Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,164.90 last close on 30 Oct 2026 −0.21%
Research updated
Oil & Natural Gas Corporation Ltd.
NSE: ONGCEnergyOil & Gas Integrated
- Last close
- ₹225.39
- Day change
- −₹0.40 (−0.18%)vs
- Market cap
- ₹2.83 lakh crIndian rupees
- Research updated
- 2 reports
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About Oil & Natural Gas Corporation
Oil & Natural Gas Corporation Ltd. is an Indian energy company focused on the exploration and production of crude oil and natural gas. Its core business supports upstream operations across onshore and offshore fields, while also extending into related services such as drilling, field development, transportation, and production support. The company serves as a major supplier of hydrocarbons to refiners and other industrial customers, making it an important link in India’s energy value chain. Oil & Natural Gas Corporation Ltd. also operates through subsidiaries and joint ventures that broaden its presence across refining, petrochemicals, international oil and gas assets, and selected energy-related businesses. With operations centered in India and a footprint across overseas projects, the company plays a significant role in meeting domestic energy demand and supporting the wider petroleum and natural gas market.
- Sector
- Energy
- Industry
- Oil & Gas Integrated
- Listing
- NSE: ONGC
- Next results
- Chief executive
- Mr. Arun Kumar Singh B.Sc., B.Sc. (Engg.)
- Employees
- 24,378
- Headquarters
- New Delhi, India
- ISIN
- INE213A01029
- Website
- ongcindia.com
Public research · Report of
Business model & financial foundation
ONGC (NSE: ONGC), Oil Exploration and Production (integrated group with refining and marketing through HPCL and MRPL): revenue of ₹6,62,247 crore in FY26 (-0.2% on FY25), an EBITDA margin of 15.6% and net profit of ₹41,424 crore.
- Revenue, FY26 (₹ crore)
- 6,62,247
- consolidated
- Revenue growth, FY26
- -0.2%
- on FY25
- EBITDA margin, FY26
- 15.6%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 41,424
- to owners
- Return on equity, FY26
- 11.6%
- on average equity
- Market capitalisation (₹ crore)
- 2,79,748
- at the close of 23 Oct 2026
Company profile
ONGC is India's largest oil and gas producer, contributing roughly two-thirds of domestic crude and over half of domestic gas from nomination and JV fields, mainly in the Western Offshore (Mumbai High) and the KG basin. It sells crude to Indian refiners at Brent-linked prices and gas at government-administered (APM) and new-well prices. Through HPCL and MRPL it owns about 40 MMTPA of refining and a national fuel-marketing network, and ONGC Videsh holds overseas E&P assets.
| Item | Value |
|---|---|
| Legal name | Oil and Natural Gas Corporation Limited |
| Exchange and ticker | NSE: ONGC; BSE: 500312 |
| ISIN | INE213A01029 |
| CIN | L74899DL1993GOI054155 |
| Sector | Energy |
| Industry | Oil Exploration and Production (integrated group with refining and marketing through HPCL and MRPL) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Joint statutory auditors appointed by C&AG: Talati & Talati LLP, V Sankar Aiyar & Co, Laxmi Tripti & Associates, Manubhai & Shah LLP, Rama K Gupta & Co (FY26) |
| Market capitalisation | ₹2,79,748 crore (23 Oct 2026) |
| Shares outstanding | 1,258 crore shares (FY26) |
| Price | ₹225.0 (close, 23 Oct 2026) |
| 52-week range | ₹218.5 - ₹307.5 (to 23 Oct 2026) |
| Website | https://ongcindia.com |
Corporate structure and shareholding
Parent: Government of India (58.89% promoter holding).
| Entity | Holding | Business |
|---|---|---|
| Hindustan Petroleum Corporation Ltd (HPCL) | 54.9% | Listed refiner and fuel marketer (NSE: HINDPETRO) |
| Mangalore Refinery and Petrochemicals Ltd (MRPL) | 71.63% | Listed 15 MMTPA single-location refinery (NSE: MRPL); HPCL holds a further 16.95% |
| ONGC Videsh Ltd (OVL) | 100% | Overseas E&P (Sakhalin-1, Mozambique LNG, others) |
| ONGC Petro additions Ltd (OPaL) | 95.69% | Dahej petrochemical complex; subsidiary since 23 Aug 2024 |
| Petronet MHB Ltd | 50% | Product pipeline; 77.45% effective with HPCL's 50% |
| ONGC Green Ltd | 100% | Renewables and green energy |
Associates include Petronet LNG (12.5%) and Pawan Hans (49%); ONGC also holds ~14.2% of IOC and ~5% of GAIL as investments.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 58.89% | 58.89% | 58.89% | 58.89% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.42% | 7.97% | 8.01% | 8.56% |
| Domestic institutions | 19.69% | 19.31% | 19.31% | 18.66% |
| of which mutual funds | 8.28% | 7.69% | 7.95% | 7.11% |
| Retail | 3.06% | 2.82% | 2.87% | 2.92% |
| Other | 10.94% | 11.01% | 10.92% | 10.97% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ONGC produces about two-thirds of India's crude and over half its gas from nomination and JV fields, mainly in the Western Offshore (Mumbai High) and the KG basin. It sells crude to Indian refiners at Brent-linked prices; nominated gas sells at the APM price (capped at USD 7.00/mmbtu) and new-well gas at a premium. The consolidated group adds HPCL (54.90%) and MRPL (71.63%) refining and marketing, ONGC Videsh overseas E&P, and OPaL petrochemicals (95.69%).
