Oil & Natural Gas Corpn Ltd (ONGC)

Oil Gas & Consumable Fuels · Crude Oil & Natural Gas · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹232 ↓ 0.77% (1Y)

🎯 Key Takeaways

ONGC is transitioning from a period of consolidation to operational expansion, marked by strong profitability and strategic capital deployment. The company has demonstrated robust financial recovery with a 112% YoY surge in Q1 FY27 net profit to ₹17,034 crore, driven by revenue growth and higher contribution from new well gas.
Revenue grew 17.9% QoQ to ₹2.05 L Cr in Q1FY27.
⚠️ HPCL's consolidated losses due to under-recoveries on fuels could continue to pressure the group's overall PAT, despite strong standalone performance

Market Cap

₹2.92 L Cr

P/E Ratio

6.7

P/B Ratio

0.85

ROE

13.0%

ROCE

14.4%

Debt/Equity

0.45

Div Yield

5.71%

Promoter

58.9%

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📖 The Story

ONGC is transitioning from a period of consolidation to operational expansion, marked by strong profitability and strategic capital deployment. The company has demonstrated robust financial recovery with a 112% YoY surge in Q1 FY27 net profit to ₹17,034 crore, driven by revenue growth and higher contribution from new well gas. However, consolidated PAT declined due to external pressures on HPCL, indicating that standalone performance does not fully insulate the group from macro volatility. Management is reinforcing governance through the appointment of Dr. Archna Thakur as an Independent Director, signaling a focus on board-level oversight amid growth initiatives.

📰 What's Happening

In Q1 FY27, ONGC reported a 112% YoY increase in standalone net profit to ₹17,034 crore, with gross revenue up 45% to ₹46,460 crore and new well gas contributing 38% of nomination gas revenue. The Board approved these results on 4 August 2026, highlighting operational momentum. A final dividend of ₹1 per share for FY'26 was declared on 6 August 2026, with a record date of 4 September 2026 pending AGM approval. Additionally, ONGC appointed Dr. Archna Thakur as an Independent Director effective 13 August 2026, following government approval and inclusion in the AGM agenda as Item No. 11. Management has committed over ₹40,000 crore in capital investment to Western Offshore to drive future production growth, with benefits expected from FY2027-28 onwards.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1.58 L Cr	1.67 L Cr	1.74 L Cr	2.05 L Cr
Operating Profit	17,248	15,947	16,007	6,008
OPM %	10.9%	9.5%	9.2%	2.9%
Net Profit	12,615	11,946	13,678	6,554
EPS	₹8.58	₹7.96	₹8.60	₹9.46

ONGC's financial trajectory shows a sharp rebound in profitability, with standalone net profit growing 112% YoY to ₹17,034 crore in Q1 FY27, supported by a 45% revenue increase and improved operational efficiency. However, this strong performance is offset by a 43% decline in consolidated PAT due to HPCL's ₹12,265 crore loss from under-recoveries, reflecting transmission pressure and pricing constraints. The sharp rise in gross revenue and OPM expansion to 2.9% in Q1 FY27 underscores underlying operational strength, but the volatility in consolidated results highlights sensitivity to external pricing and regulatory factors. Capital expenditure remains elevated, signaling a strategic shift toward long-term production growth rather than short-term cash generation.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on profitability or margins in the latest filings, but has emphasized a multi-year capital investment program exceeding ₹40,000 crore in Western Offshore to unlock future production growth, with benefits expected from FY2027-28 onwards. The appointment of Dr. Archna Thakur as an Independent Director reflects a focus on governance enhancement rather than operational targets. While no formal earnings guidance was issued, the Board's approval of Q1 FY27 results and declaration of a final dividend indicate confidence in near-term cash flows, albeit tempered by exposure to HPCL's under-recovery risks and global oil price dynamics.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	6,290	6,290	6,290	6,290
Reserves	3.46 L Cr	3.37 L Cr	3.61 L Cr	3.65 L Cr
Borrowings	1.91 L Cr	1.54 L Cr	1.76 L Cr	1.74 L Cr
Total Liabilities	7.58 L Cr	7.59 L Cr	7.81 L Cr	7.92 L Cr
Fixed Assets	3.10 L Cr	3.65 L Cr	3.22 L Cr	3.30 L Cr
Investments	1.06 L Cr	95,625	1.01 L Cr	1.01 L Cr
Total Assets	7.58 L Cr	7.59 L Cr	7.81 L Cr	7.92 L Cr

