Oil & Natural Gas Corporation Ltd.

NSE: ONGC · Oil Exploration & Production

52W Range₹228 ₹308

Snapshot

Unlock Oil & Natural Gas Corporation Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Oil and Natural Gas Corporation Limited (ONGC) is a major Indian multinational engaged in the exploration, development, and production of crude oil and natural gas. The company also operates in the refining and marketing of petroleum products and maintains a diversified portfolio in power generation, including gas-based, wind, and solar energy projects.

Business Model

ONGC generates revenue primarily through the extraction and sale of hydrocarbons and the downstream refining and marketing of petroleum products. It further diversifies its income streams by producing value-added products like LPG, naphtha, and aviation turbine fuel, alongside electricity generation from renewable and gas-based assets.

  • Gas-based power capacity:726.6 MW
  • Wind power capacity:153 MW
  • Solar power capacity:31.3 MW

Growth Outlook

Growth is driven by continued investment in exploration and production activities to enhance domestic energy security. The company is also expanding its footprint in the renewable energy sector to align with global energy transition trends.

Key Risks

  • Commodity Price Volatility. Fluctuations in global crude oil and natural gas prices significantly impact the company's revenue and profitability.
  • Regulatory and Policy Risk. Changes in government policies regarding subsidy sharing, royalty payments, and exploration licensing can adversely affect financial performance.
  • Operational and Geopolitical Risk. Exploration and production activities are subject to technical challenges and geopolitical instability in regions where the company operates.
  • Energy Transition Risk. The global shift towards decarbonisation may reduce long-term demand for fossil fuels, necessitating a strategic pivot toward renewable energy.

Price

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Key Metrics

REVENUE

₹6,62,247 Cr

TTM · consolidated

+0.1%YoY

NET PROFIT

₹49,793 Cr

TTM · consolidated

+28.5%YoY

EPS

₹32.93

TTM · consolidated

+14.6%YoY

RETURN ON EQUITY

14.2%

TTM · consolidated

+2.8 ppYoY

RETURN ON CAPITAL EMPLOYED

12.9%

TTM · consolidated

+1.2 ppYoY

P/E

7.5x

Q4 FY26 · consolidated

7.5 vs 8.5x5Y avg

EV/EBITDA

3.9x

Q4 FY26 · consolidated

3.9 vs 4.6x5Y avg

EBITDA MARGIN

17.4%

TTM · consolidated

+2.1 ppYoY

NET PROFIT MARGIN

7.9%

Q4 FY26 · consolidated

+2.7 ppYoY

DEBT TO EQUITY

0.4x

Q4 FY26 · consolidated

-0.07xYoY

Peers · Oil Exploration & Production

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Oil & Natural Gas Corporation Ltd.ONGC
3,39,5417.493.900.1%17.4%14.2%12.9%+1.6%
Oil India Ltd.OIL
77,7278.206.9726.6%32.7%18.5%12.4%-3.8%
Prabha EnergyPRABHA
2,1771344.731003.8335.7%0.3%0.3%-51.9%
Antelopus SelanANTELOPUS
1,85332.2017.198.1%60.1%17.4%20.0%
Hind.Oil Explor.HINDOILEXP
1,65433.1218.68-37.5%42.9%4.7%4.3%-8.6%
Guj.Nat.Resour.GNRL
35.8%+40.4%

As of Q4 FY26

Financials