Oil & Natural Gas Corporation Limited (ONGC) Fair Value & Analysis
Energy · IN · Market cap ₹3.1T (≈ $32.7B) · ISIN INE213A01029
What is Oil & Natural Gas Corporation Limited really worth?
A solid business, trading 32% below our fair value of ₹344.31.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 8 days ago
Fair value updated Aug 27, 2026, revised from ₹472.78 to ₹344.31 (−27.2%) since Aug 13, 2026. Share price −2.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (₹251.79). The market is more pessimistic than our downside scenario.
- Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range ₹80.50 – ₹307.87 · fair‑value band ₹251.79 – ₹430.39 · the ₹234.65 price screens below the ₹344.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Oil & Natural Gas Corporation Limited (ONGC) currently trades at ₹234.65, while our model-based Fair Value estimate is ₹344.31, implying the stock looks roughly 31.8% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Energy sector. Bull case: the Growth DCF group reads highest at a median of ₹881.18 per share, and 24 of the 26 models we run sit above the ₹234.65 price. Bear case: the Asset-Based group reads lowest at ₹198.00, and 2 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Oil & Natural Gas Corporation Limited generated revenue of ₹6.6T at a net margin of 6.3%. Revenue grew 1.9% year over year. It earns a return on equity of 12.7%. Net debt stands at ₹1.4T. Fundamentals as of Aug 27, 2026
Our scenario range runs from ₹251.79 (bear case) to ₹430.39 (bull case); at ₹234.65, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −17% fair-value upside, at 47%, ONGC screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹8.44 per share, which is 2.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth DCF (₹881.18) versus Asset-Based (₹198.00). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 49
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Oil and Natural Gas Corporation Limited, together with its subsidiaries, engages in the exploration, development, production, and distribution of crude oil, natural gas, and value-added products in India and internationally. It operates through Exploration and Production, Refining & Marketing, and Petrochemicals segments.
Full company description
Oil and Natural Gas Corporation Limited, together with its subsidiaries, engages in the exploration, development, production, and distribution of crude oil, natural gas, and value-added products in India and internationally. It operates through Exploration and Production, Refining & Marketing, and Petrochemicals segments. The company engages in the refining and marketing of petroleum products; liquefied natural gas supply; pipelines for transportation of petroleum products; SEZ development; helicopter services; and production of ethanol, sugar, petrochemicals, liquefied petroleum gas, naphtha, ethane, propane, butane, kerosene oil, low sulphur heavy stock, residual crude oil, mineral turpentine oil, aviation turbine fuel, and high speed diesel. It also generates wind power through a total installed capacity of 153.9 MW; and solar power through a total installed capacity of 39.96 MW. The company also exports its products. Oil and Natural Gas Corporation Limited was founded in 1955 and is based in New Delhi, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Oil & Natural Gas Corporation Limited reported revenue of ₹6.6T in FY2026 versus ₹4.9T in FY2022, a compound +7.8%/yr. Reported net income was ₹414B in FY2026, compounding −2.3%/yr from FY2022.
of which total revenue +14.5 % · buybacks/dilution +0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- India’s ONGC Targets Tenfold Oil Output Boost in Venezuela
- Will ONGC’s US$300 Million Ultra-Deepwater Deal Reshape Transocean’s (RIG) Long-Term India Narrative?
- Transocean Secures $300M ONGC Contract for Ultra-Deepwater Rig
- ONGC, Transocean sign LoA for Dhirubhai drill-ship in India
Peer Group
Oil & Gas Integrated · 53 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Exxon Mobil Corporation XOM | $156.44 | $88.98 | −43% |
| Chevron Corporation CVX | $201.86 | $90.66 | −55% |
| PetroChina Company 601857 | ¥11.23 | ¥15.47 | +38% |
| Shell plc SHELL | €40.28 | €39.46 | −2% |
| TotalEnergies SE TOTB | €75.55 | €69.02 | −9% |
| Petróleo Brasileiro S.A XPBRA | €7.11 | €2.03 | −71% |
| China Petroleum & Chemical Corporation 600028 | ¥5.52 | ¥4.59 | −17% |
| Equinor ASA EQNR | kr 395.90 | kr 338.01 | −15% |
| Suncor Energy Inc SU | C$94.21 | C$59.11 | −37% |
| Eni S.p.A E | $55.12 | $32.53 | −41% |
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