ONGC
O N G C share price & financials
- Price
- ₹246.25
- Market cap
- ₹2.9L Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 5
ONGC Q2 FY26
Revenue ₹143,250 cr (+8% YoY); EBITDA ₹38,470 cr (+5% YoY); PAT ₹12,850 cr (−12% YoY). Revenue of ₹1,43,250 crores, up 8% YoY.
Read the full call →What O N G C does
Oil and Natural Gas Corporation (ONGC) is India's government-owned integrated oil and gas company. It explores for and produces crude oil and natural gas from offshore and onshore fields in India, and refines crude into petroleum products in its downstream business. Through its wholly-owned subsidiary ONGC Videsh Limited (OVL), it also holds oil and gas exploration and production assets internationally, including a stake in the Area 1 offshore gas project in Mozambique and blocks in South Sudan. The Government of India, through the Ministry of Petroleum & Natural Gas, is the promoter and controlling shareholder.
Segments
- Exploration & Production (Upstream)
- Refining & Marketing (Downstream)
- Overseas (ONGC Videsh)
- Overseas arm
- ONGC Videsh Limited (OVL), wholly-owned subsidiary holding international oil & gas assets
- Domestic operations
- Crude oil and natural gas production from offshore and onshore fields across India
- Mozambique Area 1 LNG under development
- Two onshore LNG trains, 13.12 MMTPA total capacity; OVL holds 16% participating interest
- South Sudan blocks
- 25% participating interest in Blocks 1, 2 and 4 (via ONGC Nile Ganga B.V.)
- Ownership
- Government of India enterprise, administered by the Ministry of Petroleum & Natural Gas
Guidance record · Q2 FY26
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Gas Sales Volume Growth at risk said Q2 FY25 Promised: 8-10% in FY26 Q2 FY26: Guidance reiterated, but no new gas production data provided. Status remains at risk based on Q1 performance.
- Total Capital Expenditure on track said Q2 FY25 Promised: ₹32,000 crores for FY26 Q2 FY26: Guidance reiterated. No interim spending data provided to verify progress.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 25.7%, net profit down 43.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,59,331 | 1,67,213 | 1,67,749 | 1,63,106 | 1,57,911 −1% | 1,67,423 +0% | 1,73,801 +4% | 2,04,987 +26% |
| EBITDA | 20,574 | 24,354 | 21,766 | 25,770 | 26,521 +29% | 25,335 +4% | 25,352 +16% | 15,485 −40% |
| Net profit | 9,841 | 9,747 | 8,965 | 11,554 | 12,615 +28% | 11,946 +23% | 13,678 +53% | 6,554 −43% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +0.3% 1Y
1Y: ₹231.74 on 10 Sept 2025 → ₹232.5. High ₹301.4 (29 Apr 2026), low ₹231.42 (8 Jan 2026).
How the price took the results
close before → close after
- Q2 FY25
- −0.4%
- 18 Nov
- Q3 FY25
- −0.4%
- 18 Nov
- Q4 FY25
- −0.4%
- 18 Nov
- Q1 FY26
- −0.4%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.1% a year over 3 years, FY23 to FY26. Operating margin widened to 15.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹684.8k Cr | ₹650.9k Cr | ₹663.3k Cr | ₹662.2k Cr |
| Operating profit | ₹74.6k Cr | ₹102.5k Cr | ₹88.5k Cr | ₹103.0k Cr |
| Operating margin | 10.9% | 15.7% | 13.3% | 15.5% |
| Interest | ₹7.9k Cr | ₹12.4k Cr | ₹14.5k Cr | ₹13.0k Cr |
| Depreciation | ₹24.6k Cr | ₹30.1k Cr | ₹35.2k Cr | ₹37.4k Cr |
| Net profit | ₹33.6k Cr | ₹55.7k Cr | ₹38.3k Cr | ₹49.8k Cr |
| Net margin | 4.9% | 8.6% | 5.8% | 7.5% |
| Cash from operations | ₹84.2k Cr | ₹98.8k Cr | ₹90.9k Cr | ₹112.7k Cr |
| Free cash flow | ₹47.8k Cr | ₹61.0k Cr | ₹50.1k Cr | ₹72.2k Cr |
| ROCE | 14.0% | 18.0% | 12.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6.3k Cr | ₹6.3k Cr | ₹6.3k Cr | ₹6.3k Cr | ₹6.3k Cr | ₹6.3k Cr |
| Reserves | ₹214.7k Cr | ₹253.2k Cr | ₹274.4k Cr | ₹332.8k Cr | ₹361.5k Cr | ₹365.5k Cr |
| Borrowings | ₹133.2k Cr | ₹122.0k Cr | ₹142.3k Cr | ₹191.2k Cr | ₹176.0k Cr | ₹174.3k Cr |
| Other liabilities | ₹187.6k Cr | ₹201.8k Cr | ₹190.2k Cr | ₹206.4k Cr | ₹237.6k Cr | ₹239.5k Cr |
| Total liabilities | ₹541.7k Cr | ₹583.3k Cr | ₹613.1k Cr | ₹736.6k Cr | ₹781.4k Cr | ₹785.6k Cr |
| Fixed assets | ₹243.7k Cr | ₹254.4k Cr | ₹250.8k Cr | ₹317.2k Cr | ₹362.9k Cr | ₹346.1k Cr |
| Capital work in progress | ₹100.3k Cr | ₹106.7k Cr | ₹113.9k Cr | ₹118.7k Cr | ₹94.6k Cr | ₹116.3k Cr |
| Investments | ₹60.3k Cr | ₹66.6k Cr | ₹78.9k Cr | ₹100.9k Cr | ₹100.9k Cr | ₹101.1k Cr |
| Other assets | ₹137.4k Cr | ₹155.5k Cr | ₹169.5k Cr | ₹199.8k Cr | ₹223.0k Cr | ₹222.2k Cr |
| Total assets | ₹541.7k Cr | ₹583.3k Cr | ₹613.1k Cr | ₹736.6k Cr | ₹781.4k Cr | ₹785.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.93 pp while DIIs trimmed −0.54 pp. The shareholder count shrank 9% to 27,36,414.
