Explores for and produces crude oil and natural gas from onshore and offshore acreage in India, with growing exposure to deepwater exploration and geothermal energy. Operates two upstream streams — offshore (₹92,406.31 cr FY26 revenue at a 37.2% segment EBIT margin) and onshore (₹39,777.51 cr at a 15.6% EBIT margin) — across basins including the Western Offshore and Mahanadi. Refining and marketing of petroleum products, run mainly through subsidiary MRPL, is the largest revenue line at ₹584,345.8 cr. Smaller streams include petrochemicals (₹14,214.26 cr, negative segment EBIT) and overseas operations (₹8,442.92 cr). Operations are asset-heavy, with depreciation at 5.6% of revenue and capex at 6.2%; materials at 30.1% are the largest cost line. Recent activity includes spudding the first deepwater well in the Mahanadi Basin (MN-DW18-1-H-D, July 25, 2026), signing a technical services contract with bp covering 43 Western Offshore blocks, completing two geothermal wells at Puga in Ladakh, and board approval for a 1.75 MMT strategic petroleum reserve at Mangalore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. E&P - Offshore (70%), E&P - Onshore (30%), Refining & Marketing, Petrochemicals, Outside India, Others Unallocated. Cyclical, asset-heavy upstream oil and gas with downstream refining exposure.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,31,762 | 6,84,829 | 6,43,037 | 6,63,262 | 6,62,247 |
| EBITDA (ex other income) | 77,769 | 67,389 | 1,01,199 | 88,710 | 1,02,684 |
| margin % | 14.6 | 9.8 | 15.7 | 13.4 | 15.5 |
| Owners' profit | 45,522 | 35,440 | 49,221 | 36,226 | 41,424 |
| EPS, as reported (₹) | 36.19 | 28.17 | 39.13 | 28.80 | 32.93 |
| ROE % · ROCE % | 17.4 · 12.7 | 10.9 · 10.6 | 15.6 · 15.1 | 10.2 · 11.1 | 12.2 · 12.5 |
| Debt / equity (x) | 0.38 | 0.43 | 0.33 | 0.41 | 0.35 |
| Cash from operations | 78,000 | 84,211 | 99,263 | 90,868 | 1,12,719 |
| Capex | (33,457) | (36,792) | (37,916) | (41,031) | (41,282) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,58,329 | 1,66,097 | 1,70,812 | 1,63,108 | 1,57,911 | 1,67,423 | 1,73,805 | 2,04,987 |
| Profit before tax | 12,712 | 13,887 | 12,367 | 15,736 | 16,945 | 16,093 | 15,847 | 6,415 |
| Net profit | 9,878 | 9,784 | 8,856 | 11,554 | 12,615 | 11,946 | 13,678 | 6,554 |
| EPS (₹) | 8.17 | 6.85 | 5.82 | 7.79 | 8.58 | 7.96 | 8.60 | 9.46 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| A. (i) (a) In India - E&P - Offshore | 47,423 | 6.4 |
| A. (i) (b) In India - E&P - Onshore | 19,892 | 2.7 |
| A. (ii) In India - Refining & Marketing | 3,06,650 | 41.5 |
| A. (iii) In India - Petrochemicals | 7,469 | 1.0 |
| B. Outside India | 8,443 | 1.1 |
| C. Others Unallocated | 497 | 0.1 |
| a) Offshore | 44,984 | 6.1 |
| b) Onshore | 19,885 | 2.7 |
| (ii) Refining & Marketing | 2,77,695 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · ONGC disputes unsolicited ESG rating of 44 as unfair | business updates | medium | — | — |
| 8 Sept 2026 · C&AG appoints statutory auditors for ONGC for FY 2026-27 | management changes | medium | — | — |
| 1 Sept 2026 · ONGC submits AGM 2026 voting results and Scrutinizer report - all 11 resolutions passed | compliance | minimal | — | — |
| 1 Sept 2026 · Two ONGC Executive Directors retire on superannuation | management changes | high | — | — |
| 31 Aug 2026 · ONGC 33rd AGM held on August 31, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · ONGC shares post-AGM media interaction presentation | investor communications | medium | — | — |
| 26 Aug 2026 · ONGC fined by BSE and NSE for board and committee composition non-compliance | regulatory legal | medium | — | — |
| 21 Aug 2026 · ONGC AGM addendum adds independent director appointment to agenda | compliance | minimal | — | — |
| 20 Aug 2026 · ONGC adds Independent Director appointment to 33rd AGM agenda | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · ONGC commissions Khoraghat gas facility linked to North East Gas Grid | capex operations | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 37.5 |
| (iii) Petrochemicals | 6,745 | 0.9 |
| Total, before eliminations | 7,39,684 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| OIL AND NATURAL GAS CORP. ◆ | 2,92,492 | 6.7 | 0.71 | 3.8 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD | 79,671 | 9.5 | 1.25 | 9.2 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD | 4,009 | 30.2 | 6.12 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 3,452 | 2680.0 | 7.95 | 3853.7 | 0.1 | 0.1 | — | 25.0 |
| HINDUSTAN OIL EXPLORATION | 2,449 | 97.5 | 1.77 | 17.0 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,602 | 137.4 | 7.69 | 79.0 | 4.7 | 6.2 | 30.4 | 44.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.7 | 26.6 | 1 of 16 | 100% |
| P/B | 0.7 | 2.1 | 2 of 16 | 93% |
| ROCE | 10.4 | 6.4 | 7 of 17 | 63% |
| ROE | 12.2 | 8.5 | 3 of 16 | 87% |
| Debt / Equity | 0.3 | 0.1 | 12 of 16 | 27% |
| EBITDA margin | 9.1 | 28.0 | 14 of 15 | 7% |
| Revenue growth | 25.7 | 45.2 | 12 of 15 | 21% |
| Profit growth | (43.3) | 37.6 | 14 of 16 | 13% |
| Market cap | 292492 | 2449 | 1 of 17 | 100% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
