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Oil & Natural Gas Corpn Ltd

ONGC

NSE

₹225.00+1.35%19 Oct 2026

Reports

Oil Drilling and Exploration

Oil & Natural Gas Corpn Ltd

ONGC

NSE

₹225.00

+1.35%

19 Oct 2026

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Oil Drilling and Exploration

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Oil and Natural Gas Corporation Ltd is India’s largest oil and gas producer, a state-owned enterprise that has found and pumped hydrocarbons from the subcontinent’s basins for over six decades, supplying roughly two-thirds of the country’s domestic production. It was built to deliver national energy self-sufficiency, discovering eight out of nine producing basins of India, and has since expanded into refining, petrochemicals, power, and renewables - always using the cash flows and feedstock from its core upstream engine to build the next one. The recurring approach is to own the molecule from discovery to consumer, then reinvest in the infrastructure and partnerships that keep those molecules flowing.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Exploration and production: where the group’s cash and feedstock come from

ONGC finds and extracts crude oil and natural gas from domestic and international acreage, selling the bulk to refineries and gas buyers - its production volume and global commodity prices drive the economics of the entire group.

India’s dominant driller - it operates across roughly 3 lakh square kilometres of domestic acreage, producing from eight basins including the prolific Mumbai Offshore, and has maintained a reserve-replacement ratio above one for 18 consecutive years, meaning it consistently finds more oil and gas than it pumps out.
A portfolio of legacy giants and new frontiers - the Mumbai High field, discovered in 1974, remains a cornerstone asset, while the KG-DWN-98/2 block in the Krishna-Godavari basin achieved first oil in March 2024 and the Daman Upside Development Project delivered first gas in March 2026, executed in under two years at a cost of about USD 1 billion.
BP brought in to sweat the biggest asset - in a ten-year contract, BP Exploration acts as Technical Services Provider for Mumbai High, targeting a roughly 60% increase in oil-equivalent production; ONGC retains full ownership and control, paying BP a fixed fee initially and then a share of incremental revenue.
International arm secures equity oil abroad - wholly owned subsidiary ONGC Videsh holds stakes in 35 projects across 15 countries, from the super-giant ACG field in Azerbaijan to the Mozambique LNG project, where force majeure was lifted in late 2025, allowing construction of the 13.12 MMTPA facility to restart.
Deepwater partnerships unlock new basins - ONGC has signed joint operating agreements with Reliance Industries and BP for a block in the Saurashtra Basin, and with Oil India for three OALP blocks including an ultra-deepwater tract, while a resource-sharing pact with Reliance on the East Coast lets both companies share rigs, pipelines and processing facilities.

2. Refining and marketing: the group’s consumer-facing engine

HPCL, a listed subsidiary in which ONGC holds a 51% stake, runs two large refineries and India’s second-largest fuel-retail network - it turns crude into transport fuels and lubricants, then sells them through more than 20,000 outlets.

Refining at scale - HPCL's Mumbai (7.5 MMTPA) and Visakhapatnam (8.3 MMTPA) refineries together processed over 17 million tonnes in a recent year, running at 109% utilisation, and both were upgraded to produce BS-VI compliant petrol and diesel.
Lubes and LPG leadership - through its subsidiary HPCL, it is India’s number-one lube marketer and number-two LPG marketer, supported by the country’s largest lube refinery with a capacity of 428 thousand metric tonnes and a network of over 6,000 LPG distributors.
A greenfield refinery under construction - the HPCL Rajasthan Refinery Ltd joint venture (HPCL 74%, Government of Rajasthan 26%) is building a 9 MMTPA refinery-cum-petrochemical complex, expanding the group’s downstream capacity beyond the existing coastal sites.

3. Petrochemicals: the value-upgrade bet on polymers

ONGC Petro Additions Limited (OPaL), now 95.69% owned by ONGC, runs one of the world’s largest dual-feed crackers at Dahej, converting naphtha and natural-gas liquids from ONGC’s upstream fields into polymers and chemicals.

