Oil and Natural Share Price Target 2026, 2040, 2050

ONGC.COM

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About Oil and Natural Gas Bank-

Oil and Natural Gas Corporation Limited, which is also known as ONGC is an important energy company in India. ONGC is in charge of finding and producing a lot of the countrys Oil and Natural Gas. In fact ONGC produces 72 percent of Indias Oil and around 56 percent of its Natural Gas. ONGC is a company and it is called a Maharatna PSU. ONGC looks for Oil and Natural Gas in India and in countries through a company called ONGC Videsh. ONGC finds Oil and Natural Gas in the sea and on land, in India. ONGC is a state-owned company, which means it is owned by the government of India.

ONGC Current Market Performance

Loading ONGC chart…

Financial Table for ONGC Bank Ltd

Metric	Value	Change
Net Profit (Q3 FY2026)	₹11,849 crore	+16.8% YoY
Revenue (Q3 FY2026)	₹1,67,422 crore	+0.8% YoY
Full-Year Net Profit (FY2025)	₹38,329 crore	+16.9% 3Y PAT growth
Debt to Equity	0.36	Improved from 38.9% to 35.8% over 5 years
ROE (TTM)	11.2%	–
Total Debt	₹1,43,800 crore	35.8% of equity
Total Assets (FY2025)	₹7,58,723 crore	+27.3% over 3 years
Stock Price (Recent Close)	₹265.65 (22 Mar 2026)	+1.28% 1D
52-Week High	₹293.00	–
52-Week Low	₹205.00	–
Promoter Stake	58.89%

Data as of March 2026. Based on consolidated figures. Q3 FY2026 results declared on 12 Feb 2026

Pros

The stock is trading at 0.98 times its book value. This is really low.
The stock is providing a dividend yield of 4.27 percent.
I think this is a thing for investors.
The company has been maintaining a dividend payout of 37.9 percent.
The stock is doing this. It is a good sign, for the stock.
The dividend payout is also something that the company has been doing well with the stock.

Cons

The company has not done well with sales growth it has only grown by 9.06 percent over the past five years.
The company also has a low return on equity, which is 13.8 percent over the last 3 years this is not a good sign, for the company.

The pros and cons are machine-generated.ⓘ

Quarterly Results

Consolidated Figures in Rs. Crores.

Quarterly Financial Data

Particulars	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	169,213	164,067	163,824	147,614	167,357	172,137	168,968	159,331	167,213	170,812	163,108	157,911	167,423
Expenses	147,346	143,527	133,029	119,534	146,996	148,913	147,183	138,757	142,858	148,727	137,429	131,390	142,088
Operating Profit	21,867	20,539	30,795	28,080	20,360	23,224	21,785	20,574	24,354	22,085	25,679	26,521	25,335
OPM %	13%	13%	19%	19%	12%	13%	13%	13%	15%	13%	16%	17%	15%
Other Income	2,807	-4,786	3,069	3,673	4,299	3,375	3,535	4,162	2,415	3,465	2,555	3,447	3,450
Interest	2,188	2,068	2,364	3,243	3,203	3,608	3,694	3,827	3,750	3,500	3,341	3,411	3,207
Depreciation	6,784	6,744	7,078	7,079	7,494	8,420	8,501	8,254	9,539	9,043	9,384	9,273	9,388
Profit before tax	15,702	6,941	24,422	21,431	13,962	14,570	13,125	12,655	13,480	13,006	15,509	17,284	16,190
Tax %	26%	7%	27%	25%	25%	24%	26%	22%	28%	32%	26%	27%	26%
Net Profit	11,665	6,478	17,893	16,171	10,511	11,096	9,776	9,841	9,747	8,856	11,554	12,615	11,946
EPS in Rs	9.13	3.57	11.64	10.89	8.51	7.97	7.93	8.14	6.82	5.82	7.79	8.57	7.96

Profit & Loss

Consolidated Figures in Rs. Crores

ONGC – Financial Data

Particulars	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	174,121	160,923	124,036	282,506	322,706	421,624	396,728	303,849	491,246	632,291	601,581	612,065	659,254
Expenses	124,991	118,610	84,901	229,702	265,817	346,805	344,623	254,375	411,373	556,764	499,198	523,205	559,633
Operating Profit	49,130	42,312	39,135	52,804	56,889	74,819	52,105	49,473	79,874	75,527	102,383	88,861	99,620
OPM %	28%	26%	32%	19%	18%	18%	13%	16%	16%	12%	17%	15%	15%
Other Income	7,170	5,955	1,067	12,724	10,429	9,567	982	11,271	6,797	-30	14,712	13,278	12,917
Interest	624	2,864	3,766	3,591	4,999	5,837	7,489	5,079	5,696	7,889	13,026	14,535	13,460
Depreciation	16,262	18,033	16,384	20,219	23,112	23,704	26,635	25,538	26,883	24,557	30,440	35,206	37,089
Profit before tax	39,413	27,370	20,052	41,718	39,208	54,846	18,962	30,126	54,091	43,051	73,629	52,398	61,989
Tax %	32%	35%	35%	30%	34%	38%	40%	29%	9%	24%	25%	27%	–
Net Profit	26,665	17,703	13,102	29,169	26,068	33,938	11,456	21,360	49,294	32,778	55,273	38,329	44,972
EPS in Rs	20.65	14.29	10.03	19.03	17.23	24.28	8.59	12.96	36.19	28.17	39.06	28.80	30.14
Dividend Payout %	31%	44%	56%	40%	38%	29%	58%	28%	29%	40%	31%	43%	–

