# ONGC (ONGC) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ongc

## Current market snapshot

- Exchange: BSE
- Country: India
- Price: ₹221.86
- Change: +0.85%
- As of: 2026-10-13
- 1D return: -0.57%
- 5D return: -2.18%
- 1M return: -7.28%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-10-12_

### Technical Outlook

As of October 12, 2026, ONGC's technical setup indicates a bearish short-to-medium term trend, with conflicting signals across timeframes. Daily and weekly charts show the price below key moving averages and the Supertrend indicator, suggesting downward pressure. However, the monthly chart displays the price above the Supertrend, indicating a potential longer-term bullish divergence. Daily trend strength is developing with an ADX of 23.86, while weekly trend strength is also developing at 23.97, but the monthly trend is weak with an ADX of 10.88. The stock is positioned near the lower end of its trading range across 20, 50, and 252-day periods, with the 20-day range position at +6.0%, 50-day at +5.6%, and 252-day at +1.7%. Recent market activity includes one downside event and one neutral event in the last 30 days.

Risk is characterized by an annualized volatility of +24.7% and a current drawdown of -27.0%, with a maximum drawdown of -27.1%. The Average True Range (ATR) as a percentage of price is 1.96. Nearby, resistance is observed at ₹220.79 (0.36% above current price), with further resistance at ₹222.67 (1.21% above). Support is located at ₹219.39 (0.28% below current price), followed by ₹217.51 (1.13% below). The current setup would be confirmed by a sustained break below the ₹219.39 support level, while a move above the ₹220.79 resistance could signal a potential shift.

- Bearish short-to-medium term trend with conflicting monthly signals.
- Developing trend strength on daily and weekly charts (ADX ~23.9), weak on monthly (ADX 10.88).
- Stock positioned near the lower end of its trading range across multiple periods.
- Nearest resistance at ₹220.79 (0.36%) and support at ₹219.39 (0.28%).
- Confirmation of setup weakness with a break below ₹219.39 support; invalidation with a sustained move above ₹220.79 resistance.

- Inside Bar
- Doji
- Harami

### News Context

Oil and Natural Gas Corporation Limited (ONGC) announced several corporate actions and received a credit rating reaffirmation within the past week. On October 9, 2026, Care Edge Ratings reaffirmed its 'CARE AAA; Stable' rating for ONGC's long-term bank facilities and non-convertible debentures, totaling ₹7,500 crore. The agency also maintained a 'CARE A1+' rating for short-term facilities and commercial paper, amounting to ₹10,000 crore. This indicates continued strong creditworthiness from the rating agency. Earlier in the week, on October 8, 2026, ONGC informed the exchange about the incorporation of its subsidiary, ONGC Petrochemicals Marketing Limited (OPML), and its plans for the acquisition of to-be-incorporated companies. These moves suggest strategic expansion and restructuring within its petrochemical business. Additionally, ONGC reported a change in senior management effective October 1, 2026, involving four individuals.

- On October 9, 2026, Care Edge Ratings reaffirmed ONGC's credit rating to 'CARE AAA; Stable' for long-term facilities and 'CARE A1+' for short-term facilities, covering bank facilities and instruments valued up to ₹17,500 crore.
- On October 8, 2026, ONGC announced the incorporation of its subsidiary, ONGC Petrochemicals Marketing Limited (OPML).
- On October 8, 2026, ONGC also informed the exchange regarding the acquisition of to-be-incorporated companies.
- A compliance certificate for the quarter ended September 30, 2026, confirming the cancellation of physical share certificates for dematerialization, was submitted on October 6, 2026.
- ONGC disclosed changes in senior management, effective October 1, 2026.

- Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Oil & Natural Gas Corporation Limited has informed the Exchange about Incorporation of ONGC Petrochemicals Marketing Limited (OPML) |SUBJECT: General Updates
- Oil and Natural Gas Corporation Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL
- Oil & Natural Gas Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018
- Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management |SUBJECT: General Updates

### What Changed

On October 9, 2026, Care Edge Ratings reaffirmed the credit ratings for Oil and Natural Gas Corporation Limited's bank facilities and instruments. The agency assigned a CARE AAA; Stable rating to long-term bank facilities and non-convertible debentures, each totaling ₹7,500 crore. Additionally, a CARE A1+ rating was maintained for short-term bank facilities and commercial paper, both valued at ₹10,000 crore. The company's closing price on October 12, 2026, was ₹220.0, a slight decrease from its previous price of ₹221.27.

