Oil & Natural Gas Corporation Limited (ONGC)
₹222.00 -1.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Oil & Natural's revenue was ₹2,04,987 Cr (+25.7% year on year, +17.9% on the previous quarter), and net profit ₹6,554 Cr (-43.3% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,04,987 | +25.7% | +17.9% |
| Operating profit | ₹15,485 | -40.2% | -38.9% |
| Net profit | ₹6,554 | -43.3% | -52.1% |
| EPS (₹) | 9.46 | +21.4% | +10.0% |
| Operating margin | 7.6% | — | — |
ONGC delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.29% of the ONGC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.61%. The price fell 1.18% on that unusually high delivery, the pattern the delivery dashboard labels distribution. In ONGC futures, open interest rose 1.26% while the futures price fell 1.27%: short buildup (new short positions).
Delivery in the last 5 sessions: 72.4% · 61.5% · 60.7% · 55.3% · 73.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ONGC has incorporated a new Joint Venture Company named ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026. The JV is owned 50:25:25 by ONGC, MRPL, and OPaL, with an initial authorized and subscribed share capital of ₹50 crore. ONGC has invested ₹25 crore in cash to subscribe to 2.50 crore equity shares at ₹10 each. OPML will act as an integrated marketing and trading platform for the group's petrochemicals and chemicals products.
- Incorporated ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026
- Shareholding structure set at 50% ONGC, 25% MRPL, and 25% OPaL
- Total subscribed share capital of ₹50 crore divided into 5 crore equity shares of ₹10 each
- ONGC's cash investment is ₹25 crore for 2,50,00,000 equity shares
- Approved by Department of Investment and Public Asset Management (DIPAM)
Oil and Natural Gas Corporation Limited (ONGC) announced changes in its senior management cadre one level below the Board. Effective October 1, 2026, four Executive Directors—Saket Gupta, Ravi Shankar, Vinod Kumar Chaudhary, and Kaustav Nag—have superannuated. This represents normal course retirement across senior management in the PSU and involves no financial outgo or structural disruption for the ₹2,88,555 crore market cap company.
- Retirement of 4 Executive Directors announced effective 01.10.2026
- Superannuated officials include Saket Gupta, Ravi Shankar, Vinod Kumar Chaudhary, and Kaustav Nag
- Positions affected are one level below the Board of Directors
- Filing made under Regulation 30 read with Schedule III of SEBI LODR Regulations, 2015
ONGC announced a deepwater gas discovery at well MN-DW18-1-H-D in the Mahanadi Offshore Basin, drilled under its Samudra Manthan campaign. The well reached a target depth of 1,623 metres and intersected gas at an interval of 1,441–1,452 metres. Located approximately 43 km off the coast of Konark, Odisha, the discovery has shown encouraging flow and reservoir pressure over three days. Commercial volume estimates and development capital expenditures have not yet been disclosed, pending appraisal.
- Gas struck at interval of 1,441–1,452 metres within a total target depth of 1,623 metres
- Well located approximately 43 km off the coast of Konark, Odisha in deepwater Mahanadi Basin
- First well drilled in the Mahanadi Basin under the Samudra Manthan initiative
- Well spudded on 25 July 2026 and confirmed gas flow sustained over 3 days
Oil and Natural Gas Corporation (ONGC) has appointed Shri Bhaskar Chowdary Nettem as Director (Production) with effect from September 21, 2026, serving until his superannuation on September 30, 2029, or until further orders. Nettem brings over three decades of operational experience within ONGC, including managing Assam and Mumbai High assets. With ONGC generating ₹704,126 Cr in TTM revenue and facing maturing domestic fields, effective leadership in production is critical to arresting field decline rates. The appointment follows approval from the Ministry of Petroleum and Natural Gas.
