5.1. The Company had elected to continue with the carrying value of its Property Plant & Equipment (including Oil & Gas Asset), Capital Work-in-Progress and Intangible Assets recognised as of April 1, 2015 (transition date) measured as per the Previous GAAP and used that carrying value as its deemed cost as on the transition date as per Para D7AA of Ind AS 101 ‘First -time Adoption of Indian Accounting Standards' except for decommissioning and restoration provision included in the cost of Property Plant & Equipment (including Oil & Gas Asset) and Capital Work-in-Progress which have been adjusted in terms of para D21 of Ind AS 101.

5.2. During FY 2016-17, Tapti A series facilities surrendered by the PMT Joint Operation (JO) to the Government of India (GoI) were transferred to the Company, as nominee of GoI, free of cost and recognized as a non-monetary government grant. Pursuant to amendment in Ind AS 20 notified through Companies (Indian Accounting Standards) Second Amendment Rules, 2018, the Company, during FY 2019-20, recognized such non-monetary government grant and related assets at nominal value. Assets pertaining to the Company's share in the JO were decapitalized/ retired accordingly.

Further, pursuant to Ministry of Petroleum and Natural Gas letter dated May 31, 2019, Panna-Mukta fields were assigned to the Company on nomination basis with effect from December 22, 2019, without consideration, upon expiry of the Production Sharing Contract (PSC). Accordingly, the related assets and corresponding government grant were recognized at nominal value as non-monetary government grant.

Consequent to such assignment, the Company also assumed decommissioning and site restoration obligations relating to Panna-Mukta fields and Tapti Part-A facilities, along with transfer of Site Restoration Fund balance amounting to USD 33.81 million (' 2,402.18 million) for Tapti A facilities and USD 598.24 million (' 42,506.87 million) for Panna Mukta fields from JV partners (including the Company share of 40% in the fields). The Company is required to maintain dedicated SRF accounts in accordance with the Site Restoration Fund Scheme, 1999 and utilise such funds only for specified decommissioning purposes.

The Company periodically reassesses decommissioning liabilities and contributes additional amounts to SRF, wherever required. Any shortfall in decommissioning cost will be borne by the Company, while surplus funds remaining after completion of decommissioning shall be transferred to GoI. The Company is

also required to pay nominal annual rental of ' 1 per annum to GoI for use of Tapti A facilities till abandonment.

5.3. In line with the Union Cabinet's directive dated February 19, 2019, to enhance domestic oil and gas production through reforms in the Exploration and Licensing Policy, nomination fields operated by National Oil Companies were identified for bidding under the oversight of the Directorate General of Hydrocarbons (DGH).

Under this initiative, in total 49 nos. of fields were awarded under various PEC Bid rounds over the FY 2021-22, FY 2022-23 & FY 2024-25. However, Notice of award (NOA) for 11 nos. of fields contract areas terminated due to non-submission of PBG and remaining 38 nos. of fields are currently being operated under Production Enhancement Contracts (PECs). The impact of same on the financial statements for the year ended March 31, 2026 is immaterial.

5.4. Cyclone Tauktae impacted the Company's offshore production installations and drilling rigs in the Arabian Sea in May 2021, resulting in damage to certain offshore facilities/ platforms. The loss was intimated under the Offshore Energy Package Insurance Policy and surveyors/ loss adjusters were appointed by the insurer.

Based on pre-engineering and post-engineering surveys, the loss adjuster, in its 4^th Interim Survey Report issued in February 2023, recommended an estimated claim amount of ' 9,080.50 million (USD 110 million) towards expenditure incurred/ likely to be incurred for restoration of cyclone-related damages.

Based on the report, the Company received payment of ' 1,314.54 million (USD 16 million; gross USD 36 million less deductible of USD 20 million) in March, 2023 and ' 1,660.00 million (USD 20 million) in March 2024 pursuant to 5^th Interim Report submitted in January 2024. Also, the payment of ' 1,283.72 million (USD 15 million) was received during FY 2024-25 based on further submissions and discussions with the insurer. The aforesaid receipts have been accounted for as miscellaneous receipts.

During the current year, the loss adjustor has submitted the final recommendation in respect of NH Asset, B&S Asset and Sagar Bhushan. Also, the claims related to MH Asset and certain rigs are at an advanced stage of review by the loss adjuster, and discussions with all stakeholders are ongoing for early settlement of the claims. (refer Note no 31 and Note no 6.2).

There is no Intangible oil and gas asset in progress whose completion is overdue or has exceeded its cost compared to its original plan at the end of current year and previous year.

10.3. The identification of suspended projects and the projects with cost overrun/time overrun with the estimated period of completion is done on the basis of estimates made by technical executives of the Company involved in the implementation of the projects.

10.4. During 2004-05, the Company acquired 90% Participating Interest in Block KG-DWN-98/2 from Cairn Energy India Limited for ' 3,711.22 million and subsequently acquired the remaining 10% interest during 2012-13 for ' 2,124.44 million. The block was declared commercially viable through submission of Declaration of Commerciality (DOC) for Southern and Northern Discovery Areas, followed by a revised cluster-wise development plan in 2013.

Cluster-II FDP was approved by the Management Committee in March 2016 and development activities progressed thereafter. Gas production from U-field commenced in March 2020, followed by production from additional wells during 2021-22. Oil production from M field commenced on 07.01.2024, while production from A and P fields commenced on 30.10.2024 and 16.12.2024 respectively. It is expected to start production from R and A1 field in Sep 2026.

Major subsea installation and pipeline works for the gas system have been completed. Installation of CPP topsides, LQUP topsides, helideck and bridge has also been completed, and hook-up and commissioning activities are in progress. In addition, the Management Committee has approved 4C-3D OBN seismic data acquisition in the Mining Lease area, for which data acquisition has been completed and processing and Interpretation is in progress.

As on March 31,2026, the carrying value of development wells in progress, capital work-in-progress and Oil & Gas assets under Cluster-II stood at ' 9,227.33 million, ' 137,027.45 million and ' 163,798.73 million respectively. Considering the changes with respect to approved FDP, Revised FDP was submitted to DGH on 04.11.2025 and the same is currently under review.

FDP for Cluster-I, covering development of gas discoveries in E1 and integrated development of oil discoveries in F1 along with nominated GS-29 fields, was approved by the Management Committee during 2019-20. Subsequently, the Company decided to integrate the DWN-E1, DWN-F1 and GS-29 projects to optimize development cost and timelines through shared offshore infrastructure and subsea facilities.

Pre-project activities, including marine surveys, consultancy services and FEED studies, have been substantially completed, and technical bid packages are under preparation. As on March 31, 2026, the carrying value of development wells in progress and capital work-in-progress under Cluster-I stood at ' 890.92 million and ' 897.51 million respectively.

In respect of Cluster-III, the FDP for UD-1 discovery submitted on 01.08.2022 was returned by DGH for submission of a more robust development plan. Accordingly, the Company has undertaken a 4C-3D OBN seismic study, for which data acquisition has been completed during the current year, while processing and interpretation are in progress and expected to be completed by June 2026. The Company has also sought extension of the Cluster-III PEL timeline up to 01.01.2028 for incorporating study results, modelling and FEED studies into the revised FDP.

Considering the ongoing development activities and future development plans across all clusters, exploratory well costs of ' 26,006.96 million (Previous year ' 25,769.43 million) continue to be carried forward.

10.5. During 2023-24, certain fields of the Company under its Contract Areas were identified by the Directorate General of Hydrocarbons, Ministry of Petroleum & Natural Gas, Government of India, for bidding under the Discovered Small Field (DSF) Round IV. The Company would be required to transfer these fields to the successful bidders upon completion of the bidding process. Pending finalisation of the recovery mechanism for the accumulated carrying costs, the Company had recognised impairment provision of ' 13,804.53 million in earlier years against Exploratory Wells in Progress (EWIP) pertaining to the aforesaid areas. During the current year, pursuant to management approval, the impairment provision has been reversed and the related wells have been written off.

*Pursuant to the Scheme of Demerger of Rohini Heliport Limited (RHL) from Pawan Hans Limited (PHL), which was approved in FY 202223, the Company has been allotted share certificates for 1 1,887,629 equity shares of RHL on March 12, 2026, without any consideration. Accordingly, the Company's total shareholding in RHL increased to 11,892,528 equity shares as at March 31, 2026 (As at March 31, 2025: 4,899 equity shares).

# 100 nos. Equity Shares of Oil Spill Response Limited valued at GBP one each at the time of issuance. Total value in INR at the time of issuance of shares was ' 6,885/-. Further, during the year 2021-22, 200 nos. equity shares were allotted to the Company without any consideration thereby the Company holds total 300 nos. equity shares as on March 31,2026 and March 31,2025.

^AThe company has disclosed changes in Fair value of investments in Other Comprehensive Income pursuant to the irrevocable

FVTOCI election under Ind AS 109, as these equity investments

are not held for trading.

11.1.1. The Company has elected to continue with the carrying value of its investments in subsidiaries, joint ventures and associates, measured as per the Previous GAAP and used that carrying value on the transition date April 1, 2015 in terms of Para D15 (b) (ii) of Ind AS 101 'First -time Adoption of Indian Accounting Standards'.

11.1.2. During the FY 2024-25, the Company received 389,422,687 nos. of equity shares from Hindustan Petroleum Corporation Limited as bonus shares in the ratio of 1:2.

11.1.3. During the FY 24-25, the authorized capital of ONGC Green Limited (OGL), a wholly owned subsidiary company, was increased to ' 50,000 million divided into 5,000

million equity shares of ' 10 each and during the year, the Company has purchased 100 million nos. (Previous year 4,600 million nos.) equity shares of OGL having face value of ' 10 per share under rights issue. Total investment in OGL as at March 31,2026 is ' 47,000.00 million (Previous year ' 46,000.00 million).

