Oil and Natural Gas Corporation Limited

ONGC.BO

Oil & Gas Integrated · Energy

Price

₹236.50

-0.15 (-0.06%)

Market Cap

₹2.98T

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Oil and Natural Gas Corporation Limited (ONGC) is an Indian energy conglomerate primarily focused on the exploration, development, and extraction of crude oil and natural gas resources, both domestically and across international territories. The company's extensive activities are organized under two key segments: Exploration and Production, and Refining & Marketing. Beyond its core upstream operations, ONGC is also involved in the refining and distribution of various petroleum products, encompassing the transport of oil and natural gas. Its manufacturing portfolio includes liquefied petroleum gas (LPG), butane, ethane/propane, naphtha, kerosene, low sulphur heavy stock, aviation turbine fuel, mineral turpentine oil, carbon credits, and diesel. Demonstrating a commitment to sustainable energy, ONGC also generates electricity from renewable sources, operating wind power facilities with a total capacity of 153 MW and solar power installations contributing 36.52 MW. Established in 1993, the company maintains its headquarters in New Delhi, India.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+21.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹1.6T cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Oil and Natural Gas Corporation Limited grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.8%

Thin — 19.8% gross margin

Profit after running costs

Operating Margin

10.4%

Modest — 10.4% operating margin

Return on the money invested

ROCE

20.3%

Exceptional — 20.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.0%

Slow sales growth (+7.0% YoY)

Profit growth

EPS YoY

+20.9%

Earnings growing fast (+20.9% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

140%

Turns 140% of profit into real cash

Spare cash per sale

FCF Margin

5.0%

Thin free cash flow (5.0%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.41

Conservative — low debt load (0.41)

Covers its interest

Interest Cover

8.49x

Comfortably covers interest (8.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.8x

Attractive valuation — P/E 6.8

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

Cheaper or dearer next year

P/E vs Forward

+1.2

GROWING

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

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Dividends

Dividend

Dividend Yield

1.69%

Small dividend — 1.69% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-17.1%

Dividend cut (-17.1% YoY) — warning sign

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