- Bhaskar Chowdary Nettem appointed as Director (Production) w.e.f. September 21, 2026
- Tenure extends until superannuation on September 30, 2029, or until further orders
- Brings over 30 years of experience at ONGC, having joined the Mumbai High Offshore field in 1991
- Appointed pursuant to Ministry of Petroleum and Natural Gas letter dated September 21, 2026
ONGC received an unsolicited ESG Rating Report from CRISIL ESG Ratings & Analytics Ltd, receiving an overall ESG Score of 57 and a Core ESG score of 65. The company publicly contested the evaluation, arguing that the score—including a below-average 44 out of 100 on Environmental parameters—does not reflect its decarbonization efforts or BRSR disclosures. ONGC reiterated its target to achieve net zero Scope 1 and 2 operational emissions by 2038. Additionally, ONGC clarified a factual error regarding Independent Director attendance, confirming 100% attendance except for one meeting (~92.30%).
- CRISIL assigned ONGC an overall ESG score of 57 and a Core ESG score of 65
- Environmental parameter score was evaluated at 44 out of 100, which ONGC termed below average
- ONGC reiterated its target to achieve net zero Scope 1 and 2 operational emissions by 2038
- Company clarified Independent Director attendance was 100% across meetings, except one committee meeting (~92.30%)
Oil & Natural Gas Corporation Limited (ONGC) announced the outcome of its Board of Directors meeting held on September 17, 2026. The Board approved the appointment of three cost auditing firms for FY 2026-27: M/s Chandra Wadhwa & Co., M/s Ramanath Iyer & Co., and M/s R Nanabhoy & Co. The meeting was conducted between 11:35 hrs and 13:00 hrs IST. This appointment is a routine statutory and compliance requirement with no financial impact on the company's Rs 7,04,126 Cr TTM revenue base.
- Appointment of three cost auditor firms approved for FY 2026-27
- Firms appointed are M/s Chandra Wadhwa & Co., M/s Ramanath Iyer & Co., and M/s R Nanabhoy & Co.
- Board meeting commenced at 11:35 hrs and concluded at 13:00 hrs on September 17, 2026
Oil & Natural Gas Corporation Limited (ONGC) disclosed receiving an unsolicited ESG Rating Report from ESG Risk Assessments & Insights Limited (ESGRisk.ai). The rating assigned ONGC an overall score of 44. ONGC clarified that it did not engage the agency nor consult on the report, stating the score is low and does not reflect its decarbonization initiatives, BRSR disclosures, or governance framework.
- Received an unsolicited ESG Rating Report from ESGRisk.ai on September 10, 2026
- Assigned an overall ESG score of 44
- Company clarified it did not engage the agency or finalize the report in consultation
- Disputed the score as unreflective of its decarbonization efforts and BRSR disclosures
Oil and Natural Gas Corporation Limited (ONGC) announced the receipt of a letter dated September 7, 2026, from the Comptroller & Auditor General of India (C&AG) regarding the appointment of its statutory and joint statutory auditors for FY 2026-27. The appointed firms are M/s T R Chadha & Co LLP, M/s P K F Sridhar & Santhanam LLP, M/s Suri & Co, and M/s A R & Co. This is a routine statutory appointment mandated for Central Public Sector Undertakings by the C&AG and carries no direct financial or operational impact.
- C&AG letter received on September 7, 2026, conveying statutory auditor appointments for FY 2026-27
- 4 auditing firms appointed: M/s T R Chadha & Co LLP, M/s P K F Sridhar & Santhanam LLP, M/s Suri & Co, and M/s A R & Co
- Appointed firm T R Chadha & Co LLP has over 80 years of history, 22 full-time FCA partners, and over 1,000 personnel
- Appointed firm Suri & Co has 85 years of history, 13 full-time CA partners, and a 320+ workforce across 8 centres
- Appointed firm A.R. & Co. has 44+ years of experience with peer review valid up to 31.12.2028
ONGC has released the Scrutinizer's Report and voting results for its 33rd Annual General Meeting held on August 31, 2026. Shareholders approved all 11 ordinary and special resolutions with requisite majorities, representing ~94% overall voting turnout across 12.58 billion eligible shares. Approved items include the adoption of FY26 financial statements, declaration of a final dividend of ₹1 per equity share, and the reappointment of Mr. Arun Kumar Singh as Chairman with 97.04% votes in favor. Key board appointments including Director (Finance) and an Independent Director were also formalized.
