Oil and Natural Gas Corporation Limited (ONGC) is India’s flagship state-owned energy explorer, responsible for approximately 72% of the country’s crude oil and 56% of its natural gas production. As a Maharatna PSU, the company explores, develops, and produces hydrocarbons across domestic offshore and onshore assets while operating internationally through its subsidiary, ONGC Videsh
ONGC Current Market Performance
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
Stock is trading at 0.98 times its book value
Stock is providing a good dividend yield of 4.27%.
The company has been maintaining a healthy dividend payout of 37.9%
Cons
The company has delivered a poor sales growth of 9.06% over the past five years.
The company has a low return on equity of 13.8% over the last 3 years.
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%
–
Compounded Sales Growth
10 Years:
14%
5 Years:
9%
3 Years:
8%
TTM:
-1%
Compounded Profit Growth
10 Years:
7%
5 Years:
19%
3 Years:
-8%
TTM:
-5%
Stock Price CAGR
10 Years:
8%
5 Years:
23%
3 Years:
23%
1 Year:
27%
Return on Equity
10 Years:
13%
5 Years:
14%
3 Years:
14%
Last Year:
11%
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
2026 Monthly Targets
ONGC share price is expected to trade between ₹285 and ₹ 325 in 2026, driven by stable crude oil prices and consistent production. Gradual monthly growth reflects modest recovery in energy demand. Government support and dividend payouts provide downside protection. Investors can expect steady accumulation levels with limited volatility during this consolidation phase.
Month
Avg Target (₹)
Monthly Change (₹)
January
285
–
February
288
+3
March
292
+4
April
296
+4
May
301
+5
June
305
+4
July
308
+3
August
312
+4
September
315
+3
October
318
+3
November
322
+4
December
325
+3
2026 Year-End Target: ₹325 | Estimated Gain: +14% from Jan
2027 Monthly Targets
The year 2027 shows stronger momentum with targets reaching ₹400 by December. Improved exploration success and higher gas realization drive valuation. Monthly gains accelerate from ₹5 to ₹8 as market confidence returns. ONGC benefits from crude oil stability at $75-80/barrel, making it attractive for value investors seeking long-term energy exposure.
ONGC targets a climb to ₹512 by the end of 2028, supported by production ramp-up and cost optimization. Monthly increments increase to ₹10, reflecting growing investor optimism. Deep-water projects begin contributing meaningfully to volumes. The company’s strong balance sheet and consistent dividend history make it a defensive pick in volatile markets.
By 2029, ONGC aims for ₹624 year-end target. Monthly gains remain robust at ₹8-11 as exploration successes materialize. Gas pricing reforms and LNG opportunities add new revenue streams. The stock becomes attractive for both growth and income seekers, with potential for multiple expansion amid favorable energy sector tailwinds.
ONGC targets ₹778 by December 2030, representing a 25% gain from 2029. Monthly increments peak at ₹15 in later months. Crude oil stability around $80/barrel and successful asset monetization drive performance. Renewable energy forays begin adding diversification value, positioning ONGC as an integrated energy player for the next decade.
By 2040, ONGC is projected to reach ₹1,696, driven by sustained energy demand and technological advancements. Monthly gains average ₹25-29 as the company balances fossil fuels with green energy. Production efficiency improvements and global partnerships support long-term growth, though energy transition risks remain a key monitoring factor for investors.
ONGC targets ₹3,592 by 2050, reflecting a 46% increase from 2045. Monthly gains reach ₹50-58 in later years. The company successfully transitions into a diversified energy major with a significant renewable portfolio. Crude oil remains relevant, but hydrogen and solar contribute meaningfully. Long-term compounding rewards patient, risk-tolerant investors.
ONGC presents a balanced risk-reward proposition for long-term investors. The company’s evolution from a pure-play oil explorer to an integrated energy major will determine shareholder returns over the next three decades. ONGC in 2050 will not be the same company as ONGC in 2025. Its ability to transform from a fossil fuel giant to an energy major will decide whether the ₹3,592 target is achieved or missed entirely. For now, the base case offers a reasonable 11x potential return over 25 years, but investors must stay vigilant about the accelerating energy transition.
Key Takeaways
Aspect
Summary
Short-Term (2026-2030)
Stable growth with crude oil price sensitivity. Expected CAGR of 19-24% annually. Best suited for value investors seeking dividends and modest appreciation.
Medium-Term (2030-2040)
Energy transition pressure intensifies. Success in renewables and gas diversification critical. CAGR moderates to 7-8%.
Long-Term (2050)
High uncertainty. Fossil fuel phase-out risks are real, but successful transition could still deliver 3,500-5,000 targets.
Three Scenarios Summary
Scenario
2030 Target
2050 Target
Probability
Bull Case
₹950
₹5,000
20%
Base Case
₹778
₹3,592
50%
Bear Case
₹500
₹1,600
30%
Investor Recommendations
Investor Type
Recommended Horizon
Strategy
Short-term traders
2026-2027
Trade crude oil momentum, book profits at ₹350-400
Medium-term investors
2026-2030
Accumulate on dips, target ₹500-800, monitor ESG trends
Long-term investors
2030-2050
Only for high risk tolerance, diversify with renewable energy stocks
Dividend seekers
Ongoing
ONGC offers 4-5% yield, suitable for income portfolios
⚠️
What is ONGC’s share price target for 2026?
ONGC’s share price target for 2026 is estimated at ₹325 by December 2026 under the base case scenario. Monthly targets range from ₹285 in January to ₹325 in December, with an average monthly growth of ₹3-4. The bullish case projects ₹380, while the bearish case suggests ₹270, depending on crude oil prices and global demand.
What is ONGC’s share price target for 2030?
Under the base case scenario, ONGC is expected to reach ₹778 by December 2030, representing a 25% gain from 2029. The bull case targets ₹950, while the bear case projects ₹500. Key drivers include crude oil stability around $75-80/barrel, successful exploration, and early progress in renewable energy diversification.
Is ONGC a good long-term investment?
ONGC can be a good long-term investment for investors with moderate to high risk tolerance. The company offers: ✅ Strong government backing ✅ Consistent dividend yield (4-5%) ✅ Attractive valuation compared to global peers ⚠️ Exposure to crude oil price volatility ⚠️ Long-term energy transition risks For time horizons beyond 2030, diversification with renewable energy stocks is recommended.
What is ONGC’s dividend yield?
ONGC has historically offered a dividend yield of 4-5% annually, making it attractive for income-focused investors. However, there is a potential risk of dividend reduction if crude oil prices remain low for extended periods or if government policies change.
How does the crude oil price affect ONGC’s share price?
ONGC’s share price has a high positive correlation with crude oil prices. When crude oil rises above $80/barrel, ONGC’s profitability and stock price typically increase. Conversely, when crude falls below $60/barrel, margins compress, and the stock faces selling pressure. Investors should monitor Brent crude prices regularly.
