ONGC Petro additions Ltd (OPaL), a debt-listed subsidiary of Oil and Natural Gas Corporation Ltd, has received board approval to raise funds through the Private Placement of Non-Convertible Debentures (NCDs). The aggregate amount is not to exceed ₹4,471 crore, with the NCDs to be issued in one or more tranches. According to reports from CNBC TV18, the proposal was approved by OPaL's board of directors at its 134th board meeting held on June 11, 2026. The fundraising will be subject to approval from shareholders and other applicable statutory and regulatory authorities, with the Audit Committee having recommended this strategic financial move.
Oil and Natural Gas Corporation Ltd reported mixed financial results for the fourth quarter. As reported by CNBC TV18, the company's net profit declined 20.6% quarter-on-quarter to ₹6,650 crore compared with ₹8,372 crore in the previous quarter. However, revenue increased 13.9% sequentially to ₹35,928 crore from ₹31,547 crore. EBITDA declined 17.1% quarter-on-quarter to ₹12,666 crore from ₹15,272 crore, while EBITDA margin fell to 35.3% from 48.4% in the preceding quarter.
For the full financial year 2026, ONGC reported turnover of ₹8,443 crore compared with ₹9,160 crore in FY25, excluding trading activities. According to the disclosure, the company attributed the decline to lower realised crude oil prices of $60.09 per barrel during FY26 versus $70.23 per barrel in FY25. The company's total dividend for FY26 stood at ₹13.25 per share with a payout ratio of about 51%. The board recommended a final dividend of ₹1 per share, or 20%, subject to shareholder approval at the AGM.
This fundraising initiative is expected to bolster OPaL's financial standing and support its ongoing and future projects, as formally informed to the parent entity Oil and Natural Gas Corporation Limited. Shares of Oil and Natural Gas Corporation Ltd ended at ₹246.15, down by ₹6.40, or 2.53%, on the BSE following the announcement. The total payout for FY26 amounts to ₹16,669 crore, including an interim dividend of ₹15,411 crore, or ₹12.25 per share, already paid during the year. The company noted that OPaL is a debt-listed subsidiary of the parent company.
