Oil and Natural Gas Corporation Limited (ONGC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+406.0%

₹1,168.38

vs ₹230.89 price

Levered DCF

₹1,465.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.6

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.64×	8.61×	6.91×	5.18×	4.53×	7.88×	7.95×	6.59×
P/B	0.96×	0.91×	1.01×	0.67×	0.79×	0.58×	0.42×	0.92×
P/S	0.54×	0.47×	0.56×	0.3×	0.42×	0.42×	0.22×	0.48×
EV / EBITDA	4.24×	5.3×	4.81×	4.18×	4.32×	4.81×	4.13×	4.07×
Gross margin	32.5%	17.4%	20.9%	16.7%	20.5%	21.6%	18.8%	23.4%
Operating margin	11.5%	16.9%	20.4%	16.2%	19.9%	20.7%	18.1%	22.6%
Net margin	6.3%	5.5%	8.2%	5.8%	9.3%	5.4%	2.7%	7.2%
Current ratio	0.84×	0.81×	0.88×	0.87×	0.83×	0.76×	0.65×	0.65×
Debt / equity	0.47×	0.55×	0.48×	0.53×	0.5×	0.64×	0.67×	0.49×
Interest coverage	5.83×	8.9×	10.08×	14.55×	22.87×	13.35×	12.11×	23.4×
Dividend yield	4.7%	5.4%	3.8%	9.3%	6.3%	2.4%	9.7%	5.0%
Payout ratio	41.0%	46.9%	26.2%	48.0%	28.4%	19.0%	76.8%	33.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	10.5%	14.6%	13.0%	17.5%	7.4%	5.3%	14.0%
Return on invested capital	8.2%	12.5%	14.9%	14.7%	18.3%	9.6%	10.0%	14.5%
Return on assets	5.2%	4.8%	6.9%	5.9%	7.8%	3.0%	2.1%	6.2%
Free cash flow yield	20.0%	11.3%	13.9%	18.5%	16.4%	3.3%	18.2%	9.3%
Earnings yield	11.6%	11.6%	14.5%	19.3%	22.1%	12.7%	12.6%	15.2%
Enterprise value	₹5T	₹4.7T	₹5T	₹3.4T	₹3.3T	₹2.7T	₹2.2T	₹3.1T
Net debt / EBITDA	1.2×	1.8×	1.52×	1.82×	1.62×	2.48×	2.5×	1.38×
Cash conversion cycle (days)	27	31	29	24	33	46	20	18