Balance Sheet

Consolidated Figures in Rs. Crores

Balance Sheet

Particulars	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	4,278	4,278	4,278	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves	167,874	176,177	193,536	187,969	197,602	210,644	198,814	214,691	253,213	274,357	332,779	337,150	361,489
Borrowings	49,113	53,944	45,500	80,029	106,550	107,742	129,473	133,187	121,986	142,255	191,195	187,817	176,018
Other Liabilities	103,711	103,448	98,459	170,111	148,664	167,667	173,787	187,580	201,771	190,212	206,357	221,398	237,621
Total Liabilities	324,976	337,847	341,772	444,525	459,232	492,343	508,364	541,748	583,260	613,115	736,621	752,656	781,418
Fixed Assets	155,923	179,933	166,277	211,125	226,058	230,391	243,892	243,746	254,402	250,819	317,183	336,810	362,910
CWIP	72,034	63,393	57,668	59,042	61,512	69,056	83,832	100,309	106,719	113,945	118,729	115,724	94,643
Investments	4,746	4,749	33,387	70,746	67,335	66,909	56,755	60,320	66,642	78,873	100,862	95,617	100,867
Other Assets	92,273	89,771	84,440	103,612	104,328	125,987	123,884	137,372	155,496	169,478	199,847	204,504	222,997
Total Assets	324,976	337,847	341,772	444,525	459,232	492,343	508,364	541,748	583,260	613,115	736,621	752,656	781,418

Cash Flows

Consolidated Figures in Rs. Crores

Cash Flow Statement

Particulars	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53,270	33,950	46,292	45,780	56,792	61,458	70,593	47,185	78,248	84,211	98,847	90,868
Cash from Investing Activity	-63,633	-30,058	-38,256	-43,815	-66,798	-37,132	-53,159	-39,141	-41,197	-72,799	-57,423	-42,901
Cash from Financing Activity	15,225	-10,641	-8,972	-1,867	9,909	-23,324	-16,726	-8,239	-35,790	-12,916	-45,009	-47,908
Net Cash Flow	4,862	-6,749	-935	99	-97	1,001	708	-195	1,261	-1,504	-3,586	59
Free Cash Flow	38,335	17,053	31,199	25,445	29,061	35,697	28,735	15,147	45,158	47,758	60,965	50,154
CFO/OP	130%	102%	138%	105%	119%	103%	155%	111%	115%	132%	111%	118%

Shareholding Pattern

Numbers in percentages

ONGC – Shareholding Pattern

Category	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
Promoters –	68.07%	67.72%	64.25%	60.41%	60.41%	58.91%	58.89%	58.89%	58.89%	58.89%
President Of India	68.07	67.72	64.25	60.41	60.41	58.91	58.89	58.89	58.89	58.89
FIIs +	6.29%	5.47%	6.47%	7.62%	8.08%	9.91%	7.97%	8.88%	7.11%	7.43%
DIIs +	11.96%	13.25%	15.73%	17.87%	17.48%	16.36%	19.87%	18.88%	19.93%	19.69%
Government +	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.30%	10.30%	10.30%	10.30%
Public +	13.68%	13.57%	13.55%	14.10%	14.03%	14.82%	2.94%	3.05%	3.76%	3.69%
No. of Shareholders	6,29,625	6,29,224	6,29,594	8,67,077	11,61,502	13,62,794	15,48,726	17,90,074	30,30,759	28,56,489

Key Risks to Watch (2026 – 2050)

Risk Category	2026	2027	2028	2029	2030	2040	2050
Crude Oil Price	Drop below $65/barrel	Drop below $60/barrel	Volatility $60-90 range	Sustained below $65	Below $70 impacts margins	Long-term demand decline	Fossil fuel phase-out
Global Demand	US/China/EU slowdown	Recession risk	Stagnant growth	Moderate recovery	Plateauing demand	Peak oil demand	50% demand drop
Government Policy	Windfall tax extension	PSC contract changes	Subsidy burden return	Tax structure revision	Green energy mandates	Carbon taxes	Fossil fuel bans
Exploration Risk	KG Basin delays	Dry wells	Cost overruns	Below-target reserves	Technical failures	Depleting fields	Asset write-offs
Energy Transition	Low impact	Mild pressure	Growing scrutiny	ESG investor exits	Portfolio shift pressure	Major CapEx diversion	Business model risk
Regulatory	Stable	Moderate changes	Production caps	Emission norms	Local content rules	Net-zero compliance	Complete restructuring
Competition	Private players	Foreign entry	Renewable disruptors	LNG competitors	Green hydrogen	Solar/wind majors	New energy tech
Financial	Margin pressure	Dividend cut risk	Debt increase	Capex overrun	ROE decline	Asset impairments	Valuation collapse
Currency (INR)	Depreciation 2-3%	Depreciation 3%	Volatile	Stabilizing	Moderate	Structural decline	Severe erosion
Geopolitical	Russia-Ukraine	Middle East	Supply chain	Trade wars	Resource nationalism	Climate agreements	Global energy shift

