S&P sees 15-20 percent EBITDA growth for ONGC stock

Published on 10/27/2026 at 09:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Sunil Kumar will become ONGC chairman in December 2026. ONGC stock stood at INR 226.85 on October 27, 2026 on NSE.

Earnings and leadership dates

S&P expects ONGC EBITDA to rise 15-20 percent in fiscal 2027.
First-quarter revenue reached INR 2.05 trillion, up 25.68 percent year over year.
ONGC stock stood at INR 226.85 on October 27, 2026 at 1:37 p.m. IST on NSE.

ONGC, INE213A01029, Illustration mit AI erstellt.

ONGC (INE213A01029) faces a two-sided earnings outlook: The Hindu BusinessLine reported on October 26, 2026 that S&P expects consolidated EBITDA to rise 15-20 percent to INR 1.3 trillion-INR 1.4 trillion in fiscal 2027. ET Now reported on October 23, 2026 that Sunil Kumar will become chairman in December 2026.

S&P sees two earnings levers

The forecast depends on upstream production and a recovery in refining. S&P expects quarterly domestic oil and gas production of 10 million tonnes and quarterly EBITDA of INR 250.0 billion-INR 300.0 billion, according to the October 26 report.

ONGC's most recent reported quarter also provides a useful comparison. First-quarter fiscal 2027 revenue reached INR 2.05 trillion, up 25.68 percent year over year, according to StockFin.ai. The official investor page says profit after tax stood at INR 328.9 billion in fiscal 2026, while combined oil and gas production reached 40.46 million tonnes of oil equivalent.

What does the cash flow outlook mean?

The operating recovery comes with a funding trade-off. S&P expects consolidated operating cash flow to fall from INR 1.1 trillion in fiscal 2026 to INR 0.75 trillion-INR 0.80 trillion in fiscal 2027 as higher oil and fuel prices increase working-capital needs.

Three dated company developments

StockFin.ai lists three recent developments: on September 17, 2026, the board appointed three cost audit firms for fiscal 2027; on September 21, 2026, ONGC announced a Mahanadi deepwater gas discovery after drilling to 1,623 meters; and on October 23, 2026, the company disclosed the December chairman appointment.

Dates for the next catalyst

The next scheduled company date is November 5, 2026, when the board is set to consider quarterly and half-year financial results, according to the NSE. The leadership change is scheduled for December 2026, ET Now reported.

NSE quote and valuation

ONGC was at INR 226.85 on NSE on October 27, 2026 at 1:37 p.m. IST. Its market capitalization was INR 2.9 trillion, while the 52-week range was INR 218.53 to INR 307.50. The combination leaves production growth and refining execution as the central variables for the upcoming results.