Refining and marketing is about 88% of segment revenue but swings group profit. Q1 FY27's R&M segment result was -16,155 cr against an E&P India result of 23,375 cr. The upstream controls volumes and costs; price, levies and gas pricing are set by the market and the government.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | finance cost, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Refining & Marketing (HPCL, MRPL) | 5,84,346 | 88.2% | 28,664 | 93.9% | ||
| Petrochemicals (OPaL) | 14,214 | 2.1% | -382.2 | -1.3% | ||
| E&P Outside India (OVL) | 8,443 | 1.3% | 2,236 | 7.3% | ||
| Others / unallocated | 497.0 | 0.1% | ||||
| E&P India (offshore + onshore) | 1,32,184 | 20.0% | ||||
| Less: inter-segment revenue | -77,436 | -11.7% | ||||
| Reconciling items to PBT | 13,029 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Oil India (OIL) | The other state-owned domestic upstream producer under the same fiscal, royalty and gas-pricing regime |
| Reliance Industries (RELIANCE) | Integrated refiner with KG-D6 deepwater gas; ONGC's group shape (E&P plus refining) in private hands |
| Hindustan Petroleum (HINDPETRO) | ONGC's 54.9% subsidiary; drives consolidated earnings swings |
| Bharat Petroleum (BPCL) | State refiner-marketer; benchmark for the HPCL leg |
| Indian Oil Corporation (IOC) | State refiner-marketer and ONGC investee (14.2%) |
| GAIL (India) (GAIL) | Gas transmission and marketing; buyer of ONGC's APM gas |
| Mangalore Refinery and Petrochemicals (MRPL) | ONGC's 71.63% listed refining subsidiary |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,53,171 | 6,63,262 | 6,62,247 | ||
| Cost of revenue (vendor classification) * | 3,78,613 | 5,08,229 | 4,50,646 | 4,80,226 | 4,58,104 |
| Other operating costs (vendor classification) * | 43,452 | 48,443 | 49,939 | 58,880 | 59,240 |
| EBITDA (vendor classification) * | 94,912 | 97,122 | 1,26,009 | 1,10,176 | 1,28,848 |
| EBIT * | 58,768 | 51,781 | 86,073 | 64,238 | 78,346 |
| Finance cost | 13,026 | 14,535 | 13,029 | ||
| Profit before tax | 69,311 | 51,362 | 64,621 | ||
| Tax expense | 4,797 | 10,700 | 18,356 | 14,069 | 17,830 |
| Profit after tax | 49,294 | 34,046 | 55,273 | 38,329 | 49,793 |
| Diluted EPS (₹) | 36.19 | 29.18 | 39.06 | 28.80 | 32.93 |
| Other income | 12,031 | 12,394 | 12,357 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 4,07,200 | 4,26,547 | 4,02,335 | ||
| Employee benefit expense | 7,491 | 7,293 | 7,321 | ||
| Other expenses | 1,36,096 | 1,40,562 | 1,49,472 | ||
| EBITDA (revenue less operating expenses) | 1,02,383 | 88,861 | 1,03,120 | ||
| Depreciation and amortisation | 30,440 | 35,206 | 37,391 | ||
| Exceptional items (a charge is negative) | -1,636 | -151.1 | -435.7 | ||
| Share of associates and joint ventures | 4,318 | 1,036 | 3,002 | ||
| Non-controlling interests' share of profit | 6,129 | 2,103 | 8,369 | ||
| Profit attributable to owners | 49,144 | 36,226 | 41,424 | ||
| Basic EPS (₹) | 39.06 | 28.80 | 32.93 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 3,43,440 | 3,71,768 | |||
| Borrowings (non-current and current) | 1,53,556 | 1,42,055 | |||
| Cash and cash equivalents | 4,554 | 1,554 | |||
| Trade receivables (current) | 19,187 | 18,752 | 19,763 | 21,228 | 22,014 |
| Inventories | 54,163 | 44,241 | 52,251 | 58,956 | 64,918 |
| Trade payables (current) | 40,186 | 33,644 | 37,492 | 38,976 | 46,933 |
| Property, plant and equipment | 3,25,984 | 3,30,705 | |||
| Capital work in progress | 87,037 | 91,478 | |||
| Total assets | 5,86,538 | 6,18,278 | 7,10,193 | 7,58,723 | 7,91,905 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 90,868 | 1,12,719 | |||