11.1.4. Pursuant to approval of the Ministry of Petroleum and Natural Gas (MoP&NG), the Company increased its shareholding in ONGC Petro additions Limited (“OPaL") from 49.36% to 95.69% in FY 2024-25 through conversion of Compulsorily Convertible Debentures, conversion of share warrants and subscription to rights issue. Consequently, OPaL ceased to be a Joint Venture and became a subsidiary of the Company with effect from September 12, 2024.

11.1.5. During the year, the Company has given an advance for subscription to an additional 1,00,00,000 (previous year NIL) units of ONGC Start-up Fund Trust (registered with SEBI as an Alternative Investment Fund category I) for a total consideration of ' 100 million (previous year NIL) which have not been allotted as on the balance sheet date.

11.1.6. During the year, the Company has subscribed additional NIL (Previous year 8,200,000 nos.) equity shares of Indradhanush Gas Grid Limited (IGGL), a Joint Venture Company having face value of ' 10 per share at par value. Total investment in IGGL as at March 31, 2026 is ' 2,305.60 million (Previous year ' 2,305.60 million).

11.5.1. The amount of ' 93.63 mittion (Previous year ' 76.76 miUion) denotes the fair value of fees towards financial guarantee given for Mangalore Refinery and Petrochemicals Limited without any consideration.

11.5.2. The amount of ' 6,373.12 million (Previous year ' 6,373.12 million) includes, (i) ' 4,768.81 million (Previous year ' 4,768.81 million) towards the fair value of guarantee fee on financial guarantee given without any consideration for ONGC Videsh Limited and (ii) ' 1,604.31 million (Previous year ' 1,604.31 million) towards fair value of interest free loan to ONGC Videsh Limited till January 31,2018.

11.5.3. The amount of ' 16.59 million (Previous year ' 16.59 million) is towards the fair value of guarantee fee on financial guarantee given without any consideration for the Company's stepdown subsidiary ONGC Videsh Rovuma Limited.

11.5.4. The Deemed Investment amount of INR 3,007.20 million (As at March 31, 2025'97.06 million) is recognized towards the fair value of guarantee fee on financial guarantee given without any consideration for OPaL.

11.5.5. The amount of ' 1,065.20 million (Previous year ' 410.71 million) is towards the fair value of guarantee fee on financial guarantee given without any consideration for the Company's stepdown subsidiary OVL Overseas IFSC Ltd.

11.5.6. The amount of ' 2.75 million (Previous year ' NIL) is towards the fair value of guarantee fee recognised on initial recognition, in respect of financial guarantee given without any consideration for the Company's stepdown subsidiary OGL One Ltd.

11.5.7. Company's Joint Venture Indradhanush Gas Grid Limited (IGGL) had taken a loan sanction of ' 25,940 million from Oil Industry Development Board (OIDB) on August, 25 2021 for the purpose of implementation of North East Gas Grid Project guaranteed by the promoters of IGGL in proportion of these shareholdings. During the year loan of ' 2,000 million (previous year ' 4,600 million) has been taken by IGGL out of the sanctioned amount ' 25,940 million. During the year repayment of 1^st installment of ' 125.00 million (previous year ' NIL) was paid on 01.09.2025. As at March 31,2026 IGGL has availed total loan of ' 13,075.00 million (As at March 31,2025'11,200 million). The Company has recognized a financial guarantee obligation in respect of its shareholding in IGGL with a corresponding recognition of Deemed Investment in IGGL of ' 100.75 million (As at March 31,2025'85.31 million) for the above financial guarantee.

11.5.8. The amount of ' 38.70 million (Previous year ' NIL) is towards the fair value of the financial guarantee fee recognised on initial recognition, in respect of the financial guarantee extended without consideration by the Company to its Joint Venture, Bharat Ethane One IFSC Private Limited.

11.5.9. The amount of ' 39.86 million (Previous year ' NIL) is towards the fair value of the financial guarantee fee recognised on initial recognition, in respect of the financial guarantee extended without consideration by the Company to its Joint Venture, Bharat Ethane Two IFSC Private Limited.

15.1. 1D uring the year 2010-11, the Oil Marketing Companies, nominees of the Government of India (GoI) recovered USD 80.18 million (Share of the Company USD 32.07 million (equivalent to ' 3,006.80 million) as per directives of GoI in respect of Joint Operation - Panna Mukta and Tapti Production Sharing Contracts (PSCs). Pending finality by Arbitration Tribunal, the Company's share of USD 32.07 million equivalent to ' 3,006.80 million (March 31, 2025: ' 2,747.97 million) has been disclosed under the head Advance Recoverable in Cash' (refer Note No. 49.1.1 (d)).

15.2. In Ravva Joint Operation, the demand towards additional profit petroleum raised by Government of India (GoI), due to differences in interpretation of the provisions of the Production Sharing Contract (PSC) in respect of computation of Post Tax Rate of Return (PTRR), based on the decision of the Malaysian High Court setting aside an earlier arbitral tribunal award in favor of operator, was disputed by the operator Vedanta Limited (erstwhile Cairn India Limited). The Company is not a party to the dispute but has agreed to abide by the decision applicable to the operator. The Company is carrying an amount of USD 167.84 million (equivalent to ' 15,735.44 million) after

adjustments for interest and exchange rate fluctuations which has been recovered by GoI, this includes interest amounting to USD 54.88 million (equivalent to ' 5,145.14 million). The Company has made impairment provision towards this recovery made by the GoI.

In subsequent legal proceedings, the Appellate Authority of the Honorable Malaysian High Court of Kuala Lumpur had set aside the decision of the Malaysian High Court and the earlier decision of arbitral tribunal in favour of operator was restored, against which the GoI has preferred an appeal before the Federal Court of Malaysia. The Federal Court of Malaysia, vide its order dated October 11, 2011, has dismissed the said appeal of the GoI.

The Company has taken up the matter regarding refund of the recoveries made in view of the favorable judgment of the Federal Court of Malaysia with Ministry of Petroleum and Natural Gas (MoP&NG), GoI. However, according to a communication dated January 13, 2012, MoP&NG expressed the view that the Company's proposal would be examined when the issue of carry in Ravva PSC is decided in its entirety by the Government along with other partners.

In view of the perceived uncertainties in obtaining the refund at this stage, the impairment made in the books as above has been retained against the amount recoverable.

16.2. Advance/claims recoverable includes an amount of ' 20,875.1 1 million (previous year ' 20,875.1 1 million) recoverable from Director General of Foreign Trade (DGFT), Government of India.

The company purchased High Speed Diesel ("HSD") from Oil Marketing Companies under ICB tender and paid Basic Excise Duty ("BED"), Additional Excise Duty ("AED"), Special Additional Excise Duty ("SAED"), Road and Infrastructure Cess ("RIC"). The company has applied for refund of these duties under the deemed export benefit of refund of "Terminal Excise Duty" (hereinafter referred to as "TED") under Chapter 7 of the Foreign Trade Policy (2015-20) for period from 1^st July 2017 to 1^st February 2022 i.e upto the date when Customs Notification No. 50/2017 was revised to omit consumable fuel from List-33.

Additional Director General of Foreign Trade (DGFT), Mumbai initially allowed refund of all the components of TED. Subsequently, revised refund orders were issued only for the BED amount and disallowed the other duties of Excise. Based on legal opinion, the Company filed an appeal with DGFT, Delhi.

DGFT, Delhi, vide its order dated 25.02.2025, has rejected the claims of refund of other duties of excise made by the Company. The company filed the Writ Petition before the Hon'able High Court of Delhi on 23.05.2025. Matter is under rejoinder submission stage.

Considering the legal position, as per the opinions of the learned counsels and the merits of the case, the company is of the view that the company is eligible for refund of other duties of excise and hence considers the said claims as good for recovery.

17.1. The value of 1,150,649 nos. Carbon Credits (CER) (Previous year 649,041 nos.) has been treated as Nil (as at March 31, 2025 Nil) as the same do not have any quoted price and seems to be insignificant with respect to net realisable value. There are no CERs under certification. During the year ' 288.81 million (' 339.46 million for 2024-25) and ' 155.41 million (' 187.51 million for 2024-25) have been expensed towards Operating & maintenance cost and depreciation respectively for emission reduction equipment.

17.2. Inventory amounting to ' 1,383.68 million (as at March 31, 2025 ' 1,187.35 million) has been valued at net realisable value of ' 216.31 million (as at March 31, 2025'198.63 million). Consequently, an amount of ' 1,167.37 million (as at March 31, 2025'988.72 million) has been recognised as an expense in the Statement of Profit and Loss under note 33.

21.1. Includes forfeited shares of ' 0.15 million and assessed value of assets received as gift.

21.2. Capital Redemption Reserve created as per Companies Act, 2013 against buy back of its own shares during FY 2018-19.

21.3. The Company has elected to recognise changes in the fair value of certain investments in equity securities through other comprehensive income. This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other comprehensive income. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are disposed off.

21.4. General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes, as the same is created by transfer from one component of equity to another.

21.5. The amount that can be distributed by the Company as dividends to its equity shareholders is determined considering the requirements of the Companies Act, 2013 and the dividend distribution policy of the Company.

On November 10, 2025 and February 12, 2026, the Company had declared an interim dividend of ' 6 per share (120%) and ' 6.25 per share (125%) respectively which has since been paid.

In respect of the year ended March 31, 2026, the Board of Directors has proposed a final dividend of ' 1 per share (20 %) be paid on fully paid-up equity shares. This final dividend shall be subject to approval by shareholders at the ensuing Annual General Meeting and has not been included as a liability in these financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total estimated equity dividend to be paid is ' 12,580.28 million.

21.6. During the 2020-21, 18,972 equity shares of ' 10 each (equivalent to 37,944 equity shares of ' 5 each) which were forfeited in the year 2006-07 were cancelled w.e.f. November 13, 2020 and accordingly the partly paid up amount of ' 0.15 million against these shares were transferred to the Capital Reserve in 2020-21.

