ONGC logo

ONGC

ONGC NSE

Key Fundamentals

LargecapOil Exploration & ProductionOil & Gas
Market Cap
2.8L Cr
Volatility
Moderate
P/E Ratio
6.43
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
₹223.6

Tapetide Score

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

Key Insights

Strengths

2
  • Stock is trading at 0.75 times its book value
  • Company has been maintaining a healthy dividend payout of 32.0%

Weaknesses

2
  • Company has a low return on equity of 12.7% over last 3 years.
  • Contingent liabilities of Rs.84,142 Cr.

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

5d ago
AI opinion · based on fundamentals
Risk medium

ONGC has a market capitalisation of about ₹2,97,649 crore and trades at a P/E of 6.7x, a P/B of 0.81x and a dividend yield of 5.54%, so the stock is priced below its book value. Profit grew 21% over the trailing twelve months and at a 21% CAGR over five years. Over three years, however, sales CAGR was -1% and profit CAGR was 1%, and return on equity has stayed between 12% and 14% across all periods reviewed.

Bull Case 8
  • The stock trades at 0.81x book value, meaning the market values the company below the accounting value of its net assets.
  • A dividend yield of 5.54% with a payout ratio of 32% suggests the dividend is paid from earnings and leaves room for reinvestment.
  • A trailing P/E of 6.7x is a low earnings multiple relative to the broader Indian equity market.
  • TTM profit growth of 21% matches the 5-year profit CAGR of 21%, showing a recent earnings recovery after a flat 3-year stretch.
  • Long-term revenue growth has been solid, with a 10-year sales CAGR of 17% and a 5-year sales CAGR of 15%.
  • TTM sales growth of 7% is an improvement on the 3-year sales CAGR of -1%, which may point to stabilising top-line momentum.
  • ROE has been steady within a narrow 12-14% band across 1, 3, 5 and 10-year periods (10-year: 13%, 5-year: 14%), which points to predictable capital efficiency.
  • With a market cap of about ₹2,97,649 crore, ONGC is one of India's largest energy companies, which gives it scale and access to capital.
Bear Case 8
  • Sales CAGR over three years is -1%, meaning revenue has effectively shrunk over the medium term.
  • Profit CAGR over three years is only 1%, showing flat earnings for a sustained stretch despite the recent TTM jump.
  • Return on equity averaged 12.7% over three years, which is modest for a capital-intensive upstream business.
  • Last-year ROE of 12% is below the 5-year average of 14%, a slight downward drift in returns.
  • Shareholder price returns have been weak over long periods: the 10-year stock CAGR is 3% and the 1-year return is -1%.
  • The 10-year profit CAGR of 9% trails the 10-year sales CAGR of 17%, which suggests margin pressure or rising costs over the decade.
  • The swing from a 21% TTM profit rise to 1% profit CAGR over three years shows that earnings are volatile and exposed to commodity prices, so the low 6.7x P/E may reflect cyclical risk rather than undervaluation.
  • Key balance-sheet data is missing from the inputs: debt-to-equity, current ROCE and the 52-week price range are all null or 0, which limits a full assessment of leverage.

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

AI News Digest

23h ago
Headwinds 4
  • Crude and gas output falling Sep 12

    ONGC's Q1 FY27 crude output fell 6% YoY to 4.95 million tonnes and gas output fell 2% YoY. Over the same quarter, Oil India's crude output grew 11%. ONGC's Western Offshore fields, which supply about 60% of its oil and 70% of its gas, are declining at an estimated 6-8% a year.

  • Low ESG scores, ONGC disputes Sep 18

    ONGC challenged a Crisil ESG score of 57 on Sep 18, citing factual errors in director attendance data. On Sep 10 it disputed an 'Inadequate' score of 44 from ESGRisk.ai, which pointed to safety and governance incidents.

  • Chairman succession may face challenge Sep 6

    Seven candidates, including frontrunner Ranjit Rath, the 54-year-old CMD of Oil India, are on the shortlist to replace Arun Kumar Singh, whose extended term ends Dec 7, 2026. One candidate, Rajarshi Gupta, will be about 59 years and 5 months old on that date, which breaks the 59-year age cap and could lead to a legal challenge if he is appointed.

  • Mahanadi capex and reserves unclear Sep 22

    ONGC says it is 'too premature' to estimate development capex, which one analysis puts at USD 850 million to 1.5 billion. Three more appraisal wells are needed to confirm reserves of possibly 1-2 tcf, and first gas is only targeted for FY30-31.

Positives 4
  • Mahanadi deepwater gas discovery Sep 21

    On Sep 18, well MN-DW18-1-H-D, about 43 km off Konark, struck gas at 1,441-1,452 m and has tested close to 2.25 mmscmd with steady reservoir pressure. ONGC estimates the basin holds about 600 MMTOE of resources, and 2-3 more wells are lined up in the campaign.

  • $100+ crude lifts earnings Sep 12

    ONGC's crude realisation reached $99.45/bbl and Q1 FY27 standalone PAT more than doubled to ₹17,034 crore from ₹8,034 crore. CLSA rates the stock High-Conviction Outperform with a ₹405 target, while J.P. Morgan is Neutral with a ₹230 target.

  • Govt co-funds deepwater drilling Sep 21

    The ₹84,084 crore Samudra Manthan scheme pays up to 50% of each deepwater well's cost, capped at ₹675 crore per well, and supports shared offshore infrastructure until FY31. ONGC plans to drill 60 deepwater wells under the scheme.

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

    ONGC awarded L&T an EPCIC contract for the ADR-I and NLM-14 projects, covering 3 well-head platforms, 1 riser platform and subsea pipelines. The contract is part of ONGC's roughly ₹33,000 crore of Western Offshore projects meant to hold up production.

Neutral 3
  • Nettem named Director (Production) Sep 21

    The Petroleum Ministry approved Bhaskar Chowdary Nettem's appointment as Director (Production), effective Sep 21, 2026.

  • Four Executive Directors retire Oct 1

    Saket Gupta, Ravi Shankar, Vinod Kumar Chaudhary and Kaustav Nag retired on Oct 1, 2026. ONGC disclosed this under SEBI LODR Regulation 30.

  • FY27 cost auditors appointed Sep 17

    On Sep 17, ONGC's board appointed Chandra Wadhwa & Co, Ramanath Iyer & Co and R Nanabhoy & Co as cost auditors for FY27.

TL;DR: ONGC is earning strongly from crude above $100, with Q1 FY27 PAT more than doubling to ₹17,034 crore, and the Mahanadi deepwater gas find strengthens its exploration story with government co-funding behind it. The main risks are structural: crude output fell 6% and gas fell 2% YoY, ESG scores are weak, and leadership is turning over as the Dec 7 chairman change nears. The near-term picture is improving on price and exploration news, but the stock's longer-term direction depends on Mahanadi appraisal results and whether ONGC can halt its production decline.

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

Log in to view ONGC insights

64 extracted metrics + investor summaries across FY11–FY27.

Log in — free

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 ₹2,80,704 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 6.43, 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 ₹223.6 and ₹307.5.
Does Oil & Natural Gas Corpn Ltd pay dividends?
Oil & Natural Gas Corpn Ltd has a dividend yield of 5.87%.
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

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ONGC.md for Oil & Natural Gas Corpn Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Oil & Gas → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List