding of 54.90% in HPCL, the extent of its holding in PMHBL comes to 77.45% and makes PHMBL a subsidiary of ONGC. PMHBL owns and operates Mangalore – Hassan – Bengaluru pipeline (362.3 Km) to transport MRPL's petroleum products to various parts of Karnataka State. PMHBL achieved a thruput of 4.065 MMT in FY'26 against 3.971 MMT in FY'25. Reported total income of Rs. 2,348 million in FY'26 (Rs. 2,061 million in FY'25) and recorded a net profit (PAT) of Rs. 1,162 million in FY'26 (Rs. 830 million in FY'25). PMHBL is certified for ISO: Quality Management System ISO-9001:2015, Environmental Management System ISO-14001:2015, Occupational Health Safety Management System ISO–45001:2018, Energy Management System – ISO 50001:2018 and Information Security Management System ISO – 27001:2022.

Your Company has established ONGC Green Limited (OGL) as a wholly-owned subsidiary on 27^th February 2024. This strategic move aims to diversify ONGC's business, mitigate risks associated with fossil fuel dependency, and meet sustainability objectives. OGL, since start of operation on 10^th April 2024, has significantly expanded its renewable energy portfolio through key acquisitions:

• OGL One Limited (formerly PTC Energy Ltd): On March

4, 2025, OGL acquired a 100% equity stake in PTC Energy Ltd. and subsequently changed its name to

OGL One Limited w.e.f. 4^th June 2025. This acquisition brought seven wind power plants with a total capacity of 288.8 MW, located in Madhya Pradesh, Karnataka, and Andhra Pradesh

• Ayana Renewable Power Private Ltd (via ONGPL Joint Venture):

- ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture between OGL and NGEL (NTPC Green Energy Ltd), was formed on November 18, 2024

- On 27^th March 2025, ONGPL acquired a 100% equity stake in Ayana Renewable Power Private Ltd. Ayana Renewable Power contributes approximately 4.1 GW of combined wind and solar capacity, including both operational and under-construction assets These strategic acquisitions have added 2.345 GW (operating + under construction) of renewable energy capacity to ONGC's portfolio, bringing its total RE capacity to 2.853 GW. This substantial progress is a key step towards ONGC's targets of 10 GW RE capacity by 2030 and net-zero emissions by 2038 for scope 1&2.

OPaL is a mega petrochemical greenfield project established in Dahej SEZ and incorporated in 2006 for utilizing in-house products of C2-C3 plant and Naphtha from Hazira and Uran plants of your Company. With the approval of the Govt. of India, your Company has made additional equity infusion in OPaL to the tune of Rs. 183,650 million along with allocation of new well gas in place of withdrawn APM gas for swap replenishment of shrinkage gas to C2-C3 Dahej plant. Post infusion of additional equity, the shareholding of your Company increased from 49.36% to 95.69% and became subsidiary of your Company on 23^rd August 2024. Other shareholders in OPaL are GAIL and GSPC with shareholding of 4.19% and 0.12% respectively as on 31^st March, 2026. OPaL produced 1620.18 KT of Petrochemicals during FY'26, as against 1782 KT during last year. During FY'26, OPaL reported revenue from operations of Rs. 142,143 million ( Rs. 148,040 million in FY'25) and loss of Rs. 16,978 million (loss of Rs. 37,259 million in FY'25). OPaL has exited SEZ on 07^th March 2025 and operating as unit in Domestic Tariff Area w.e.f. 08^th March 2025.

OTPC was incorporated in 2004 as a joint venture of your Company. Your Company is holding 50% of its shares as on 31^st March 2026. OTPC has a 726.6 MW gas based Combined Cycle Power Plant at Palatana, Tripura with two generating units with equal capacity. The basic objective of the project is to monetize idle gas assets of your Company in landlocked Tripura State and to boost exploration efforts in the region. The average Plant load factor for FY'26 was about 60.02% against 60.07% in FY'25 and power generation of 3,880 million Units (MU) in FY'26 against 3,883 MU in FY'25.

Revenue from standalone operations during FY'26 was Rs. 15,026 million (Rs. 13,578 million in FY'25) and profit after tax (PAT) was Rs. 1,328 million during FY'26 (Rs. 15 million during FY'25).

