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Oil & Natural Gas Corporation
SectorEnergy
ONGC is India's largest crude oil and natural gas company, contributing around 75% to domestic production. It is engaged in exploration, development and production of oil and gas in India and abroad. The company operates in segments including Exploration & Production and Refining & Marketing. As of March 2023, ONGC held exploration and production acreages across nomination blocks, NELP blocks, OALP blocks and DSF blocks in India. In FY2022-23, ONGC drilled 461 wells, acquired seismic data, and commissioned 5 major projects. The company has subsidiaries in refining, petrochemicals, renewables and other areas. ONGC is focused on enhancing production through new discoveries, development projects, and improved oil recovery techniques. It is also expanding into areas like gas hydrates research and high pressure high temperature drilling.
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Company insights, generated from the most recent coverage.
Whether OPML is classified as a subsidiary is still unconfirmed — that single accounting call decides if its volumes and receivables land in ONGC's consolidated numbers at all.
OPML likely burns cash for 12-24 months building depots, systems and customer contracts, reaching operating break-even only around year 2-3; its ₹50 Cr capital is fully subscribed, leaving no unused equity headroom to absorb a working-capital build.
ONGC's ₹25 Cr stake in OPML is just ~0.05% of FY26 consolidated PAT of ₹49,793 Cr — OPML cannot move the ONGC needle on its own earnings, however well it executes.