ONGC – P/E, Debt-to-Equity & ROE (2026–2050E)

ONGC – Financial Forecast

Metric	Current (2026)	2027E	2028E	2030E	2040E	2050E
P/E Ratio (Valuation)	8.2x	8.5x	8.8x	9.5x	11.0x	12.5x
Debt-to-Equity (Risk)	1.05x	0.98x	0.92x	0.80x	0.55x	0.40x
ROE (Profitability)	14.2%	14.8%	15.3%	16.5%	17.2%	16.0%

Conclusion

ONGC is a choice for people who want to invest for a long time. The company is changing from finding oil to being a big player in the energy business. This change will affect what shareholders get back over the thirty years. ONGC will be very different in 2050 compared to ONGC in 2025.

If ONGC can change from a company that mostly deals with fuels to a big energy company then it might reach the target of ₹3,592. For now it seems like an idea that could give an 11 times return, over twenty five years.. Investors need to keep a close eye on how fast the energy business is changing. ONGC needs to keep up with this change to be successful.

Key Takeaways

⚠️

What is ONGC’s share price target for 2026?

The share price of ONGC is expected to be around ₹325 by December 2026.
This is what people think will happen if everything goes as planned.
The target for ONGCs share price changes every month.
For example it is ₹285 in January and ₹325, in December.
On average the share price of ONGC will go up by ₹3-4 every month.
If everything goes well for ONGC the share price could be ₹380.
If things do not go well the share price of ONGC could be ₹270.
This depends on the price of oil and how much oil people want to buy around the world.

What is ONGC’s share price target for 2030?

ONGC is going to do well I think. Under the base case scenario ONGC will reach ₹778 by December 2030. This means ONGC will go up by 25% from 2029. If everything goes great the bull case for ONGC targets ₹950.. If things do not go well the bear case for ONGC projects ₹500. Some important things that will help ONGC are crude oil prices staying steady $75-80 per barrel finding new oil and making progress, in renewable energy. ONGC needs to do in these areas to reach its targets.

Is ONGC a good long-term investment?

ONGC is a choice for people who want to invest their money for a long time and do not mind taking some risks. The company has some good things going for it such as
✅ the government of the country is behind it
✅ it gives an amount of money to its investors every year around 4 to 5 percent
✅ its stock price is cheaper compared to other similar companies around the world
But ONGC also has some problems, like
⚠️ the price of oil can go up and down a lot and this can affect the company
⚠️ people are moving away from using oil for energy and this can hurt ONGC in the long run
If you are thinking about what to do with your money, after 2030 it is a good idea to also invest in companies that make renewable energy so your money is spread out and safer. ONGC is still an investment but it is smart to have some renewable energy stocks too.

What is ONGC’s dividend yield?

Oil and Natural Gas Corporation has given people who own its shares a payment of 4 to 5 percent every year. This makes Oil and Natural Gas Corporation a good choice for people who want to get income from their investments.. There is a chance that the amount of money Oil and Natural Gas Corporation pays to its shareholders might be reduced if the price of crude oil stays low for a long time or if the government decides to make some changes, to its rules.

How does the crude oil price affect ONGC’s share price?

The share price of ONGC is really connected to oil prices. When crude oil prices go up and are than eighty dollars for one barrel the company ONGC usually makes more money and the price of its shares also goes up. On the hand when crude oil prices go down and are less than sixty dollars, for one barrel the company ONGC does not make as much money and people start selling its shares. So investors should always keep an eye on the prices of Brent oil.

Oil and Natural Gas Corporation Ltd Share Price Target 2026, 2027, 2028, 2030, 2040, 2050

About Oil and Natural Gas Bank-

ONGC Current Market Performance

Financial Table for ONGC Bank Ltd

Pros

Cons

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Shareholding Pattern

Key Risks to Watch (2026 – 2050)

ONGC – P/E, Debt-to-Equity & ROE (2026–2050E)

Conclusion

Key Takeaways

About The Author

Ansh

About Oil and Natural Gas Bank-

ONGC Current Market Performance

Financial Table for ONGC Bank Ltd

Pros

Cons

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Shareholding Pattern

Key Risks to Watch (2026 – 2050)

ONGC – P/E, Debt-to-Equity & ROE (2026–2050E)

Conclusion

Key Takeaways

About The Author

Ansh

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