OTBL is a JV incorporated in 2007 by your Company (49.98%) along with The Energy Research Institute (TERI) (48.02%) and the remaining 2% shares are held by individuals. OTBL has developed various Biotechnical Solutions for oil and gas Industry through collaborative research involving the Company and TERI. Revenue from operations of OTBL during FY'26 was

Rs. 417 million (Rs. 344 million in FY'25) and profit after tax (PAT) was Rs. 213 million during FY'26 (Rs. 170 million during FY'25).

DSL, a 50:50 JV of your Company along with Gujarat Industrial Development Corporation (GIDC), was incorporated in 2004 for establishing a multi-product SEZ at Dahej. Your Company has set up C2-C3 Extraction Plant as a value-chain integration project in this SEZ, which serves as feeder unit to OPaL, a subsidiary of your Company. Due to the change in market scenario, OPaL and C2-C3 plant both exited the SEZ and at present both are operating as DTA units. Revenue from Operations of DSL during FY'26 was

Rs. 922 million (un-audited) against Rs. 972 million in FY'25 (audited) and PAT was Rs. 524 million (un-audited) during FY'26 against Rs. 563 million (audited) during FY'25.

MSEZ is a JV, under Special Economic Zone and was promoted by your Company with an equity stake of 26%. MSEZ, was incorporated in 2006 for development of necessary infrastructure to facilitate and locate industrial establishments. MSEZ is operational since April 2015. Revenue from standalone operations of MSEZ during FY'26 was Rs. 2,562 million (Rs. 2,036 million in FY'25) and profit after tax was Rs. 681 million during FY'26 (Rs. 423 million during FY'25).

PHL, is an Associate of the Company, with 49% holdings, and the Government of India holding remaining 51%. PHL was formed primarily for catering to the logistic requirements of offshore and other remote area oil fields. PHL is a Mini Ratna-I Category PSU, having fleet of 43 helicopters. Revenue from standalone operations of PHL during FY'26 was Rs. 3,287 million and profit before tax was

Rs. (314) million during FY'26.

Petronet LNG Limited (PLL), an associate of your Company, which was incorporated in 1998 with 12.50% equity holding along with identical stakes held by other Oil PSU co-promoters viz., IOCL, GAIL and BPCL, is a listed Company. PLL, the largest company in the country in supply of LNG, has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. While the plant at Dahej terminal has 17.5 MMTPA capacity, the Kochi terminal has capacity of 5 MMTPA.

During FY'26, PLL recorded standalone revenue from operations of Rs. 434,949 million (Rs. 509,796 million during FY'25) and Profit after tax (PAT) of Rs. 38,427 million during FY'26 (Rs. 39,264 million during FY'25).

Your Company has promoted and subscribed 20% equity capital in IGGL, a JV company in association with IOCL, GAIL, OIL and NRL. IGGL was incorporated in 2018 for the purpose of laying 1,656 KM pipeline covering north-east states with a capex of Rs. 92,650 million. MoP&NG has approved Viability Gap Funding (VGF) of Rs.55,590 million, which is 60% of the project cost. Surveying, ROU acquisition and Pipeline laying in various sections are under progress. Physical progress of 87.42 % and financial progress of 73.39% have been achieved till 31^st March 2026 with a cumulative financial expenditure of Rs. 68,000 million. Revenue from operations of IGGL during FY'26 was

Rs. 83 million.

Your Company has subscribed 49% equity capital in Rohini Heliport Limited with Government of India's stake as 51%.

Revenue from operations of RHL was Rs. 21 million during FY'26.

Your company established two Joint Venture companies, Bharat Ethane One IFSC Private Limited (BEO) and Bharat Ethane Two IFSC Private Limited (BET), with M/s Mitsui O.S.K. Lines Ltd., Japan, in January 2026, with 50% equity participation in each company. Both companies are registered in GIFT City, Gujarat, under the Special Economic Zones Act, 2005.

The companies are primarily engaged in the business of operating and chartering vessels for both international and coastal voyages. Each company will own and operate a Very Large Ethane Carrier (VLEC) with an approximate cargo capacity of 100,000 cubic metres, to be operated under the Indian flag.