- Promoters
- 58.9%
- FIIs
- 8.0%
- DIIs
- 19.3%
- Government
- 10.3%
- Public
- 3.5%
Since Jun 2025
- FIIs +0.93 pp
- DIIs −0.54 pp
- Public −0.38 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 58.9%, FIIs 8.4%, DIIs 19.6%, Government 10.3%, Public 2.8%.Dec '23: Promoters 58.9%, FIIs 9.2%, DIIs 18.7%, Government 10.3%, Public 2.9%.Mar '24: Promoters 58.9%, FIIs 8.9%, DIIs 18.9%, Government 10.3%, Public 3.0%.Jun '24: Promoters 58.9%, FIIs 8.6%, DIIs 18.8%, Government 10.3%, Public 3.5%.Sep '24: Promoters 58.9%, FIIs 8.1%, DIIs 19.0%, Government 10.3%, Public 3.6%.Dec '24: Promoters 58.9%, FIIs 7.5%, DIIs 19.4%, Government 10.3%, Public 3.9%.Mar '25: Promoters 58.9%, FIIs 7.1%, DIIs 19.9%, Government 10.3%, Public 3.8%.Jun '25: Promoters 58.9%, FIIs 7.1%, DIIs 19.9%, Government 10.3%, Public 3.9%.Sep '25: Promoters 58.9%, FIIs 7.0%, DIIs 20.0%, Government 10.3%, Public 3.9%.Dec '25: Promoters 58.9%, FIIs 7.4%, DIIs 19.7%, Government 10.3%, Public 3.7%.Mar '26: Promoters 58.9%, FIIs 8.0%, DIIs 19.3%, Government 10.3%, Public 3.5%.Jun '26: Promoters 58.9%, FIIs 8.0%, DIIs 19.3%, Government 10.3%, Public 3.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Value Fund Mutual fund newly disclosed 1.95% held
- Cpse Exchange Traded Scheme (Cpse ETF) Mutual fund +0.06 pp 1.31% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of O N G C above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 58.89% | unchanged |
| Life Insurance Corporation Of India Insurer | 9.95% | −0.23 pp |
| Indian Oil Corporation Limited | 7.84% | unchanged |
| Gail (India) Limited | 2.45% | unchanged |
| ICICI Prudential Value Fund Mutual fund | 1.95% | newly disclosed |
| SBI Nifty 50 ETF Mutual fund | 1.77% | unchanged |
| Cpse Exchange Traded Scheme (Cpse ETF) Mutual fund | 1.31% | +0.06 pp |
| ICICI Prudential Large Cap Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ONGC
Filings to Aug 2026
0 new, 17 added, 13 trimmed, 0 sold out — net −211.65 L shares (−5.0%).
- Held by funds
- ₹9.5k Cr
- 48 schemes
- Biggest holder
- CPSE ETF
- ₹2.6k Cr · 13.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| CPSE ETF Nippon India Mutual Fund | ₹2.6k Cr | +1.25 L | Jan '19 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.7k Cr | +3.96 L | Aug '21 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹564 Cr | held | Mar '24 |
| SBI Contra Fund SBI Mutual Fund | ₹554 Cr | held | Dec '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹548 Cr | +4.75 L | Jan '19 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹538 Cr | −0.84 L | Feb '25 |
| SBI PSU Fund SBI Mutual Fund | ₹340 Cr | held | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹317 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
17 added, 13 trimmed — net −2.12 cr shares (−5.0%)
- Funds are sitting on
- +28%
- vs est. average cost
- Held by funds
- ₹9.5k Cr
- 48 schemes · ≈ 3.4% of the company
- Biggest holder
- CPSE ETF
- ₹2.6k Cr · 13.4% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds −14%
Aug '23 42.34 cr shares Jul '26
All earnings calls (5)
Read the Q2 FY26 call →Learn to analyse O N G C
Guides on how to read this kind of business and the numbers that matter.