- On October 9, 2026, Care Edge Ratings reaffirmed CARE AAA; Stable rating for ONGC's ₹7,500 crore long-term bank facilities and ₹7,500 crore non-convertible debentures.
- On October 9, 2026, Care Edge Ratings maintained CARE A1+ rating for ONGC's ₹10,000 crore short-term bank facilities and ₹10,000 crore commercial paper.
- ONGC's closing price on October 12, 2026, was ₹220.0.
- ONGC's closing price on October 11, 2026, was ₹221.27.

- [Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)

### Official Filings

Oil and Natural Gas Corporation Limited (ONGC) received reaffirmed credit ratings from Care Edge Ratings on October 9, 2026. The agency assigned a 'CARE AAA; Stable' rating to long-term bank facilities and non-convertible debentures totaling ₹7,500 crore each. Short-term facilities and commercial paper, each valued at ₹10,000 crore, were affirmed at 'CARE A1+'. The combined rating for long-term and short-term bank facilities, amounting to ₹17,500 crore, was confirmed as 'CARE AAA; Stable / CARE A1+'. These ratings indicate a strong capacity to meet financial obligations.

In other developments, ONGC announced the incorporation of ONGC Petrochemicals Marketing Limited (OPML) on October 8, 2026, and disclosed the acquisition of 'to be incorporated companies' on the same date. The company also reported changes in senior management effective October 1, 2026, involving four individuals. Additionally, ONGC appointed Mr. Bhaskar Chowdary Nettem as Director (Production) effective September 21, 2026. A press release on September 21, 2026, announced a gas discovery in the Mahanadi Offshore Basin, with the well flowing gas and showing encouraging reservoir pressure, potentially leading to early monetization subject to further evaluation.

- Care Edge Ratings reaffirmed ONGC's credit ratings on October 9, 2026, assigning 'CARE AAA; Stable' to ₹7,500 crore of long-term facilities and ₹7,500 crore of non-convertible debentures.
- Short-term bank facilities of ₹10,000 crore and commercial paper of ₹10,000 crore were affirmed at 'CARE A1+'.
- ONGC announced the incorporation of ONGC Petrochemicals Marketing Limited (OPML) on October 8, 2026.
- A gas discovery was announced on September 21, 2026, in the Mahanadi Offshore Basin, with potential for early monetization.
- Mr. Bhaskar Chowdary Nettem was appointed Director (Production) effective September 21, 2026.

- [Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Incorporation of ONGC Petrochemicals Marketing Limited (OPML) |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_08102026131706_petrochemjv08102026.pdf)
- [Oil and Natural Gas Corporation Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_467_WebXMLFile_20261008_162718880.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/ONGC_06102026131803_SEBI74_5.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_01102026123729_seniormgt01102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131350440.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131328301.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_467_WebXMLFile_20260928_200722773.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding Appointment of Mr Bhaskar Chowdary Nettem as Executive Director of the company w.e.f. September 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/ONGC_21092026161641_directorproduction21092026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 21, 2026, titled "ONGC Strikes Gas in Mahanadi Deepwater under Samudra Manthan". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ONGC_21092026164112_PressReleaseONGCStrikesGasMahanadi21Sept2026.pdf)

### Fundamentals

ONGC's latest reported quarter, Q1 FY2026-27, shows a sequential increase in both Revenue from Operations and Income, rising to ₹2,04,987.35 crore and ₹2,07,775.93 crore respectively, from ₹1,73,805.19 crore and ₹1,77,172.96 crore in Q4 FY2025-26. However, this top-line growth was accompanied by a sequential increase in Expenses, which grew to ₹2,01,833.13 crore from ₹1,60,863.71 crore. This led to a significant sequential decrease in profitability, with Profit Before Tax falling to ₹6,414.56 crore from ₹15,847.16 crore, and Net Profit declining to ₹6,554.44 crore from ₹13,677.87 crore in the prior quarter. The Profit Loss for Period from Continuing Operations also saw a sequential decrease, from ₹10,884.95 crore to ₹5,956.55 crore.

- Revenue from Operations increased sequentially to ₹2,04,987.35 crore in Q1 FY2026-27.
- Net Profit decreased sequentially to ₹6,554.44 crore in Q1 FY2026-27, indicating weaker profit conversion.
- Expenses increased sequentially to ₹2,01,833.13 crore in Q1 FY2026-27.
- The next checkpoint to monitor is the sustainability of profit margins in the upcoming reporting period.