Further, both companies entered into long-term Time Charter Party Agreements with your company on

27.01.2026 for the transportation of ethane from the USA to India to secure gaseous feedstock for OPaL, for a period of 15 years.

Additionally, both companies have executed shipbuilding contracts with M/s Samsung Heavy Industries, South Korea, for the construction of their respective VLECs, with delivery scheduled during

FY 2028–29.

26.3 Companies Which have become/ ceased to be Company's Subsidiaries, Joint Ventures And Associates Companies during FY'26 a) Companies which have become direct subsidiaries: NIL. b) Companies which have ceased to be subsidiaries: NIL. c) Companies which have become a joint venture or associate: 1. Bharat Ethane one IFSC private limited 2. Bharat Ethane two IFSC private limited. d) Companies which have ceased to be a joint venture or associate: NIL.

Note: Only direct subsidiaries and JVs have been considered

To promote the vision of "Atmanirbhar Bharat", ONGC has introduced Development Order Policy in December 2020 for goods and services after delinking it from routine tender process, thereby making the process simpler and continuous. Under the policy, 283 items have been identified and uploaded on the ONGC tender portal, enabling interested and competent vendors to submit Expression of Interest (EOI) to manufacture/ develop the product at any time. So far, ONGC has successfully indigenized 32 products/ Services through 46 successful development orders. In addition, 18 products are at various development stages through 16 Indian manufacturers/ service providers.

‘ONGC Start-up Fund', conceptualized in line with the ‘Startup India' initiative, launched by the Hon'ble Prime Minister of India, was established to foster, nurture and incubate new ideas related to energy sector. The Fund supports and promotes an ecosystem in the Energy Sector for entrepreneurship among the younger Indians.

ONGC Start-Up Fund supported 27 start-ups with applications in energy sector. The financial commitment to these Start-Ups was Rs.907.90 million as on 31^st March 2026. Further Due Diligence of 04 startups was in progress as on 31^st March 2026.

Several start-ups supported by your Company have demonstrated significant success, thereby contributing to the advancement of India's start-up ecosystem. Notable examples include ‘Sagar Defence', ‘String Bio', ‘WellRx', ‘Chakr Innovations', and ‘Logic Ladder'. In particular, the ‘Sagar Defence' has emerged as a pioneering start-up in the field of unmanned Aerial, Surface and underwater vehicles and presently working with Defence, supporting them by developing state-of-the-art technologies. Recently the Startup has fetched the pre-money valuation of Rs.32,400 Million in investment round of Rs.1,700 Million. ONGC Startup Fund holds an 8.49% stake on a fully diluted basis, post recent investment round.

In line with the directives of the Government of India, your Company has continued to strengthen procurement through the Government e-Marketplace (GeM) portal. During FY 2025–26, ONGC's total annual procurement of goods and services stood at Rs. 258,042 million, irrespective of the source and mode of procurement adopted.

Out of the above, procurement through GeM amounted to

Rs. 81,513 million through placement of 4,763 orders. The GeM based procurement accounted for 31.59% of the total procurement of goods and services (irrespective of their availability on GeM and the mode of procurement adopted), thereby surpassing the DPE prescribed target of 25%.

This performance reflects ONGC's sustained efforts to align with public procurement policies, while ensuring compliance with the guidelines issued by the Department of Public Enterprises (DPE) vide Office Memorandum dated 24.03.2026.

In compliance with the Public Procurement Policy for MSEs Order, 2012 and DPE OM dated 24.03.2026, the break-up of procurement from Micro and Small Enterprises (MSEs) during FY 2025–26 is as follows:

• Overall procurement from MSEs: 51.22% (against target of 25%)

• Procurement from Women-owned MSEs: 5.12% (against target of 3%)

• Procurement from SC/ST-owned MSEs: 0.87% (against target of 4%) The above percentages are computed with reference to the eligible procurement for MSEs.

ONGC has significantly surpassed the prescribed targets for overall procurement from MSE as well as procurement from women-owned MSEs during FY 2025–26. However, procurement from SC/ST-owned MSEs, though below the mandated target of 4%, has demonstrated a consistent improving trend, increasing to 0.87% in FY 2025–26 from 0.45% in previous FY (an improvement of approximately 93%).

