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ONGC

Oil & Natural Gas Corpn Ltd

ONGC NSE
₹235.00 No trade today
P/E
6.79
View as Markdown
MCP
Close 4 Nov 2026 ₹235.00 −16.50 −6.56% 1Y
Start ₹251.50

Key Fundamentals

LargecapOil & GasEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.20%
Debt to Equity
0.47
EPS (TTM)
₹34.59
Book Value
₹295.52
Market Cap
—
P/E (TTM)
6.79
P/B
0.80
ROE
11.60%
Dividend Yield
5.71%
EBITDA
₹1.15 L Cr
52W High
₹307.50
52W Low
₹218.53
Volume
0

Peer Comparison

Energy › Oil & Gas › Oil Exploration & Production

ONGC peer comparison
ONGC (this company)
₹235.006.79₹2,93,284 Cr0.805.71%11.60%14.20%₹7,04,123 Cr₹44,793 Cr
Oil India
₹458.008.92₹73,921 Cr1.282.52%12.20%11.50%₹38,521 Cr₹9,531 Cr
Vedanta Oil and Gas
₹30.910.79₹11,974 Cr—0.00%——₹11,766 Cr₹1,394 Cr
Antelopus Selan Energy
₹963.7025.53₹3,421 Cr4.440.51%15.00%19.90%₹359 Cr₹132 Cr
Prabha Energy
₹195.22—₹2,751 Cr6.980.00%−0.15%−0.09%₹7 Cr₹1 Cr
Hindustan Oil Exploration
₹155.6481.92₹2,023 Cr1.490.00%2.13%3.49%₹299 Cr₹25 Cr
Median 6 companies₹215.118.92₹7,697 Cr1.490.26%11.60%11.50%₹6,063 Cr₹763 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
86
Strong
Cheap vs sector & own history 24% weight
Growth
37
Weak
Sales & profit trajectory 9% weight
Financial Health
22
Poor
Solvency, leverage, coverage 9% weight
Momentum
27
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Stock is trading at 0.76 times its book value
  • Company has been maintaining a healthy dividend payout of 32.0%

Weaknesses

1
  • Company has a low return on equity of 12.7% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
59.88
Neutral
MACD (12,26,9)
0.58
Bullish
SMA (50)
230.26
Bullish
SMA (200)
255.40
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY67%

20 of 30 analysts rate Buy, 6 Hold, 4 Sell.

As of

BUY
20
67%
HOLD
6
20%
SELL
4
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.24%
5Y+14.91%
3Y−1.26%
1Y−0.56%
TTM+7.11%

Net profit

Net profit growth by window
10Y+14.28%
5Y+18.44%
3Y+14.96%
1Y+29.91%
TTM+11.68%

Operating cash flow

Operating cash flow growth by window
10Y+9.31%
5Y+19.03%
3Y+10.21%
1Y+24.06%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−14.61 pp
5Y+0.66 pp
3Y+5.00 pp
1Y+2.42 pp
TTM−0.91 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,82,506 Cr
Mar 2018₹3,22,706 Cr
Mar 2019₹4,21,624 Cr
Mar 2020₹3,96,728 Cr
Mar 2021₹3,03,849 Cr
Mar 2022₹4,91,246 Cr
Mar 2023₹6,32,291 Cr
Mar 2024₹6,01,581 Cr
Mar 2025₹6,12,064 Cr
Mar 2026₹6,08,663 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹29,169 Cr
Mar 2018₹26,068 Cr
Mar 2019₹33,938 Cr
Mar 2020₹11,456 Cr
Mar 2021₹21,360 Cr
Mar 2022₹49,294 Cr
Mar 2023₹32,778 Cr
Mar 2024₹55,273 Cr
Mar 2025₹38,329 Cr
Mar 2026₹49,793 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹29,048 Cr +50.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Oil & Natural Gas Corpn Ltd trades at ₹225.39 as of 2026-10-30 with a market cap of ₹2,83,547 crore, a trailing PE of 6.52 and a price-to-book of 0.76. The stock offers a dividend yield of 5.87% but sits about 27% below its 52-week high of ₹307.50, reflecting investor caution around near-term earnings growth and commodity-price sensitivity.