### Bull Case

The company's monthly trend analysis indicates a bullish setup, with the Supertrend direction showing a positive signal. This suggests a potentially favorable long-term outlook based on this specific technical indicator. The market capitalization as of October 12, 2026, stands at ₹2,783,638,379,911.6.

- Monthly Supertrend direction is bullish.
- Market capitalization on October 12, 2026, was ₹2,783,638,379,911.6.

- [Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Incorporation of ONGC Petrochemicals Marketing Limited (OPML) |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_08102026131706_petrochemjv08102026.pdf)
- [Oil and Natural Gas Corporation Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_467_WebXMLFile_20261008_162718880.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/ONGC_06102026131803_SEBI74_5.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_01102026123729_seniormgt01102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131350440.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131328301.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_467_WebXMLFile_20260928_200722773.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding Appointment of Mr Bhaskar Chowdary Nettem as Executive Director of the company w.e.f. September 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/ONGC_21092026161641_directorproduction21092026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 21, 2026, titled "ONGC Strikes Gas in Mahanadi Deepwater under Samudra Manthan". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ONGC_21092026164112_PressReleaseONGCStrikesGasMahanadi21Sept2026.pdf)

### Bear Case

ONGC's technical indicators suggest a bearish trend across multiple timeframes. The daily trend shows a bearish supertrend direction, with negative slopes for both the 20-day and 50-day simple moving averages (-3.42 and -1.98, respectively). This is further supported by a negative 20-day exponential moving average slope of -4.27. The weekly trend also indicates a bearish supertrend direction, with a steeper negative slope for the 20-day simple moving average at -15.06. The company has experienced significant drawdowns, with a current drawdown of -27.0% and a maximum drawdown of -27.1%. Period returns also reflect a challenging performance, with a -10.7% return over the last year and a -23.2% return over the last six months. The annualized volatility stands at +24.7%.

- Daily trend analysis indicates a bearish supertrend direction.
- Weekly trend analysis also shows a bearish supertrend direction.
- Current drawdown stands at -27.0%, with a maximum drawdown of -27.1%.
- Six-month return is -23.2%, and one-year return is -10.7%.

- [Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Incorporation of ONGC Petrochemicals Marketing Limited (OPML) |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_08102026131706_petrochemjv08102026.pdf)
- [Oil and Natural Gas Corporation Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_467_WebXMLFile_20261008_162718880.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/ONGC_06102026131803_SEBI74_5.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_01102026123729_seniormgt01102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131350440.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131328301.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_467_WebXMLFile_20260928_200722773.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding Appointment of Mr Bhaskar Chowdary Nettem as Executive Director of the company w.e.f. September 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/ONGC_21092026161641_directorproduction21092026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 21, 2026, titled "ONGC Strikes Gas in Mahanadi Deepwater under Samudra Manthan". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ONGC_21092026164112_PressReleaseONGCStrikesGasMahanadi21Sept2026.pdf)

### FAQs

**What is the recent credit rating for ONGC's long-term and short-term facilities?**

On October 9, 2026, Care Edge Ratings reaffirmed ONGC's credit ratings. Long-term bank facilities and non-convertible debentures totaling ₹7,500 crore were assigned a CARE AAA; Stable rating. Short-term bank facilities and commercial paper, each valued at ₹10,000 crore, were maintained at a CARE A1+ rating. The combined rating for long-term and short-term bank facilities, valued at ₹17,500 crore, was confirmed as CARE AAA; Stable / CARE A1+.

**What are the recent technical trend indicators for ONGC as of October 12, 2026?**

As of October 12, 2026, ONGC's daily and weekly technical trends are indicated as 'bearish'. The daily trend shows a negative EMA 20 slope of -4.27 and SMA 20 slope of -3.42. The weekly trend shows a more pronounced negative EMA 20 slope of -8.49 and SMA 20 slope of -15.06. In contrast, the monthly trend is indicated as 'bullish', with a positive ADX of 10.88 and a plus DI of 12.98 compared to a minus DI of 20.24.

**What has been ONGC's stock performance over different periods leading up to October 12, 2026?**

As of October 12, 2026, ONGC's stock has shown negative returns across various periods. The one-year return was -10.7%, the six-month return was -23.2%, and the year-to-date return was -7.5%. Shorter-term returns include -0.6% for one day, -5.4% for one month, and -10.2% for three months.

