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Model Note · OIL AND NATURAL GAS CORP. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
OIL AND NATURAL GAS CORP. Discounted cash flow · base FY26
OIL AND NATURAL GAS CORP.
Value per share, this model₹349
CMP 2026-09-10₹232.50
Difference50.0%
Growth the CMP implies(8.4)%/yr
This note states the assumptions and the arithmetic of one model of OIL AND NATURAL GAS CORP., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
0% a year
FY26 (0.2)% · 5-yr CAGR 12.9%
EBITDA margin
15.5%
FY26 15.5% · 5-yr average 13.8%
Depreciation · capex, % of revenue
5.6% · 6.2%, fading to 1.2× depreciation
FY26 5.6% · 6.2%
Working capital, % of added revenue · tax
6% · 27.6%
22 working-capital days · effective 27.6%
Discount rate
11.00%
1-yr beta 0.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,40,501 · ₹0 · ₹0 cr
FY26 net debt ₹1,40,501 cr
Shares
1,258.03 crore
1,258.03 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
6,62,247
6,62,247
6,62,247
6,62,247
6,62,247
6,62,247
growth %
(0.2)
0.0
0.0
0.0
0.0
0.0
EBITDA
1,02,684
1,02,648
1,02,648
1,02,648
1,02,648
1,02,648
Depreciation
(37,391)
(37,086)
(37,086)
(37,086)
(37,086)
(37,086)
NOPAT
47,272
47,467
47,467
47,467
47,467
47,467
less capex
(41,282)
(41,059)
(41,920)
(42,781)
(43,642)
(44,503)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
43,494
42,633
41,772
40,911
40,050
Present value
41,282
36,455
32,179
28,393
25,041
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · OIL AND NATURAL GAS CORP. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,63,351
PV of the terminal value (72% of EV)
4,15,936
Enterprise value
5,79,287
less net debt
(1,40,501)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,38,786
÷ 1,258.03 crore shares
₹349
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
363
396
436
484
545
10.5%
329
356
388
427
475
11.0%
299
322
349
381
419
11.5%
273
293
315
342
373
12.0%
250
267
287
309
335
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
