JM Financial retains INR 300 target for ONGC stock

Published on 10/26/2026 at 15:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

S&P sees ONGC EBITDA up 15-20 percent in fiscal 2027. ONGC stock was INR 228.44 on October 26, 2026, up 0.41 percent during NSE trading.

Analyst target and reporting date

JM Financial retained a INR 300.00 target for ONGC on October 21, 2026.
S&P expects ONGC EBITDA to rise 15-20 percent in fiscal 2027.
ONGC stock was INR 228.44 on October 26, 2026, up 0.41 percent versus INR 227.50.
ONGC is scheduled to consider second-quarter results on November 5, 2026.

ONGC, INE213A01029, Illustration mit AI erstellt.

JM Financial retained its Buy rating and INR 300.00 target for Oil and Natural Gas Corporation on October 21, 2026, according to ETEnergyWorld. The target stood 31.33 percent above ONGC's INR 228.44 price. ONGC stock was quoted at INR 228.44 on October 26, 2026 at 3:28 p.m. IST, up 0.41 percent from INR 227.50.

EBITDA outlook reaches INR 1.4 trillion

The more immediate earnings story is a forecast for fiscal 2027. The Hindu BusinessLine reported on October 26, 2026 that S&P Global Ratings expects consolidated EBITDA to rise 15-20 percent to INR 1.3-1.4 trillion in the financial year ending March 2027. The forecast assumes quarterly domestic oil and gas production of 10 million tonnes and quarterly EBITDA of INR 250.0-300.0 billion.

Stock stays near its yearly low

ONGC's October 26 price was 4.54 percent above its INR 218.53 52-week low and 25.71 percent below its INR 307.50 52-week high. The same quote showed 6,375,263 shares traded, while the market capitalization stood at INR 2.9 trillion and the price-to-earnings ratio at 6.60. The figures describe a stock trading near the lower end of its annual range even as the operating outlook points to higher earnings.

Results date adds a near-term checkpoint

The next scheduled corporate date is November 5, 2026. NSE India lists a board meeting to consider the financial results for the quarter and half-year ended September 30, 2026, along with a possible interim dividend. That date gives investors a defined checkpoint after the June 2026 quarter, when ONGC reported revenue of INR 2.0499 trillion and net income of INR 119.0 billion.

ONGC's own investor page lists fiscal 2026 profit after tax at INR 328.940 billion and oil and gas production at 40.46 million tonnes of oil equivalent. The company also states that it operates through exploration and production, refining and marketing, and overseas assets, giving the earnings outlook exposure to both upstream production and downstream performance. These figures are reported by ONGC.

What the target says about valuation

JM Financial's INR 300.00 target implies 31.33 percent upside from the October 26 price, while its note retained the rating rather than announcing a new target. The valuation case therefore rests on earnings sensitivity to crude prices and production growth, while S&P identified downstream refining recovery as an additional earnings lever.