Oil and Natural Gas Corporation Limited

ONGC.NS

Oil & Gas Integrated · Energy

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

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.

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

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+47.8% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

69.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

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

Growth context

Oil and Natural Gas Corporation Limited is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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

no trend

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

5.57%

no trend

Healthy income — 5.57% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+1.4%

no trend

Dividend flat

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