Bull Case 7
  • Deep value on a book-value basis: the stock trades at 0.76x book value, meaning the market prices ONGC below its net asset value per share.
  • Attractive dividend yield of 5.87% as of 2026-10-30, well above broad-market averages, supported by a consistent payout ratio of 32.0%.
  • Compounded profit growth of 21% over five years demonstrates the company's ability to scale earnings during favourable crude-price cycles.
  • Compounded sales growth of 15% over five years and 17% over ten years reflects sustained top-line expansion over longer periods.
  • Manageable leverage with a debt-to-equity ratio of 0.47, giving the company balance-sheet flexibility for capex and acquisitions.
  • TTM profit growth of 21% shows the most recent earnings trajectory is strong despite a flat three-year compounded profit CAGR of 1%.
  • Ten-year average ROE of 13% indicates the company has generated reasonable shareholder returns through multiple commodity cycles.
Bear Case 8
  • The stock is down roughly 27% from its 52-week high of ₹307.50 and only about 3% above the 52-week low of ₹218.53, signalling weak price momentum.
  • Three-year compounded profit growth of just 1% and three-year sales growth of -1% indicate near-term stagnation in core operating performance.
  • One-year stock CAGR of -9% reflects recent underperformance, suggesting the market is pricing in headwinds the valuation multiples alone do not capture.
  • ROE of 12.15% (last year 12%) is modest for a capital-intensive upstream company, and the three-year average of about 13% trails many private-sector peers.
  • As a government-controlled entity, ONGC faces subsidy-sharing obligations and policy-driven pricing that can compress realised margins irrespective of global crude prices.
  • Ten-year stock CAGR of only 2% highlights prolonged wealth-creation challenges, lagging broader market returns over the same horizon.
  • ROCE of 12.94% is only marginally above the cost of capital for a commodity producer, leaving limited cushion if crude prices decline.
  • Earnings are inherently tied to global crude oil and natural gas prices, introducing high cyclical volatility that the low PE may not fully compensate for.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: ONGC's near-term newsflow is dominated by leadership transition and early-stage strategic moves rather than operational catalysts. The appointment of Sunil Kumar as Chairman from December 2026 brings internal continuity, while the OPML joint venture positions the group for India's growing petrochemicals market but will take years to contribute meaningfully. Governance weaknesses at subsidiary MRPL and potential capacity-driven margin pressure are watch items. The trend is stable with a modest strategic tilt toward downstream integration.

Headwinds 2
  • Governance gaps flagged Oct 08

    MRPL's board lacks required independent directors and no Audit Committee meetings were held after March 27, 2026. ONGC's own secretarial audit also flagged committee composition gaps, raising oversight concerns for related party pricing.

  • New capacity may pressure margins Oct 08

    While India's polypropylene demand is expected to grow at 7.2% CAGR to 10 million tonnes by 2030, new domestic capacity additions could pressure realisations for ONGC group's petrochemicals business.

Positives 2
  • Sunil Kumar appointed Chairman Oct 22

    The ACC approved Sunil Kumar as ONGC's new Chairman effective December 7, 2026 for a three-year tenure. Kumar is the first executive elevated directly from ED rank to the top post, selected from 19 candidates after two interview rounds.

  • OPML JV to boost petrochemicals Oct 08

    ONGC incorporated OPML on October 7 with MRPL and OPaL in a 50:25:25 equity split and ₹50 crore capital to integrate petrochemicals marketing. A 1% improvement in realisations could illustratively add ~₹130 crore to OPaL's EBITDA, about 11% of its FY26 EBITDA of ₹1,206 crore.

Neutral 2
  • IPS officer joins as ED Security Nov 01

    Deepali Masirkar, a 2008-batch IPS officer and former Director at the Election Commission of India, assumed charge as Executive Director-Chief Security on October 28, filling a vacancy after Sanjay Kumar Singh's superannuation on November 1.

  • OPML has no revenue yet Oct 08

    OPML is newly incorporated with no operating turnover or financial track record. ONGC's ₹25 crore investment represents less than 0.1% of its FY27 E&P capex guidance of ₹30,000–33,000 crore, and meaningful cash flow may take 2–3 years.

