Oil & Natural Gas Corpn Ltd

ONGC

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Market Cap

₹ 2,96,077 Cr

P/E

8.08

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Oil and Natural Gas Corporation Limited (ONGC) is India's largest energy explorer, focusing on crude oil and natural gas production. It contributes around 63% to India's domestic production, solidifying its role in the national energy landscape.

Despite facing operational challenges, ONGC continues to demonstrate growth in natural gas production from new wells, leveraging strategic capacity additions and field redevelopment projects like Mumbai High.

The company has experienced a decrease in standalone net profits due to lower crude oil prices, emphasizing the impact of global market trends on its financials.

Strategic capex towards offshore fields and natural gas projects underscores ONGC's commitment to enhancing production capabilities, aiming to counterbalance mature field declines and optimize production efficiently.

ONGC is highly proactive in overseas exploration, participating in major international oil and gas projects through its subsidiary ONGC Videsh, thus broadening its global footprint and market influence.

Sector

Crude Oil & Natural Gas

Industry

Oil Exploration / Allied Services

Market Cap

2,96,077 Cr

Volatility

Moderate Risk

P/E Ratio

8.1

Industry P/E

8.7

PEG Ratio

0.7

P/B Ratio

0.8

52W High

273.45

52W Low

205.00

Sales CAGR

1.74%

7.70%

7.46%

10Y

6.57%

Profit CAGR

-30.66%

-4.04%

21.47%

10Y

9.19%

ROE

TTM

9.93%

11.67%

11.70%

10Y

10.70%

ROCE

TTM

13.42%

12.42%

11.86%

10Y

11.82%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ONGC	235.35	2,96,077 Cr	8.08	0.81	5.21	9.93	13.42	5.48
OIL	403.80	65,666 Cr	10.99	1.17	2.85	10.62	10.36	5.68
DEEPINDS	447.05	2,860 Cr	13.80	1.48	0.68	10.74	13.88	-1.03
SEAMECLTD	1021.35	2,605 Cr	29.63	2.42	0.00	8.18	7.96	5.41
PRABHA	188.00	2,574 Cr	—	5.92	0.00	-0.35	-0.36	-0.23
HINDOILEXP	154.20	2,036 Cr	18.64	1.49	0.00	7.99	7.96	6.76
DOLPHIN	398.00	1,587 Cr	29.97	5.25	0.00	17.52	12.80	10.13

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,63,824	1,47,614	1,65,569	1,66,771	1,68,025	1,58,329	1,66,097	1,70,812	1,63,108	1,57,911
Expenses	1,33,029	1,19,534	1,45,046	1,43,545	1,46,398	1,37,822	1,41,454	1,48,727	1,37,201	1,31,390
Operating Profit	30,795	28,080	20,523	23,225	21,627	20,507	24,643	22,085	25,907	26,521
OPM %	18.80	19.02	12.40	13.93	12.87	12.95	14.84	12.93	15.88	16.80
Other Income	3,069	3,673	4,130	2,549	3,615	4,151	2,046	3,465	2,327	3,447
Interest	2,364	3,243	2,544	2,683	3,616	3,749	3,670	3,500	3,341	3,411
Depreciation	7,078	7,079	7,118	7,863	8,456	8,209	9,497	9,043	9,384	9,273
Profit Before Tax	24,422	21,431	14,992	15,228	13,170	12,700	13,522	13,006	15,509	17,284
Tax %	26.73	24.54	25.93	24.31	25.51	22.22	27.65	31.91	25.50	27.02
Net Profit	17,893	16,171	11,105	11,527	9,810	9,878	9,784	8,856	11,554	12,615
EPS in Rs	11.64	10.89	8.52	8.03	7.96	8.17	6.85	5.82	7.79	8.58

