Oil & Natural Gas Corp. Ltd. (IN:ONGC)
:ONGC
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Oil & Natural Gas Corp. Ltd.
(ONGC)
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Rating:69Neutral
Price Target:
₹270.00
▲(11.80% Upside)
Action:Downgraded
Date:05/28/26
The score is driven primarily by solid financial performance (scale, improved FY2026 profitability, and strong FY2026 cash generation) and supportive valuation (low P/E and high dividend yield). This is tempered by weaker near-term technical momentum, with the stock trading below key short-term moving averages and subdued RSI/Stoch readings.
Positive Factors
Scale & integrated business model
ONGC's large integrated footprint and a pronounced FY2026 revenue jump with better gross and EBITDA margins indicate durable operating scale. Scale supports cost absorption, upstream/downstream synergies and competitive positioning, enabling sustained cash flow generation and reinvestment over cycles.
Negative Factors
Earnings volatility due to commodity sensitivity
ONGC's profitability is materially exposed to oil and gas price swings and realization mechanics, causing net margins to fluctuate. This structural commodity dependence undermines earnings predictability, complicates long-term planning for capex, dividends and value-accretive investments across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & integrated business model
ONGC's large integrated footprint and a pronounced FY2026 revenue jump with better gross and EBITDA margins indicate durable operating scale. Scale supports cost absorption, upstream/downstream synergies and competitive positioning, enabling sustained cash flow generation and reinvestment over cycles.
Read all positive factors
Oil & Natural Gas Corp. Ltd. (ONGC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.09T
Dividend Yield5.21%
Average Volume (3M)572.51K
Price to Earnings (P/E)7.5
Beta (1Y)0.70
Revenue Growth0.07%
EPS Growth14.58%
CountryIN
Employees25,847
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)29.04
Shares Outstanding12,580,279,000
10 Day Avg. Volume449,677
30 Day Avg. Volume572,506
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
₹311.25Price Target Upside28.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)42.45
Revenue Forecast (FY)₹7.99T
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.58T | 6.62T | 6.63T | 6.02T | 6.32T | 4.91T |
| Gross Profit | 1.17T | 2.15T | 1.15T | 1.26T | 1.05T | 1.01T |
| EBITDA | 975.47B | 1.18T | 856.92B | 991.27B | 790.82B | 770.42B |
| Net Income | 365.33B | 414.24B | 362.26B | 491.44B | 367.09B | 455.22B |
Balance Sheet | ||||||
| Total Assets | 7.81T | 7.92T | 7.59T | 7.10T | 6.18T | 5.85T |
| Cash, Cash Equivalents and Short-Term Investments | 587.31B | 352.86B | 304.30B | 471.93B | 371.09B | 124.27B |
| Total Debt | 1.76T | 1.74T | 1.88T | 1.61T | 1.50T | 1.30T |
| Total Liabilities | 3.80T | 3.82T | 3.84T | 3.45T | 3.15T | 3.02T |
| Stockholders Equity | 3.68T | 3.72T | 3.43T | 3.37T | 2.83T | 2.60T |
Cash Flow | ||||||
| Free Cash Flow | 354.57B | 715.83B | 351.92B | 473.61B | 351.32B | 337.22B |
| Operating Cash Flow | 607.87B | 1.13T | 908.68B | 992.63B | 860.62B | 782.48B |
| Investing Cash Flow | -338.30B | -677.91B | -430.22B | -572.67B | -750.95B | -413.30B |
| Financing Cash Flow | -195.58B | -463.61B | -479.08B | -456.50B | -128.76B | -357.90B |
Oil & Natural Gas Corp. Ltd. Technical Analysis
Negative
241.50
Price Trends
278.67
Negative
273.34
Negative
253.24
Negative
Market Momentum
-10.54
Positive
28.93
Positive
10.93
Positive
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 241.5 is below the 20-day moving average (MA) of 261.73, below the 50-day MA of 278.67, and below the 200-day MA of 253.24, indicating a bearish trend. The MACD of -10.54 indicates Positive momentum. The RSI at 28.93 is Positive, neither overbought nor oversold. The STOCH value of 10.93 is Positive, 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 (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹2.06T | 4.78 | ― | 4.90% | 3.47% | 209.60% | |
69 Neutral | ₹3.09T | 7.45 | ― | 5.21% | 0.07% | 14.58% | |
68 Neutral | ₹1.37T | 5.23 | ― | 4.73% | 3.40% | 93.77% | |
66 Neutral | ₹684.23B | 10.33 | ― | 2.94% | 4.41% | 1.06% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ₹1.16T | 15.29 | ― | 4.39% | -0.22% | -39.09% | |
59 Neutral | ₹17.97T | 22.25 | ― | 0.35% | 9.59% | 15.97% |
* Energy Sector Average
IN:ONGC
Oil & Natural Gas Corp. Ltd.
246.20
7.28
3.05%
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Bharat Petroleum Corporation Limited
306.40
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IN:GAIL
GAIL (India) Limited
173.85
-1.44
-0.82%
IN:IOC
Indian Oil Corp. Ltd.
143.45
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10.31%
IN:OIL
Oil India Limited
418.05
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-7.55%
IN:RELIANCE
Reliance Industries Limited
1,309.35
-142.76
-9.83%
Oil & Natural Gas Corp. Ltd. Corporate Events
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...
ONGC Finance Director and CFO Vivek Tongaonkar Retires on Superannuation
May 1, 2026
Oil Natural Gas Corporation Limited announced that Vivek Chandrakant Tongaonkar has ceased to serve as Director (Finance) and Chief Financial Officer of the company, effective May 1, 2026, upon attaining the age of superannuation. The change in t...
ONGC Finance Chief Vivek Tongaonkar Retires on Superannuation
May 1, 2026
Oil Natural Gas Corporation Limited has announced that Vivek Chandrakant Tongaonkar has ceased to serve as Director (Finance) and Chief Financial Officer of the company effective May 1, 2026, upon reaching the age of superannuation. The leadershi...
ONGC Announces Senior Management Changes Following Superannuation
May 1, 2026
Oil Natural Gas Corporation Limited has announced changes in its senior management one level below the board, effective 1 May 2026. Executive Directors Rajan Asthana and Shibu Augustine Manuel have left their roles due to superannuation.The depar...
ONGC Board Clears New CFO, Petrochem JV and Gas Grid Investments
Apr 25, 2026
Oil Natural Gas Corporation Limited’s board has appointed Shri Yogish Nayak S. as Chief Financial Officer and key managerial personnel, effective May 1, 2026, strengthening its senior financial leadership. The move signals a continued focus...
ONGC appoints new CFO, backs petrochem JV and gas grid expansion
Apr 25, 2026
Oil Natural Gas Corporation has appointed Yogish Nayak S. as chief financial officer and key managerial personnel, effective 1 May 2026, strengthening its senior financial leadership. The move signals management continuity at a time when the stat...
ONGC Faces AP Pollution Board Stop-Production Order After Mori-5 Well Blowout
Apr 25, 2026
Oil Natural Gas Corporation Ltd. has disclosed that the Andhra Pradesh Pollution Control Board issued a stop production order for its Mori-5 well after a January 5 blowout and fire at the site, which is operated under a production enhancement con...
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...
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.