24.2. The Company estimates provision for decommissioning as per the principles of Ind AS 37 ‘Provisions, Contingent Liabilities and Contingent Assets' for the future decommissioning of Oil and Gas assets, wells in progress etc. at the end of their economic lives. Most of these decommissioning activities would be in the future for which the exact requirements that may have to be met when the removal events occur are uncertain. Technologies and costs for decommissioning are constantly changing. The timing and amounts of future cash flows are subject to significant uncertainty. The economic life of the Oil and Gas assets is estimated on the basis of long term production profile of the relevant Oil and Gas asset. The timing and amount of future expenditures are reviewed annually, together with rate of inflation for escalation of current cost estimates and the interest rate used in discounting the cash flows.

24.3. The PMT Joint Venture partners—Shell (through BGEPIL), RIL and ONGC issued a joint statement on 5 May 2025 to share the information on successful completion of country's first offshore facilities decommissioning project with the safe removal of Mid and South Tapti Part B field facilities. Subsequently, the dismantling and disposal campaign of the Mid and South Tapti Part B field facilities has been successfully completed on 11^th April 2026.

24.4. Includes ' 41,318.61 million (Previous year ' 37,375.17 million) accounted as provision for contingency to the extent of excess of accumulated balance in the SRF fund after estimating the decommissioning provision of Panna-Mukta fields and Tapti Part A facilities as per the Company's accounting policy. (refer note no. 5.2, 6.1 & 14.2)

24.5. The Company has made provision in the books to the extent of ' 196,448.79 million towards disputed ST/GST on Royalty (together with interest thereon) for the period from April 1, 2016, to March 31, 2026 (' 171,191.09 million till March 31, 2025). The provision pertaining to the FY 2025-2026 is ' 25,257.7 million. (refer Note 49.1.1.b)

30.1. Sales revenue from crude oil produced across the Western Offshore, Western Onshore, North Eastern Regions and Southern regions is recognized based on the pricing formula prescribed under the respective Crude Oil Sales Agreements (COSA) entered into with the designated buyer refineries.

Western Offshore Region: COSAs have been executed with Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Mangalore Refinery and Petrochemicals Limited (MRPL), and Chennai Petroleum Corporation Limited (CPCL), and are valid up to March 31, 2027.

Western Onshore Region: The COSA with IOCL was valid until March 31, 2025. The process of executing a new COSA with IOCL is underway and is expected to be completed in due course.

Southern Region: The COSA with HPCL for crude oil supplied from Rajahmundry and Eastern offshore asset (EOA) is valid till March 31, 2026. Further, the COSA with CPCL for Cauvery asset is valid till March 31, 2027.

North East Region: Sales revenue from crude oil produced is supplied to IOCL & Numalgrah Refinery Limited (NRL) and is recognized based on the pricing formula prescribed by Ministry of Petroleum and Natural gas (MoP&NG). COSA with IOCL & NRL is valid upto March 31, 2026

30.2. Majority of sales revenue of Natural Gas is based on Domestic Natural Gas Price which is fixed by Government of India (Gol) from time to time in terms of New Domestic Natural Gas Pricing Guidelines, 2014 dated Oct 25, 2014 as amended vide the MoP&NG Notification dated April 7, 2023.

As per the amended Guidelines, w.e.f. 08.04.2023, Domestic Natural Gas Price (or APM Price) shall be 10% of Indian Crude Basket (ICB) price published by PPAC on monthly basis. For the gas produced by ONGC from their nomination fields, the APM price shall be subject to a floor and a ceiling. The initial floor

and ceiling prices shall be USD4/MMBTU and USD6.5/MMBTU respectively. The ceiling would be maintained for FY 2023-24 and FY 2024-25 and then increased by USD0.25/MMBTU each year. As per the amended guidelines ceiling gas price for FY 2025-26 is USD6.75 / MMBTU.

New Well Gas: The said notification of 07.04.2023 also provides Gas produced from new well or well intervention in the nomination fields of ONGC would be allowed a premium of 20% on these APM prices. Therefore, price applicable to such New Well gas is 12% of ICB). MoP&NG, vide letters dated 08.08.2024, allocated New Well Gas of ONGC to GAIL for supply to CNG-Transport and PNG-Domestic segments of City Gas Distribution (CGD) sector and to C2-C3 Dahej Plant of ONGC for production and supply of feed stock to OPaL.

Government of India subsidizes gas sales to consumers in North East. The consumer price charged by the company from the gas customers for subsidized gas upto the quantity allocated by the Gol is 60% of the aforesaid Domestic Natural Gas Price (with ceiling of of USD 6.75 / mmbtu). The balance 40% of the price is paid to the company through Gol Budget shown as ‘North-East Gas Subsidy'.

30.3. LPG produced by the Company is presently being sold as per guideline issued by MoP&NG to PSU Oil Marketing Companies (OMCs), as per provision of Memorandum of Understanding (MOU) dated March 31, 2002 signed by the Company with OMCs which was valid for a period of 2 years or till the same is replaced by a bilateral agreement or on its termination. The bilateral agreement for sale of LPG between ONGC and HPCL has been signed and valid upto March 31, 2030. Agreements with other OMCs is under finalization process.

30.4. Value Added Products other than LPG are sold to different customers at prices agreed in respective Term sheets / Agreements entered into between the parties.

43. Employee benefit plans

AH the employee benefit plans of the Company are run as Group administration plans (Single Employer Scheme) including employees of the Company seconded to ONGC Videsh Limited (OVL) 100% subsidiary and ONGC Green Limited 100% subsidiary (including employees directly appointed by OVL and OGL).

Further, the Company accounts for the employee benefit liability of all Defined Benefit plans pertaining to OVL and OGL employees in its books of account and expenditure for the period is transferred to OVL's and OGL's books of account. This is done in compliance with the requirement for group administrative plan stated in para 38 of Ind AS 19 'Employee Benefits'.

The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes viz. the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Codes"). The Codes have been made effective from November 21, 2025. The corresponding rules under these codes are notified on 8^th May, 2026. The Company has estimated and recognised the impact of implementation of the new Labour Codes for the year ended 31^st March 2026 .The impact of the same is not material to the results for the financial year . (refer Note no. 43.6.5)

43.1. Defined Contribution plans:

43.1.1 Post Retirement Benefit Scheme (PRBS)

TThe defined contribution pension scheme of the Company for its employees is administered through a separate trust. The obligation of the Company is to contribute to the trust to the extent of amount not exceeding 30% of basic pay and dearness allowance as reduced by the employer's contribution towards provident fund, gratuity, post-retirement medical Benefit (PRMB) or any other retirement benefits.

The Board of Trustees of the Trust functions in accordance with any applicable guidelines or directions that may be issued in this behalf from time to time by the Central Government. The Board of trustees have the following responsibilities:

(i) Investments of the surplus as per the pattern notified by the Government in this regard so as to meet the requirements of the fund from time to time.

(ii) Fixation of rate of contribution and interest thereon.

(iii) Purchase of annuities for the members.

43.1.2 National Pension Scheme (NPS)

The Company had introduced NPS for its employees during the financial year 2020-21 within the overall limit of Post Retirement Benefit Scheme. An employee has the option to determine the contribution to be made in PRBS and NPS.

The obligation of the Company is to contribute to NPS at the option of employee to the extent of amount not exceeding 30% of basic pay and dearness allowance as reduced by the employer's contribution towards provident fund, gratuity, post-retirement medical Benefit (PRMB) or any other retirement benefits. An employee can opt for a maximum of up to 14% of its Basic Salary and DA as employer's contribution towards NPS. All other standard provisions of NPS applies to the scheme.

43.1.3 Employee Pension Scheme 1995

The Employee Pension Scheme -1995 is administered by Employees Provident Fund Organisation of India, wherein the Company has to contribute 8.33% of salary (subject to salary ceiling of ' 15,000 per month or actual) out of the employer's contribution to Provident Fund.

43.1.4 Composite Social Security Scheme (CSSS)

The Composite Social Security Scheme is formulated by the Company for the welfare of its regular employees and it is administered through a separate Trust, named as Composite Social Security Scheme Trust. The obligation of the Company is to provide matching contribution to the Trust to the extent of contribution of the regular employees of the Company. The Trust provides an assured lump sum support amount in the event of death or permanent total disablement of an employee while in service. In case of Separation other than Death/ Permanent total disability, employees own contribution along with interest is refunded.

The Board of Trustees of the Trust functions in accordance with Trust deed, Rule, Scheme and applicable guidelines or directions that may be issued by Management from time to time.

The Board of Trustees has the following responsibilities:

(i) Investments of the surplus as per the pattern notified by the Government in this regard so as to meet the requirements of the fund from time to time.

(ii) Fixation of rate of interest to be credited to members' accounts.

(iii) To provide cash benefits to the nominees in the event of death of an employee or Permanent Total Disablement leading to the cessation from service and refund of own contribution along with interest in case of separation other than death.

43.2 Defined benefit plans

43.2.1 Provident Fund

The Company pays fixed contribution to provident fund at predetermined rates to a separate trust, which invests the funds in permitted securities. The obligation of the Company is to make such fixed contribution and to ensure a minimum rate of return to the members as specified by Government of India (GoI). As per report of the consulting actuary, overall interest earnings and cumulative surplus is more than the statutory interest payment requirement. Hence, no further provision is considered necessary.

Provident Fund is governed through a separate trust. The Board of Trustees of the Trust functions in accordance with any applicable guidelines or directions that may be issued in this behalf from time to time by the Central Government or the Central Provident Fund Commissioner. The board of trustees have the following responsibilities:

(i) Investments of the surplus as per the pattern notified by the Government in this regard so as to meet the requirements of the fund from time to time.

(ii) Raising of money as may be required for the purposes of the fund by sale, hypothecation or pledge of the investment wholly or partially.

(iii) Fixation of rate of interest to be credited to members' accounts.

