Oil, Gas & Consumable Fuels · NSE: ONGC
Intrynsic's multi-model valuation estimates Oil & Natural Gas Corporation Limited's fair value at ₹927 per share (range ₹177–₹1,094) against a market price of ₹230 - a gap of +303.0% (updated 29 September 2026). This is an estimated fair value based on stated assumptions, not investment advice.
Market price
₹230
close of 29 Sept 2026
Est. fair value
₹927
₹177–₹1,094
Gap
+303.0%
price vs estimate
Trading ~303% below our estimated fair-value range. Assumptions and per-model workings are below.
Oil and Natural Gas Corporation is India's largest crude oil and gas producer, majority-owned by the government, and also owns the refiner HPCL. Its earnings move with global crude prices and government pricing rules for gas.
Oil, Gas & Consumable Fuels · Oil
Over the last 3 years, revenue grew 1.6%/yr and profit grew 15.0%/yr.
Every ₹100 of shareholder money earned ₹13.4 in profit last year, vs a sector median of 12.8%.
Debt is only 0.47x shareholder equity — a light load.
The market price is below our estimated fair-value range (based on stated assumptions).
About ₹118 of every ₹100 of reported profit turned into free cash (median, last 5 years); operating cash flow was positive in 5 of 5 years.
Intrynsic values Oil & Natural Gas Corporation Limited with 5 independent models and blends them into one estimated fair-value range. Every number below is an estimate based on the stated assumptions - change the assumptions and the estimate changes.
| Model | Estimated value | vs price | Weight |
|---|---|---|---|
| EV/EBITDAIndustry Comparison Method | ₹927 | +303% | - |
| EV/EBITAfter-Depreciation Comparison Method | ₹1,094 | +376% | - |
| P/E MultipleEarnings Multiple Method | ₹1,206 | +424% | - |
| DCFFuture Cash Flows Method | ₹552 | +140% | - |
| DDMDividend Discount Method | ₹177 | -23% | - |
Reverse DCF: today's market price implies the company must grow free cash flow about 0.0% a year for the next decade - versus 7.8% historical revenue growth.
| Revenue | ₹6,62,247 Cr | |
| Net profit | ₹49,793 Cr | |
| EPS | ₹32.93 | |
| Free cash flow | ₹58,729 Cr | |
| ROE (latest) | 13.4% | |
| Revenue growth (CAGR) | 9.9% | |
| Profit growth (CAGR) | 6.1% |
Intrynsic's multi-model valuation estimates Oil & Natural Gas Corporation Limited's fair value at ₹927 per share (range ₹177–₹1,094), last updated 29 September 2026. This is an estimate based on stated assumptions, not investment advice.
Oil & Natural Gas Corporation Limited trades at ₹230 against Intrynsic's estimated fair value of ₹927 - the market price is 303% below the estimate, i.e. below our estimated fair-value range. Different assumptions produce different estimates; see the model breakdown above.
Oil & Natural Gas Corporation Limited trades at about 7.0 times its latest annual earnings per share.
Oil and Natural Gas Corporation is India's largest crude oil and gas producer, majority-owned by the government, and also owns the refiner HPCL. Its earnings move with global crude prices and government pricing rules for gas.
Intrynsic runs 5 valuation models for Oil & Natural Gas Corporation Limited (EV/EBITDA, EV/EBIT, P/E Multiple, DCF, DDM) and blends them into one estimated fair-value range. Every assumption - growth, discount rate, terminal value - is shown openly on this page.
Disclaimer: Intrynsic provides educational and informational analysis only. Fair-value figures are estimates based on stated assumptions - they are not investment advice, research recommendations, or an offer to transact in any security. Intrynsic is not a SEBI-registered investment adviser or research analyst. Markets carry risk; please do your own research or consult a registered adviser before making investment decisions. Prices shown may be delayed end-of-day values. Terms · Privacy