Feedstock from the parent - OPaL draws C2-C3 hydrocarbons and naphtha directly from ONGC’s Hazira and Uran plants, so the petrochemical complex is effectively a downstream integration play that captures margin the group would otherwise leave on the table.
Scale and product range - the complex has a design capacity of 1.1 MMTPA in terms of Poly-Ethylene (PE) capacity ratings, and in FY'20 operated at 88% capacity, aggregating more than 1.6 million tonnes of polymer and chemical sales, including ethylene, propylene, and multiple grades of polyethylene and polypropylene that carry food-grade and EU safety approvals.
Ethane import chain being built - to secure cheaper feedstock, ONGC has formed 50:50 joint ventures with Japan’s Mitsui O.S.K. Lines to own and operate two Very Large Ethane Carriers, each with a capacity of one lakh cubic metres, which will ship ethane from the USA to OPaL starting in FY 2028-29.
Marketing joint venture to capture synergies - ONGC, MRPL and OPaL are forming a 50:25:25 petrochemicals marketing company that will handle sales for the group, aiming to improve pricing and logistics while also trading third-party product.

Group structure and partners

ONGC sits at the centre of a diversified state-owned group that spans the hydrocarbon chain - upstream, downstream, petrochemicals, power, pipelines and now renewables - with direct subsidiaries, joint ventures and associates that give it reach from the wellhead to the retail pump and beyond.

Direct subsidiaries carry the operating load - ONGC Videsh runs international E&P; HPCL (51.11%) runs refining and marketing; MRPL (71.63%) runs a 15 MMTPA coastal refinery; OPaL (95.69%) runs the Dahej petrochemical complex; and ONGC Green, incorporated in February 2024, is the dedicated vehicle for renewables, biofuels, green hydrogen and LNG.
Joint ventures extend the footprint - ONGC Tripura Power Company (50%) operates a 726.6 MW gas-fired power plant that monetises stranded Tripura gas; ONGC NTPC Green Private Limited (50:50 with NTPC Green Energy) acquired the Ayana Renewable Power platform with roughly 4.1 GW of assets in March 2025; and Indradhanush Gas Grid (20% ONGC) is building a 1,656 km gas pipeline across India’s north-east.
Global partners bring technology and capital - BP is the Technical Services Provider for Mumbai High; ExxonMobil, Chevron, TotalEnergies and Shell collaborate on E&P concepts; Mitsui O.S.K. Lines is the 50:50 partner for the ethane shipping joint ventures; and Samsung Heavy Industries is constructing the two VLECs.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,83,056Cr

