Oil and Natural Gas Corporation Limited (ONGC.NS) stock analysis

In our weekly check, Oil and Natural Gas Corporation Limited is graded B (A to F). Of 25 checks on debt, profit, cash flow and trend: 17 pass, warnings: 3, red flags: 5.

About Oil and Natural Gas Corporation Limited

Oil and Natural Gas Corporation Limited is an Energy company (Oil & Gas Integrated) based in India, listed on NSE as ONGC.NS.

What our checks show for ONGC.NS

Red flags

• Operating profit does not cover the interest bill (0.1x): interest is paid from cash or new debt.
• The net margin fell by 3 points over 5 years, to 6.3%: the company keeps less of each sale as profit.
• The dividend takes 3895% of profit: little cushion if profit falls.
• The stock has fallen as much as 81% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 4.2 years.

Warning signs

• Analysts expect only about 4.7% a year of growth in revenue.
• Revenue grew only 1.6% a year over the last 3 years.
• The net margin is only 6.3%: little room if costs rise.

Strengths

• Net debt is only 1.2x a year of EBITDA: the balance sheet has room.
• The gross margin is 32.5% and has risen by 12 points: pricing power is holding.
• Operating cash flow is 2.72x net profit: the profit arrives as real cash.
• Free cash flow is 10.8% of revenue: cash for dividends, buybacks or growth.
• The price is 6.5 times earnings (P/E), reasonable for its growth.
• A large company: market value $29.84 billion.

Next earnings report: 2026-11-05

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Questions

What grade does Oil and Natural Gas Corporation Limited (ONGC.NS) have?

In our weekly check, Oil and Natural Gas Corporation Limited is graded B (A to F). Of 25 checks on debt, profit, cash flow and trend: 17 pass, warnings: 3, red flags: 5. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of ONGC.NS stock?

This week's biggest flags for Oil and Natural Gas Corporation Limited: Weak interest cover, Margins falling, Dividend stretched. In total 8 of 25 checks show a warning or a red flag.

What does Oil and Natural Gas Corporation Limited do?

Oil and Natural Gas Corporation Limited is an Energy company (Oil & Gas Integrated) based in India, listed on NSE as ONGC.NS.

When does Oil and Natural Gas Corporation Limited report earnings next?

The next earnings report is expected on 2026-11-05. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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