Quarterly Results

₹ Cr
ONGC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,63,824
1,47,614
1,67,357
1,72,137
1,68,968
1,59,331
1,67,213
1,67,749
1,63,106
1,57,911
1,67,423
1,73,801
2,04,987
Expenses
1,33,029
1,19,534
1,46,996
1,48,913
1,47,183
1,38,757
1,42,858
1,45,983
1,37,336
1,31,390
1,42,088
1,48,449
1,89,502
Operating Profit
30,795
28,080
20,360
23,224
21,785
20,574
24,354
21,766
25,770
26,521
25,335
25,352
15,485
OPM %
19%
19%
12%
13%
13%
13%
15%
13%
16%
17%
15%
15%
8%
Other Income
3,069
3,673
4,299
3,375
3,535
4,162
2,415
3,548
2,464
3,447
3,450
5,702
3,858
Interest
2,364
3,243
3,203
3,608
3,694
3,827
3,750
3,264
3,341
3,411
3,207
3,070
2,854
Depreciation
7,078
7,079
7,494
8,420
8,501
8,254
9,539
8,912
9,384
9,273
9,388
9,345
9,477
PBT
24,422
21,431
13,962
14,570
13,125
12,655
13,480
13,137
15,509
17,284
16,190
18,640
7,012
Tax %
27%
25%
25%
24%
26%
22%
28%
32%
26%
27%
26%
27%
7%
Net Profit
17,893
16,171
10,511
11,096
9,776
9,841
9,747
8,965
11,554
12,615
11,946
13,678
6,554
EPS (₹)
11.64
10.89
8.51
7.97
7.93
8.14
6.82
5.91
7.79
8.57
7.96
8.6
9.46

Profit & Loss

₹ Cr
ONGC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,60,923
1,24,036
2,82,506
3,22,706
4,21,624
3,96,728
3,03,849
4,91,246
6,32,291
6,01,581
6,12,064
6,08,663
7,04,123
Expenses
1,18,610
84,901
2,29,702
2,65,817
3,46,805
3,44,623
2,54,375
4,11,373
5,56,764
4,99,198
5,23,207
5,05,543
6,11,429
Operating Profit
42,312
39,135
52,804
56,889
74,819
52,105
49,473
79,874
75,527
1,02,383
88,857
1,03,120
92,694
OPM %
26%
32%
19%
18%
18%
13%
16%
16%
12%
17%
15%
17%
13%
Other Income
5,955
1,067
12,724
10,429
9,567
982
11,271
6,797
−30
14,712
13,282
14,923
16,458
Interest
2,864
3,766
3,591
4,999
5,837
7,489
5,079
5,696
7,889
13,026
14,535
13,029
12,541
Depreciation
18,033
16,384
20,219
23,112
23,704
26,635
25,538
26,883
24,557
30,440
35,206
37,391
37,484
PBT
27,370
20,052
41,718
39,208
54,846
18,962
30,126
54,091
43,051
73,629
52,398
67,623
59,127
Tax %
35%
35%
30%
34%
38%
40%
29%
9%
24%
25%
27%
26%
—
Net Profit
17,703
13,102
29,169
26,068
33,938
11,456
21,360
49,294
32,778
55,273
38,329
49,793
44,793
EPS (₹)
14.29
10.03
19.03
17.23
24.28
8.59
12.96
36.19
28.17
39.06
28.8
32.93
34.59
Div. Payout %
44%
56%
40%
38%
29%
58%
28%
29%
40%
31%
43%
22%
—