**What are the nearest support and resistance levels for ONGC's stock?**

As of October 12, 2026, the nearest support level for ONGC is at ₹219.39, which is 0.28% below the current price. The nearest resistance level is at ₹220.79, which is 0.36% above the current price.

- [Oil & Natural Gas Corporation Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Incorporation of ONGC Petrochemicals Marketing Limited (OPML) |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_08102026131706_petrochemjv08102026.pdf)
- [Oil and Natural Gas Corporation Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_467_WebXMLFile_20261008_162718880.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/ONGC_06102026131803_SEBI74_5.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Senior Management |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ONGC_01102026123729_seniormgt01102026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131350440.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131328301.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_467_WebXMLFile_20260928_200722773.xml)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding Appointment of Mr Bhaskar Chowdary Nettem as Executive Director of the company w.e.f. September 21, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/ONGC_21092026161641_directorproduction21092026.pdf)
- [Oil & Natural Gas Corporation Limited has informed the Exchange regarding a press release dated September 21, 2026, titled "ONGC Strikes Gas in Mahanadi Deepwater under Samudra Manthan". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/ONGC_21092026164112_PressReleaseONGCStrikesGasMahanadi21Sept2026.pdf)
## Technical analytics

- As of: 2026-10-13
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹220.79
- Risk regime: Price Risk Requires Attention

### Support levels
- 215.48
- 205
- 219.39

### Resistance levels
- 239.3847180175781
- 255.884375
- 262.03499999999997

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.57% |
| return_10 | -6.72% |
| return_1m | -5.38% |
| return_1y | -10.69% |
| return_20 | -7.28% |
| return_3m | -10.19% |
| return_5 | -2.18% |
| return_6m | -23.21% |
| return_since_start | -7.15% |
| return_ytd | -7.54% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -27.07% |
| annualized_volatility | +24.75% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Surges but Expenses Outpace, Driving Profit Collapse; Tax and Exceptional Items Provide Partial Offset; EPS Rises Despite Lower Net Profit

ONGC reported a substantial increase in revenue for the June 2026 quarter, but expenses grew even faster, leading to a sharp decline in profit before tax. A dramatic reduction in tax expense and a swing in exceptional items from a loss to a gain cushioned the fall in net profit. Earnings per share increased despite lower net profit, indicating a change in the share base.

## Revenue Growth and Expense Pressure

Revenue from operations rose 17.94% from the preceding quarter and 25.68% from the same quarter last year, reaching ₹2,04,987.35 crore. Total income (including other income) followed a similar pattern, increasing 17.27% sequentially and 25.41% year-on-year to ₹2,07,775.93 crore.

Expenses, however, grew at a faster pace. They increased 25.47% quarter-on-quarter and 34.62% year-on-year to ₹2,01,833.13 crore. The absolute sequential increase in expenses (₹40,969 crore) exceeded the revenue increase (₹31,182 crore), compressing the gap between revenue and expenses.

## Profitability Collapse

Profit before tax fell 59.52% from the previous quarter and 59.24% from a year ago to ₹6,414.56 crore. Segment profit before tax, which excludes certain unallocated items, also dropped sharply—down 62.38% sequentially and 54.78% year-on-year to ₹7,012.45 crore. The disproportionate growth in expenses relative to revenue is the primary factor behind the decline in profitability.

## Tax and Exceptional Items: A Major Offset

Tax expense plummeted 90.77% quarter-on-quarter and 88.42% year-on-year to just ₹458.01 crore. This resulted in an effective tax rate of about 7.1% for the quarter, compared to roughly 31.3% in the prior quarter and 25.1% in the same quarter last year.

Exceptional items before tax swung from a loss of ₹462.09 crore in the March 2026 quarter to a gain of ₹471.76 crore in the June 2026 quarter—a positive swing of over ₹933 crore.

Together, the lower tax expense and the favourable exceptional items significantly reduced the impact of the decline in profit before tax on net profit.

## Net Profit and Earnings Per Share Divergence

Net profit (profit for the period) decreased 52.08% from the prior quarter and 43.27% from a year ago to ₹6,554.44 crore. Net profit from continuing operations was ₹5,956.55 crore, down 45.28% sequentially and 49.44% year-on-year.