43.2.2 Gratuity

Gratuity is payable for 15 days salary for each completed year of service. Vesting period is 5 years for regular employees and 1 year for Fixed Term employees and the payment is restricted to ' 2.5 million on superannuation, resignation, termination, disablement or on death.

As per the recommendations of the 3^rd Pay Revision Committee for CPSEs, the gratuity ceiling was to be enhanced from ' 2 million to ' 2.5 million upon the Industrial Dearness Allowance (IDA) rate exceeding 50%. Since the IDA rate exceeded 50% with effect from October 01,2025 the gratuity ceiling has accordingly been revised to ' 2.5 million.

Scheme is funded through own Gratuity Trust. The liability for gratuity is recognized on the basis of actuarial valuation.

43.2.3 Post-Retirement Medical Benefits

The Company has Post-Retirement Medical benefit (PRMB), under which the retired employees, their spouses and dependent parents are provided medical facilities in the Company hospitals / empaneled hospitals. They can also avail treatment as out-patient. The liability for the same is recognized annually on the basis of actuarial valuation. Full medical benefits on voluntary retirement are available subject to the completion of minimum 20 years of service and 55 years of age.

An employee should have put in a minimum of 15 years of service rendered in continuity in the Company at the time of superannuation to be eligible for availing postretirement medical facilities. However, as per DPE guidelines dated August 03, 2017, the Post-Retirement Medical Benefits is allowed to Board Level executives (without any linkage to 15 years of service) upon completion of their tenure or upon attaining the age of retirement, whichever is earlier.

Scheme is funded through own PRMB Trust. The liability for PRMB is recognized on the basis of actuarial valuation.

43.2.4 Terminal Benefits

At the time of superannuation, employees are entitled to settle at a place of their choice and they are eligible for Settlement Allowance. The liability for Terminal Benefits is recognized on the basis of actuarial valuation.

43.2.5 These defined benefit plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary / cost risk.

43.2.6 No other post - retirement benefits are provided to the employees.

In respect of the above plans, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31,2026 by a member firm of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

43.2.7 Other long term employee benefits

(i) Earned Leave (EL) Benefit

Accrual - 30 days per year

Encashment while in service - 75% of Earned Leave balance subject to a maximum of 90 days per calendar year

Encashment on retirement - Maximum 300 days

Scheme is 100% managed by an insurance company (Life Insurance Corporation of India (LIC)) through a separate trust.

The liability for the same is recognized annually on the basis of actuarial valuation.

Each employee is entitled to get 15 earned leaves for each completed half year of service.

In addition, each employee is entitled to get 10 HPL(Half Pay Leave) at the end of every six months. The entire accumulation is permitted for encashment only at the time of retirement. Department of Public Enterprise had clarified earlier that sick leave cannot be encashed, though Earned Leave (EL) and Half Pay Leave (HPL) could be considered for encashment on retirement subject to the overall limit of 300 days. Consequently, Ministry of Petroleum and Natural Gas (MoP&NG), GOI had advised the Company to comply with the DPE Guidelines. Subsequently, the matter has been dealt in 3^rd Pay Revision Committee recommendations, which is effective from January 1, 2017 and Central Public Sector Enterprises have been allowed to frame their own leave rules considering operational necessities and subject to conditions set therein. Therefore, the requisite conditions are met by the Company.

(ii) Good Health Reward (HPL)

Accrual - 20 days per year

Encashment while in service - Nil

Encashment on retirement - 50% of Half Pay Leave balance.

Scheme is 100% managed by an insurance company (Life Insurance Corporation of India (LIC)).

The liability for the same is recognized annually on the basis of actuarial valuation.

The discount rate is based upon the market yield available on Indian Government securities at the accounting date with a term that matches the weighted average duration of present benefit obligations. The salary growth takes into account inflation, seniority, promotion and other relevant factors on long term basis. In case of funded schemes, expected return on plan assets is same as that of respective discount rate. Interest cost on Defined Benefit Obligation and expected return on Plan Asset has been calculated based on previous year discount rate/expected rate of return.

The mortality rate for Male insured lives before retirement have been assumed for Actuarial Valuation as on March 31, 2026 as per 100% of Indian Assured Life Mortality (2012-14) issued by Institute of Actuaries of India on August 2, 2018. As separate rates applicable for female lives has not been notified by The Institute of Actuaries of India, uniform rates of mortality for Male have been used for both Male and Female employees for computation of Employee Benefit Liability. The mortality rate after retirement is assumed as per Indian Individual Annuitant's Mortality Table (2012-15) effective from April 01, 2021.

43.7.1 The fair values of the Corporate (PSU) bonds (Debt Investments) and investment in Central and State Government Securities are arrived as face value plus premium to the extent not written off and minus discount to the extent not written back.

43.7.2 Cost of Investment is taken as fair value of Investment in Mutual funds and Bank TDR.

43.7.3 All Investments in PSU Bonds are quoted in active market.

43.7.4 Book value on reporting date is taken as fair value of Investment in Group Gratuity Cash Accumulation Scheme (Traditional Fund) of Insurance Company.

43.7.5 Net Current Assets in Gratuity represent accrued interest on Investments less outstanding gratuity reimbursements as on reporting date.

43.7.6 Net Current Assets in Provident Fund represent accrued interest on Investments and amount receivable from company as on reporting date.

43.7.7 Net Current Assets in PRMB represents amount receivable by company from the PRMB trust on account of benefits directly paid by company to its employees as on reporting date.

43.7.8 The actual return on plan assets of gratuity during FY 2025-26 was ' 1,516.55 million (during FY 2024-25'1,524.24 million), Provident Fund '10,669.75 million (during FY 2024-25'12,696.12 million) and PRMB ' 4,540.33 million (during FY 2024-25'4,306.61 million).

43.8 Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary/cost increase. The sensitivity analysis below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

45.3. Disclosure in respect of Government related Entities

The Company is a Central Public Sector Enterprise(CPSE) under the administrative control of the Ministry of Petroleum & Natural Gas(MoP&NG) in which the Government of India holds 58.89% of paid-up equity share capital. The company has transactions with other Government-related entities, which significantly include , but are not limited to sale of crude oil and natural gas, purchase of stores and spares, purchase of capital items, maintenance and other services etc. Transactions with these entities are carried out in the ordinary course of business on arm's length basis and at terms comparable with those offered to other entities, that are not Government-related.

46. Financial instruments Disclosure

46.1. Capital Management

The Company's objective when managing capital is to:

• Safeguard its ability to continue as going concern so that the Company is able to provide maximum return to stakeholders and benefits for other stakeholders; and

• Maintain an optimal capital structure to reduce the cost of capital.

The Company maintains its financial framework to support the pursuit of value growth for shareholders, while ensuring a secure financial base. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The capital structure of the Company consists of total equity (refer Note No. 20 & 21). The Company is not subject to any externally imposed capital requirements.

The management of the Company reviews the capital structure on a regular basis. As part of this review, the committee considers the cost of capital, risks associated with each class of capital requirements and maintenance of adequate liquidity.

46.1.1. Gearing Ratio

The Company has outstanding current and non-current borrowings / debt. Accordingly, the gearing ratio is worked out as followed:

46.3. Financial risk management objectives

While ensuring liquidity is sufficient to meet Company's operational requirements, the Company also monitors and manages key financial risks relating to the operations of the Company by analyzing exposures by degree and magnitude of risks. These risks include credit risk, liquidity risk and market risk (including currency risk and price risk).

During the year, the liquidity position of the Company was comfortable. The lines of Credit/short term loan available with various banks for meeting the short term working capital/ deficit requirements were sufficient for meeting the fund requirements. The Company has also an overall limit of ' 100,000 million for raising funds through Commercial Paper. Cash flow/liquidity position is reviewed on continuous basis.

46.4. Credit risk management

Credit risk arises from cash and cash equivalents, investments carried at amortized cost and deposits with banks as well as customers including receivables. Credit risk management considers available reasonable and supportive forward-looking information including indicators like external credit rating (as far as available), macro-economic information (such as regulatory changes, government directives, market interest rate).

Major customers, being public sector oil marketing companies (OMCs) and gas companies having highest credit ratings, carry negligible credit risk. Concentration of credit risk to any other counterparty did not exceed 2.42% (Previous year 2.72%) of total monetary assets at any time during the year.

Credit exposure is managed by counterparty limits for investment of surplus funds which is reviewed by the Management. Investments in liquid and overnight plan/schemes are with public sector Asset Management Companies having highest rating. For banks, only high rated banks are considered for placement of deposits. Bank balances are held with reputed and creditworthy banking institutions.

The Company is exposed to default risk in relation to financial guarantees given to banks / vendors on behalf of subsidiaries / joint venture companies for the estimated amount that would be payable to the third party for assuming the obligation. The Company's maximum exposure in this regard on as at March 31, 2026 is ' 609,120.07 million (As at March 31, 2025'437,210.35 million).

In accordance with Ind AS 109- Financial Instruments, the Company uses the expected credit loss ("ECL") model for measurement and recognition of impairment loss on its trade receivables and other financial assets.

For the purpose of computing expected credit loss, the Company follows rating-based approach to compute default rates based on Credit ratings of the borrowers and forward-looking estimates are incorporated using relevant macroeconomic indicators. A default occurs when in the view of management there is no significant possibility of recovery of receivables after considering all available options for recovery.

46.5. Liquidity risk management

The Company manages liquidity risk by maintaining sufficient cash and cash equivalents including bank deposits and availability of funding through an adequate amount of committed credit facilities to meet the obligations when due. Management monitors rolling forecasts of liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows considering level of liquid assets necessary to meet obligations by matching the maturity profiles of financial assets & liabilities and monitoring balance sheet liquidity ratios.