Close Price

₹225.00

Industry

Oil Drilling and Exploration

Price To Earnings

6.50

Price To Sales

0.40

Revenue

₹7,04,123Cr

Rev Gr TTM

Revenue Growth TTM

7.11%

PAT Gr TTM

PAT Growth TTM

11.69%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,47,614	1,67,357	1,72,137	1,68,968	1,59,331	1,67,213	1,67,749	1,63,106	1,57,911	1,67,423	1,73,801	2,04,987
Growth YoY Revenue Growth YoY%	-12.5	-1.1	4.9	3.1	7.9	-0.1	-2.5	-3.5	-0.9	0.1	3.6	25.7
Expenses ExpensesCr	1,19,534	1,46,996	1,48,913	1,47,183	1,38,745	1,42,494	1,45,983	1,37,108	1,31,390	1,42,088	1,48,449	1,89,502
Operating Profit Operating ProfitCr	28,080	20,360	23,224	21,785	20,586	24,719	21,766	25,998	26,521	25,335	25,352	15,485
OPM OPM%	19.0	12.2	13.5	12.9	12.9	14.8	13.0	15.9	16.8	15.1	14.6	7.5
Other Income Other IncomeCr	3,673	4,299	3,375	3,535	4,150	2,050	3,548	2,236	3,447	3,450	5,702	3,858
Interest Expense Interest ExpenseCr	3,243	3,203	3,608	3,694	3,827	3,750	3,264	3,341	3,411	3,207	3,070	2,854
Depreciation DepreciationCr	7,079	7,494	8,420	8,501	8,254	9,539	8,912	9,384	9,273	9,388	9,345	9,477
PBT PBTCr	21,431	13,962	14,570	13,125	12,655	13,480	13,137	15,509	17,284	16,190	18,640	7,012
Tax TaxCr	5,260	3,451	3,474	3,349	2,814	3,734	4,172	3,954	4,670	4,244	4,962	458
PAT PATCr	16,171	10,511	11,096	9,776	9,841	9,747	8,965	11,554	12,615	11,946	13,678	6,554
Growth YoY PAT Growth YoY%	136.8	-9.9	71.3	-45.4	-39.1	-7.3	-19.2	18.2	28.2	22.6	52.6	-43.3
NPM NPM%	11.0	6.3	6.5	5.8	6.2	5.8	5.3	7.1	8.0	7.1	7.9	3.2
EPS EPS₹	10.9	8.5	8.0	8.0	8.1	6.8	5.8	7.8	8.6	8.0	8.6	9.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,47,614	1,67,357	1,72,137	1,68,968	1,59,331	1,67,213	1,67,749	1,63,106	1,57,911	1,67,423	1,73,801	2,04,987
Growth YoY Revenue Growth YoY%	-12.5	-1.1	4.9	3.1	7.9	-0.1	-2.5	-3.5	-0.9	0.1	3.6	25.7
Expenses ExpensesCr	1,19,534	1,46,996	1,48,913	1,47,183	1,38,745	1,42,494	1,45,983	1,37,108	1,31,390	1,42,088	1,48,449	1,89,502
Operating Profit Operating ProfitCr	28,080	20,360	23,224	21,785	20,586	24,719	21,766	25,998	26,521	25,335	25,352	15,485
OPM OPM%	19.0	12.2	13.5	12.9	12.9	14.8	13.0	15.9	16.8	15.1	14.6	7.5
Other Income Other IncomeCr	3,673	4,299	3,375	3,535	4,150	2,050	3,548	2,236	3,447	3,450	5,702	3,858
Interest Expense Interest ExpenseCr	3,243	3,203	3,608	3,694	3,827	3,750	3,264	3,341	3,411	3,207	3,070	2,854
Depreciation DepreciationCr	7,079	7,494	8,420	8,501	8,254	9,539	8,912	9,384	9,273	9,388	9,345	9,477
PBT PBTCr	21,431	13,962	14,570	13,125	12,655	13,480	13,137	15,509	17,284	16,190	18,640	7,012
Tax TaxCr	5,260	3,451	3,474	3,349	2,814	3,734	4,172	3,954	4,670	4,244	4,962	458
PAT PATCr	16,171	10,511	11,096	9,776	9,841	9,747	8,965	11,554	12,615	11,946	13,678	6,554
Growth YoY PAT Growth YoY%	136.8	-9.9	71.3	-45.4	-39.1	-7.3	-19.2	18.2	28.2	22.6	52.6	-43.3
NPM NPM%	11.0	6.3	6.5	5.8	6.2	5.8	5.3	7.1	8.0	7.1	7.9	3.2
EPS EPS₹	10.9	8.5	8.0	8.0	8.1	6.8	5.8	7.8	8.6	8.0	8.6	9.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,24,074	2,82,506	3,22,706	4,21,626	3,96,763	3,03,892	4,91,301	6,32,326	6,01,581	6,12,064	6,08,663	7,04,123
Growth Revenue Growth%	-23.0	127.7	14.2	30.6	-5.9	-23.4	61.7	28.7	-4.9	1.7	-0.6	7.1
Expenses ExpensesCr	84,940	2,29,702	2,65,817	3,46,807	3,44,658	2,54,419	4,11,427	5,56,799	4,99,198	5,23,207	5,05,543	6,11,429
Operating Profit Operating ProfitCr	39,135	52,804	56,889	74,819	52,105	49,473	79,874	75,527	1,02,383	88,857	1,03,120	92,694
