A fundamental analysis of Oil & Natural Gas Corporation Ltd. (ONGC) covering revenue trends, profitability, valuation, and shareholding patterns.
ONGC Revenue Trend
Oil & Natural Gas Corporation Ltd. reported revenue of ₹6,75,655 Cr in FY2025, a 3.1% increase from ₹6,55,258 Cr in FY2024.
The bigger picture is compelling: a 15.4% annual growth rate over 10 years took revenue from ₹1,60,889 Cr to ₹6,75,655 Cr.
In terms of scale, Oil & Natural Gas Corporation Ltd.'s ₹6,75,655 Cr in annual revenue positions it as a major oil exploration/production company.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹6,75,655 Cr | +3.1% |
| FY2024 | ₹6,55,258 Cr | -5.4% |
| FY2023 | ₹6,92,903 Cr | +30.3% |
| FY2022 | ₹5,31,792 Cr | +47.5% |
| FY2021 | ₹3,60,572 Cr | — |
View Oil & Natural Gas Corporation Ltd.'s full 10-year revenue trend with CAGR analysis →
ONGC Profitability
Earnings pressure was evident — Oil & Natural Gas Corporation Ltd.'s net profit fell 32.9% to ₹38,329 Cr in FY2025.
Net profit margin compressed to 5.7% in FY2025 from 8.7% in FY2024.
Diluted EPS stood at ₹28.80 in FY2025, compared to ₹39.13 in FY2024.
Is ONGC Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹219.
Oil & Natural Gas Corporation Ltd. shares are currently trading at ₹267.75.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹219 | 18.3% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Oil & Natural Gas Corporation Ltd. with detailed assumptions →
ONGC Shareholding Pattern
A stable promoter holding of 58.9% over 4 quarters suggests the management group is comfortable with its position.
On the foreign institutional side, the holding is 8.0% as of March 2026 — up from 7.1%.
Domestic investors held 19.3% of the company as of March 2026, down year-over-year from 19.9%.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 58.9% | 8.0% | 19.3% | 3.5% |
| Dec 2025 | 58.9% | 7.4% | 19.7% | 3.7% |
| Sep 2025 | 58.9% | 7.0% | 20.0% | 3.9% |
| Jun 2025 | 58.9% | 7.1% | 19.9% | 3.9% |
Track quarterly shareholding changes for Oil & Natural Gas Corporation Ltd. →
ONGC Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹7,587.23B (up 2.3% YoY from ₹7,419.98B).
Top categories: Property, Plant & Equipment (53.2%), Other Assets (18.1%), Investments (12.2%).
Of the ₹7,587.29B in liabilities and equity, 49.3% is shareholder equity, 24.8% is interest-bearing debt, and 25.9% is operating liabilities. Over the year, debt is down 1.8% and equity is up 4.1%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 304.30B |
| Receivables | 212.28B |
| Inventories | 589.56B |
| Property, Plant & Equipment | 4,038.33B |
| Investments | 923.73B |
| Intangibles & Goodwill | 145.12B |
| Other Assets | 1,373.91B |
| Category | Value |
|---|---|
| Equity | 3,742.35B |
| Short-term Debt | 649.58B |
| Long-term Debt | 1,228.59B |
| Trade Payables | 389.76B |
| Other Liabilities | 1,577.01B |
What Stands Out About ONGC
In summary, Oil & Natural Gas Corporation Ltd. (ONGC) presents the following picture for fundamental analysts.
Revenue of ₹6,75,655 Cr in FY2025, up 3.1% year-over-year.
Long-term revenue has been compounding at 15.4% annually over 10 years.
The company is profitable, with a net margin of 5.7% and net income of ₹38,329 Cr.
The P/E Ratio model implies 18.3% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
See the full picture — Craytheon tracks 10 years of financial data with interactive charts, growth trends, and three valuation models for Oil & Natural Gas Corporation Ltd..