Oil & Natural Gas Corp. Ltd. (IN:ONGC)
:ONGC
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Oil & Natural Gas Corp. Ltd.
(ONGC)
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Rating:72Outperform
Price Target:
₹313.00
▲(29.61% Upside)
Action:ReiteratedDate:09/18/25
Oil & Natural Gas Corp. Ltd. scores well due to its strong valuation metrics, with an attractive P/E ratio and high dividend yield. Financial performance is solid, though cash flow challenges and technical indicators suggest caution. The absence of earnings call data and corporate events limits additional insights.
Positive Factors
Revenue Growth Trend
A 12.13% year-over-year revenue increase and consistent multi-year rise indicate durable demand and production momentum in ONGC's upstream portfolio. Sustained top-line growth supports reinvestment, long-term project funding and resilience through commodity cycles.
Negative Factors
Free Cash Flow Decline
Negative free cash flow growth and a falling FCF-to-net-income ratio indicate rising capex or higher working capital needs. Persistently weak FCF constrains discretionary investments, debt reduction and stable shareholder payouts, limiting strategic flexibility over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Trend
A 12.13% year-over-year revenue increase and consistent multi-year rise indicate durable demand and production momentum in ONGC's upstream portfolio. Sustained top-line growth supports reinvestment, long-term project funding and resilience through commodity cycles.
Read all positive factors
Oil & Natural Gas Corp. Ltd. (ONGC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.55T
Dividend Yield5.21%
Average Volume (3M)572.51K
Price to Earnings (P/E)7.5
Beta (1Y)0.92
Revenue Growth0.10%
EPS Growth-10.18%
CountryIN
Employees25,847
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)7.96
Shares Outstanding12,580,279,000
10 Day Avg. Volume449,677
30 Day Avg. Volume572,506
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)0.91
Price to Sales (P/S)0.47
P/FCF Ratio8.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹343.33Price Target Upside42.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)33.56
Revenue Forecast (FY)₹6.29T
Oil & Natural Gas Corp. Ltd. Business Overview & Revenue Model
Company Description
Oil and Natural Gas Corporation Limited explores for, develops, and produces crude oil and natural gas in India and internationally. It operates through two segments, Exploration and Production, and Refining & Marketing. The company also engages i...
How the Company Makes Money
ONGC primarily earns revenue from the upstream oil and gas value chain, with its core income driven by the sale of crude oil and natural gas produced from its fields. Key revenue streams include: (1) Crude oil sales: ONGC sells produced crude oil ...
Oil & Natural Gas Corp. Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.58T | 6.63T | 6.02T | 6.32T | 4.91T | 3.04T |
| Gross Profit | 1.17T | 1.15T | 1.26T | 1.05T | 1.01T | 657.26B |
| EBITDA | 975.47B | 856.92B | 991.27B | 790.82B | 770.42B | 542.51B |
| Net Income | 365.33B | 362.26B | 491.44B | 367.09B | 455.22B | 163.04B |
Balance Sheet | ||||||
| Total Assets | 7.81T | 7.59T | 7.10T | 6.18T | 5.85T | 5.43T |
| Cash, Cash Equivalents and Short-Term Investments | 587.31B | 304.30B | 471.93B | 371.09B | 124.27B | 132.82B |
| Total Debt | 1.76T | 1.88T | 1.61T | 1.50T | 1.30T | 1.41T |
| Total Liabilities | 3.80T | 3.84T | 3.45T | 3.15T | 3.02T | 3.01T |
| Stockholders Equity | 3.68T | 3.43T | 3.37T | 2.83T | 2.60T | 2.21T |
Cash Flow | ||||||
| Free Cash Flow | 354.57B | 351.92B | 473.61B | 351.32B | 337.22B | 42.01B |
| Operating Cash Flow | 607.87B | 908.68B | 992.63B | 860.62B | 782.48B | 471.85B |
| Investing Cash Flow | -338.30B | -430.22B | -572.67B | -750.95B | -413.30B | -390.92B |
| Financing Cash Flow | -195.58B | -479.08B | -456.50B | -128.76B | -357.90B | -82.39B |
Oil & Natural Gas Corp. Ltd. Technical Analysis
Positive
241.50
Price Trends
263.33
Positive
249.40
Positive
239.70
Positive
Market Momentum
1.65
Negative
64.49
Neutral
77.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ONGC, the sentiment is Positive. The current price of 241.5 is below the 20-day moving average (MA) of 271.57, below the 50-day MA of 263.33, and above the 200-day MA of 239.70, indicating a bullish trend. The MACD of 1.65 indicates Negative momentum. The RSI at 64.49 is Neutral, neither overbought nor oversold. The STOCH value of 77.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ONGC.
