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ONGC

ONGC NSE

Key Fundamentals

LargecapOil Exploration & ProductionOil & Gas
Market Cap
3.0L Cr
Volatility
Moderate
P/E Ratio
6.72
EBITDA
1.2L Cr
Return on Equity
12.15%
Debt to Equity
0.47
Book Value
₹295.52
EPS
₹36.35
52W High
₹307.5
52W Low
₹227.65

Tapetide Score

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

Key Insights

Strengths

2
  • Stock is trading at 0.79 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.

Growth Rate

Revenue Growth
-0.55% higher than 3Y
Net Income Growth
29.91% higher than 3Y
Cash Flow Change
24.06% higher than 3Y
ROE
18.65% higher than 3Y
ROCE
14.41% higher than 3Y
EBITDA Margin (Avg.)
14.68% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

ONGC trades at a market cap of ₹3,00,404 Cr with a PE of 6.7x and PB of 0.80x, reflecting deep value territory relative to broader market multiples. The company offers a dividend yield of 5.58% and has delivered TTM profit growth of 21%, though its 3-year ROE of roughly 13% remains modest for a company of its scale and 3-year compounded sales growth is negative at -1%.

Bull Case 8
  • PE ratio of 6.7x is significantly below the Nifty 50 average of ~22x, indicating the stock is priced at a steep discount to the broader market
  • Trading at 0.80x book value, meaning the market values ONGC below its net asset base — unusual for a profitable, dividend-paying PSU
  • Dividend yield of 5.58% is among the highest in the Indian large-cap universe, supported by a consistent 32% payout ratio
  • TTM compounded profit growth of 21% signals a strong near-term earnings recovery trajectory
  • 5-year compounded sales CAGR of 15% and profit CAGR of 21% demonstrate solid medium-term top-line and bottom-line expansion
  • 10-year compounded sales CAGR of 17% reflects long-term revenue scaling ability despite commodity cycles
  • 5-year stock CAGR of 14% shows the market has begun re-rating the stock after years of underperformance
  • Market cap of ₹3,00,404 Cr provides deep liquidity and index weight, making it a core energy sector proxy for institutional portfolios
Bear Case 8
  • 3-year ROE averaging 13% and last year at 12% is below the 15%+ threshold typically expected from quality large-caps, indicating sub-optimal capital efficiency
  • 3-year compounded sales CAGR of -1% points to revenue stagnation over the medium term, raising questions about volume and pricing headwinds
  • 10-year stock CAGR of just 4% has dramatically underperformed the Nifty 50's ~12% CAGR over the same period, reflecting persistent value-trap risk
  • As a government-controlled entity, ONGC is subject to subsidy-sharing burdens, policy-driven pricing, and politically influenced capital allocation that can erode shareholder returns
  • 3-year compounded profit CAGR of only 1% suggests earnings growth has been lumpy and heavily dependent on commodity price swings rather than operational improvement
  • 1-year stock CAGR of just 2% shows recent momentum has stalled despite a 21% TTM profit surge, implying the market is sceptical about earnings sustainability
  • Global energy transition towards renewables and EVs poses a structural long-term demand risk for upstream oil and gas producers like ONGC
  • Earnings are tightly linked to Brent crude prices, which remain volatile — a sustained drop below USD 65/bbl could compress margins and free cash flow materially

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 4
  • Crude production declined 6% YoY Sep 12

    ONGC's crude production fell 6% to 4.95 million tonnes in Q1 FY27, while gas output declined 2% YoY. Overall production dropped 3.9% to 9.8 MMT during the quarter.

  • ESG rating dispute signals risk Sep 10

    ONGC challenged an 'Inadequate' ESG score of 44 from ESGRisk.ai, which cited safety and governance incidents, raising reputational and compliance concerns.

  • BSE/NSE fines for board gaps Aug 26

    ONGC was fined ₹14.31 lakh each by BSE and NSE for Q2 FY27 board composition non-compliance, attributed to delays in government appointment processes.

  • OMC margin pressure above $100 crude Sep 12

    Indian crude basket hit $115.98/bbl on Sep 9 with September average at $104.09, creating negative marketing margins for downstream subsidiaries HPCL and MRPL, raising working capital and inventory loss risks for the ONGC group.

Positives 8
  • Q1 FY27 PAT more than doubled Aug 16

    Standalone net profit surged 112% YoY to ₹17,034 crore in Q1 FY27, beating the Street estimate of ₹13,787 crore. EBITDAX jumped 61% YoY to ₹29,250 crore with EBITDA margin expanding to 61%.