- All 11 resolutions passed with requisite majority at the AGM held on August 31, 2026
- Final dividend of ₹1/- per equity share for FY25-26 approved with 99.79% votes in favor
- Reappointment of Mr. Arun Kumar Singh as Chairman passed with 97.04% votes in favor
- Overall voting turnout stood at 94.00% across 11,825,990,147 polled shares from 2,804,634 recorded shareholders
Oil & Natural Gas Corporation Limited (ONGC) has announced changes in senior management personnel (one level below the Board) effective September 1, 2026. Executive Directors Ajay Kumar Sharma and Pradeep Kumar Goel have superannuated from their positions. This represents routine personnel turnover in line with standard PSU retirement schedules and has no material impact on company financials (TTM revenue of ₹704,126 Cr).
- Two Executive Directors superannuated effective September 1, 2026.
- Outgoing senior management includes Ajay Kumar Sharma and Pradeep Kumar Goel.
- Changes disclosed pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
Oil & Natural Gas Corporation Limited (ONGC) concluded its 33rd Annual General Meeting (AGM) held on August 31, 2026, via video conferencing with 204 members attending. Key agenda items placed for shareholder approval include the adoption of FY26 audited accounts, declaration of a final dividend of ₹1/- per equity share, and the reappointment of Mr. Arun Kumar Singh as Chairman. Shareholders also voted on the appointments of Director (Finance), Director (Strategy & Corporate Affairs), and government nominee directors, along with an Independent Director. Formal voting results will be disclosed within two working days.
- Proposed declaration of a final dividend of ₹1/- per equity share for FY26
- Reappointment of Mr. Arun Kumar Singh (DIN: 06646894) as Director designated as Chairman
- Approval sought for appointment of Mr. Anupam Agarwal as Director (Finance) and Mr. Satyan Kumar as Director (Strategy & Corporate Affairs)
- A total of 204 members attended the virtual AGM, with 25 speaker shareholders presenting queries
Oil & Natural Gas Corporation Limited (ONGC) has informed stock exchanges that it successfully convened its 33rd Annual General Meeting on August 31, 2026, at 11:00 hours. Following the AGM, the company scheduled a media interaction with management at 17:30 hours on the same day. A presentation for the media interaction has been made available via the company's official website. This is a routine administrative disclosure without immediate new operational or financial data.
- Successfully concluded 33rd Annual General Meeting on August 31, 2026, at 11:00 hours
- Post-AGM media interaction scheduled with management on August 31, 2026, at 17:30 hours
- Presentation made accessible on ONGC's official corporate portal
Oil and Natural Gas Corporation Limited (ONGC) received notices from BSE and NSE dated August 25, 2026, levying fines of ₹14,31,340 (including GST) each for the quarter ended June 30, 2026. The penalties relate to non-compliance with SEBI LODR regulations concerning the composition of the Board and various board committees, including Audit and NRC. ONGC stated that appointment powers reside with the Government of India and has requested a waiver of the fines, noting partial compliance achieved effective August 19, 2026. Given the total fine of ~₹28.63 lakh against ONGC's annual revenue of over ₹7,04,000 crore, the financial impact is immaterial.
- BSE and NSE levied fines of ₹14,31,340 (including GST) each on ONGC on August 25, 2026
- Non-compliance pertains to SEBI (LODR) Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) for the quarter ended June 30, 2026
- Company reported becoming compliant with Stakeholder Relationship and Risk Management Committees effective August 19, 2026
- ONGC has approached both stock exchanges requesting a complete waiver of the levied fines
ONGC has issued an addendum to the notice of its 33rd Annual General Meeting (AGM) scheduled for August 31, 2026. The addendum includes a special resolution for the appointment of Dr. Archna Thakur as a Non-Official Independent Director for a tenure up to August 11, 2029. Dr. Thakur was previously appointed as an Additional Director effective August 13, 2026, pursuant to a directive from the Ministry of Petroleum & Natural Gas.