The Company is registered on TReDS platforms approved by the Reserve Bank of India for facilitating financing arrangements for MSME suppliers. Under these arrangements, accepted invoices of suppliers may be discounted with participating financiers for early realisation of receivables. The Company continues to settle the dues on the respective due dates as per the underlying contractual terms with suppliers. The Company does not provide guarantees, security, or collateral support under these arrangements Consequently, these arrangements do not have any impact on the Company's trade payables, liquidity position, or cash flows.

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The information included in the tables have been drawn up based on the cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

The Company along with its wholly owned subsidiary ONGC Videsh Limited, had set up Euro Medium Term Note (EMTN) Program for USD 2 billion on August 27, 2019 which was listed on Singapore Stock Exchange and subsequently on India International Exchange (India INX) and will mature in December 05, 2029. The EMTN program was updated by the Company along with its wholly owned subsidiaries ONGC Videsh Limited and ONGC Videsh Vankorneft Ltd. on April 19, 2021 for drawdown. However, further update in EMTN program would be carried out depending upon the visibility on the requirement of funds.

The domestic debt capital market was tapped by the Company during FY 2020-21 by issuance of four series of Non-Convertible Debentures (NCD) aggregating to ' 41,400 million on private placement basis. Details of NCDs outstanding as on March 31, 2026 are given under Note no 27.2.

The Company has access to committed credit facilities and the details of facilities used are given below. The Company expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets.

# At the year-end, the cash credit limit was ' 75,000 million (Previous year ' 75,000 million) considering business requirement of the Company. The cash credit limit of ' NIL (Previous year ' NIL) was utilized as working capital loan.

Besides the above, the Company had arrangement for unutilized short term loan facilities of ' 50,000 million as on March 31, 2026 (Previous year ' 55,000 million) with other banks.

The Company also had an unutilized limit of ' 100,000 million (Previous year ' 100,000 million) for raising funds through Commercial Paper.

46.6. Market Risk

Market risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of a business. The major components of market risk are price risk, currency risk and interest rate risk.

The primary commodity price risks that the Company is exposed to international crude oil and gas prices that could adversely affect the value of the Company's financial assets or expected future cash flows. Substantial or extended decline in international prices of crude oil and natural gas may have an adverse effect on the Company's reported results. The management has assessed the possible impact of continuing

Ukraine - Russia conflict and other West Asian countries conflict on the basis of internal and external sources of information and expects no significant impact on the continuity of operations, useful life of Property Plant and Equipment, recoverability of assets, trade receivables etc., and the financial position of the Company on a long term basis. The Company is constantly carrying out macro level analysis and keeping a vigilant eye on global reports & analysis being done by global analyst & firms.

46.6.1.1. Currency risk

Sale price of crude oil is denominated in United States dollar (USD) though billed and received in Indian Rupees ('). The Company is, therefore, exposed to foreign currency risk principally out of ' appreciating against USD. Foreign currency risks on account of receipts / revenue and payments / expenses are managed by netting off naturally-occurring opposite exposures through export earnings, wherever possible and carry unhedged exposures for the residual considering the natural hedge available to it from domestic sales.

The Company undertakes transactions denominated in different foreign currencies and consequently exposed to exchange rate fluctuations. Exchange rate exposures are managed within approved policy parameters.

The Company has a Foreign exchange and Interest Risk Management Policy (RMP) with objective to ensure that foreign exchange exposures on both revenue and balance sheet accounts are properly computed, recorded and monitored, risks are limited to tolerable levels and an efficient process is created for reporting of risk and evaluation of risk management operations.

The primary objective of the RMP is limitation / reduction of risk and a Forex Risk Management Committee (FRMC) with appropriate authority and structured responsibility are in place for the management of foreign exchange risk. The FRMC identifies, assesses, monitor and manage / mitigate appropriately within the legal and regulatory framework.

The Company has a Hedging policy so that exposures are identified and measured across the Company, accordingly, appropriate hedging can be done on net exposure basis. The Company has a structured risk management policy to hedge foreign exchange risk within acceptable risk limit. Hedging instrument includes plain vanilla forward (including plain vanilla swaps) and option contract. FRMC decides and take necessary decisions regarding selection of hedging instruments based on market volatility, market conditions, legal framework, global events and other macro-economic situations. All the decisions and strategies are taken in line and within the approved Foreign exchange and Interest Risk Management Policy. Since the Company is naturally hedged, hedging decisions are triggered in case of a Net Exposure exceeds USD 500 million. During the year, no hedging decision was necessitated as net exposure of USD 500 million was not breached.

A. Foreign currency sensitivity analysis

The Company is principally exposed to risk against USD. Sensitivity of profit or loss arises mainly from USD denominated receivables and payables.

As per management's assessment of reasonable possible changes in the exchange rate of ( /-) 5% between

USD- ' currency pair, sensitivity of profit or loss only on outstanding USD denominated monetary items at the period end is presented below:

MCLR, Treasury Bills, debt (capital) market, RBI Repo. The Company's exposure to interest rates are detailed in Note No. 27.

The Company invests the surplus fund generated from operations in term deposits with banks and mutual funds. Bank deposits are generally made for a period of upto 12 months and carry interest rate as per prevailing market interest rate. Considering these bank deposits are short term in nature, there is no significant interest rate risk. Average interest earned on term deposit and a mutual fund for the year ended March 31, 2026 was 7.32% p.a. (Previous year 7.85% p.a.).

The Company's fixed rate instruments are carried at amortized cost. They are therefore not subject to interest rate risk, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

In Company's opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

B. Forward foreign exchange contracts

During the year, the Company has not entered into any forward foreign exchange contracts.

46.6.1.2. Interest rate risk management

The Company is exposed to interest rate risk because the Company has borrowed funds benchmarked to overnight

46.6.1.3. Price risks

The Company's price risk arises from investments in equity shares (other than investment in group companies) held and classified in the balance sheet either at fair value through other comprehensive income (FVTOCI) or at fair value through profit or loss (FVTPL).

Investment of short-term surplus funds of the Company in liquid and overnight schemes of mutual funds provides high level of liquidity from a portfolio of money market securities and high quality debt and categorized as ‘low risk' product from liquidity and interest rate risk perspectives.

The revenue from operations of the Company are also subject to price risk on account of change in prices of Crude Oil, Natural Gas & Value Added Products.

a. Price sensitivity analysis

The sensitivity of profit or toss in respect of investments in equity shares at the end of the reporting period for /-5% change in price and net asset value is presented below:

Other comprehensive income for the year ended March 31, 2026 would increase / decrease by ' 15,843.18 million (for the year ended March 31, 2025 would increase / decrease by ' 15,799.13 million) as a result of 5% changes in fair value of equity investments measured at FVTOCI.

The Sensitivity of Revenue from operation (net of tevies) to change in ( /-) 1 US$ in prices of Crude Oil, Natural Gas & Vatue Added Products (VAP)

46.7. Fair value measurement of Financial Instruments

46.7.1.1 The Company categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement which are described as follows:

(a) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

(b) Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability.

(c) Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Company's assumptions about pricing by market participants.

46.7.1.2 There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not ctassified any materiat financiat instruments under Level 3 of the fair value hierarchy. The sensitivity of change in the unobservable inputs used in fair valuation of Level 3 financial assets and liabilities does not have a significant impact on their value.

46.7.1.3 There have been no transfers in either direction (i.e. between level 1,2 and 3) for the years ended 31 March 2026 and 31 March 2025.

46.7.1.4 Some of the Company's financial assets and financial tiabitities are measured at fair vatue at the end of the financial year. The following table gives information about how the fair values of these financial assets/ and financiat tiabitities are determined.

Abbreviations: AWEL-Adani Welspun Exploration Limited, BGEPIL-BG Exploration & Production India Limited, BP-BP Exploration (Alpha) Limited, BPRL-Bharat PetroResources Limited, CEHL-Cairn Energy Hydrocarbons Limited, CIL-Coal India Limited, EOGEPL-Essar Oil and Gas Exploration and Production Limited, GAIL-GAIL (India) Limited, GSPC-Gujarat State Petroleum Corporation Limited, HEPI-Hardy Exploration & Production (India) Inc., HOEC- Hindustan Oil Exploration Company Limited, IOC-Indian Oil Corporation Limited, IPL-Invenire Petrodyne Limited (erstwhile Tata Petrodyne Limited), JODPL-Jubilant Offshore Drilling Private Limited, OIL-Oil India Limited, PEL-Prabha Energy Limited (erstwhile Prabha Energy Private Limited), RIL-Reliance Industries Limited, ROPL-Ravva Oil (Singapore) Pte. Ltd., VIL-Videocon Industries Limited.

47.1.3. Financial position of the Joint Operation -Company's share are as under:

The financial statements of 197 nos. (Previous year 183) out of 216 nos. (Previous year 201) Joint operation blocks (JOs/NELP/HELP/ CBM/DSF blocks) have been incorporated in the accounts to the extent of Company's participating interest in assets, liabilities, income, expenditure and profit / (loss) before tax on the basis of statements certified in accordance with production sharing contracts/ revenue sharing contracts and in respect of balance 19 nos. (Previous year 18) Joint operation blocks (JOs/NELP/HELP/CBM/DSF blocks), the figures have been incorporated on the basis of uncertified statements prepared under the production sharing contracts/ revenue sharing contracts. Both the figures have been adjusted for changes as per note no. 3.2. The financial positions of JO/NELP/HELP/CBM/ DSF blocks are as under:

47.1.5. In respect of 1 OALP block (As at March 31, 2025: Nit), the Company's share of Unfinished Committed Work Programme (CWP)/ Minimum Work Programme (MWP) amounting to ' 879.03 million (As at March 31,2025: Nit) has not been provided for since the Company has already applied for further extension of period in these btock(s) as 'excusable delay'/ special dispensations citing technical complexities, within the extension policy of NELP/OALP Blocks, which are under active consideration of Gol. The delays have occurred generally on account of pending statutory clearances from various Govt. authorities tike Ministry of Defence, Ministry of Commerce & Industry,

environmental clearances, State Govt. permissions etc. The MWP amount of ' 879.03 million (As at March 31, 2025: Nit) is inctuded in MWP commitment under note no. 49.3.2 (i).