OPM OPM%	31.5	18.7	17.6	17.8	13.1	16.3	16.3	11.9	17.0	14.5	16.9	13.2
Other Income Other IncomeCr	1,067	12,724	10,429	9,567	982	11,271	6,797	-30	14,712	13,282	14,923	16,458
Interest Expense Interest ExpenseCr	3,766	3,591	4,999	5,837	7,489	5,079	5,696	7,889	13,026	14,535	13,029	12,541
Depreciation DepreciationCr	16,384	20,219	23,112	23,704	26,635	25,538	26,883	24,557	30,440	35,206	37,391	37,484
PBT PBTCr	20,052	41,718	39,208	54,846	18,962	30,126	54,091	43,051	73,629	52,398	67,623	59,127
Tax TaxCr	6,951	12,548	13,140	20,908	7,506	8,766	4,797	10,273	18,356	14,069	17,830	14,333
PAT PATCr	13,102	29,169	26,068	33,938	11,456	21,360	49,294	32,778	55,273	38,329	49,793	44,793
Growth PAT Growth%	-25.9	122.6	-10.6	30.2	-66.2	86.5	130.8	-33.5	68.6	-30.7	29.9	11.7
NPM NPM%	10.6	10.3	8.1	8.1	2.9	7.0	10.0	5.2	9.2	6.3	8.2	6.4
EPS EPS₹	6.7	19.0	17.2	23.9	8.6	13.0	36.2	29.2	39.1	28.8	32.9	34.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,24,074	2,82,506	3,22,706	4,21,626	3,96,763	3,03,892	4,91,301	6,32,326	6,01,581	6,12,064	6,08,663	7,04,123
Growth Revenue Growth%	-23.0	127.7	14.2	30.6	-5.9	-23.4	61.7	28.7	-4.9	1.7	-0.6	7.1
Expenses ExpensesCr	84,940	2,29,702	2,65,817	3,46,807	3,44,658	2,54,419	4,11,427	5,56,799	4,99,198	5,23,207	5,05,543	6,11,429
Operating Profit Operating ProfitCr	39,135	52,804	56,889	74,819	52,105	49,473	79,874	75,527	1,02,383	88,857	1,03,120	92,694
OPM OPM%	31.5	18.7	17.6	17.8	13.1	16.3	16.3	11.9	17.0	14.5	16.9	13.2
Other Income Other IncomeCr	1,067	12,724	10,429	9,567	982	11,271	6,797	-30	14,712	13,282	14,923	16,458
Interest Expense Interest ExpenseCr	3,766	3,591	4,999	5,837	7,489	5,079	5,696	7,889	13,026	14,535	13,029	12,541
Depreciation DepreciationCr	16,384	20,219	23,112	23,704	26,635	25,538	26,883	24,557	30,440	35,206	37,391	37,484
PBT PBTCr	20,052	41,718	39,208	54,846	18,962	30,126	54,091	43,051	73,629	52,398	67,623	59,127
Tax TaxCr	6,951	12,548	13,140	20,908	7,506	8,766	4,797	10,273	18,356	14,069	17,830	14,333
PAT PATCr	13,102	29,169	26,068	33,938	11,456	21,360	49,294	32,778	55,273	38,329	49,793	44,793
Growth PAT Growth%	-25.9	122.6	-10.6	30.2	-66.2	86.5	130.8	-33.5	68.6	-30.7	29.9	11.7
NPM NPM%	10.6	10.3	8.1	8.1	2.9	7.0	10.0	5.2	9.2	6.3	8.2	6.4
EPS EPS₹	6.7	19.0	17.2	23.9	8.6	13.0	36.2	29.2	39.1	28.8	32.9	34.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4,278	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves ReservesCr	1,93,536	1,87,969	1,97,602	2,10,645	1,98,814	2,14,691	2,53,213	2,74,357	3,32,779	3,37,150	3,65,478
Current Liabilities Current LiabilitiesCr	51,562	1,24,029	1,16,966	1,29,490	1,25,073	1,23,267	1,27,365	1,32,270	1,69,256	1,66,845	1,68,795
Non Current Liabilities Non Current LiabilitiesCr	90,558	1,13,691	1,23,644	1,28,728	1,61,435	1,77,415	1,74,697	1,81,004	2,13,117	2,17,649	2,13,417
Total Liabilities Total LiabilitiesCr	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,14,529	7,41,998	7,58,729	7,91,905
Current Assets Current AssetsCr	58,463	79,222	72,429	87,196	80,709	93,121	1,05,990	1,14,151	1,40,142	1,34,691	1,41,732
Non Current Assets Non Current AssetsCr	2,84,122	3,66,175	3,87,806	4,06,063	4,29,308	4,50,158	4,79,401	5,00,378	6,01,856	6,24,037	6,50,174
Total Assets Total AssetsCr	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,14,529	7,41,998	7,58,729	7,91,905

