JM Financial keeps INR 300 target for Oil and Natural Gas Corporation stock
Published on 10/27/2026 at 15:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSTarget and operating outlook
- JM Financial retained its INR 300.00 target for ONGC on October 21, 2026.
- S&P projected fiscal 2027 EBITDA growth of 15.00 to 20.00 percent.
- Oil and Natural Gas Corporation stock was last at INR 229.85 on October 27, 2026 at 3:28 p.m. IST, up 0.62 percent on NSE.
- ONGC is scheduled to consider July to September 2026 results on November 5, 2026.
JM Financial retained its INR 300.00 target for Oil and Natural Gas Corporation on October 21, 2026, while the stock was last at INR 229.85 on October 27, 2026 at 3:28 p.m. IST, up 0.62 percent from the NSE close of INR 228.44. According to ETEnergyWorld, the brokerage kept its Buy rating and unchanged INR 300.00 target. That target stood 30.52 percent above the October 27, 2026 NSE price.
S&P sees a two-part recovery
The latest operating view centers on higher upstream earnings and a recovery in refining. The Hindu BusinessLine reported on October 26, 2026 that S&P Global Ratings expects consolidated EBITDA to rise 15.00 to 20.00 percent to INR 1.3 to 1.4 trillion in fiscal 2027.
The agency also expects quarterly domestic production to remain at 10.0 million tonnes of oil equivalent. Its view includes a warning for cash generation: operating cash flow could fall to INR 750.0 to 800.0 billion in fiscal 2027 from INR 1.1 trillion in fiscal 2026.
Stock stays near its yearly low
ONGC traded in a 52-week range of INR 218.53 to INR 307.50 on October 27, 2026. At INR 229.85, it stood 5.18 percent above the low and 25.25 percent below the high. The price-to-earnings ratio was 6.64, while market capitalization was INR 2.9 trillion on the same date.
For comparison, Oil India stood at INR 457.35 with a price-to-earnings ratio of 8.90 and market capitalization of INR 743.9 billion on October 27, 2026. Indian Oil Corporation stood at INR 131.75 with a price-to-earnings ratio of 5.39 and market capitalization of INR 1.9 trillion on that date.
November 5 results date
ONGC is scheduled to consider its July to September 2026 financial results and a dividend on November 5, 2026. The date was disclosed in an NSE filing dated October 23, 2026 and is also listed by Stockport.
ONGC's official investor page states that profit after tax reached INR 328.94 billion in fiscal 2026 and oil and gas production stood at 40.46 million tonnes of oil equivalent. The company had more than 23,500 employees, according to its investor information dated October 19, 2026.
Target leaves room above the quote
The INR 300.00 target gives the stock a quantified valuation marker ahead of the November results. The operating outlook offers support through upstream production, but the projected fiscal 2027 cash flow decline remains a counterweight.
ONGC stock was last at INR 229.85 on the NSE on October 27, 2026 at 3:28 p.m. IST, up 0.62 percent versus the prior NSE close of INR 228.44.
Market context: Market report BSE Sensex.
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