Despite the lower net profit, basic and diluted earnings per share increased 10% quarter-on-quarter and 21.44% year-on-year to ₹9.46. This divergence suggests a reduction in the number of outstanding shares during the period.

## Finance Costs

Finance costs decreased 7.03% from the previous quarter and 14.59% from a year ago to ₹2,853.78 crore, providing a small positive contribution to profitability.

## Key Takeaway

ONGC’s June 2026 quarter was defined by a sharp contrast: revenue grew strongly, but expenses rose even more, crushing profit before tax. The resulting profit collapse was partially offset by a steep drop in tax expense and a swing in exceptional items from a loss to a gain. Earnings per share moved in the opposite direction to net profit, pointing to a change in the share count. The quarter illustrates how cost growth and tax adjustments can significantly affect ONGC’s earnings.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +58.89%
- FII holding: +8.01%
- DII holding: +19.31%
- Mutual fund holding: +7.95%
- Retail holding: +2.87%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +58.89%
- LIFE INSURANCE CORPORATION OF INDIA — +9.95%
- INDIAN OIL CORPORATION LIMITED — +7.84%
- GAIL (INDIA) LIMITED — +2.45%
- ICICI PRUDENTIAL VALUE FUND — +1.95%
- SBI NIFTY 50 ETF — +1.77%
- CPSE EXCHANGE TRADED SCHEME (CPSE ETF) — +1.31%
- Resident HUF — +0.08% (Others)

## Official filings

- 2026-10-09 — Credit Rating Update: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_09102026193255_creditrating09102026.pdf)
- 2026-10-08 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_08102026131706_petrochemjv08102026.pdf)
- 2026-10-08 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_467_WebXMLFile_20261008_162718880.xml)
- 2026-10-06 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_06102026131803_SEBI74_5.pdf)
- 2026-10-01 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_01102026123729_seniormgt01102026.pdf)
- 2026-10-01 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131350440.xml)
- 2026-10-01 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20261001_131328301.xml)
- 2026-09-28 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_467_WebXMLFile_20260928_200722773.xml)
- 2026-09-21 — Management Change: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_21092026161641_directorproduction21092026.pdf)
- 2026-09-21 — Press Release: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_21092026164112_PressReleaseONGCStrikesGasMahanadi21Sept2026.pdf)
- 2026-09-21 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20260921_165433774.xml)
- 2026-09-18 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_18092026185703_ESGfiling18092026.pdf)
- 2026-09-17 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_17092026132517_ONGC17092026.pdf)
- 2026-09-17 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20260917_151955786.xml)
- 2026-09-08 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20260908_182536343.xml)
- 2026-09-01 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_01092026123416_seniormgt01092026.pdf)
- 2026-09-01 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_467_WebXMLFile_20260901_130445246.xml)
- 2026-08-31 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_31082026170852_agminteraction31082026.pdf)
- 2026-08-31 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_31082026211918_proceedings31082026.pdf)
- 2026-08-27 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_467_WebXMLFile_20260827_171949397.xml)
- 2026-08-26 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_26082026192803_Disclosure26082026.pdf)
- 2026-08-21 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_21082026183943_addendumnewspaper21082026.pdf)
- 2026-08-20 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_20082026193314_addendum20082026.pdf)
- 2026-08-18 — Generic Announcement: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_18082026150211_ovlvenezula18082026.pdf)
- 2026-08-18 — Press Release: Oil & Natural Gas Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ONGC_18082026171504_PressRelease18082026.pdf)