The shortfall in procurement from SC/ST-owned MSEs is primarily attributable to:

• Limited participation of SC/ST vendors in high-value and technically complex tenders

• Capacity constraints and domain specialization requirements in upstream oil & gas operations Notwithstanding the above, ONGC has undertaken a series of targeted and structured interventions to enhance participation of SC/ST MSEs, including: • vendor development programmes with focused outreach • strategic collaborations with DICCI and other industry associations

• Engagement with MSME Technology Centres • vendor profiling, and external database integration

• Policy measures such as GeM preference, structured purchase preference and reservation provisions

• KPI driven monitoring, focussed and measurable efforts to enhance procurement from SC/ST MSEs These initiatives reflect ONGC's continued commitment towards inclusive procurement and progressive alignment with national policy objectives.

In line with the initiatives of Government of India, your Company is registered on following TReDS platforms:-i. M/s RXIL ii. M/s MYND Solution (M1xchange) iii. M/s A TREDS Ltd. (Invoice Mart) iv. C2treds (C2FO) v. KredX (DTX) MSME vendors can have immediate access to liquid fund based on Buyers (i.e. ONGC's) credit rating by discounting MSMEs trade receivables through an auction mechanism where multiple financers can participate and bid. MSME vendors can avail this benefit by registering themselves with any of the above exchanges providing e-discounting/ electronic factoring services on TReDS platform where

ONGC is also participating in such TReDS Platform as a Buyer. The exchanges where ONGC is participating are being notified from time to time.

The details of invoices discounted through TReDS system during FY'26 were as under:

Additionally, the reduction in the credit period to 10 days by your Company from FY'24 onwards is a commendable step towards expediting vendor payments, further supporting the MSME sector's need for timely financial inflows.

Additional information on MSME payment report of FY'26 with reference to DPE OM Dated 22^nd July 2024:

# This excludes the invoices where there is a deficiency in documents on part of vendor

Further information w.r.t. timely payments to MSE Vendors (directly or through TReDS) within prescribed timelines under the MSMED Act, 2006 (as per the DPE OM No. M-03/0006/2024-DPE(MoU) dated 24^th March 2026):-

The principles of Health, Safety, and Environment (HSE) are not just operational imperatives, they are foundational to the Company's long-term vision and functioning. As India's leading oil and gas enterprise, the Company recognizes that sustainable operations are interlinked to the health and well-being of its workforce and protection of the environment. The Company's HSE Policy reflects a proactive and integrated approach to risk management and resilience while maintaining operational excellence and guides towards establishing a strong safety culture. Further, the Company's Environment Policy underscores its commitment to sustainable development by integrating environmental considerations into all aspects of its activities, ensuring compliance, conservation, and continual improvement. Company's HSE Management System (HSEMS) provides a structured framework to identify, evaluate, and mitigate risks across its exploration and production (E&P) operations. This system is aligned with the best global practices and complies with standards set by the Oil Industry Safety Directorate (OISD), Directorate General of Mines Safety (DGMS), Ministry of Environment, Forest and Climate Change (MoEFCC) and other authorities.

Company's HSE planning is progressive, encompassing occupational health, process safety, environmental protection, emergency preparedness, and climate resilience. The organization's unwavering commitment to the goal of zero harm is reflected in its continuous efforts to eliminate workplace incidents and foster a culture of responsibility/ accountability with continual upgradation of systems and skills of work force.

1. Safety Audits

Compliance with Health, Safety, and Environment (HSE) management systems, as well as adherence to applicable rules, regulations, guidelines, and standards, is thoroughly evaluated through regular safety audits.

Internal Safety Audits (ISA) are undertaken by multidisciplinary teams within the Company to ensure robust oversight of operational practices. In parallel,

External Safety Audits (ESA) are administered by regulatory and supervisory authorities, including the Directorate General of Mines Safety (DGMS) and the Oil Industry Safety Directorate (OISD), with a dedicated emphasis on risk prevention and compliance assurance.