  • Venezuela OFAC license unlocks $500M+ Aug 16

    ONGC Videsh received US OFAC approval in July 2026 to resume Venezuelan operations, enabling recovery of $500-600M in stuck dividends and plans to double San Cristobal output from 12,000-15,000 to 30,000 bpd within a year.

  • Brent above $100 boosts realisations Sep 12

    ONGC's crude realisation reached $99.45/bbl with Brent sustained above $100, directly benefiting upstream revenue. Shares gained alongside the crude rally.

  • Motilal Oswal Buy, ₹290 target Aug 19

    Motilal Oswal maintained Buy with ₹290 target (21% upside from ₹240), citing 6.9% forward dividend yield at a 3-year high and inexpensive valuations implying only $65/bbl Brent.

  • CLSA High-Conviction Outperform, ₹405 target Sep 12

    CLSA maintains a High-Conviction Outperform rating on ONGC with a ₹405 target price, though J.P. Morgan remains cautious with a Neutral rating and ₹230 target.

  • Gas facility commissioned in Assam Aug 18

    ONGC commissioned gas evacuation at Khoraghat GGS-1, monetising nearly 1 lakh SCM/day of previously flared gas through the North East Gas Grid, with additional hook-ups planned at Jantapathar and Kasomarigaon.

  • L&T ₹2,500-5,000 Cr offshore order Sep 9

    L&T secured a large EPCIC order from ONGC for the Ratna-I and NLM-14 offshore development, involving three new wellhead platforms and one riser platform, reinforcing ONGC's ₹33,000 crore Western Offshore investment pipeline.

  • ₹84,084 Cr deepwater exploration approved Aug 18

    Union Cabinet approved the Samudra Manthan exploration scheme on August 1, 2026, targeting aggressive deepwater development through FY 2030-31 with 87 deepwater wells planned by 2030-31 at ₹1 lakh crore total investment.

Neutral 5
  • Chairman selection: 7 shortlisted Sep 6

    Seven candidates shortlisted for ONGC chairman role with Oil India CMD Ranjit Rath seen as frontrunner. Current chairman Singh's extended tenure ends December 7, 2026.

  • Venezuela team on-ground assessment Aug 31

    A dozen OVL officials began a 7-day Venezuela visit to inspect oil fields and negotiate fiscal terms. Framework agreement expected within 3 months, with operatorship transfer from PDVSA being pursued.

  • Chairman on $60-90 crude preparedness Sep 1

    ONGC Chairman Singh stated the company is prepared for $60-90/bbl crude with a balanced 60% E&P and 40% non-E&P portfolio. Plans include 10 GW renewable capacity by 2030 and a global oil trading JV by year-end.

  • Two Executive Directors retire Sep 1

    Executive Directors Ajay Kumar Sharma and Pradeep Kumar Goel superannuated effective September 1, 2026.

  • AGM and board appointment Aug 20

    ONGC held its 33rd AGM on August 31 and issued an addendum seeking approval for Dr. Archna Thakur as Independent Director.

TL;DR: ONGC is delivering strong earnings with Q1 FY27 PAT doubling to ₹17,034 crore on crude above $100/bbl and EBITDA margins at 61%, while the Venezuela OFAC license opens a significant growth runway with $500M+ dividend recovery and production doubling potential. Key risks include a 6% decline in domestic crude production, margin pressure on downstream subsidiaries HPCL/MRPL from elevated crude prices, and leadership transition uncertainty with chairman selection underway. The near-term trend is positive driven by high crude realisations and analyst upgrades (CLSA ₹405, Motilal ₹290), but sustaining this depends on reversing production declines under the Sankalp 50 plan and successfully executing the Venezuela operatorship transfer.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
102
138
105
119
103
155
111
115
132
111
118
128
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Public3.07%Others0.43%Promot.58.89%FIIs8.01%Govt.10.30%DIIs19.31%As ofJun 2026

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 market capitalisation of Oil & Natural Gas Corpn Ltd?
Oil & Natural Gas Corpn Ltd has a market capitalisation of ₹3,00,404 Cr, which places it in the Large Cap band.
What is the PE ratio of Oil & Natural Gas Corpn Ltd?
Oil & Natural Gas Corpn Ltd trades at a PE ratio of 6.72, on earnings per share of ₹36.35, 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 ₹227.65 and ₹307.5.
Does Oil & Natural Gas Corpn Ltd pay dividends?
Oil & Natural Gas Corpn Ltd has a dividend yield of 5.58%.
What is the Return on Equity (ROE) of Oil & Natural Gas Corpn Ltd?
Oil & Natural Gas Corpn Ltd reported a return on equity of 12.15%. 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 1995-07-19
Face Value ₹ 5
Issued Size 12,58,02,79,206

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