## News and market events

- 2026-10-01 — BUSINESS: **Market strategy, stock ideas by Ajit Mishra of Religare Broking on Thursday** — Ajit Mishra reckons that the near-term structure of the market remains weak. The analyst sees strength in Engineers India, and weakness in ONGC on charts. — [Source](https://www.business-standard.com/markets/news/market-strategy-stock-ideas-by-ajit-mishra-of-religare-broking-on-thursday-126100100120_1.html)
- 2026-09-30 — The Hindu: **The India-EFTA partnership, one plus one equals three** — The Trade and Economic Partnership Agreement between India and the four European Free Trade Association states is a year old but is showing what an ambitions and rules-based partnership can deliver — [Source](https://www.thehindu.com/opinion/lead/the-india-efta-partnership-one-plus-one-equals-three/article71529585.ece)
- 2026-09-30 — CNBC-TV18: **Market Close Explained: Why Nifty ended lower despite gains in banking stocks** — The Nifty Bank was the relative outperformer, rising 373 points to 54,633, while the Nifty Midcap index gained 13 points to 59,332. — [Source](https://www.cnbctv18.com/market/market-close-explained-why-nifty-ended-lower-despite-gains-in-banking-stocks-20002098.htm)
- 2026-09-30 — DECCANCHRONICLE.COM: **Major Blast, Fire at MRPL in Mangaluru** — A loud explosion-like sound was reported from the MRPL premises near Jokatte in Mangaluru on Wednesday, followed by the emergence of dense smoke — [Source](https://www.deccanchronicle.com/southern-states/karnataka/major-blast-fire-at-mrpl-in-mangaluru-1991854)
- 2026-09-29 — BUSINESSTODAY: **ONGC Videsh to restart operations in Venezuela's San Cristobal oilfield soon** — ONGC Videsh to restart operations in Venezuela's San Cristobal oilfield soon — [Source](https://www.businesstoday.in/latest/corporate/story/ongc-videsh-to-restart-operations-in-venezuelas-san-cristobal-oilfield-soon-558534-2026-09-29)
- 2026-09-29 — Mint: **Crude oil shock and higher yields: Why Indian stock markets may remain volatile in near term - where should you invest?** — With Indian equities under pressure from high crude prices and rising bond yields, experts recommend a cautious investment approach. Focus on accumulating high-quality stocks while monitoring key factors. Tailored strategies emphasize technical analysis and sector strength amidst ongoing volatility. — [Source](https://www.livemint.com/market/stock-market-news/crude-oil-shock-and-higher-yields-why-indian-stock-markets-may-remain-volatile-in-near-term-where-should-you-invest-11790665625517.html)
- 2026-09-29 — BUSINESSTODAY: **Dividend stocks: These 10 counters offer up to 9.7% yield; PTC India, Coal India, REC among top names** — Dividend stocks, high dividend yield stocks, dividend paying stocks, PTC India, Coal India, REC, ONGC, Gujarat Pipavav Port, Power Finance Corporation, PFC, TCS, HCL Technologies, GAIL India, Petronet LNG, PSU dividend stocks, dividend income, stock market, Indian stocks, dividend yield, FY26 dividend, Religare Broking — [Source](https://www.businesstoday.in/markets/stocks/story/dividend-stocks-these-10-counters-offer-up-to-9-7-yield-ptc-india-coal-india-rec-among-top-names-558461-2026-09-29)
- 2026-09-29 — The Hindu: **E20 petrol can reduce India's dependence on imports: ONGC official** — E20 petrol could cut India's imports and boost self-reliance, says ONGC, as IEW 2027 explores energy security and innovations. — [Source](https://www.thehindubusinessline.com/news/e20-petrol-can-reduce-indias-dependence-on-imports-ongc-official/article71522332.ece)
- 2026-09-28 — Times of India: **Five IIT (ISM) Dhanbad Alumni Part of ONGC Team Behind Mahanadi Gas Find** — Five IIT (ISM) Dhanbad alumni joined ONGC’s team behind the deepwater Mahanadi offshore natural gas discovery under the Samudra Manthan initiative. — [Source](https://timesofindia.indiatimes.com/city/ranchi/five-iit-ism-dhanbad-alumni-part-of-ongc-team-behind-mahanadi-gas-find/articleshow/134546980.cms)
- 2026-09-28 — BUSINESSTODAY: **BPCL, HPCL, IOC, ONGC, Adani Power: Morgan Stanley positive on oil stocks, flags 3 surprises** — BPCL share price, HPCL share price, IOC share price, Adani Power share price, Morgan Stanley share price, ONGC share price , Oil India share price — [Source](https://www.businesstoday.in/markets/stocks/story/bpcl-hpcl-ioc-ongc-adani-power-morgan-stanley-positive-on-oil-stocks-flags-3-surprises-558125-2026-09-28)