In respect of 12 NELP blocks (As at March 31, 2025 - 12 NELP blocks), the Company has recognized liability for principal amount against Cost of Unfinished Minimum Work Programme (CoUMWP)/ Liquidated Damages (LD) for extension of blocks, based on management estimates/ recent communications received from DGH/ MoP&NG. The outstanding liability as at March 31,2026 is ' 8,989.47 million (As at March 31,2025: ' 8,215.66 million). However,

no provision has been made towards the related interest component as the Company is pursuing the said matters with the concerned authorities for waiver, as the said liabilities are on account of delays due to environmental clearances, other regulatory permissions/ approvals, difference in interpretation relating to computation methodology etc. and the Company is confident that the said matters shall be amicably settled in its favour.

As per the Production/Revenue Sharing Contracts signed by the Company with the GoI, the Company is required to complete Minimum Work Programme (MWP)/ Committed Work Programme (CWP) within the stipulated time. In case of delay in completion of the MWP/ CWP, Liquidated Damages (LD)/Fees are payable for extension of time to complete MWP/ CWP. Further, in case, the Company does not complete MWP/ CWP or surrenders the block without completing the MWP/ CWP, the estimated cost of completing balance work programme is required to be paid to the GoI. LD/ Fees amounting to ' 49.99 million (Previous year ' 105.96 million) and cost of unfinished MWP/ CWP amounting to ' 4,828.40 million (Previous year ' 473.07 million), paid/ payable to the GoI is included in survey and wells written off expenditure respectively.

47.1.6. The Government of India, vide its letter dated June 1, 2017, approved the relinquishment of the Company's 30% Participating Interest (PI) in Block RJ-ON/6 and the assignment of its future rights and obligations to acquire 30% PI in any discoveries within the block. The approval was subject to the condition that Focus Energy Limited (FEL) would reimburse all past costs incurred by the Company towards royalty, PEL/ML fees and other statutory levies, and would also waive off all the unpaid liabilities of the Company relating to development and production costs in the SGL Field of the block.

Pending recovery of the outstanding dues towards royalty, PEL/ML fees and other statutory levies, no adjustment in the accounts has been made subsequent to the relinquishment of Block RJ-ON/6. During FY 2022-23, the Company invoked arbitration proceedings against FEL and other joint venture partners for recovery of the aforesaid outstanding dues.

The Arbitral Award was pronounced on September 13, 2025, wherein the Tribunal held that ONGC is not liable to bear any amount towards development and production costs. However, ONGC was directed to pay royalty amounting to ' 360.99 million, together with interest at 9% per annum, in respect of the SSG and SSF fields. Accordingly, the Company has challenged the following portions of the Award under Section 34 of the Arbitration and Conciliation Act:

(i) rejection of ONGC's claim for recovery of

outstanding dues towards royalty, PEL/ML fees and other statutory levies aggregating to ' 2,592.38 million as at March 31,2026;

(ii) direction to pay royalty amounting to ' 360.99 million together with interest at 9% per annum in respect of the SSG and SSF fields; and

(iii) the finding of the Tribunal holding ONGC as a participating interest holder.

Nevertheless, in view of the Arbitral Award, the Company has recognised a contingent liability towards royalty amounting to ' 468.43 million (including interest) in the books of account as at March 31, 2026. The total outstanding dues recoverable towards royalty, PEL/ ML fees and other statutory levies as at March 31, 2026 amount to ' 2,592.38 million (Previous year: ' 2,592.38 million).

47.1.7. The Company is having 30% Participating interest in Block RJ-ON-90/1 along with Vedanta Limited (erstwhile Cairn India Limited) (Operator) and Cairn Energy Hydrocarbons Limited.

Pursuant to the final award in PCA Case No. 2019-30 between ONGC and Vedanta, an amount of USD 166.37 million awarded to Vedanta has been adjusted against an amount of USD 190.302 million awarded to ONGC towards outstanding royalty receivable. Consequently, a net receivable of USD 34.656 million, equivalent to ' 3,249 million (including interest and costs awarded amounting to USD 10.724 million), has been recognised in the books of account as receivable from the joint venture partners as the amount is yet to be received from Vedanta limited.

47.1.8. The initial term of twenty-five years of the Production Sharing Contract (PSC) for Block RJ-ON-90/1 expired on May 14, 2020. Subsequently, during FY 2022-23, Addendum No. 2 to the PSC was executed on October 27, 2022, whereby the term of the PSC was extended for a further period of ten years with retrospective effect from May 15, 2020.

The Government of India raised a demand for payment of Additional Profit Petroleum amounting to USD 1,660.06 million, equivalent to ' 155,630.63 million (Previous year: USD 1,660.06 million, equivalent to ' 1,42,233.83 million), in respect of Block RJ-ON-90/1 pursuant to audit observations against the audit exceptions as per the PSC provisions vide the demand letter dated September 6, 2022. The said demand is presently under arbitration proceedings between Vedanta Limited and the Government of India in PCA Case No. 2020-39, wherein ONGC is not a party to the arbitration proceedings. The Arbitral Tribunal, vide its Awards dated August 22, 2023 and December 8, 2023, dismissed the aforesaid demand which is then challenged by GoI in Delhi high court however, issue alongwith the quantum relating thereto is presently pending adjudication before the Delhi High Court.

Pending finality of the outcome and quantification of the Award in PCA Case No. 2020-39 between Vedanta and the Government of India, the Company's share of the demand

towards Additional Profit Petroleum amounting to USD

498.02 million, equivalent to ' 46,689.18 million (Previous year: USD 498.02 million, equivalent to ' 42,670.14 million), has been disclosed under contingent liabilities.

47.1.9. In respect of the Jharia CBM Block, as per the Joint Operating Agreement (JOA), Coal India Limited had the option to enhance its Participating Interest (PI) from 10% to 26% prior to commencement of the Development Phase. Although the Government of India approved the enhancement with effect from January 25, 2021, the Company represented that the Development Phase had commenced on April 23, 2013. Subsequently, the Directorate General of Hydrocarbons (DGH), vide its letter dated April 16, 2024, clarified April 23, 2013 as the commencement date of the Development Phase. Accordingly, based on the provisions of the JOA and the clarification issued by DGH, the Company has recognised cash calls from CIL considering 26% PI for the period from April 23, 2013 to January 24, 2021. Company is in continuous follow-up with CIL for balance amount of cash call receivable of ' 595.99 million as at March 31, 2026.

47.1.10. In respect of Raniganj (N) CBM Block, contract was terminated vide MoPNG letter no. Expl11019(180/411/2017-EXPL-I-PNG-(E-3194) dated March 02, 2026. Consequently, during the year an impairment provision of ' 76.81 million has been made, and Exploratory Wells in Progress amounting to ' 807.20 million has been written off.

47.1.11. During 2017-18, the Company acquired 80% Participating Interest and operatorship rights in the Deen Dayal West (DDW) Field of Block KG-OSN-2001/3 from Gujarat State Petroleum Corporation Limited (GSPC) for USD 995.26 million (equivalent to ' 62,950.20 million). The revised PI in the block after above acquisition stands for the Company 80%, GSPC 10% and Jubilant Offshore Drilling Private Limited (JODPL) 10%. As on March 31, 2026, accounting for the final closing adjustment (i.e. working capital and other adjustments) to sale consideration viz. transactions from the economic date up to the closing date has been provisionally carried out and a sum of ' 1,465.47 million is net payable to GSPC as final settlement and the same is under deliberation. Further, contingent consideration linked to future gas production and agreed gas price differentials remains unquantified.

The Company had also paid USD 200 million (equivalent to ' 12,650.00 million) towards acquisition rights for six additional discoveries in the block. During 2024-25, the related EWIP acquisition cost was fully written off considering the discoveries to be economically unviable for commercial gas development. Further, during 2025-26, impairment assessment carried out based on current and expected future production profile resulted in recognition of impairment provision amounting to ' 15,864.77 million.

Joint venture partner Jubilant Offshore Drilling Private Limited (JODPL), holding 10% PI, has been under liquidation since December 2017 and has defaulted on cash call obligations. Outstanding cash call receivables from JODPL as on March 31,2026 amounted to ' 2,618.94 million (Previous year: 2,432.62 million) for which provision has been made.

47.1.12. I n case of Block CB-ONN-2004/3, the discovery well Uber#2 ceased to flow from June 23, 2020. The Company in consultation with JV partner Gujarat State Petroleum Corporation Limited has initiated a proposal for examination / surrendering the block CB-ONN-2004/3 and relinquishment of the development area of 10.78 sq. km. During Management Committee (MC) meeting in May 2022, Government nominee advised to submit firm future plans within 60 days from receipt of the MC approval or else relinquish the field for future bidding round. The proposal for surrender of the block has been initiated by the Company being the operator and pending with DGH, an impairment loss of ' 373 million has been provided in the books.

47.1.13. The designated currency for cost recovery under the Production Sharing Contracts (PSC) is USD and accordingly, expenditure incurred in Indian Rupees (?) is converted into USD for preparation of cost recovery statements. The Company has submitted proposals before the Management Committees (MCs) of the respective blocks seeking adoption of State Bank of India (SBI) reference exchange rate in place of Reserve Bank of India (RBI) reference exchange rate for such conversion. The MC of one block has recommended the proposal to Government of India for approval and the same is presently under consideration of Ministry of Petroleum and Natural Gas (MoPNG) through Directorate General of Hydrocarbons (DGH).

Pending approval, the Company continues to follow SBI reference exchange rates consistently for maintenance of its accounting records. The resultant impact, if any, on the financial statements and cost recovery statements is not material.

