Oil & Natural Gas Corporation Ltd.

•

ongcindia.comBSE: 500312NSE: ONGC

Market Cap₹ 2,92,554 Cr.

Current Price

High / Low₹ 308 / 228

Stock P/E7.0

Book Value₹ 277

Price to Book1.08

Dividend Yield5.70 %

ROCE14.1 %

ROE10.2 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Offshore: 69.7% • Onshore: 30.3%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company has delivered good profit growth of 23.9% CAGR over last 5 years
Company is almost debt free
Latest quarter profit grew 112.3% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.90x)
Company has been maintaining a healthy dividend payout of 50.7%

CONS

A large part of profit comes from other income (62.8% of PBT)
Receivables are growing faster than sales - a possible quality concern
Operating margins have contracted to 34.3% from 52.0%
Growth is decelerating - 3Y profit CAGR (-6.4%) trails the 5Y trend (23.9%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsCrude OilOil Exploration

Part ofNIFTY 50 NIFTY CPSE NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT

S.No.	Name
1.	ONGC	232.55	6.72	292554.39	5.70	6554.44	-43.27	204987.35	25.68	15.96	7.85
2.	OIL	488.25	9.51	79419.13	2.36	4026.83	-80.32	12886.27	47.27	12.43	46.35
3.	DEEPINDS	774.70	24.01	4958.08	0.32	89.15	44.48	278.92	39.81	7.44	38.77
4.	ANTELOPUS	1139.35	30.19	4006.22	0.00	543.20	4741.35	1310.40	2488.19	22.91	70.18
5.	ASIANENE	534.55	45.18	2600.44	0.23	12.76	126.51	271.19	135.06	16.63	8.09
6.	DOLPHIN	649.90	36.10	2599.90	0.00	148.14	1207.16	428.46	2505.73	14.92	59.07
7.	HINDOILEXP	185.25	97.57	2449.81	0.00	6.24	-85.79	114.18	45.17	12.33	4.82
8.	JINDRILL	633.55	9.58	1836.10	0.16	47.14	-28.69	275.39	8.38	15.30	35.72
9.	GNRL	104.05	82.65	1596.15	0.00	11.35	488.84	5.72	70.36	-0.56	202.01
10.	AAKASH	9.10	18.18	92.14	0.00	0.26	-36.86	23.35	7.11	5.39	9.38

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33,814	35,163	34,788	34,637	35,266	33,881	33,717	34,982	32,003	33,031	31,547	35,928	46,460
	15,377	18,010	19,454	18,731	18,163	16,840	16,585	21,021	14,818	16,431	16,275	23,262	25,474
Operating Profit	18,437	17,153	15,334	15,906	17,103	17,041	17,132	13,961	17,185	16,599	15,272	12,666	20,987
OPM %	54.53%	48.78%	44.08%	45.92%	48.50%	50.30%	50.81%	39.91%	53.70%	50.25%	48.41%	35.25%	45.17%
	1,612	2,086	3,401	3,665	1,933	4,750	1,722	2,075	1,210	3,424	3,094	2,628	1,861
Interest	1,008	1,016	1,023	1,035	1,182	1,157	1,075	1,190	1,121	1,110	1,154	1,145	1,086
Depreciation	4,997	4,721	5,102	5,675	5,897	5,598	6,779	6,079	6,531	6,369	6,610	5,625	6,283
Profit before Tax	14,044	13,501	12,610	12,860	11,956	15,036	11,000	8,767	10,744	12,545	10,602	8,524	22,848
Tax %	25.05%	24.17%	21.56%	23.26%	25.24%	20.30%	25.09%	26.45%	25.32%	21.50%	21.04%	21.98%	25.45%
Net Profit	10,527	10,238	9,892	9,869	8,938	11,984	8,240	6,448	8,024	9,848	8,372	6,650	17,034
	8.37	8.14	7.86	7.85	7.10	9.53	6.55	5.13	6.38	7.83	6.65	5.29	13.54