Balance Sheet

₹ Cr
ONGC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,278
4,278
6,417
6,417
6,290
6,290
6,290
6,290
6,290
6,290
6,290
6,290
Reserves
1,76,177
1,93,536
1,87,969
1,97,602
2,10,644
1,98,814
2,14,691
2,53,213
2,74,357
3,32,779
3,37,150
3,65,478
Borrowings
53,944
45,500
80,029
1,06,550
1,07,742
1,29,473
1,33,187
1,21,986
1,42,255
1,91,195
1,87,817
1,74,316
Other Liabilities
1,03,448
98,459
1,70,111
1,48,664
1,67,667
1,73,787
1,87,580
2,01,771
1,90,212
2,06,357
2,21,401
2,39,518
Total Liabilities
3,37,847
3,41,772
4,44,525
4,59,232
4,92,343
5,08,364
5,41,748
5,83,260
6,13,115
7,36,621
7,52,658
7,85,602
Fixed Assets
1,79,933
1,66,277
2,11,125
2,26,058
2,30,391
2,43,892
2,43,746
2,54,402
2,50,819
3,17,183
3,40,175
3,46,073
CWIP
63,393
57,668
59,042
61,512
69,056
83,832
1,00,309
1,06,719
1,13,945
1,18,729
1,12,614
1,16,272
Investments
4,749
33,387
70,746
67,335
66,909
56,755
60,320
66,642
78,873
1,00,862
95,617
1,01,084
Other Assets
89,771
84,440
1,03,612
1,04,328
1,25,987
1,23,884
1,37,372
1,55,496
1,69,478
1,99,847
2,04,252
2,22,173
Total Assets
3,37,847
3,41,772
4,44,525
4,59,232
4,92,343
5,08,364
5,41,748
5,83,260
6,13,115
7,36,621
7,52,658
7,85,602

Cash Flow

₹ Cr
ONGC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
33,950
46,292
45,780
56,792
61,458
70,593
47,185
78,248
84,211
98,847
90,856
1,12,719
Investing
−30,058
−38,256
−43,815
−66,798
−37,132
−53,159
−39,141
−41,197
−72,799
−57,423
−42,879
−57,419
Financing
−10,641
−8,972
−1,867
9,909
−23,324
−16,726
−8,239
−35,790
−12,916
−45,009
−47,908
−56,331
Net Cash Flow
−6,749
−935
99
−97
1,001
708
−195
1,261
−1,504
−3,586
68
−1,031
Free Cash Flow
17,053
31,199
25,445
29,061
35,697
28,735
15,147
45,158
47,758
60,965
50,143
72,219
CFO/EBITDA
102
138
105
119
103
155
111
115
132
111
118
128

Ratios

ONGC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
43
25
16
16
13
8
19
14
11
12
13
13
Inventory Days
65
105
65
56
48
46
85
90
61
87
99
119
Days Payable
175
290
51
48
41
31
51
66
46
61
64
84
Cash Conversion Cycle
−67
−161
30
24
21
23
54
39
27
38
47
48
Working Capital Days
−30
−59
−85
−61
−44
−54
−50
−24
−30
−46
−37
−37
ROCE %
13%
13%
17%
14%
19%
10%
9%
16%
14%
18%
12%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view ONGC insights

64 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.89%
  • DIIs 18.66%
  • Government 10.30%
  • FIIs 8.56%
  • Public 3.15%
  • Others 0.45%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about ONGC

What does Oil & Natural Gas Corpn Ltd do?
ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production
Where is Oil & Natural Gas Corpn Ltd (ONGC) listed?
Oil & Natural Gas Corpn Ltd trades as ONGC on the NSE and under code 500312 on the BSE.
Which sector does Oil & Natural Gas Corpn Ltd belong to?
Oil & Natural Gas Corpn Ltd is classified under the Oil & Gas sector, in the Oil Exploration & Production industry.
What is the PE ratio of Oil & Natural Gas Corpn Ltd?
Oil & Natural Gas Corpn Ltd trades at a PE ratio of 6.79 as of 4 Nov 2026, on earnings per share of ₹34.59, against a book value of ₹295.52 per share.
What is the 52-week high and low of Oil & Natural Gas Corpn Ltd?
Over the last 52 weeks Oil & Natural Gas Corpn Ltd has traded between ₹218.53 and ₹307.5 as of 4 Nov 2026.
Does Oil & Natural Gas Corpn Ltd pay dividends?
Oil & Natural Gas Corpn Ltd has a dividend yield of 5.71%.
What is the Return on Equity (ROE) of Oil & Natural Gas Corpn Ltd?
Oil & Natural Gas Corpn Ltd reported a return on equity of 11.60%. Its debt-to-equity ratio is 0.47.

Company Information

ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production

Website ongcindia.com
Listed 19 Jul 1995
Face Value ₹5

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