Oil and Natural Gas Corporation Limited

ONGC.NS

Oil & Gas Integrated · Energy

Price

₹238.85

+1.05 (+0.44%)

Market Cap

₹3.00T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Oil and Natural Gas Corporation (ONGC) is India's largest oil and gas company, owned mostly by the Indian government. It finds, drills, and produces crude oil and natural gas from fields both onshore and offshore in India, then sells that energy to refineries and industrial customers. ONGC also owns a stake in HPCL, a major fuel retailer, making it one of the most vertically integrated energy companies in the country.

ONGC earns money by selling crude oil, natural gas, and related products like liquefied petroleum gas. It operates primarily in India, with some international exploration through its subsidiary ONGC Videsh, which has assets in countries like Russia, Brazil, and Vietnam. With a market cap exceeding ₹3 trillion, it benefits from government backing and control over India's largest domestic oil reserves — a significant competitive advantage. The main risk is that aging domestic fields are producing less oil over time, and replacing those reserves with new discoveries remains a persistent challenge.

Winston Score History

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 12.58B (2022) → 12.58B (2026)

Score breakdown

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Quality

Gross Margin

35.1%

Modest — 35.1% gross margin

Operating Margin

12.2%

Healthy — 12.2% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+0.1%

Nearly flat sales (+0.1% YoY)

EPS YoY

+14.6%

Earnings growing (+14.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

147%

Turns 147% of profit into real cash

FCF Margin

5.4%

Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

11.05x

Comfortably covers interest (11.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.3x

Attractive valuation — P/E 7.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.57%

Healthy income — 5.57% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+1.4%

Dividend flat

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