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4,278	6,417	6,417	6,290	6,290	6,290	6,290	6,290	6,290	6,290	6,290
Reserves ReservesCr	1,93,536	1,87,969	1,97,602	2,10,645	1,98,814	2,14,691	2,53,213	2,74,357	3,32,779	3,37,150	3,65,478
Current Liabilities Current LiabilitiesCr	51,562	1,24,029	1,16,966	1,29,490	1,25,073	1,23,267	1,27,365	1,32,270	1,69,256	1,66,845	1,68,795
Non Current Liabilities Non Current LiabilitiesCr	90,558	1,13,691	1,23,644	1,28,728	1,61,435	1,77,415	1,74,697	1,81,004	2,13,117	2,17,649	2,13,417
Total Liabilities Total LiabilitiesCr	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,14,529	7,41,998	7,58,729	7,91,905
Current Assets Current AssetsCr	58,463	79,222	72,429	87,196	80,709	93,121	1,05,990	1,14,151	1,40,142	1,34,691	1,41,732
Non Current Assets Non Current AssetsCr	2,84,122	3,66,175	3,87,806	4,06,063	4,29,308	4,50,158	4,79,401	5,00,378	6,01,856	6,24,037	6,50,174
Total Assets Total AssetsCr	3,42,586	4,45,397	4,60,235	4,93,259	5,10,018	5,43,279	5,85,390	6,14,529	7,41,998	7,58,729	7,91,905