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	77,698	84,963	1,09,628	96,166	68,087	1,10,319	1,44,513	1,29,741	1,33,863	1,32,506	1,46,966
	66,226	66,038	77,169	68,945	53,761	68,550	88,615	81,619	88,176	87,075	81,442
Operating Profit	11,473	18,925	32,459	27,221	14,326	41,769	55,898	48,122	45,687	45,431	65,524
OPM %	14.77%	22.27%	29.61%	28.31%	21.04%	37.86%	38.68%	37.09%	34.13%	34.29%	44.58%
	27,154	25,946	25,518	15,094	20,696	19,176	15,710	29,471	30,029	26,647	11,006
Interest	1,222	1,508	2,492	3,310	2,292	2,360	2,700	4,081	4,604	4,529	4,494
Depreciation	12,190	14,470	15,456	18,617	16,327	17,546	16,820	20,496	24,352	25,134	24,886
Profit before Tax	25,216	28,892	40,029	20,388	16,403	41,040	52,089	53,016	46,760	42,415	54,519
Tax %	29.01%	30.97%	33.14%	33.96%	31.44%	1.79%	23.02%	23.56%	23.84%	22.45%	23.14%
Net Profit	17,900	19,945	26,765	13,464	11,246	40,306	40,097	40,526	35,610	32,894	41,904
EPS	13.95	15.54	20.90	10.70	8.94	32.04	31.87	32.21	28.31	26.15	—
Dividend Payout %	65.06%	42.47%	32.90%	46.72%	40.27%	32.77%	35.30%	38.03%	43.28%	50.67%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 14%
3 Years:: -3%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: 24%
3 Years:: -6%

STOCK PRICE CAGR

10 Years:: 3%
5 Years:: 14%
3 Years:: 9%
1 Year:: -1%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 14%
3 Years:: 12%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290	6,290
	1,79,122	1,86,968	1,95,499	1,86,805	1,98,268	2,30,858	2,53,682	2,99,686	3,09,993	3,25,480
	1,029	26,537	21,744	19,617	27,752	13,595	9,435	27,718	28,051	25,270
Trade Payables	5,155	7,335	8,825	7,114	6,377	6,155	6,256	6,382	5,649	6,458
	55,527	63,972	67,349	83,511	79,767	80,366	94,215	1,05,945	1,01,670	97,778
Total Liabilities	2,47,249	2,91,228	2,99,708	3,03,336	3,18,454	3,37,264	3,69,878	4,46,021	4,51,653	4,61,276
	1,04,807	1,19,628	1,21,936	1,27,699	1,30,700	1,36,936	1,41,896	1,79,122	1,90,167	1,81,583
Capital Work in Progress	15,783	13,545	15,524	20,017	24,811	28,754	32,892	33,331	28,996	34,947
	54,150	85,731	84,882	79,086	81,376	85,173	84,986	1,05,569	1,12,678	1,13,379
	6,165	6,689	7,704	8,567	8,474	7,861	8,321	10,712	11,521	10,520
	0	0	0	0	0	0	0	11,410	10,284	13,168
Cash & Bank	9,511	1,013	504	968	303	236	21,634	30,031	15,496	28,660
	56,834	64,622	69,159	67,000	72,789	78,304	80,150	75,846	82,511	79,019
Total Assets	2,47,249	2,91,228	2,99,708	3,03,336	3,18,454	3,37,264	3,69,878	4,46,021	4,51,653	4,61,276

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	38,650	44,817	53,511	64,471	30,500	59,081	93,683	65,336	73,010	69,272
Cash from Investing	-21,303	-53,730	-22,088	-34,980	-20,657	-23,502	-57,365	-42,694	-46,789	-38,760
Cash from Financing	-11,455	16,180	-20,230	-22,747	-6,984	-25,869	-23,445	-22,685	-26,246	-30,438
	29	-13	-13	80	24	-70	27	-43	-24	73

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
58.89	58.89	58.89	58.89	58.89	58.89	58.89	58.89	58.89
8.57	8.12	7.53	7.12	7.08	6.98	7.43	7.97	8.01
18.75	19.04	19.40	19.93	19.85	19.96	19.69	19.30	19.31
10.30	10.30	10.30	10.30	10.30	10.30	10.30	10.30	10.30
3.50	3.65	3.87	3.76	3.88	3.87	3.70	3.55	3.50

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

General Updates

2026-09-10 - Oil & Natural Gas Corporation Limited has informed the Exchange about Intimation regarding ESG Rating

2026-09-08

Change in Auditors

2026-09-08 - Oil & Natural Gas Corporation Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-01

Shareholders meeting

2026-09-01 - Oil & Natural Gas Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-01

General Updates

2026-09-01 - Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management

2026-08-31

Shareholders meeting

2026-08-31 - Oil & Natural Gas Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026

2026-08-31

Updates

2026-08-31 - Oil & Natural Gas Corporation Limited has informed the Exchange regarding 'Presentation for Post AGM Media Interaction'.

2026-08-26

General Updates

2026-08-26 - Oil & Natural Gas Corporation Limited has informed the Exchange about Disclosure of event or information under Regulation 30 of SEBI (LODR) Regulations, 2015

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Oil & Natural Gas Corporation Limited has informed the Exchange about Newspaper Publications: Addendum to Notice of 33rd Annual General Meeting

2026-08-20

General Updates

2026-08-20 - Oil & Natural Gas Corporation Limited has informed the Exchange about Addendum to Notice of 33rd Annual General Meeting

News

Recent coverage and analyst commentary for ONGC

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