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Oil & Natural Gas Corp. Ltd.
(ONGC)
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Rating:69Neutral
Price Target:
₹254.00
▲(9.06% Upside)
Action:Reiterated
Date:08/28/26
The score is primarily supported by solid financial performance (improving FY2026 profitability and strong cash generation) and very favorable valuation (low P/E and high dividend yield). These positives are tempered by weak technicals—price below major moving averages with negative MACD—despite oversold RSI/Stoch conditions.
Positive Factors
Scale and Revenue Growth
The sharp FY2026 revenue increase, combined with ONGC’s very large operating scale, supports stronger earnings capacity and spreads fixed costs across a broad production platform. Sustained volume and development execution remain important to turn this growth into durable expansion.
Negative Factors
Commodity-Driven Earnings Volatility
The decline and variability in net margins show that profitability remains sensitive to commodity prices, realization mechanisms, taxes, and cost swings. This reduces earnings predictability and can make long-term planning and shareholder distributions less consistent.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and Revenue Growth
The sharp FY2026 revenue increase, combined with ONGC’s very large operating scale, supports stronger earnings capacity and spreads fixed costs across a broad production platform. Sustained volume and development execution remain important to turn this growth into durable expansion.
Read all positive factors
Oil & Natural Gas Corp. Ltd. (ONGC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.95T
Dividend Yield5.65%
Average Volume (3M)794.05K
Price to Earnings (P/E)6.8
Beta (1Y)0.60
Revenue Growth6.95%
EPS Growth20.82%
CountryIN
Employees23,117
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)32.93
Shares Outstanding12,580,279,000
10 Day Avg. Volume761,099
30 Day Avg. Volume794,052
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)0.96
Price to Sales (P/S)0.54
P/FCF Ratio5.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹290.00Price Target Upside24.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)41.68
Revenue Forecast (FY)₹8.09T
Oil & Natural Gas Corp. Ltd. Business Overview & Revenue Model
Company Description
Oil and Natural Gas Corporation Limited (ONGC) operates globally in the exploration, development, and extraction of crude oil and natural gas. Its operations are divided into two main segments: Exploration and Production, and Refining & Marketing....
How the Company Makes Money
ONGC primarily makes money by discovering, developing, and producing hydrocarbons and selling them into the market. Its main revenue streams are: (1) Sale of crude oil: ONGC produces crude oil from onshore and offshore fields and earns revenue by ...
Oil & Natural Gas Corp. Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.62T | 6.63T | 6.02T | 6.32T | 4.91T |
| Gross Profit | 2.15T | 1.15T | 1.26T | 1.05T | 1.01T |
| EBITDA | 1.18T | 856.92B | 991.27B | 790.82B | 770.42B |
| Net Income | 414.24B | 362.26B | 491.44B | 367.09B | 455.22B |
Balance Sheet | |||||
| Total Assets | 7.92T | 7.59T | 7.10T | 6.18T | 5.85T |
| Cash, Cash Equivalents and Short-Term Investments | 352.86B | 304.30B | 471.93B | 371.09B | 124.27B |
| Total Debt | 1.74T | 1.88T | 1.61T | 1.50T | 1.30T |
| Total Liabilities | 3.82T | 3.84T | 3.45T | 3.15T | 3.02T |
| Stockholders Equity | 3.72T | 3.43T | 3.37T | 2.83T | 2.60T |
Cash Flow | |||||
| Free Cash Flow | 715.83B | 351.92B | 473.61B | 351.32B | 337.22B |
| Operating Cash Flow | 1.13T | 908.68B | 992.63B | 860.62B | 782.48B |
| Investing Cash Flow | -677.91B | -430.22B | -572.67B | -750.95B | -413.30B |
| Financing Cash Flow | -463.61B | -479.08B | -456.50B | -128.76B | -357.90B |
Oil & Natural Gas Corp. Ltd. Technical Analysis
Negative
232.90
Price Trends
239.42
Negative
256.61
Negative
254.51
Negative
Market Momentum
-1.87
Negative
44.14
Neutral
56.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ONGC, the sentiment is Negative. The current price of 232.9 is below the 20-day moving average (MA) of 235.59, below the 50-day MA of 239.42, and below the 200-day MA of 254.51, indicating a bearish trend. The MACD of -1.87 indicates Negative momentum. The RSI at 44.14 is Neutral, neither overbought nor oversold. The STOCH value of 56.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ONGC.
Oil & Natural Gas Corp. Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹1.37T | 7.87 | ― | 7.13% | 12.33% | -1.17% | |
70 Outperform | ₹1.94T | 5.63 | ― | 6.01% | 13.47% | 99.32% | |
69 Neutral | ₹2.95T | 6.78 | ― | 5.65% | 6.95% | 20.82% | |
66 Neutral | ₹794.27B | 9.51 | ― | 2.36% | 20.37% | 27.31% | |
65 Neutral | ₹1.14T | 11.54 | ― | 3.16% | 3.52% | -15.10% | |
62 Neutral | ₹17.89T | 23.94 | ― | 0.45% | 15.00% | -8.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ONGC
Oil & Natural Gas Corp. Ltd.
234.85
14.16
6.42%
IN:BPCL
Bharat Petroleum Corporation Limited
315.70
14.36
4.77%
IN:GAIL
GAIL (India) Limited
173.30
6.74
4.05%
IN:IOC
Indian Oil Corp. Ltd.
137.30
3.44
2.57%
IN:OIL
Oil India Limited
488.30
105.70
27.63%
IN:RELIANCE
Reliance Industries Limited
1,322.00
-50.51
-3.68%
Oil & Natural Gas Corp. Ltd. Corporate Events
ONGC Fined by Stock Exchanges for Board and Committee Non-Compliance
Aug 26, 2026
Oil Natural Gas Corporation Limited has disclosed that both BSE and the National Stock Exchange have levied fines of ₹14.31 lakh each for non-compliance with multiple SEBI (LODR) provisions related to board composition, board meeting quorum...
ONGC Adds Independent Director Archna Thakur to Board
Aug 13, 2026
Oil Natural Gas Corporation Limited has appointed Dr. Archna Thakur as a non-official independent director on its board, following approval from India’s Ministry of Petroleum and Natural Gas. The appointment is initially as an additional in...
ONGC Issues Administrative Corrigendum on Director (Finance) Appointment
Jun 3, 2026
Oil Natural Gas Corporation Limited issued a clarification regarding its same-day announcement on the appointment of Anupam Agarwal as Director (Finance). The company stated that the Ministry of Petroleum and Natural Gas has corrected the referen...
ONGC Announces Executive Director-Level Changes Ahead of 2026
Jun 1, 2026
Oil Natural Gas Corporation Limited has announced a change in senior management at the executive director level, effective June 1, 2026. Three executive directors, K. N. Ramesh, M. Porcia and Deep Chandra Pant, have exited the company’s top...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.