- 33rd AGM scheduled to be held on Monday, August 31, 2026, via Video Conferencing
- Special Resolution (Item No. 11) added to appoint Dr. Archna Thakur as Non-Official Independent Director
- Tenure of appointment proposed up to August 11, 2029, or until further orders
- Dr. Archna Thakur holds Nil equity shares in the company
ONGC has commissioned gas evacuation facilities at Khoraghat GGS-1 in Golaghat district, Assam, linking surplus associated natural gas to the North East Gas Grid (NEGG). The connectivity enables the evacuation and utilization of approximately 1 lakh Standard Cubic Metres (SCM) of natural gas per day from the Jorhat asset. Additionally, ONGC is developing pipeline hook-ups at Jantapathar and Kasomarigaon to integrate more producing fields, curbing flaring and boosting regional supply.
- Commissioned gas evacuation facilities at Khoraghat GGS-1 on August 18, 2026
- Enables monetization of nearly 1 lakh SCM of gas per day from the Jorhat asset
- Connects into the North East Gas Grid (NEGG) developed by Indradhanush Gas Grid Limited (IGGL)
- Hook-up facilities underway at Jantapathar and Kasomarigaon to connect additional fields
Financial Performance
Financial analysis data not yet available for this company.
Operational Drivers
Operational analysis data not yet available for this company.
Strategic Growth
Growth Strategy
Growth is pursued through leadership in the Exploration and Production (E&P) sector and international expansion via its wholly-owned subsidiary, ONGC Videsh Limited (OVL). The company is diversifying into renewables through ONGC Green Ltd (OGL) and Ayana Renewable Power Pvt. Ltd. (ARPPL), and maintains interests in refining and petrochemicals via MRPL and OPaL to capture the full energy value chain.
Products & Services
Crude oil, natural gas, refined petroleum products, petrochemicals, power, and renewable energy.
Brand Portfolio
ONGC, ONGC Videsh (OVL), Mangalore Refinery & Petrochemicals Limited (MRPL), ONGC Petro additions Limited (OPaL), ONGC Green Ltd (OGL).
New Products/Services
Expansion into renewable energy through ONGC Green Ltd (OGL) and green energy initiatives via the ONGC Energy Centre Trust (OECT).
Market Expansion
International presence is maintained and expanded through ONGC Videsh Limited (OVL), focusing on global oil and gas exploration.
Market Share & Ranking
Leader in the Exploration and Production (E&P) sector in India.
Strategic Alliances
Joint ventures include Indraprastha Gas Ltd. (IGL) for city gas distribution and Ayana Renewable Power Pvt. Ltd. (ARPPL) for renewable energy projects.
External Factors
Industry Trends
The industry is shifting toward sustainability and decarbonization. ONGC is positioning itself by improving its ESG rating from 58 in FY2024 to 61 in FY2025 and establishing dedicated green energy subsidiaries like ONGC Green Ltd to mitigate the risk of fossil fuel disruption.
Competitive Landscape
Key competitors include other major energy players in the Oil, Gas, and Consumable Fuels sector, though ONGC remains the domestic leader in E&P.
Competitive Moat
ONGC maintains a dominant moat as the leader in India's E&P sector with nearly four decades of leadership experience under its current Chairman. Its integrated structure, spanning from exploration to refining and renewables, provides a cost and supply advantage that is difficult for competitors to replicate.
Macro Economic Sensitivity
The company is highly sensitive to the Energy macro-economic sector trends, specifically global crude oil and natural gas demand cycles.
Geopolitical Risks
Significant international presence through OVL in regions including Africa and Australia exposes the company to geopolitical instability and cross-border regulatory changes.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Petroleum & Natural Gas. The company must comply with SEBI (LODR) Regulations regarding board composition and independent director representation, where it currently falls short of the required percentage.
Environmental Compliance
The company faces challenges as its GHG emissions exceed industry averages. It received an Environment Score of 51/100, with specific low grades (C) in Scope 1 and 2 emissions and environmental externality pricing.
Risk Analysis
Key Uncertainties
Environmental risks are high, with a score of 51/100, driven by high GHG emissions. Governance risks include a board composition that does not meet the required percentage of independent directors (Governance Score 63).
Geographic Concentration Risk
While headquartered in New Delhi, India, the company has significant geographic concentration in Indian offshore and onshore basins, supplemented by international assets in Africa and Australia.
Technology Obsolescence Risk
The company faces transition risks as the global economy moves away from fossil fuels, addressed by its 'Transition Score' which rewards efforts to shift toward sustainable energy.