| Free cash flow (vendor definition) * | 33,722 | 35,132 | 47,361 | 35,192 | 58,729 |
| Dividends paid (an outflow is negative) | -12,924 | -17,609 | -12,895 | -16,985 | -16,980 |
| Capital expenditure (an outflow is negative) | -41,031 | -41,282 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 1,258 | 1,258 | 1,258 | 1,258 | 1,258 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,58,329 | 1,66,097 | 1,70,812 | 1,63,108 | 1,57,911 | 1,67,423 | 1,73,805 | 2,04,987 |
| Cost of revenue (vendor classification) * | 1,10,731 | 1,14,260 | 1,36,621 | 1,11,347 | 1,04,041 | 1,13,297 | 1,11,041 | 1,64,441 |
| Other operating costs (vendor classification) * | 20,267 | 19,173 | -19,588 | 19,428 | 19,646 | 20,748 | 21,308 | 17,660 |
| EBITDA (vendor classification) * | 17,709 | 19,124 | 20,187 | 20,650 | 21,799 | 21,409 | 27,407 | 10,503 |
| EBIT * | 16,449 | 17,192 | 13,812 | 18,850 | 20,695 | 19,397 | 21,710 | 9,866 |
| Finance cost | 3,749 | 3,670 | 3,500 | 3,341 | 3,411 | 3,207 | 3,070 | 2,854 |
| Profit before tax | 12,712 | 13,887 | 12,367 | 15,736 | 16,945 | 16,093 | 15,847 | 6,415 |
| Tax expense | 2,822 | 3,739 | 4,150 | 3,954 | 4,670 | 4,244 | 4,962 | 458.0 |
| Profit after tax | 9,878 | 9,784 | 8,856 | 11,554 | 12,615 | 11,946 | 13,678 | 6,554 |
| Diluted EPS (₹) | 8.17 | 6.85 | 5.82 | 7.79 | 8.58 | 7.96 | 8.60 | 9.46 |
| Other income | 4,163 | 2,411 | 2,977 | 2,573 | 3,108 | 3,308 | 3,368 | 2,789 |
| Cost of materials (consumed, traded goods bought, inventory change) | 1,02,522 | 1,04,763 | 1,09,105 | 1,01,963 | 94,767 | 1,03,908 | 1,01,696 | 1,54,963 |
| Employee benefit expense | 1,838 | 1,918 | 1,755 | 1,888 | 1,779 | 1,841 | 1,813 | 1,660 |
| Other expenses | 33,462 | 34,773 | 37,867 | 33,350 | 34,844 | 36,339 | 44,940 | 32,879 |
| EBITDA (revenue less operating expenses) | 20,507 | 24,643 | 22,085 | 25,907 | 26,521 | 25,335 | 25,356 | 15,485 |
| Depreciation and amortisation | 8,209 | 9,497 | 9,043 | 9,384 | 9,273 | 9,388 | 9,345 | 9,477 |
| Exceptional items (a charge is negative) | 0.00 | 0.00 | -151.1 | -18.6 | -0.19 | 45.1 | -462.1 | 471.8 |
| Share of associates and joint ventures | -12.2 | -364.7 | 639.2 | -227.9 | 339.6 | 97.2 | 2,793 | 597.9 |
| Non-controlling interests' share of profit | -394.1 | 1,162 | 1,534 | 1,750 | 1,830 | 1,931 | 2,858 | -5,344 |
| Profit attributable to owners | 10,273 | 8,622 | 7,323 | 9,804 | 10,785 | 10,016 | 10,820 | 11,899 |
| Basic EPS (₹) | 8.17 | 6.85 | 5.82 | 7.79 | 8.58 | 7.96 | 8.60 | 9.46 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 1.5% | -0.2% | |||
| EBITDA margin | 15.7% | 13.4% | 15.6% | ||
| Net margin | 7.5% | 5.5% | 6.3% | ||
| Return on equity | 10.5% | 11.6% | |||
| Return on capital employed | 12.9% | 15.5% | |||
| Return on assets | 7.4% | 4.9% | 5.3% | ||
| Borrowings less cash (₹ crore) | 1,49,002 | 1,40,501 | |||
| Borrowings less cash / EBITDA | 1.68x | 1.36x | |||
| Interest cover | 6.61x | 4.42x | 6.01x | ||
| Asset turnover | 0.98x | 0.90x | 0.85x | ||
| Receivable days | 11 | 12 | 12 | ||
| Inventory days (on revenue) | 29 | 32 | 36 | ||
| Payable days (on revenue) | 21 | 21 | 26 | ||
| Cash conversion | 2.51x | 2.72x | |||
| Capex intensity | 6.2% | 6.2% | |||
| Free cash flow (₹ crore) | 49,837 | 71,438 | |||
| Dividend payout | 26.2% | 46.9% | 41.0% | ||
| EPS, diluted (₹) | 36.19 | 29.18 | 39.06 | 28.80 | 32.93 |
| Book value per share (₹) | 273.0 | 295.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Oil & Natural Gas Corporation
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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