ONGC stock: JPMorgan cuts target from INR 335.00 to INR 300.00

Published on 10/22/2026 at 16:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ONGC reported INR 328.94 billion profit after tax in fiscal 2026. ONGC stock stood at INR 225.00 on October 22, 2026, down 0.27 percent on NSE.

JPMorgan trims target

JPMorgan set a new INR 300.00 target after cutting INR 335.00 on October 21, 2026.
ONGC reported INR 328.94 billion profit after tax in fiscal 2026.
ONGC stock stood at INR 225.00 on October 22, 2026, down 0.27 percent from INR 225.62.
The next earnings date is November 16, 2026.
ONGC traded at a P/E of 6.50 on October 22, 2026.

ONGC, INE213A01029, Illustration mit AI erstellt.

JPMorgan downgraded Oil and Natural Gas Corporation to Neutral and cut its target to INR 300.00 from INR 335.00 on October 21, 2026, citing subsidy and production concerns, according to The Economic Times. The revised target stands 33.33 percent above the INR 225.00 stock price. ONGC last traded at INR 225.00 on the NSE on October 22, 2026 at 3:29 p.m. IST, down 0.27 percent from INR 225.62.

Profit remains the operating anchor

ONGC's investor page reported profit after tax of INR 328.94 billion in fiscal 2026 and oil and gas production of 40.46 million tonnes of oil equivalent. The same page identifies a workforce of more than 23,500 people and says overseas production reached 9.671 million tonnes of oil equivalent in fiscal 2026, figures published on the company's investor page.

Stock stays near its yearly low

At INR 225.00 on October 22, 2026, ONGC was 2.96 percent above its INR 218.53 52-week low and 26.83 percent below its INR 307.50 high. Trading volume reached 9,713,001 shares on the NSE that day. The price-to-earnings ratio was 6.50, while market capitalization stood at INR 2.8 trillion.

Results date sets the next marker

TradingView lists November 16, 2026 as ONGC's next earnings date. That calendar entry gives investors a near-term checkpoint for testing the effect of production and subsidy assumptions on the next quarterly figures.

Comparison with peers

ONGC: down 0.27 percent on October 22, 2026, P/E 6.50, market capitalization INR 2.8 trillion.
Oil India (NSE, INR): up 0.64 percent on October 22, 2026, P/E 8.90, market capitalization INR 743.2 billion.
Reliance Industries (NSE, INR): down 2.03 percent on October 22, 2026, P/E 21.45, market capitalization INR 16.0 trillion.

What JPMorgan's target means

The lower target leaves a 33.33 percent gap above the latest NSE price, but the recommendation change adds a counterweight to the company's fiscal 2026 production and profit figures. The next results date will provide the next quantified test of that balance.

ONGC's latest NSE price was INR 225.00 on October 22, 2026 at 3:29 p.m. IST, down 0.27 percent from INR 225.62.