Oil and Natural Gas Corporation Limited

NSEI:ONGC Stock Report

Market Cap: ₹3.3t

Oil and Natural Gas Valuation

Is ONGC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of ONGC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: ONGC (₹265.05) is trading below our estimate of future cash flow value (₹516.68)

Significantly Below Future Cash Flow Value: ONGC is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ONGC?

Key metric: As ONGC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ONGC. This is calculated by dividing ONGC's market cap by their current earnings.
What is ONGC's PE Ratio?
PE Ratio8x
Earnings₹414.24b
Market Cap₹3.32t

Price to Earnings Ratio vs Peers

How does ONGC's PE Ratio compare to its peers?

The above table shows the PE ratio for ONGC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average6x
COALINDIA Coal India
10x5.27%₹3.1t
IOC Indian Oil
4.5x-24.84%₹1.9t
BPCL Bharat Petroleum
4.9x-22.95%₹1.3t
HINDPETRO Hindustan Petroleum
4.5x-20.71%₹816.6b
ONGC Oil and Natural Gas
8x9.47%₹3.3t

Price-To-Earnings vs Peers: ONGC is expensive based on its Price-To-Earnings Ratio (8x) compared to the peer average (6x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does ONGC's PE Ratio compare vs other companies in the IN Oil and Gas Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IOC Indian Oil
4.5x-24.84%US$20.09b
BPCL Bharat Petroleum
4.9x-22.95%US$13.42b
HINDPETRO Hindustan Petroleum
4.5x-20.71%US$8.58b
526873 Rajasthan Securities
4.4xn/aUS$37.16m
No more companies available in this PE range
ONGC 8.0xIndustry Avg. 19.2xNo. of Companies8PE020406080100+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ONGC is good value based on its Price-To-Earnings Ratio (8x) compared to the Indian Oil and Gas industry average (19.2x).

Price to Earnings Ratio vs Fair Ratio

What is ONGC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ONGC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8x
Fair PE Ratio15.4x

Price-To-Earnings vs Fair Ratio: ONGC is good value based on its Price-To-Earnings Ratio (8x) compared to the estimated Fair Price-To-Earnings Ratio (15.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ONGC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹265.05
₹312.10
+17.75%
13.09%₹405.00₹240.00n/a30
May ’27₹299.55
₹305.27
+1.91%
16.67%₹405.00₹205.00n/a30
Apr ’27₹288.05
₹295.62
+2.63%
16.16%₹405.00₹205.00n/a29
Mar ’27₹279.70
₹281.81
+0.75%
13.67%₹335.00₹200.00n/a31
Feb ’27₹254.30
₹276.58
+8.76%
13.59%₹330.00₹200.00n/a31
Jan ’27₹237.94
₹277.23
+16.51%
13.53%₹330.00₹200.00n/a31
Dec ’26₹244.83
₹279.30
+14.08%
12.62%₹330.00₹200.00n/a30
Nov ’26₹255.37
₹269.69
+5.61%
16.07%₹340.00₹175.00n/a29
Oct ’26₹243.04
₹273.21
+12.41%
14.18%₹340.00₹205.00n/a29
Sep ’26₹238.72
₹274.45
+14.97%
14.54%₹340.00₹205.00n/a29
Aug ’26₹236.79
₹278.76
+17.72%
15.29%₹360.00₹205.00n/a29
Jul ’26₹243.37
₹281.24
+15.56%
15.96%₹360.00₹205.00n/a29
Jun ’26₹239.40
₹280.52
+17.18%
15.78%₹360.00₹205.00₹264.3029
May ’26₹244.45
₹291.83
+19.38%
15.72%₹375.00₹190.00₹299.5529
Apr ’26₹248.07
₹301.30
+21.46%
17.41%₹416.00₹210.00₹288.0530
Mar ’26₹225.25
₹306.93
+36.26%
17.02%₹416.00₹210.00₹279.7028
Feb ’26₹257.55
₹310.89
+20.71%
16.81%₹416.00₹215.00₹254.3028
Jan ’26₹236.95
₹310.83
+31.18%
17.78%₹430.00₹215.00₹237.9429
Dec ’25₹256.70
₹312.11
+21.58%
17.72%₹430.00₹215.00₹244.8328
Nov ’25₹271.75
₹325.85
+19.91%
17.67%₹430.00₹225.00₹255.3727
Oct ’25₹291.95
₹326.00
+11.66%
17.34%₹430.00₹225.00₹243.0428
Sep ’25₹330.75
₹319.24
-3.48%
20.84%₹430.00₹162.00₹238.7229
Aug ’25₹341.75
₹289.79
-15.21%
19.70%₹390.00₹162.00₹236.7928
Jul ’25₹272.95
₹285.64
+4.65%
19.03%₹390.00₹162.00₹243.3728
Jun ’25₹264.35
₹276.28
+4.51%
20.67%₹390.00₹162.00₹239.4029
₹312.1
Fair Value
15.1% undervalued intrinsic discount
30
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/02 12:24
End of Day Share Price 2026/06/02 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Oil and Natural Gas Corporation Limited is covered by 56 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Siddharth Chauhan360 ONE Capital Market Private Limited
Vivekanand SubbaramanAmbit Capital
Nitin BhasinAmbit Capital