ONGC reaffirms AAA ratings as ONGC stock tracks deepwater growth

Published on 10/12/2026 at 09:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ONGC reaffirmed AAA and A1+ ratings on October 9, 2026. ONGC stock sits beside a 1,623-meter Mahanadi gas discovery off Odisha.

Key points in brief

ONGC reaffirmed AAA long-term and A1+ short-term credit ratings on October 9, 2026.
A Mahanadi deepwater well reached 1,623 meters and encountered gas at 1,441-1,452 meters.
First-quarter fiscal 2027 revenue reached INR 2.05 trillion, up 25.4 percent year over year.
ONGC market capitalization stood at INR 2.8 trillion, with a 52-week range of INR 218.53 to INR 307.50.

ONGC, INE213A01029, Illustration mit AI erstellt.

ONGC reaffirmed its AAA long-term and A1+ short-term credit ratings on October 9, 2026, giving the company a fresh balance-sheet signal as its deepwater program advances. StockFin.ai reported that Care Edge Ratings reaffirmed the ratings for ONGC facilities, non-convertible debentures and commercial paper.

Three dated developments shape ONGC

On September 18, 2026, ONGC struck gas at the Mahanadi deepwater well MN-DW18-1-H-D after drilling to 1,623 meters, with the gas-bearing interval at 1,441-1,452 meters, according to ScanX. On September 21, 2026, Indian Masterminds reported that Bhaskar Chowdary Nettem became Director of Production for a tenure ending September 30, 2029.

The October 9 ratings reaffirmation is the latest of the three developments. It matters because the credit profile supports financing flexibility while the company works through exploration and production projects whose commercial value depends on appraisal and infrastructure decisions.

What does the gas discovery mean?

The Mahanadi well was the first drilled in the basin under the Samudra Manthan campaign, and the gas flow creates a measurable operating milestone rather than a production forecast. ScanX said the well is 43 kilometers from Konark and that appraisal is required before commercial evaluation.

That distinction is important for investors. The 1,623-meter drilling depth and 1,441-1,452-meter gas interval describe the discovery, while future production, reserves and cash flow remain separate operating milestones.

Revenue rose in the first quarter

In the first quarter of fiscal 2027, ONGC reported revenue of INR 2.05 trillion, up 25.4 percent from the year-earlier period, according to EquityTale. The same source listed a 5.8 percent net margin, placing the revenue increase alongside a profitability measure.

ONGC's investor page states that profit after tax reached INR 328.940 billion in fiscal 2026 and combined oil and gas production reached 40.46 million tonnes of oil equivalent. The fiscal-year figures provide the scale against which the Mahanadi discovery and production leadership change will be judged.

NSE price is near the 52-week low

ONGC was trading at INR 219.54 on the NSE at 12:44 p.m. IST on October 12, 2026. The 52-week range was INR 218.53 to INR 307.50, putting the latest price 0.46 percent above the low and 28.60 percent below the high; market capitalization stood at INR 2.8 trillion.