- 2026-09-24 — NEWS.WEBINDIA123.COM: **ONGC to continue drilling after gas discovery in Mahanadi basin; India to retain 20% ethanol blending: Hardeep Puri** — Oil and Natural Gas Corporation (ONGC) will continue drilling more wells following its gas discovery in the Mahanadi basin under the Samudra Manthan initiative, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Thursday, adding that India would maintain ethanol blending at 20 per cent while working to reduce green hydrogen costs. — [Source](https://news.webindia123.com/news/Articles/Business/20260924/4503118.html)
- 2026-09-24 — Mint: **Oil India is beating ONGC. Can its production edge last?** — Oil India has outperformed ONGC as stronger production growth boosts earnings visibility, but its richer valuation and ONGC’s larger reserves could narrow the gap over time. — [Source](https://www.livemint.com/market/mark-to-market/ongc-oil-india-share-price-production-growth-crude-oil-11790228253135.html)
- 2026-09-23 — MONEYCONTROL: **Oil India’s premium over ONGC looks stretched as mid-cap bias drives outperformance: Kotak** — Oil, India, ONGC, Kotak, mid-cap — [Source](https://www.moneycontrol.com/news/business/oil-india-s-premium-over-ongc-looks-stretched-as-mid-cap-bias-drives-outperformance-kotak-14036688.html)
- 2026-09-23 — Times of India: **Deep beneath Odisha’s waters, ONGC finds gas: How Mission Samudra Manthan’s latest discovery could open a new chapter for India’s energy hunt** — BHUBANESWAR: Oil and Natural Gas Corp (ONGC) has struck gas in a deepwater well off India's eastern coast. The state-run explorer said the discovery's. — [Source](https://timesofindia.indiatimes.com/city/bhubaneswar/deep-beneath-odishas-waters-ongc-finds-gas-how-mission-samudra-manthans-latest-discovery-could-open-a-new-chapter-for-indias-energy-hunt/articleshow/134433251.cms)
- 2026-09-23 — MONEYCONTROL: **Natural gas found 43 km off Odisha’s coast offers a fresh clue to what may lie beneath the Mahanadi Basin** — ONGC gas discovery, Mahanadi Basin, Odisha gas discovery, deepwater gas, Samudra Manthan, ONGC Mahanadi, natural gas India, offshore gas discovery, Konark gas discovery, deepwater exploration India — [Source](https://www.moneycontrol.com/science/natural-gas-found-43-km-off-odisha-s-coast-offers-a-fresh-clue-to-what-may-lie-beneath-the-mahanadi-basin-article-14036296.html)
- 2026-09-23 — CNBC-TV18: **Explained - Why Oil india's 'large' valuation premium over ONGC appears 'indefensible' to Kotak** — While Oil India has the near-term volume advantage, Kotak said ONGC has a stronger long-term production and earnings outlook, citing its higher reserves-to-production ratios for both oil and gas. — [Source](https://www.cnbctv18.com/market/ongc-oil-india-share-price-valuation-premium-crude-gas-prices-return-comparision-volumes-19996510.htm)
- 2026-09-23 — DECCANCHRONICLE.COM: **Odisha’s Gas Story: From Bhubaneswar to the Deep Sea** — For Odisha, the journey towards becoming an emerging oil and gas frontier began to take shape in 2015, when then Union petroleum minister Dharmendra Pradhan — [Source](https://www.deccanchronicle.com/nation/current-affairs/odishas-gas-story-from-bhubaneswar-to-the-deep-sea-1989800)
- 2026-09-22 — Times of India: **ONGC lauded for gas discovery in Mahanadi Basin** — ONGC’s deepwater natural gas discovery in the Mahanadi Offshore Basin off Odisha draws praise from Majhi, Pradhan and Patnaik, boosting energy security. — [Source](https://timesofindia.indiatimes.com/city/bhubaneswar/ongc-lauded-for-gas-discovery-in-mahanadi-basin/articleshow/134415689.cms)
- 2026-09-22 — DECCANCHRONICLE.COM: **ONGC Strikes Gas In Mahanadi Deepwater Basin Off Odisha Coast** — Union petroleum and natural gas minister Hardeep Singh Puri describes the discovery as a major milestone for India’s offshore energy exploration: Reports — [Source](https://www.deccanchronicle.com/nation/ongc-strikes-gas-in-mahanadi-deepwater-basin-off-odisha-coast-1989655)
