NSE: ONGC · BSE: 500312
OIL AND NATURAL GAS CORP.
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 | 37.5 |
| (iii) Petrochemicals | 6,745 | 0.9 |
| Total, before eliminations | 7,39,684 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| OIL AND NATURAL GAS CORP. ◆ | 2,89,158 | 6.6 | 0.71 | 3.7 | 12.2 | 10.4 | 12.9 | 9.1 |
| OIL INDIA LTD | 74,393 | 8.9 | 1.17 | 8.8 | 11.8 | 7.9 | 10.5 | 47.7 |
| ANTELOPUS SELAN ENRGY LTD | 3,815 | 28.7 | 5.82 | — | 13.7 | 15.8 | — | 63.5 |
| PRABHA ENERGY LIMITED | 2,634 | 2045.0 | 6.06 | 2981.8 | 0.1 | 0.1 | — | 25.0 |
| HINDUSTAN OIL EXPLORATION | 2,063 | 82.1 | 1.49 | 14.4 | 4.5 | 3.8 | 18.2 | 20.4 |
| GUJARAT NATURAL RES L | 1,311 | 112.4 | 6.29 | 64.8 | 4.7 | 6.2 | 30.4 | 44.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.6 | 21.8 | 1 of 15 | 100% |
| P/B | 0.7 | 1.5 | 3 of 15 | 86% |
| 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 | 289158 | 2000 | 1 of 16 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · ONGC board to review September results and interim dividend | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Sunil Kumar approved as ONGC Chairman from December 2026 | management changes | high | — | — |
| 9 Oct 2026 · ONGC credit rating reaffirmed at AAA by Care Edge | credit debt | medium | — | — |
| 8 Oct 2026 · ONGC incorporates JV OPML with MRPL and OPaL for petrochem marketing | strategic transactions | medium | — | — |
| 6 Oct 2026 · Compliance certificate for dematerialization of shares for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Four ONGC Executive Directors retire on superannuation | management changes | high | — | — |
| 21 Sept 2026 · ONGC strikes gas in Mahanadi deepwater well under Samudra Manthan | business updates | high | — | — |
| 21 Sept 2026 · ONGC appoints Bhaskar Chowdary Nettem as Director (Production) | management changes | medium | — | — |
| 18 Sept 2026 · ONGC flags Crisil ESG rating as below its actual efforts | business updates | medium | — | — |
| 17 Sept 2026 · ONGC board appoints three cost audit firms for FY2026-27 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.