ONGC's balance sheet remains stable, with equity and reserves holding steady at ₹6,290 crore and ₹3.65 L Cr respectively as of March 2026, while total assets have modestly increased to ₹7.92 L Cr. Borrowings have risen slightly to ₹1.74 L Cr from ₹1.76 L Cr in the prior period, indicating controlled leverage with a D/E ratio of 0.45. The company is not undertaking major M&A or deleveraging, but is steadily investing capital through its ₹40,000 crore Western Offshore program, funded through internal cash flows and manageable debt levels. This suggests a capital allocation strategy focused on organic growth and long-term asset creation rather than financial engineering.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+90,868
Investing	-43,022
Financing	-47,908
Net Cash Flow	-61

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	58.9%	58.9%	58.9%	58.9%
FII	7.0%	7.4%	8.0%	8.0%
DII	19.9%	19.7%	19.3%	19.3%
Public	3.4%	3.3%	3.0%	3.1%
# Shareholders	29,59,513	28,56,489	27,77,888	27,36,414

Institutional investor interest in ONGC has shown a mixed but generally stable trend over the last four quarters. FII holdings rose from 6.98% in Q2FY26 to 8.01% in Q1FY27, indicating accumulation by foreign investors. DII holdings remained relatively stable around 19.31%, while promoter holding is unchanged at 58.89%. The number of public shareholders has slightly declined from 29.59 lakh to 27.36 lakh, suggesting consolidation in retail ownership. No significant exits or sharp changes in institutional positioning are evident, but the upward trend in FII ownership may reflect growing confidence in the company's operational recovery and governance improvements.

⚖️ Peer Comparison — Crude Oil & Natural Gas

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ONGC	2.92 L Cr	6.7	14.4%	13.0%	0.45
OIL	78,272	9.4	14.6%	16.4%	0.62
VOGL	15,778	—	—	—	0.00
DEEPINDS	4,319	20.9	8.7%	11.2%	0.10
PRABHA	3,041	2305.0	0.2%	0.3%	0.29
ANTELOPUS	2,769	20.9	37.9%	28.3%	0.00
ASIANENE	2,295	37.1	23.8%	16.4%	0.07
HINDOILEXP	2,144	85.3	2.9%	1.9%	0.09
GNRL	1,467	73.0	14.3%	12.9%	0.08
ABAN	86	—	-0.6%	2.1%	-0.62

🔗 Peer Stock Analyses

OIL VOGL DEEPINDS PRABHA ANTELOPUS

⚠️ Risk Factors

1. HPCL's consolidated losses due to under-recoveries on fuels could continue to pressure the group's overall PAT, despite strong standalone performance in ONGC. 2. Global oil price volatility and potential subsidy reforms pose regulatory and pricing risks that could impact revenue and margins. 3. The success of the ₹40,000 crore Western Offshore investment depends on timely execution and favorable discovery outcomes, with benefits expected only from FY2027-28 onwards, creating near-term capital intensity without immediate returns. 4. The appointment of a new Independent Director, while governance-positive, introduces transition risk if her expertise does not align with operational or strategic needs.

📋 Recent Filings

🧠 Analyst's Read

ONGC is currently in a phase of operational recovery and strategic reinvestment, with strong standalone profitability offset by external pressures on consolidated results. The company is prioritizing long-term growth through capital expenditure while maintaining shareholder returns via dividends. Investors should monitor HPCL's performance, execution of Western Offshore projects, and any updates on pricing or subsidy policies as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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