- 2026-09-22 — BUSINESSTODAY: **ONGC strikes gas in Mahanadi Basin: What it means for India's LNG imports** — ONGC Mahanadi gas discovery, Mahanadi Basin gas, ONGC deepwater exploration, Samudra Manthan scheme, India LNG imports, India natural gas imports, Mahanadi deepwater gas, ONGC MDW-28, India gas consumption, natural gas energy mix India — [Source](https://www.businesstoday.in/latest/economy/story/ongc-strikes-gas-in-mahanadi-basin-what-it-means-for-indias-lng-imports-557132-2026-09-22)
- 2026-09-22 — Times of India: **In major milestone for India’s offshore energy exploration, ONGC strikes gas in Mahanadi Basin, 43 km off Odisha coast; proximity could enable faster monetisation if commercially viable** — India Business News: In a big breakthrough, Oil and Natural Gas Corp (ONGC) has discovered gas in a deepwater well off India's eastern coast. The find is located close eno. — [Source](https://timesofindia.indiatimes.com/business/india-business/in-major-milestone-for-indias-offshore-energy-exploration-ongc-strikes-gas-in-mahanadi-basin-43-km-off-odisha-coast-proximity-could-enable-faster-monetisation-if-commercially-viable/articleshow/134404564.cms)
- 2026-09-22 — REDIFF.COM: **ONGC strikes gas off Odisha coast, discovery boosts India's energy security** — State-run Oil and Natural Gas Corporation (ONGC) has made a significant gas discovery in the deep waters of the Mahanadi Basin off the Odisha coast, recording encouraging flow and sustained reservoir pressure, a breakthrough for India's deepwater exploration programme. — [Source](https://www.rediff.com/business/report/ongc-strikes-gas-off-odisha-coast-discovery-boosts-indias-energy-security/20260922.htm)
- 2026-09-22 — Orissa POST: **ONGC strikes gas in Mahanadi basin - OrissaPOST** — New Delhi/Bhubaneswar: Oil and Natural Gas Corp (ONGC) has struck gas in a deepwater well off the eastern coast, with the discovery’s proximity to Odisha potentially allowing faster development if appraisal confirms commercial viability, the state-run explorer said. ONGC made the discovery September 18 at the MN-DW18- 1-H-D well in the Mahanadi Offshore Basin, about […] — [Source](https://www.orissapost.com/ongc-strikes-gas-in-mahanadi-basin)
- 2026-09-22 — BUSINESSTODAY: **GIFT Nifty up 46 points; Pine Labs, Waaree, ONGC, GRSE, Lumino, Symbiotec among top stocks in focus** — Gift Nifty, Nift Nifty today, GIFT Nifty cues today, Stocks in news, Stocks in buzz, Stocks to buy, Stocks to watch, Pine Labs, Waaree Energies, ONGC, GRSE, Lumino Industries, Symbiotec Pharmalab, Lloyds Metals, Augmont Enterprises, Pace Digitek, Share India Securities, Allcargo Global, Reliable Data Services — [Source](https://www.businesstoday.in/markets/stocks/story/gift-nifty-up-46-points-pine-labs-waaree-ongc-grse-lumino-symbiotec-among-top-stocks-in-focus-556911-2026-09-22)
- 2026-09-22 — Economic Times: **Stocks in news: ONGC, Lloyds Metals, Canara Bank, Rays of Belief and GRSE** — Indian stock markets closed higher on Monday, with the Nifty 50 and BSE Sensex gaining points. Several companies, including ONGC and Canara Bank, are expected to be active on Tuesday. ONGC announced a gas discovery in the Mahanadi Offshore Basin, while Canara Bank received a rating from Moody’s. Lloyds Metals and Energy approved capacity expansion, and Suryoday Small Finance Bank plans to raise funds. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-ongc-lloyds-metals-canara-bank-rays-of-belief-and-grse/articleshow/134394479.cms)

## Business profile

**Strategic vision:** State-owned crude oil and natural gas exploration and production.

### Business segments
- **Exploration & Production (Domestic Upstream):** Conducts geophysical surveys, drilling, and extraction of oil and gas from offshore platforms (Mumbai High, KG Basin) and onshore fields.
- **Overseas E&P (ONGC Videsh):** Acquires exploration concessions and manages equity oil and gas production assets outside of India.
- **Refining & Downstream Marketing (HPCL & MRPL):** Refines crude oil, manufactures petrochemicals, and retails petroleum products.

### Competitive strengths
- State-owned upstream exploration and production entity
- Integrated energy model connecting upstream, international, and downstream operations
- Subsidiaries for refining, petrochemicals, and overseas exploration

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## Freshness and sources

- Data as of: 2026-10-13
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ongc
Markdown representation: https://faxioms.com/stocks/ongc?render=md