The status of audits and inspections, as of 31^st March 2026, is as follows: i. Internal Safety Audits (ISAs)- A total of 303 installations were audited by multidisciplinary teams against the planned target of 274, achieving an overall compliance rate of 93.09%. ii. OISD Audits- 117 installations were audited by OISD and the overall compliance status of the observations raised was 94.58%. iii. DGMS Inspections- 166 installations were inspected by DGMS and the overall compliance of the contraventions raised was 96.53%.

2. To reinforce the safety culture across the organization, focused programs on Behaviour-Based Safety, Manual Handling Techniques, Strengthening Safety Culture, and enhancing awareness of Regulations and OISD Standards are being conducted. These initiatives have received an overwhelming response from participants.

3. 35 personnels from ONGC are recognised as Safety Professional by National Safety Council.

4. To assess readiness and response capabilities for emergency situations and to reinforce safety protocols, a total of 22,171 mock drills were conducted during FY 2025–26, surpassing the approved target of 15,500. These drills were implemented across all operational areas of the Company and were structured around diverse emergency scenarios outlined in the Emergency Response Plans (ERP), Disaster Management Plans (DMP), and Regional Contingency Plans (RCP).

5. In compliance with the Mines Vocational Training (MVT) Rules, 1966, the Company provided vocational training to 4528 personnel during FY 2025–26. This initiative covered both ONGC employees and contract staff, ensuring that all individuals engaged in mining operations are equipped with essential safety knowledge and operational competencies.

6. A Safety Learning Picture booklet has been developed to support structured training and awareness. Safety Videos on different category viz PPE, Fire Risk Assessment, Lifting Equipment Safety, working at Height Safety, Safe driving etc. and short videos on Near Miss, Unsafe Act, Unsafe Condition etc.

7. Lost Time Injury Frequency Rate (LTIFR): Lost Time Injury Frequency Rate (LTIFR) is a key safety performance indicator that measures the number of work-related injuries resulting in lost work time per one million hours worked. It helps organizations evaluate workplace safety performance, monitor trends over time, and benchmark against industry standards. During FY 2025–26, ONGC achieved an LTIFR of 0.25, achieving its target to remain below 0.30. A lower LTIFR indicates a safer work environment and the effectiveness of the organization's safety management system and its continued commitment to maintaining a safe and healthy workplace.

8. Waste Management i. The Company ensures strong commitment to environmental sustainability through effective waste management practices. The Company continuously monitors wastewater usage and ensures that the quality of discharged effluent complies with all statutory requirements for surface and subsurface discharge. To support this, the Company operates 42 Effluent Treatment Plants (ETPs) across its onshore work centres, with a capacity for treating approximately 1,04,170 m?/day of waste water generated during Exploration & Production (E&P) operations. ii. For offshore facilities, Produced Water Conditioners (PWCs) have been installed on process platforms. iii. Additionally, Sewage Treatment Plants (STPs) are provided to manage and treat sewage water generated, ensuring minimal environmental impact. iv. EPR (Plastic Waste): Under the Plastic Waste Management Rules 2022, the entity is registered as an Importer on the CPCB portal to manage plastic packaging from imported goods. Plastic waste weights are calculated against import orders and cross-referenced with MM invoices and Corporate Finance GSTR-2 data. Targeted liabilities are met by purchasing category-specific EPR Recycling Credits from CPCB-registered Plastic Waste Processors (PWPs). In compliance with Clause 10.6, reconciled category-wise and state-wise annual returns are submitted on the CPCB portal. Continuity of centralized EPR registration is preventing potential import disruptions of operationally critical materials.

9. Hazardous Waste Management i. The Company adopts environmentally responsible practices for the management of hazardous waste. The hazardous waste is duly disposed of as per stipulated guidelines. Oily sludge and oil-contaminated soil wastes are treated using the bioremediation technique, which employs a consortium of oil-degrading bacteria to break down hazardous substances into non-toxic compounds, ensuring safe and sustainable disposal. ii. The process ensures that the Total Petroleum Hydrocarbon (TPH) content in the treated sludge is reduced to below 0.5% (5000 ppm), in strict compliance with the Hazardous and Other Wastes (Management and Trans-boundary Movement) Rules, 2016.

10. ONGC has established a robust oil spill management system to effectively respond to any spill in its offshore operations.