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,25,666	3,62,246	4,53,683	4,24,961	3,60,464	5,31,793	6,84,829	6,43,037	6,63,262	6,58,346
Expenses	2,29,702	2,65,817	3,46,807	3,44,658	2,54,419	4,11,427	5,55,079	4,88,612	5,23,205	5,65,204
Operating Profit	95,964	96,430	1,06,876	80,303	1,06,045	1,20,366	1,29,750	1,54,425	1,40,058	93,141
OPM %	29.47	26.62	23.56	18.90	29.42	22.63	18.95	24.01	21.12	14.15
Other Income	12,724	10,429	9,567	982	11,271	6,797	-30	12,982	13,278	11,989
Interest	3,591	4,999	5,837	7,489	5,079	5,696	7,889	10,194	14,535	14,260
Depreciation	20,219	23,112	23,704	26,635	25,538	26,883	24,581	28,763	35,206	36,134
Profit Before Tax	41,718	39,208	54,846	18,962	30,126	54,091	44,746	76,860	52,398	54,737
Tax %	30.08	33.51	38.12	39.58	29.10	8.87	23.91	25.71	26.85	26.79
Net Profit	29,169	26,068	33,938	11,456	21,360	49,294	34,046	57,101	38,329	40,073
EPS in Rs	—	—	24.35	8.55	12.96	36.19	28.79	39.08	28.80	29.04
Dividend Payout %	39.67	38.31	29.35	58.21	27.78	29.01	38.55	31.31	42.53	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4,278	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves	1,93,536	1,87,969	1,97,602	2,10,645	1,98,814	2,14,691	2,53,213	2,76,485	3,30,780	3,37,150
Borrowings	44,548	74,400	1,01,246	1,02,207	1,17,607	1,33,187	1,21,986	1,42,255	1,53,181	1,87,817
Other Liabilities	1,00,224	1,76,612	1,54,970	1,74,117	1,87,306	1,89,111	2,03,902	1,92,979	2,19,942	2,27,465
Total Liabilities	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,18,008	7,10,193	7,58,723
Fixed Assets	1,66,277	2,11,125	2,26,050	2,30,383	2,43,884	2,43,738	2,54,394	2,51,092	2,98,446	3,40,167
CWIP	57,668	59,042	61,512	69,056	83,832	1,00,309	1,06,719	1,16,504	1,16,022	1,12,359
Investments	33,387	70,746	67,342	66,917	56,763	60,328	66,650	78,880	1,02,215	95,625
Other Assets	85,254	1,04,484	1,05,331	1,26,903	1,25,538	1,38,903	1,57,627	1,71,532	1,93,510	2,10,571
Total Assets	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,18,008	7,10,193	7,58,723

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	46,292	45,780	56,792	61,458	70,593	47,185	78,248	86,062	99,263	90,868
Cash from Investing Activity	-38,283	-45,056	-67,111	-37,332	-53,498	-39,092	-41,330	-75,095	-57,267	-43,022
Cash from Financing Activity	-8,972	-1,867	9,909	-23,324	-16,726	-8,239	-35,790	-12,876	-45,650	-47,908
Net Cash Flow	-962	-1,143	-410	801	368	-146	1,129	-1,909	-3,654	-61

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%
FIIs	8.43%	7.97%	8.11%	8.38%	9.19%	8.88%	8.57%	8.12%	7.53%	7.12%	7.09%	6.98%
DIIs	29.57%	30.18%	30.13%	29.89%	29.03%	29.18%	29.05%	29.34%	29.71%	30.24%	30.14%	30.25%
Public	3.11%	2.95%	2.86%	2.84%	2.89%	3.05%	3.49%	3.65%	3.87%	3.76%	3.88%	3.87%
Total Shareholders	15,82,153	15,48,726	15,23,406	15,13,383	15,88,564	17,90,074	21,41,479	27,88,153	30,50,312	30,30,759	30,21,301	29,59,513

Projection

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Announcements

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Sentiment

ESG Ratings Disclosure

3 days ago

ONGC ESG Rating Report and Climate Change Scores

ONGC has disclosed its ESG Rating Report and Climate Change scores assessed by independent agencies.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY25

Investor Presentation

Q4 FY23

Investor Presentation

Q4 FY22

Investor Presentation

Q1 FY19

Investor Presentation

Q4 FY17

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,63,824	1,47,614	1,65,569	1,66,771	1,68,025	1,58,329	1,66,097	1,70,812	1,63,108	1,57,911
Expenses	1,33,029	1,19,534	1,45,046	1,43,545	1,46,398	1,37,822	1,41,454	1,48,727	1,37,201	1,31,390
Operating Profit	30,795	28,080	20,523	23,225	21,627	20,507	24,643	22,085	25,907	26,521
OPM %	18.80	19.02	12.40	13.93	12.87	12.95	14.84	12.93	15.88	16.80
Other Income	3,069	3,673	4,130	2,549	3,615	4,151	2,046	3,465	2,327	3,447
Interest	2,364	3,243	2,544	2,683	3,616	3,749	3,670	3,500	3,341	3,411
Depreciation	7,078	7,079	7,118	7,863	8,456	8,209	9,497	9,043	9,384	9,273
Profit Before Tax	24,422	21,431	14,992	15,228	13,170	12,700	13,522	13,006	15,509	17,284
Tax %	26.73	24.54	25.93	24.31	25.51	22.22	27.65	31.91	25.50	27.02
Net Profit	17,893	16,171	11,105	11,527	9,810	9,878	9,784	8,856	11,554	12,615
EPS in Rs	11.64	10.89	8.52	8.03	7.96	8.17	6.85	5.82	7.79	8.58