47.1.14. During the financial year 2020-21, the Director General of Hydrocarbons (DGH) raised a demand of ' 4,881.35 million towards alleged unpaid/short payment of royalty, including penal interest, in respect of blocks KG-OSN-2001/3 and CB-OS/2. Subsequently, DGH issued revised demands over the time. The last demand being raised by DGH was amounting to ' 4,418.74 million vide letter dated September 23, 2024. The Company had disclosed the matter as a contingent liability up to the previous year.

During the current year, the Ministry of Petroleum and Natural Gas (MoPNG), vide its letter dated June 13, 2025, clarified that the royalty is payable at the well head price only and Post well head costs as specified in the

Schedule to Act (incorporated vide Gazette Notification dated August 20, 2007) are permissible for deduction from sale price to arrive at well head price.

In view of the above clarification received from MoPNG, the Company has reassessed the matter and accordingly withdrawn the related contingent liability.

47.1.15. The Government of India (GOI), vide its letter no. Expl-15019(25)/1 12/2017-ONG-V (E-4641) dated September 19, 2025, has conveyed its decision not to extend the term of the Contract in respect of the Pre-NELP Joint Venture (JV) block CB-OS-02 having respective Participating Interests (PI) in the block as on date of ONGC-50%, Vedanta Limited (Operator)- 40%, and Invenire Petrodyne Limited (IPL)- 10%.

Pursuant to the GOI directive, ONGC (the Company) has been directed to take over the operations of the JV Block with immediate effect. Accordingly, the Company requested Vedanta for the immediate handover and deployed its operational team at Suvali, Gujarat, from September 20, 2025. However, Vedanta has not yet handed over the operations. Subsequently, Vedanta filed a writ petition before the Hon'ble Delhi High Court on September 22, 2025, challenging the said rejection of extension of terms of the Contract by GOI. The Court has asked the respondents to file their response/counter affidavit and directed to maintain status quo in the matter. The hearings in the matter concluded on May 18, 2026 and the matter has been reserved for order by the Court.

Pending the outcome of the proceedings, Vedanta continues to act as the Operator for the block. Accordingly, the Company continues to account for its interest in the block as an unincorporated joint venture. The Company remains in preparedness to assume operational control of the block as and when directed by the GOI.

48. Disclosure under Indian Accounting Standard 36 -Impairment of Assets

48.1. The Company is engaged mainly in the business of oil and gas exploration and production in Onshore and Offshore. In case of onshore, the fields are using common production/ transportation facilities and are sufficiently economically interdependent to constitute a cash generating unit (CGU). Accordingly, impairment test of all onshore fields is performed in aggregate at the Asset Level. In case of Offshore, a field is generally considered as CGU except for fields which are developed as a Cluster or group of Clusters, for which common facilities are used, in which case the impairment testing is performed in aggregate for all the fields included in the cluster or group of Clusters.

48.2. The Value in Use of producing/developing CGUs is determined under a multi-stage approach, wherein future cash flows are initially estimated based on Proved Developed Reserves. Under the circumstances where further development of the fields in the CGUs are under progress and where the carrying value of the CGUs is not likely to be recovered through exploitation of proved developed reserves alone, the

Proved and probable reserves (2P) of the CGUs are taken for the purpose of estimating future cash flows. In such cases, full estimate of the expected cost of future development is also considered while determining the value in use.

48.3. In assessing value in use, the estimated future cash flows from the continuing use of assets and from its disposal at the end of its useful life are discounted to their present value. The present value of cash flows has been determined by applying discount rates of 12.77% (as at March 31, 2025: 14.19%) for Rupee transactions and 9.88% (as at March 31, 2025: 11.74%) for crude oil, natural gas and value added products revenue, which are measured in USD. Future cash inflows from sale of crude oil, natural gas and value added products have been computed using Management's estimate of future crude oil, natural gas and value added products prices, discounted applying the rate applicable to the cash flows measured in USD.

48.4. The Company has considered the prevailing business conditions to make an assessment of future crude oil, natural gas and value added product prices based on internal and external information / indicators of future economic conditions. Based on the assessment, the Company has recorded a net impairment loss to the extent the value in use exceeds the carrying amount subject to accumulated impairment provision, amounting to ' 17,255.32 million (Previous year: ' 10,496.93 million), this consists of net impairment loss at Onshore CGUs amounting to ' 128.79 million (Previous year: ' 2,275.45 million) and net impairment loss at Offshore CGUs amounting to ' 17,126.52 million (Previous year: ' 8,221.48 million).

48.5. The following 2P reserves for respective CGU were considered as a basis for the impairment testing as at March 31, 2026:

Impairment testing of assets under exploratory phase (Exploratory wells in progress) has been carried out as on March 31, 2026 and a net impairment reversal of ' 20,135.01 million (Previous year: ' 5,365.26 million) has been accounted during the year.

48.6. The Company's investment in subsidiaries, associates and joint ventures are tested for impairment when there is any significant indication that those investments have suffered an impairment loss. During the year, impairment assessment of such investments was carried out and the value in use / fair value of such investments were more than the carrying value and therefore no impairment loss has been provided on such investments.

a. The Company's pending Litigations comprise claims against the Company and proceedings pending with Tax / Statutory/ Government Authorities. After review of all its pending litigations and proceedings, the Company has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material impact on its financial position. Future cash outflows in respect of the above are determinable only on receipt of judgments/ decisions pending with various forums/ authorities.

b. The Company has received demand orders relating to levy of Service Tax/GST on royalty paid for crude oil and natural gas and has challenged the same before various judicial forums. The matter involving the nature and taxability of royalty under the Oilfields (Regulation and Development) Act is presently pending adjudication before the Nine Judges' Bench of the Hon'ble Supreme Court of India in a similar matter.

Pending final resolution and considering the prolonged litigation, the Company, as a matter of prudence, has recognized provision towards disputed Service Tax/ GST on royalty (including interest thereon) amounting to ' 196,448.79 million as at March 31, 2026 (March 31, 2025: ' 171,191.09 million), including ' 25,257.70 million recognized during the current year. The Company has deposited under protest an amount of ' 186,474.32 million up to March 31,2026 (March 31,2025: ' 164,655.57 million).

In respect of Joint Venture (JV) blocks, the total contingent liability disclosed towards disputed Service Tax and GST demand orders amounts to ' 89,498.36 million as at March 31, 2026 (March 31, 2025: ' 50,328.95 million), comprising Service Tax of ' 26,616.88 million (March 31, 2025: ' 23,828.71 million) and GST of ' 62,881.48 million (March 31, 2025: ' 26,500.24 million).

Out of the aforesaid contingent liability, '66,834.88 million as at March 31, 2026 (March 31, 2025: ' 32,898.57 million)

pertains to Service Tax and GST liabilities on Royalty attributable to other JV partners of respective Joint Venture (JV) blocks where disputes exist amongst the JV partners. Based on the contractual arrangements and the legal opinion obtained, the Company has not recognized any provision towards the other JV partners' share of such disputed Service Tax and GST liability and has accordingly disclosed the same as a contingent liability. This view of the company is duly backed by a legal opinion from the Additional Solicitor General of India (ASGI) in the context of the arbitration between the Company and JV Partners relating to Rajasthan JV where fresh arbitration has been invoked in view of the non-consideration of the terms and conditions of PSC which obligates the JV Partners to pay Service Tax and GST by the Arbitral Tribunal, London in its final award.

Further, penalty and other matters related to Service tax and GST in respect of company and JV blocks amounting to ' 21,871.31 million as at March 31, 2026 (March 31, 2025: ' 19,597.96 million) have also been disclosed as contingent liability.

c. There are certain unresolved issues including cost recovery and sharing in respect of exploration, development and production cost between the Company and Operator -Vedanta Limited (erstwhile Cairn India Limited) of the Block RJ-ON-90/1 and to resolve the unsettled issue, Operator-Vedanta Limited invoked an arbitration against ONGC Pending resolution of these matters through Arbitration, the Company had disclosed an amount of USD 233.54 million, equivalent to ' 20,009.71 million as a contingent liability as at March 31, 2025. Subsequently, pursuant to the Arbitral Award in PCA Case No. 2019-30 between ONGC and Vedanta, wherein the Tribunal held that ONGC is not required to participate in exploration costs, accordingly, the aforesaid contingent liability relating to exploration costs amounting to USD 233.54 million has been reversed.

Further, the Government of India raised a demand towards Additional Profit Petroleum in respect of Block RJ-ON-90/1 pursuant to audit observations under the provisions of the Production Sharing Contract (PSC). The said demand is presently under arbitration between Vedanta Limited and the Government of India in PCA Case No. 2020-39. The Arbitral Tribunal, vide its Awards dated August 22, 2023 and December 8, 2023, dismissed the aforesaid demand and ruled in favour of Vedanta which was challenged by GoI and still pending in Delhi High court. However, pending finality of the arbitral outcome and quantification thereof, the Company has continued to disclose an amount of USD 498.02 million, equivalent to ' 46,689.15 million (Previous year: USD 498.02 million, equivalent to ' 42,670.15 million), as a contingent liability as at March 31,2026. [refer Note No. 47.1.7 & 47.1.8].

d. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid & South Tapti Fields along with Reliance Industries Limited (RIL) and BG Exploration and Production India Limited (BGEPIL) each having 30% PI, (all three together referred to as “Contractors") signed two Production Sharing Contracts (PSCs) with Government of India (GOI) on December 22, 1994 for a period of 25 years. The PSCs for Panna Mukta and Mid & South Tapti have expired on December 21,2019. In terms of the Panna-Mukta Field Asset Handover Agreement, the Contractors of PMT JV are liable for the pre-existing liability.

RIL & BGEPIL (JV partners) invoked an international arbitration proceeding against GOI regarding interpretation of certain provisions of the (PSCs), including cost recovery and profit petroleum matters in December, 2010. The Company was directed by MoP&NG not to participate in the arbitration, however the Arbitral Award would be applicable to the Company as a constituent of the Contractors.

