StrengthTalking point
Profit outpacing revenue
Profit grew 29.9% while revenue declined 0.2%, so the company kept more of each rupee of revenue as profit.
Importance 69 / 95 · growth
Oil And Natural Gas Corporation · Research view
Oil And Natural Gas Corporation Ltd
NSE: ONGCBSE: 500312ISIN INE213A01029Face value ₹5consolidated
₹223
−3.17% · 2026-10-01 · 52-wk ₹223–₹301
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.26×).
Importance 55 / 95 · cash quality
Concern
Thinner margins than peers
EBITDA margin of 17.4% is below the oil exploration and production median of 25.4%.
Importance 47 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Oil › Oil Exploration & Production.
- Market cap
- ₹2.80 L cr
- FY2026 revenue
- ₹6,62,247 cr
- FY2026 net profit
- ₹49,793 cr
- Net worth
- ₹4,09,693 cr
- Total debt
- ₹1,42,055 cr
- EPS (basic)
- ₹32.93
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 oil exploration & production.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 29.9% while revenue declined 0.2%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +5.6%over 4 years
- Revenue growth
- −0.2%vs last year
- Net profit growth
- +29.9%vs last year
- Change in net profit since FY22
- +1%
Net profit rose 29.9% to ₹49,793 — but FY2025 was a depressed ₹38,329 (vs a ~₹49,294 historical norm), so this is a recovery. Profit has compounded 0.3% a year over 4 years.
Revenue has compounded at 5.6% a year over 4 years (₹5,31,762 → ₹6,62,247) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹6,554 cr, down 43.3% from ₹11,554 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 43.3% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+22.1% and +54.4%).
Rule QTR_TREND_REVERSAL
Watch
Q1 FY27 net profit declined 43.3% while revenue grew 25.7% vs the same quarter last year — a gap of 68.9 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,58,329 | — | 9,878 | — | 6.2% |
| Q3 FY25 | 1,66,097 | +0.3% | 9,784 | −9.0% | 5.9% |
| Q4 FY25 | 1,70,812 | +2.4% | 8,856 | −23.2% | 5.2% |
| Q1 FY26 | 1,63,108 | −2.1% | 11,554 | +12.9% | 7.1% |
| Q2 FY26 | 1,57,911 | −0.3% | 12,615 | +27.7% | 8.0% |
| Q3 FY26 | 1,67,423 | +0.8% | 11,946 | +22.1% | 7.1% |
| Q4 FY26 | 1,73,805 | +1.8% | 13,678 | +54.4% | 7.9% |
| Q1 FY27 | 2,04,987 | +25.7% | 6,554 | −43.3% | 3.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹7,04,127 crTTM
- EBITDA
- ₹1,05,270 crTTM
- EBIT
- ₹67,786 crTTM
- PBT
- ₹55,299 crTTM
- Net profit
- ₹44,793 crTTM
C. Corporate actions
4 Sept 2026DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Feb 2026DividendInterim Dividend - Rs. - 6.2500 — ₹6.25/share
14 Nov 2025DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
4 Sept 2025DividendFinal Dividend - Rs. - 1.2500 — ₹1.25/share
7 Feb 2025DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
19 Nov 2024DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
23 Aug 2024DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
16 Feb 2024DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
21 Nov 2023DividendInterim Dividend - Rs. - 5.7500 — ₹5.75/share
18 Aug 2023DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
24 Feb 2023DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
21 Nov 2022DividendInterim Dividend - Rs. - 6.7500 — ₹6.75/share
18 Aug 2022DividendFinal Dividend - Rs. - 3.2500 — ₹3.25/share
21 Feb 2022DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
22 Nov 2021DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share
8 Sept 2021DividendFinal Dividend - Rs. - 1.8500 — ₹1.85/share
17 Feb 2021DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
23 Mar 2020DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
22 Aug 2019DividendFinal Dividend - Rs. - 0.7500 — ₹0.75/share
26 Mar 2019DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
28 Feb 2019DividendInterim Dividend - Rs. - 5.2500 — ₹5.25/share
3 Jan 2019BuybackBuy Back of Shares
19 Sept 2018DividendFinal Dividend - Rs. - 1.3500 — ₹1.35/share
13 Mar 2018DividendInterim Dividend - Rs. - 2.2500 — ₹2.25/share
3 Nov 2017DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
EBITDA margin of 17.4% is below the oil exploration and production median of 25.4%.
Rule MARGIN_BELOW_PEER_MEDIAN
- EBITDA margin now
- 17.4%
- 5-year range
- 12.2–17.9%
- ROE FY2026
- 12.7%
- ROCE FY2026
- 14.5%
EBITDA margin improved from 15.3% to 17.4% of revenue.
ROE rose from 10.4% to 12.7% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.26×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹1,42,055 cr
- Operating cash flow ÷ net profit
- 2.26×FY2026
- Free cash flow
- ₹72,219 cr
- Current ratio
- 0.84×
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 oil exploration & production (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 6.3×TTM to Jun 26
- P / B
- 0.7×latest book
- P / S
- 0.4×TTM sales
- Earnings yield
- 16.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 5.6× · P/S 0.4× · ROE 12.7%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −8.4%
- 3-year return
- +16.1%
- 5-year return
- +52.3%
- From 52-wk high
- −26.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹237
- vs 200-day avg
- Below₹256
- RSI (14)
- 30.6neutral
- MACD histogram
- -0.8
- From 52-wk high
- −26.1%
- From 52-wk low
- 0.0%
- 30-day volatility
- 17.8%ann.
- 6-month return
- −21.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernThinner margins than peersEBITDA margin of 17.4% is below the oil exploration and production median of 25.4%.MARGIN_BELOW_PEER_MEDIAN · conviction 47
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,31,762 | 6,84,829 | 6,43,037 | 6,63,262 | 6,62,247 |
| Total income | 5,39,199 | 6,92,903 | 6,55,259 | 6,75,656 | 6,74,604 |
| EBITDA | 87,311 | 83,601 | 1,15,057 | 1,01,254 | 1,15,476 |
| Profit before tax | 52,627 | 43,017 | 74,464 | 51,362 | 64,621 |
| Net profit | 49,294 | 32,778 | 57,101 | 38,329 | 49,793 |
| EPS (₹) | 36.2 | 28.2 | 39.1 | 28.8 | 32.9 |
| Net worth | 2,83,328 | 3,01,255 | 3,65,091 | 3,74,235 | 4,09,693 |
| Total debt | 1,07,776 | 1,29,186 | 1,19,755 | 1,53,556 | 1,42,055 |
| Operating cash flow | 78,000 | 84,211 | 99,263 | 90,868 | 1,12,719 |
| Free cash flow | 44,910 | 47,758 | 61,598 | 50,154 | 72,219 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 28.8 | -6.1 | 3.1 | -0.2 |
| Profit growth YoY | — | -33.5 | 74.2 | -32.9 | 29.9 |
| Profitability | |||||
| EBITDA margin % | 16.4 | 12.2 | 17.9 | 15.3 | 17.4 |
| Net margin % | 9.1 | 4.7 | 8.7 | 5.7 | 7.4 |
| Return on equity % | 17.4 | 11.2 | 17.1 | 10.4 | 12.7 |
| Return on capital % | 15.5 | 14.4 | 18.9 | 13.0 | 14.5 |
| Leverage & cash | |||||
| Debt to equity | 0.38 | 0.43 | 0.33 | 0.41 | 0.35 |
| Cash flow ÷ profit | 1.58 | 2.57 | 1.74 | 2.37 | 2.26 |
| Current ratio | 0.83 | 0.86 | 0.88 | 0.81 | 0.84 |