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	46,292	45,780	56,792	61,458	70,593	47,185	78,248	84,211	98,847	90,856	1,12,719
Investing Cash Flow Investing Cash FlowCr	-38,283	-45,056	-67,111	-37,332	-53,498	-39,092	-41,330	-73,209	-57,485	-42,999	-57,676
Financing Cash Flow Financing Cash FlowCr	-8,972	-1,867	9,909	-23,325	-16,726	-8,239	-35,790	-12,916	-45,009	-47,908	-56,331
Net Cash Flow Net Cash FlowCr	-962	-1,143	-410	801	368	-146	1,129	-1,914	-3,648	-52	-1,287
Free Cash Flow Free Cash FlowCr	31,199	25,445	29,061	35,697	28,735	15,147	45,158	47,758	60,965	50,143	72,219
CFO To PAT CFO To PAT%	353.3	156.9	217.9	181.1	616.2	220.9	158.7	256.9	178.8	237.0	226.4
CFO To EBITDA CFO To EBITDA%	118.3	86.7	99.8	82.1	135.5	95.4	98.0	111.5	96.5	102.3	109.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	46,292	45,780	56,792	61,458	70,593	47,185	78,248	84,211	98,847	90,856	1,12,719
Investing Cash Flow Investing Cash FlowCr	-38,283	-45,056	-67,111	-37,332	-53,498	-39,092	-41,330	-73,209	-57,485	-42,999	-57,676
Financing Cash Flow Financing Cash FlowCr	-8,972	-1,867	9,909	-23,325	-16,726	-8,239	-35,790	-12,916	-45,009	-47,908	-56,331
Net Cash Flow Net Cash FlowCr	-962	-1,143	-410	801	368	-146	1,129	-1,914	-3,648	-52	-1,287
Free Cash Flow Free Cash FlowCr	31,199	25,445	29,061	35,697	28,735	15,147	45,158	47,758	60,965	50,143	72,219
CFO To PAT CFO To PAT%	353.3	156.9	217.9	181.1	616.2	220.9	158.7	256.9	178.8	237.0	226.4
CFO To EBITDA CFO To EBITDA%	118.3	86.7	99.8	82.1	135.5	95.4	98.0	111.5	96.5	102.3	109.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,83,729	2,37,479	2,28,175	2,00,718	85,923	1,28,508	2,06,191	1,89,962	3,36,963	3,09,978	3,58,035	2,83,056
Price To Earnings Price To Earnings	14.3	9.7	10.3	6.6	8.0	7.9	4.5	5.4	6.9	8.6	8.6	6.5
Price To Sales Price To Sales	1.5	0.8	0.7	0.5	0.2	0.4	0.4	0.3	0.6	0.5	0.6	0.4
Price To Book Price To Book	0.9	1.2	1.1	0.9	0.4	0.6	0.8	0.7	1.0	0.9	1.0	0.8
EV To EBITDA EV To EBITDA	5.2	5.7	5.7	4.0	3.7	5.1	4.0	4.0	4.8	5.3	4.8	4.5
Profitability Ratios Profitability Ratios
GPM GPM%	61.6	33.2	30.9	30.3	25.9	28.4	26.3	22.0	25.8	23.3	27.5	27.5
OPM OPM%	31.5	18.7	17.6	17.8	13.1	16.3	16.3	11.9	17.0	14.5	16.9	13.2
NPM NPM%	10.6	10.3	8.1	8.1	2.9	7.0	10.0	5.2	9.2	6.3	8.2	6.4
ROCE ROCE%	9.8	16.9	14.5	19.0	8.2	9.9	15.7	12.1	16.3	12.6	14.8	14.8
ROE ROE%	6.6	15.0	12.8	15.6	5.6	9.7	19.0	11.7	16.3	11.2	13.4	13.4
ROA ROA%	3.8	6.5	5.7	6.9	2.3	3.9	8.4	5.3	7.5	5.0	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,83,729	2,37,479	2,28,175	2,00,718	85,923	1,28,508	2,06,191	1,89,962	3,36,963	3,09,978	3,58,035	2,83,056
Price To Earnings Price To Earnings	14.3	9.7	10.3	6.6	8.0	7.9	4.5	5.4	6.9	8.6	8.6	6.5
Price To Sales Price To Sales	1.5	0.8	0.7	0.5	0.2	0.4	0.4	0.3	0.6	0.5	0.6	0.4
Price To Book Price To Book	0.9	1.2	1.1	0.9	0.4	0.6	0.8	0.7	1.0	0.9	1.0	0.8
EV To EBITDA EV To EBITDA	5.2	5.7	5.7	4.0	3.7	5.1	4.0	4.0	4.8	5.3	4.8	4.5
Profitability Ratios Profitability Ratios
GPM GPM%	61.6	33.2	30.9	30.3	25.9	28.4	26.3	22.0	25.8	23.3	27.5	27.5
OPM OPM%	31.5	18.7	17.6	17.8	13.1	16.3	16.3	11.9	17.0	14.5	16.9	13.2
NPM NPM%	10.6	10.3	8.1	8.1	2.9	7.0	10.0	5.2	9.2	6.3	8.2	6.4
ROCE ROCE%	9.8	16.9	14.5	19.0	8.2	9.9	15.7	12.1	16.3	12.6	14.8	14.8
ROE ROE%	6.6	15.0	12.8	15.6	5.6	9.7	19.0	11.7	16.3	11.2	13.4	13.4
ROA ROA%	3.8	6.5	5.7	6.9	2.3	3.9	8.4	5.3	7.5	5.0	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ONGC	OIL	DEEPINDS	ANTELOPUS	DOLPHIN	HINDOILEXP	ASIANENE
Market CapitalizationMkt CapCr	2,83,056	73,035	4,595	3,534	2,493	2,195	2,131
Close PriceClose₹	225.00	449.00	718.00	1,001.60	623.25	166.01	434.50
IndustryIndustry	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration
Price To EarningsPE	6.50	8.74	22.26	26.53	34.63	87.37	34.16
Price To SalesPS	0.40	1.90	4.74	9.84	17.46	7.35	2.25
RevenueRevenueCr	7,04,123	38,521	970	359	143	299	947
Revenue Growth TTMRev Gr TTM%	7.1%	19.2%	48.8%	46.5%	74.0%	-17.8%	82.0%
PAT Growth TTMPAT Gr TTM%	11.7%	34.8%	502.3%	107.5%	43.3%	-83.2%	28.9%

	ONGC	OIL	DEEPINDS	ANTELOPUS	DOLPHIN	HINDOILEXP	ASIANENE
Market CapitalizationMkt CapCr	2,83,056	73,035	4,595	3,534	2,493	2,195	2,131
Close PriceClose₹	225.00	449.00	718.00	1,001.60	623.25	166.01	434.50
IndustryIndustry	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration	Oil Drilling and Exploration
Price To EarningsPE	6.50	8.74	22.26	26.53	34.63	87.37	34.16
Price To SalesPS	0.40	1.90	4.74	9.84	17.46	7.35	2.25
RevenueRevenueCr	7,04,123	38,521	970	359	143	299	947
Revenue Growth TTMRev Gr TTM%	7.1%	19.2%	48.8%	46.5%	74.0%	-17.8%	82.0%
PAT Growth TTMPAT Gr TTM%	11.7%	34.8%	502.3%	107.5%	43.3%	-83.2%	28.9%

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FY2026

Jun 26