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India's largest state-run oil & gas explorer, pumping crude and natural gas onshore and offshore.
India's largest state-run oil & gas explorer, pumping crude and natural gas onshore and offshore.
Sells crude to Indian refiners at prices tracking international benchmarks, and gas largely at government-set prices, so state policy affects its earnings as well as the oil price. Its 2018 purchase of the government's majority stake in Hindustan Petroleum added a large refiner and fuel retailer. ONGC Videsh, its overseas arm, holds fields in Russia, Brazil and elsewhere.
In one line: India's ConocoPhillips for upstream exploration & production.
Moat: narrow (regulatory licence, scale, installed base). State-granted exploration licences and existing offshore infrastructure are hard for new entrants to replicate.
Headquarters: New Delhi, India · Founded: 1956 · Employees: 23,993
Size Oil & Natural Gas (ONGC.NS) is an India Energy company (Integrated Oil) with a market value of $30.8B, the 31st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹231.76 on 6 Nov 2026.
Performance Over six months the shares fell 18.4%, against +5.4% for the median peer and 0.0% for the India market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +17.4%); the operating margin is 9.2% (peer median 25.5%).
Valuation It trades at 5.6× forward earnings against a peer median of 8.0× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (9.5% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹7.04T | ₹6.08T | ₹6.12T | ₹6.01T | ₹6.32T |
| Revenue growth | — | -1% | +2% | -5% | — |
| Gross profit | ₹2.04T | ₹1.32T | ₹1.14T | ₹1.26T | ₹1.12T |
| EBITDA | ₹1.02T | ₹1.21T | ₹1.01T | ₹1.10T | ₹821B |
| Net income | ₹435B | ₹414B | ₹362B | ₹491B | ₹367B |
| Free cash flow | n/a | ₹716B | ₹480B | ₹583B | ₹472B |
| Capital expenditure | n/a | ₹540B | ₹557B | ₹521B | ₹509B |
| Total debt | n/a | ₹1.74T | ₹1.88T | ₹1.91T | ₹1.50T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oil & Natural Gas ONGC.NS | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% |
| Oil India OIL.NS | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
| Indian Oil IOC.NS | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ONGC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | -5.4% | 2nd highest of 21 |
| 6-month return | -18.4% | +5.4% | lowest of 21 |
| Distance from 52-week high | -24.6% | -17.2% | 5th lowest of 21 |
| Revenue growth (TTM) | +7.0% | +17.4% | 7th lowest of 21 |
| Operating margin | 9.2% | 25.5% | 2nd lowest of 21 |
| Forward P/E | 5.6× | 8.0× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -12.6% | -7.6% | 8th least demanding of 20 |
| Growth delivered (Del g) | +14.9% | +18.1% | 5th lowest of 20 |
| Hurdle (Req g minus delivered) | -27.5 pp | -30.6 pp | 8th most demanding of 20 |
| ROIC minus cost of capital | +2.3 pp | +7.7 pp | 6th lowest of 21 |
| EV / EBITDA | 2.8× | 4.3× | 3rd cheapest of 21 |
| Net debt / EBITDA | 1.4× | 0.7× | 3rd most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |