What will be the future of ONGC? This article forecasts ONGC share price target for 2025 to 2030 using a fundamental analysis approach. As of April 2025, ONGC shares are trading at ₹226.01 on the NSE. Based on our analysis, the price target of ONGC stock in 2025 can be around ₹302.00. ONGC may reach a price target of ₹532.00 in 2030. Given this forecast, investors should keep track of the current situation with ONGC news and stock market news.
ONGC Share Price Latest News
- On April 4, 2025, crude oil price went below $70 per barrel, which was seen after unexpected output increase by OPEC+ and imposition of new import tariffs by U.S. After this, ONGC shares fell by approximately 7% in the trading session of that day.
- Jefferies Research states that ONGC stock could increase up to 56%, with a price target of ₹375, due to production levels improving and changes in crude and gas pricing policies.
- Saudi Aramco is in discussions to invest in two new refineries in India. These discussions are happening with Bharat Petroleum Corp (BPCL) for a refinery in Andhra Pradesh and with Oil and Natural Gas Corp (ONGC) for a project in Gujarat.
- According to some reports, four Indian state owned companies, including ONGC Videsh, do negotiate with Chile mining company SQM. This deal may be to acquire a 20% stake in Western Australia Mount Holland and Andover lithium projects, with an estimated cost around $600 million.
- ONGC Videsh has approved an investment of ₹1,500 crore for the Mozambique Area 1 LNG project. This project is estimated to have approximately 75 trillion cubic feet of recoverable gas.
ONGC Overview & Revenue Breakdown
Oil and Natural Gas Corporation Limited (ONGC) is India’s largest crude oil and natural gas exploration and production company. It contributes approximately 71% of India’s total crude oil supply and 84% of natural gas supply. ONGC is a Maharatna public sector company, which works across full hydrocarbon value chain, such as exploration, production, refining, and marketing of petroleum products.
The company generates 66.68% of its revenue from crude oil, 24.26% from natural gas, and 9.06% from value-added products. In terms of business segments, 78.58% of revenue comes from refining, 18.26% from exploration and production, 2.01% from petrochemicals, and 1.15% from other businesses. Geographically, 98.85% of revenue comes from the domestic market, 1.12% from international markets, and 0.03% from other sources.
ONGC Share Price Analysis
ONGC is trading at ₹226.01 on the NSE and ₹226.00 on the BSE. The market capitalization of the company is ₹311,802.19 crore. The price-to-earnings (P/E) ratio is 7.86, which is undervalued compared to the sector average of 14.36.
There are 31 analysts who have initiated coverage on ONGC. 67.74% of the analysts have given a “buy” rating, 12.90% have given a “sell” rating, and 19.35% have given a “hold” rating.
In the last five years, the stock has delivered a 30% CAGR, which is better performance than the S&P BSE Sensex 21.9%. During the same period, the company revenue CAGR is 7%, and the net profit CAGR is 10%.
The debt of ONGC is increasing. The latest debt as of Sep’24 is ₹1,20,610 crore, which is higher than ₹46,385 crore in Mar’24.
ONGC Share Price Target by Brokerage
| Date | Brokerage | Price Target | Upside % |
| 07 Mar 2025 | Geojit BNP Paribas | ₹261.00 | 15.48% |
| 04 Feb 2025 | Emkay | ₹310.00 | 37.16% |
| 04 Feb 2025 | Prabhudas Lilladhar | ₹288.00 | 27.43% |
| 03 Feb 2025 | Motilal Oswal | ₹305.00 | 34.95% |
ONGC Share Price Target 2025-2030
| Year | Price Target | Change % |
| 2025 | ₹302.00 | 33.62% |
| 2026 | ₹338.00 | 49.55% |
| 2027 | ₹379.00 | 67.69% |
| 2028 | ₹424.00 | 87.60% |
| 2029 | ₹475.00 | 110.17% |
| 2030 | ₹532.00 | 135.39% |
Based on the estimates, the price target for ONGC is ₹302.00 for 2025, which is a 33.62% upside from the current price. The target for 2030 is ₹532.00, an upside of 135.39%. Below is a detailed outlook and valuation analysis for ONGC.
Company plan exists for increase in oil production by 10–12% every year from 2026 to 2030, in which Mumbai High field will play one important role. Reports say technical services contract with BP results in oil output increase by 44% and gas output increase by 89%, which can bring additional revenue up to $10.3 billion in next ten years. But, in last 5 years ONGC faced decline of 3.2% in oil production and 3.3% in proven reserves. Along with this, delays and revised peak production estimates in KG-98/2 deep-water project also increase concerns.
Apart from oil and gas, ONGC also plans to increase its presence in renewables, in which 10 GW renewable energy capacity target exists till 2030. Company acquired Ayana Renewables and PTC Energy, by which its clean energy portfolio reached up to 3 GW and 288 MW operational wind power also added. For energy transition ONGC plans to invest ₹40,000 crore, in which focus will be on renewables, petrochemical growth, digital adoption and improvement in operations. ONGC target exists for achieve net-zero emissions till 2038, and expectation exists that ONGC Green will generate ₹6,000 crore EBITDA till 2030, out of which ₹3,300 crore estimate exists to come from Ayana Renewable alone till FY27. Talking about financial estimates, company revenue may reach ₹6.51 trillion for 2025, and EPS estimate exists to be ₹40.33.
Historical Performance
Financial Performance
Peer Comparison
Shareholding Pattern
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