The system is aligned with the National Oil Spill Disaster Contingency Plan (NOS-DCP), promulgated by the Indian Coast Guard (ICG), which serves as the central coordinating authority for oil spill prevention and response in Indian waters.

The tiered response methodology is given as under: i. Tier-I Response- ONGC maintains its own Tier-I oil spill response equipment and trained personnel onboard multi-support vessels across operational areas to address localized spills. ii. Tier-II Response- For larger spills, ONGC collaborates with the Indian Coast Guard and mutual aid partners to ensure timely and effective containment and recovery. iii. Tier-III Response- ONGC holds a participant membership with Oil Spill Response Limited (OSRL), UK, granting access to OSRL's global resources, including booms, skimmers, dispersants, storage equipment, and specialized manpower. iv. The Company conducts internal mock drills and actively participates in regional and national-level drills organized by the Indian Navy and Indian Coast Guard. Furthermore, ONGC submits annual preparedness returns to the ICG, demonstrating its commitment to continuous improvement in oil spill response capabilities.

Sustainable Development is the standard template in the Company and this finds expression in our commitment to continually enhance the benchmarks of economic, environmental and social performance. The major endeavours towards corporate sustainability were as under:

Your Company has 15 CDM projects registered with the United Nations Framework Convention on Climate Change (UNFCCC) under the Kyoto protocol since 2006. ONGC is also continuing the Verification/Renewal of existing CDM projects as well as finding opportunities for Registration of new CDM projects. Your Company has already submitted application with UNFCCC for transition of 6 CDM projects to SDG projects under Article 6.4 of Paris Declaration, 2015. The total CERs issued till date from the above mentioned

15 CDM projects is 30,25,187 CERs. Issuance of CER's in FY2025-26 from UNFCCC is 5,01,608 for 102 MW Wind Power Project Rajasthan.

ONGC aims to reduce GHG emissions by focusing on improved energy efficiency. The scope-1 and scope-2 emissions during FY'26 was 8.81

In FY'26, ONGC has reduced its emissions by 7.26% to

The GMI is an action-oriented initiative from United States Environment Protection Agency (USEPA) to reduce global fugitive methane emissions to enhance economic growth, promote energy security, improve the environment, and reduce greenhouse gases emission. The reductions are achieved through the implementation of "Directed Inspection and Maintenance program" (DI&M) wherein leaks are detected by undertaking survey through IR Camera and remedial measures are taken to arrest the leakage.

ONGC is also a signatory of the Oil and Gas De-carbonization Charter (OGDC) at COP-28. By signing OGDC, ONGC has committed to initiate steps to achieve net-zero operations by 2038 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions. In view of ONGC's commitment to achieve Zero Routine flaring by 2030 and near zero upstream methane emissions, ONGC has adopted top-down approach to detect Methane concentration in atmosphere above its area of operation using TROPOMI (Tropospheric Monitoring Instrument) Satellite data through its remote sensing division of KDMIPE.

In FY'26, ONGC has conducted Leak Detection Survey of fugitive methane emissions at Hazira plant.

With the above efforts, ONGC has been able to detect approx. 21.33 MMSCM of fugitive methane gas in FY'26 and is currently undertaking the repair campaign to arrest the leakages. ONGC is conducting LDAR (Leak Detection and Repair Program) since 2008. Till date, ONGC has detected and arrested fugitive methane emissions around 72.64 MMSCM of fugitive methane gas, resulting in saving of emission of

Note: The last year figure of detected and arrested fugitive methane emissions is revised to 51.31 MMSCM.

The total installed capacity of renewable energy as on 31^st March 2026 was 194.77 MW (Solar: 40.87 MW and Wind: 153.9 MW).

In line with the Government of India's call for promoting efficient energy use (Ujala Scheme), ONGC entered into a MoU with Energy Efficiency Services Limited (EESL) for replacement of all conventional lights in ONGC in a phased manner. However, incandescent lamps, tube lights and CFLs were immediately replaced. As of end of FY26, ONGC has installed around 3.66 Lakhs LEDs.

ONGC is progressing towards the implementation of its first Carbon Capture and Storage (CCS) pilot project in the Gandhar Field, envisaging the injection of approximately 100 per day into depleted hydrocarbon reservoirs.