Based on the October 12, 2016 Final Partial Award (FPA) by the arbitration tribunal, DGH raised a demand towards differential GOI share of profit petroleum and royalty alleged to be payable by the Contractors pursuant to Government's interpretation of the FPA. The Company's 40% share of the demand amounts to USD 1,624.05 million including interest up to November 30, 2016 equivalent to ' 152,254.46 million as on March 31, 2026 (March 31, 2025: ' 139,148.60 million). The JV partners have contested the demand as premature since liabilities are yet to be finally quantified and related awards remain subject to judicial and arbitral proceedings. The award had also been challenged before the English Commercial Court (London High Court) which delivered its final verdict on May 2, 2018 following which the Arbitral Tribunal re-considered some of its earlier findings from the 2016 FPA (Revised Award). Parts of the revised award was challenged by GOI and JV Partners before English Court which on February 12, 2020, passed a verdict favouring RIL & BGEPIL and also remitted the matter in the Revised Award back to Arbitral Tribunal for reconsideration. BGEPIL has informed that the Tribunal issued a verdict in January 2021, favouring RIL/ BGEPIL on the remitted matter, which was challenged by the GOI before the English Court which was subsequently dismissed by the English Court in its verdict on June 9, 2022 upholding the Revised Arbitration Award. The GOI filed an appeal against the English Court verdict dated June 9, 2022 that was rejected by the English Court in August 2022. Based on the information shared by BGEPIL, the GOI filed an execution petition before the Hon'ble Delhi High Court seeking enforcement and execution of the October 12, 2016 FPA which the Delhi High Court concluded that the Government's Execution Petition in respect of the 2016 FPA is premature, not maintainable and stands dismissed. The Government has filed an appeal against this verdict before a division bench of the Delhi High Court which ruled in favour of the Government stating that the appeal is maintainable and the hearing is pending. Separately, arbitration proceedings relating to increase in Cost Recovery Limit (CRL), which may reduce the liability, are also pending. Pending finality by Arbitration Tribunal on various issues raised above, no provision has been accounted in the financial statements. The demand raised by DGH, amounting to USD 1,624.05 million equivalent to ' 152,254.46 million as on March 31, 2026 (March 31, 2025: ' 139,148.60 million) has been considered as contingent liability. The above disclosure is based on the information provided by BGEPIL, a joint operator of PMT JV.

e. The Company operates various Petroleum Mining Leases (PMLs) granted by different State Governments pursuant to approvals accorded by the Government of India under the provisions of the Oilfields (Regulation and Development)

Act, 1948. Upon execution of lease deeds, stamp duty is payable in accordance with the applicable State Stamp Acts. Certain State Governments have taken a view that royalty, in addition to other payments such as surface rent, dead rent and security deposits, should be included for the purpose of computation of stamp duty on such lease deeds.

The Company, however, is of the view that royalty payable under the Petroleum and Natural Gas Rules is distinct from rent, and therefore, should not form part of the assessable value for levy of stamp duty. This position is supported by legal opinions of the Solicitor General of India and the Additional Solicitor General of India, as well as clarifications issued by the Ministry of Petroleum and Natural Gas (MoP&NG). Further, the Petroleum and Natural Gas Rules, 2025, notified by the Government of India on December 9, 2025, specifically provide that, for the purpose of computation of stamp duty on petroleum leases, the value of the lease shall be restricted to the lease rent payable for the term of the lease.

The matter is presently sub judice before the Gujarat High Court. Pending final adjudication and considering that the liability, if any, would crystallise only upon final determination and payment at the time of execution of lease deeds, the accounting impact thereof is presently not ascertainable. However, contingent liability for an amount of ' 714.58 million has been recognized in respect of demands received in this regard.

f. The Tamil Nadu Mineral Bearing Land Tax Act, 2024, introduced by the Government of Tamil Nadu, published on February 20, 2025 and notified on April 4, 2025, provides for levy and collection of tax on mineral bearing land. As per the Schedule of Rates prescribed under the said Act, tax on crude oil has been levied at ' 8,500 per metric tonne and on natural gas at ' 3.50 per cubic metre. Pursuant thereto, demand notices have been issued by the respective District Collectors under the said Act.

The Company has challenged the constitutional validity of the aforesaid Act as well as the related demand notices before the Hon'ble Supreme Court of India by way of Writ Petition No. 124 of 2026. The Hon'ble Supreme Court, vide its order dated January 19, 2026 directed that no coercive action shall be taken against the Company pending further hearing of the matter.

Since the matter is presently sub judice before the Hon'ble Supreme Court of India, no provision has been accounted in the financial statements. However, contingent liability for an amount of ' 5,287.65 Million has been recognized.

g. Government of India had introduced Vivad se Vishwas II (Contractual Disputes) Scheme to settle pending contractual disputes by PSUs. The Company had accorded approval for implementation of the Scheme. Pursuant to the said scheme, all the eligible cases were settled and the relevant contingent liabilities have been removed. (refer note no. 28.4)

49.2 Contingent Asset

During the normal course of business, several unresolved claims are currently outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances. Hence, contingent assets have been reported as NIL.

49.3 Commitments

49.3.1 Capital Commitments:

Estimated amount of contracts remaining to be executed on

capital account:-

i) In respect of Company: ' 180,123.57 million (Previous year ' 213,874.66 million).

ii) In respect of Joint Operations: ' 34,603.8 million (Previous year ' 30,580.27million).

49.3.2 Other Commitments

(i) Estimated amount of Minimum Work Programme (MWP)/ Committed Work Programme (CWP) committed under various 'Production Sharing Contracts' and 'Revenue Sharing Contracts' with Government of India:

a) In respect of NELP/OALP/CBM/DSF blocks in which the Company has 100% participating interest: ' 121,566.14 million (Previous year ' 125,744.81 million).

b) In respect of NELP/OALP/CBM/DSF blocks in Joint Operations, the Company's share: ' 3,813.16 million (Previous year ' 1,413.72 million).

(ii) During the previous year, the Board of Directors accorded its approval, subject to concurrence of the Govt. of India, if any, for acquisition of 1,15,20,000 Equity Shares of Mangalore SEZ Limited (MSEZ), a joint venture of the Company, from Infrastructure Leasing & Financial Services Limited (IL&FS) at ' 561.14 million under its right of first refusal. Subsequent to the acquisition of shares the holding of ONGC will be increased from 26% to 49%. Owing to pending proceedings before the NCLAT (National Company Law Appellate Tribunal) relating to exemption/waiver from Central Board of Direct Taxes, the acquisition process may be delayed.

(iii) As per the directions of the Ministry of Environment, Forest and Climate Change, Government of India, the Company is required to carry out certain activities under the Corporate Environment Responsibility, which include infrastructure creation for drinking water supply, sanitation, health, education, skill development, roads, cross drains, electrification, including solar power, solid waste management facilities, scientific support and awareness to local farmers to increase yield of crop and fodder, rain water harvesting, soil moisture conservation works, avenue plantation, plantation in community areas etc. The commitments towards these activities are worked out on the basis of public hearing conducted, social need assessment etc. for grant of environment clearance for development or commissioning of Green Field and Brown field project of the Company. The Company has outstanding commitments towards the aforesaid activities amounting to ' 1,366.82 million as on March 31, 2026 (' 1,417.10 million as on March 31,2025), the Company is required to spend the committed amount towards the aforesaid activities during a period of ten years from the date of grant of Environment Clearances as Validity of EC is for ten years and further extendable by one year.

53.3 Utilisation of Borrowed funds and share premium

The Company has not advanced or loaned or invested any fund to any entity (Intermediaries) with the understanding that the Intermediary shall lend or invest in party identified by or on behalf of the Company except for the following:

During the year the Company (funding party-ultimate beneficiary) has invested an amount of ' 1,000.00 million in right issue of ONGC Green Limited (OGL), a 100% subsidiary of the Company, with the understanding that the amount shall be utilized to enable OGL to subscribe to the right issue offer made by ONGC NTPC Green Private Limited (ONGPL), a 50% Joint Venture with NTPC.

53.4 The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

53.5 Pursuant to completion of tenure and consequential cessation of the Independent Directors, including woman director, the number of Independent Directors on the Board stood reduced to nil w.e.f. March 28, 2026 . The aforesaid position continued as on the date of approval of the financial statements for the year ended March 31, 2026. The matter regarding appointment of the requisite number of Independent Directors for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, DPE Guidelines and the Companies Act, 2013 has been taken up with the Government of India from time to time.

Further, in the absence of the minimum number of Independent Directors required for constitution of a valid quorum of the Audit Committee, no meeting of the Audit Committee could be held w.e.f. March 28, 2026. Accordingly, matters required to be reviewed by the Audit Committee, including the standalone financial statements for the quarter and year ended March 31, 2026, were directly considered, reviewed and approved by the Board of Directors at its meeting held on May 26, 2026.

53.6 Additional Regulatory Information/disclosures as required by General Instructions to Division II of Schedule III to the Companies Act, 2013 are furnished to the extent applicable to the Company.

54. Certain improvements / changes have been made in the wordings of some of the Material Accounting Policies for improved disclosures, understandability and clarity. However, such changes have no impact on the Standalone Ind AS financial statements.

55. The company has a system of physical verification of Inventory, Plant & Equipment and Capital Stores in a phased manner to over a period of three years. Adjustment differences, if any, are carried out on completion of reconciliation.

56. The Company has a system of obtaining periodic confirmation of balances from banks and other parties. Further, some balances of Trade and other receivables, Trade and other payables and Loans are subject to confirmation/reconciliation. Adjustments, if any, will be accounted for on confirmation/reconciliation of the same, which will not have a material impact.

57. Previous year's figures have been regrouped, wherever necessary, to conform to current year's grouping.

58. Approval of financial statements

The Standalone Financial Statements were approved by the Board of Directors on May 26, 2026.