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,25,666	3,62,246	4,53,683	4,24,961	3,60,464	5,31,793	6,84,829	6,43,037	6,63,262	6,58,346
Expenses	2,29,702	2,65,817	3,46,807	3,44,658	2,54,419	4,11,427	5,55,079	4,88,612	5,23,205	5,65,204
Operating Profit	95,964	96,430	1,06,876	80,303	1,06,045	1,20,366	1,29,750	1,54,425	1,40,058	93,141
OPM %	29.47	26.62	23.56	18.90	29.42	22.63	18.95	24.01	21.12	14.15
Other Income	12,724	10,429	9,567	982	11,271	6,797	-30	12,982	13,278	11,989
Interest	3,591	4,999	5,837	7,489	5,079	5,696	7,889	10,194	14,535	14,260
Depreciation	20,219	23,112	23,704	26,635	25,538	26,883	24,581	28,763	35,206	36,134
Profit Before Tax	41,718	39,208	54,846	18,962	30,126	54,091	44,746	76,860	52,398	54,737
Tax %	30.08	33.51	38.12	39.58	29.10	8.87	23.91	25.71	26.85	26.79
Net Profit	29,169	26,068	33,938	11,456	21,360	49,294	34,046	57,101	38,329	40,073
EPS in Rs	—	—	24.35	8.55	12.96	36.19	28.79	39.08	28.80	29.04
Dividend Payout %	39.67	38.31	29.35	58.21	27.78	29.01	38.55	31.31	42.53	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4,278	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves	1,93,536	1,87,969	1,97,602	2,10,645	1,98,814	2,14,691	2,53,213	2,76,485	3,30,780	3,37,150
Borrowings	44,548	74,400	1,01,246	1,02,207	1,17,607	1,33,187	1,21,986	1,42,255	1,53,181	1,87,817
Other Liabilities	1,00,224	1,76,612	1,54,970	1,74,117	1,87,306	1,89,111	2,03,902	1,92,979	2,19,942	2,27,465
Total Liabilities	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,18,008	7,10,193	7,58,723
Fixed Assets	1,66,277	2,11,125	2,26,050	2,30,383	2,43,884	2,43,738	2,54,394	2,51,092	2,98,446	3,40,167
CWIP	57,668	59,042	61,512	69,056	83,832	1,00,309	1,06,719	1,16,504	1,16,022	1,12,359
Investments	33,387	70,746	67,342	66,917	56,763	60,328	66,650	78,880	1,02,215	95,625
Other Assets	85,254	1,04,484	1,05,331	1,26,903	1,25,538	1,38,903	1,57,627	1,71,532	1,93,510	2,10,571
Total Assets	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,18,008	7,10,193	7,58,723

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	46,292	45,780	56,792	61,458	70,593	47,185	78,248	86,062	99,263	90,868
Cash from Investing Activity	-38,283	-45,056	-67,111	-37,332	-53,498	-39,092	-41,330	-75,095	-57,267	-43,022
Cash from Financing Activity	-8,972	-1,867	9,909	-23,324	-16,726	-8,239	-35,790	-12,876	-45,650	-47,908
Net Cash Flow	-962	-1,143	-410	801	368	-146	1,129	-1,909	-3,654	-61

Overview

Detailed Summary

The company has experienced a decrease in standalone net profits due to lower crude oil prices, emphasizing the impact of global market trends on its financials.

Sector

Crude Oil & Natural Gas

Industry

Oil Exploration / Allied Services

Market Cap

2,96,077 Cr

Volatility

Moderate Risk

P/E Ratio

8.1

Industry P/E

8.7

PEG Ratio

0.7

P/B Ratio

0.8

52W High

273.45

52W Low

205.00

Sales CAGR

1.74%

7.70%

7.46%

10Y

6.57%

Profit CAGR

-30.66%

-4.04%

21.47%

10Y

9.19%

ROE

TTM

9.93%

11.67%

11.70%

10Y

10.70%

ROCE

TTM

13.42%

12.42%

11.86%

10Y

11.82%