As of August 19, 2026, Oil & Natural Gas Corporation Ltd (ONGC) shares are trading at ₹238.00, with a market capitalization of ₹299,410.64 crores. The stock has shown mixed performance with a 52-week high of ₹307.50 and 52-week low of ₹227.65. The company maintains a PE ratio of 6.72 and PB ratio of 0.81 as of the latest trading session. According to analyst recommendations, ONGC shares have a 'Buy' rating for the long term, reflecting positive sentiment despite recent price movements.
According to Probal Sen, Oil and Gas Analyst at ICICI Securities, Oil India remains a preferred pick in the oil and gas sector with multiple earnings triggers. The company's April-June quarter 2026 oil production run rate was around 0.95 million tonne, with targets of 1 million tonne per quarter - translating to roughly 4 million tonne annually compared with average production of 3.2-3.3 million tonne in recent years. Gas production is expected to rise from 8 mmscmd to nearly 12 mmscmd by 2027-28 (FY28), with additional gas qualifying for newer gas pricing linked to crude, potentially improving realisations. As per CNBCTV18.com, Sen expects output to rise by nearly 50% by 2027-28 as new infrastructure enables better monetisation.
The Numaligarh Refinery (NRL) expansion is another key trigger, with Sen estimating NRL's earnings before interest, taxes, depreciation and amortisation (EBITDA) could potentially reach ₹7,500-8,500 crore at a $25 refining margin, including excise duty benefit. With most of the required capital expenditure already spent, the expansion could support better cash generation and lower leverage over the next couple of years. Sen told CNBCTV18.com that the expansion could add another layer of earnings growth, with the capex already spent helping moderate leverage.
Sen expects crude prices to remain elevated in the near term, with crude staying around $90-$95 per barrel due to uncertainty around the Strait of Hormuz. However, his full-year estimate remains lower at $85-$90 as he expects some resolution in the second half. As per CNBCTV18.com, Sen expects $90 to $95 to persist for a period, with the outlook for refining margins remaining strong as product markets remain tighter than physical crude markets. Around 2-2.5 million barrels per day of Russian refining capacity has been knocked offline following Ukrainian drone attacks, adding to pressure on global product supplies. However, Indian refiners may not fully benefit from exceptionally high theoretical margins, with export taxes and negotiated pricing between refiners and oil marketing companies likely to keep effective margins closer to $12-$15, even though theoretical margins could reach around $30.
Indian equities extended their decline on Tuesday as unresolved tensions in West Asia and concerns over the impact of elevated crude oil prices on India's macroeconomic outlook weighed on investor sentiment. The Sensex fell 493 points, or 0.63%, to close at 77,235.46, while the Nifty 50 declined 133 points, or 0.55%, to settle at 24,154.90, extending its losing streak to six consecutive sessions. As per latest market data, Gift Nifty was trading around 24,210, at a premium of 30 points over the previous close, signalling a cautious opening for Wednesday's session. For oil marketing companies, Sen expects the current trend to broadly continue with strong refining margins providing support, though LPG losses were around ₹20,000 crore in the first quarter, equivalent to the entire LPG losses in 2024-25 (FY25) and nearly half of those in 2025-26 (FY26).
