Oil & Natural Gas Corpn Ltd(ONGC)

NSE: ONGCBSE: 500312

₹ 226+0.51%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 2.84 L crWebsite: www.ongcindia.comUpdated: 24 Oct 2026

About

Oil and Natural Gas Corporation Limited (ONGC) is India's largest state-owned upstream oil and gas explorer and producer, with standalone oil and gas production of 38.87 MMT in FY26. ONGC holds the country's largest acreage position under OALP rounds concluded up to Round IX.^[1][2][3]

Business segments

Refining & Marketing (HPCL-led): 79.1% of consolidated segment revenue (₹5,84,345.8 crore) with EBIT margin of 4.9% in FY26.^[4]
E&P Offshore India: 12.5% of consolidated segment revenue (₹92,406.31 crore) with EBIT margin of 36.8% in FY26.^[4]
E&P Onshore India: 5.4% of consolidated segment revenue (₹39,777.51 crore) with EBIT margin of 15.0% in FY26.^[4]

Key operating numbers

Standalone oil and gas production was 38.87 MMT in FY26; targets are ~39 MMT for FY27 and ~40 MMT for FY28.^[1]
Average crude realisation was INR 99.45/barrel in Q1 FY27.^[1]
New well gas reached ~19% of production volume and ~24% of sales quantity in Q1 FY27, up from ~17% sales share the prior year; its revenue contribution was ~INR 4,000 crore in Q1 FY27.^[1]
Gas share of standalone revenue rose from ~25% in FY25 to 28% in FY26.^[1]
OVL produced 9.671 MMTOE from overseas assets in FY26 (6.908 MMT crude oil, 2.763 BCM gas), crossing a cumulative total of 224.32 MMTOE.^[2]
MRPL achieved crude throughput of 16.774 MMT with GRM of USD 9.22/bbl in FY26, versus USD 4.45/bbl in FY25.^[2]
OPaL produced 1,620.18 KT of petrochemicals in FY26; EBITDA improved from ₹(2,031) million in FY25 to ₹12,066 million in FY26 after capital restructuring.^[2]

Operations and infrastructure

ONGC's pipeline network spans approximately 24,300 km.^[2]
HPCL operates refineries at Mumbai (9.5 MMTPA) and Visakhapatnam (15.0 MMTPA), plus a Lube Refinery at Mumbai (428 TMT capacity); combined throughput reached a record 26.04 MMT in FY26.^[2]
MRPL is a single-location 15 MMTPA refinery.^[2]
Mumbai High TSP (with BP) delivered oil at ~107% and gas at ~113% of contractual baseline production in Q1 FY27; the model has been expanded across the entire Western Offshore portfolio.^[1]
KG-DWN-98/2 deepwater block producing ~21,000 bpd of oil and ~1.5 MMSCMD of gas in Q1 FY27, with 3 of 7 gas wells yet to open.^[1]
ONGC holds participating interests in 29 overseas oil and gas projects across 14 countries through OVL, comprising 14 producing, 5 under development, 7 exploration, and 3 pipeline projects.^[2]

Products and subsidiaries

Value-added products include LPG, Naphtha, Ethane, Propane, Butane, Superior Kerosene Oil, LSHS, HSD, ATF, LNG, Light Diesel Oil, MTO and others.^[2]
HPCL (54.90% owned, Maharatna) crossed 25,000+ retail outlets in FY26.^[2]
ONGC Green Limited (OGL), a wholly owned subsidiary established 27 February 2024, has expanded the renewable energy portfolio to 2.853 GW through acquisitions of Ayana Renewables and PTC Energy.^[2][1]
OPaL (ONGC Petro additions Limited) is now a 95.69%-owned subsidiary following equity infusion, up from 49.36%.^[2]

Exploration acreage

ONGC holds the country's largest acreage position under OALP rounds up to Round IX, having cumulatively drilled 79 exploratory wells and made 13 discoveries across these blocks.^[2]
Under Samudra Manthan (National Offshore Exploration Scheme), the government approved a total outlay of INR 84,084 crore; ONGC commenced drilling its first deepwater exploratory well in the Mahanadi Offshore Basin in Q1 FY27.^[1]

Expansion and capex

Total standalone capex is guided at USD 3.5 - 4 billion per year for FY27 and FY28, with potential upside from Samudra Manthan exploration; INR 40,000+ crore of projects is under execution in Western Offshore.^[1]
DUDP gas production is targeted at 3 MMSCMD by Q3 FY27 exit (from current 1 MMSCMD), rising to contribute ~1 BCM incremental gas in FY27.^[1]
KG-DWN-98/2 CPP commissioning is expected October - November 2026; gas targeted at 3+ MMSCMD exit Q4 FY27, reaching 6 - 7 MMSCMD peak by Q4 FY28.^[1]
Mozambique LNG: force majeure lifted; first production expected end of FY28 or beginning of FY29.^[1]
Brazil BM-SEAL project (with Petrobras): FPSO contract already awarded; first oil targeted from 2030.^[1]
BP's TSP arrangement for Mumbai High to convert from fixed-fee to performance-based from January 2027; BP committed to a 60% cumulative increase in Mumbai High oil and gas production over ten years, with peak expected around FY29 - 30.^[5]

Recent developments

ONGC incorporated OPML (petrochemicals marketing JV) on 07 October 2026 with authorised share capital of ₹50 crore, holding a 50% stake.^[6]
Care Edge Ratings reaffirmed ONGC's credit ratings across multiple facilities in October 2026, with no downgrade.^[7]
Sakhalin asset (OVL) was restored in December 2025 and accounted in P&L from January 2026; OVL PAT moved from ~INR 500 - 600 crore per annum to ~INR 1,000 crore per quarter.^[1]
HPCL reported a net loss of INR 12,265 crore in Q1 FY27 due to under-recoveries following the West Asia crude price spike, suppressing consolidated group PAT to INR 6,554 crore.^[1]
OPaL EBITDA turned negative at -INR 57 crore in Q1 FY27 (vs +INR 1,207 crore in FY26) after naphtha prices surged from USD 600 to USD 1,000/tonne post-Hormuz disruption.^[1]
ONGC filed 17 patents and received ~600 innovative ideas through the Udbhav initiative in FY26.^[2]

Market Cap

₹2,84,314 Cr

High / Low

₹308 / 219

Stock P/E

6.4

Price / Book

0.8

Book Value

₹296

EPS

₹32.9

No. of Shares

1,258.03 Cr

ROCE

14.4%

ROE

11.6%

OPM

11.6%

Debt / Equity

0.38

Sales

₹6,62,247 Cr

Net Profit

₹49,793 Cr

Promoter holding

58.9%

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Oil & Natural Gas Corpn Ltd(ONGC)

About

Business segments

Key operating numbers

Operations and infrastructure

Products and subsidiaries

Exploration acreage

Expansion and capex

Recent developments

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