Oil & Natural Gas Corp. Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹901.77B | 16.11 | ― | 4.39% | 5.91% | -5.42% | |
76 Outperform | ₹1.23T | 5.71 | ― | 4.73% | -1.35% | 61.80% | |
74 Outperform | ₹777.93B | 14.43 | ― | 2.94% | -1.94% | -28.79% | |
72 Outperform | ₹3.55T | 7.55 | ― | 5.21% | 0.10% | -10.18% | |
68 Neutral | ₹1.95T | 4.41 | ― | 4.90% | -0.93% | 42.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | ₹725.06B | 6.62 | ― | 3.26% | -1.81% | 231.75% |
* Energy Sector Average
IN:ONGC
Oil & Natural Gas Corp. Ltd.
281.95
48.20
20.62%
IN:BPCL
Bharat Petroleum Corporation Limited
282.55
21.21
8.11%
IN:GAIL
GAIL (India) Limited
137.15
-39.06
-22.17%
IN:HINDPETRO
Hindustan Petroleum Corporation Limited
340.75
-7.98
-2.29%
IN:IOC
Indian Oil Corp. Ltd.
137.75
17.93
14.97%
IN:OIL
Oil India Limited
478.25
102.18
27.17%
Oil & Natural Gas Corp. Ltd. Corporate Events
ONGC Starts Gas Monetisation at $1 Billion Daman Upside Offshore Project
Mar 29, 2026
Oil Natural Gas Corporation Limited has achieved first gas monetisation from its Daman Upside Development Project (DUDP) in the western offshore basin, about 180 km northwest of Mumbai and 80 km south of Pipavav, Gujarat. The roughly USD 1 billio...
ONGC Says Unusual Share Volumes Reflect Market Forces Amid Global Oil Price Turmoil
Mar 4, 2026
Oil Natural Gas Corporation Limited has clarified to the stock exchanges that it has already made all required disclosures under SEBI’s Listing Obligations and Disclosure Requirements and has no undisclosed information that could explain re...
ONGC Assigns Interim Charge of Strategy & Corporate Affairs to Vikram Saxena
Mar 3, 2026
Oil Natural Gas Corporation Limited has announced a leadership change in its strategy function, with the Ministry of Petroleum and Natural Gas assigning additional charge of Director (Strategy Corporate Affairs) to Vikram Saxena, currently Direc...
ONGC Announces Superannuation of Director for Strategy and Corporate Affairs
Mar 1, 2026
Oil Natural Gas Corporation Limited has announced that Arunangshu Sarkar has ceased to serve as Director, Strategy Corporate Affairs, effective 1 March 2026, after reaching the age of superannuation. The change, disclosed under Indian listing re...
ONGC Announces Senior Management Change with Executive Director’s Superannuation
Mar 1, 2026
Oil Natural Gas Corporation Limited has announced a change in its senior management ranks, with Executive Director Sanjay Kumar Mazumder retiring from his position effective 1 March 2026. The superannuation of a one-level-below-board executive re...
ONGC JVs Order Ethane Carriers from Samsung Heavy to Secure Feedstock Shipping
Jan 27, 2026
ONGC, through its joint ventures with Japan’s Mitsui O.S.K. Lines, has signed shipbuilding contracts with Samsung Heavy Industries in South Korea to construct two Indian-flag Very Large Ethane Carriers, each with a cargo capacity of 100,000 ...
ONGC Strengthens Top Ranks With Appointment of Two New Executive Directors
Jan 20, 2026
Oil Natural Gas Corporation Ltd. has announced changes in its senior management, appointing two seasoned executives, Ashish Bhatnagar and Debasish Mukherjee, as Executive Directors effective 20 January 2026. Both bring more than three decades of ...
ONGC Bolsters Top Ranks With Four New Executive Directors
Jan 19, 2026
Oil Natural Gas Corporation Limited (ONGC) has announced the appointment of four executives to the position of Executive Director, a level immediately below the Board, effective 19 January 2026. The newly appointed Executive Directors are Balraj ...
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.