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ONGC (ONGC · NSE / BSE)

NOC / state — HQ India. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category NOC / stateRegion Asia-PacificCEO Arun Kumar Singh (Chairman)Jurisdiction risk Med (58)

Overview

India's largest producer: Mumbai High (mature), KG Basin deepwater (KG-98/2 ramping), Assam/Cambay onshore; overseas via ONGC Videsh (Sakhalin-1, Vankor, Brazil, Mozambique); majority owner of HPCL (refining) and MRPL.

State-controlled (~58%) with regulated domestic gas prices; declining legacy fields are being offset by KG deepwater. Flags: state control, price regulation, and reserve-replacement on mature assets.

Valuation snapshot (FY2025)

Market cap
$39.4bn
Enterprise value
$58.0bn
EV / EBITDA
4.4x
P / E
8.1x
FCF yield
17.4%
Dividend yield
4.6%
ROACE
13%
Debt / equity
44%
Net debt / EBITDA
1.1x
EV / reserves
$10.21/boe
EV / flowing
$62k/boe/d
Free cash flow
$6.9bn

Its EV/EBITDA of 4.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.4% is higher than the 6.5% median, and at $10.21/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, ONGC scores 56/100, strongest on valuation (72/100). Sub-scores: value 72, quality 49, growth 58, risk 60 (higher = riskier).

Reserves & production

ONGC holds approximately 5.68 billion boe of proved (1P) reserves with FY2025 production of about 930 thousand boe/d (52% liquids), a reserve life of roughly 16.7 years. Break-even: ~$10 (lifting cost (note)) — Low lifting cost; domestic gas price capped/regulated; KG-DWN-98/2 deepwater ramping.

Net asset value (public-source)

For ONGC, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

58 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
India85%56Regulatory complexity, pricing controls, import dependence.
Russia8%92Sanctions, expropriation, export bans, war; effectively uninvestable.
Other overseas7%50diversified/unspecified exposure — universe-average proxy
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Mumbai HighIndiaOffshore oilmature flagship, declining
KG-DWN-98/2IndiaDeepwater oil/gasKrishna-Godavari ramp
Assam / Cambay onshoreIndiaOnshore oil/gaslegacy
Sakhalin-1 (OVL)RussiaOiloverseas via ONGC Videsh
Vankor (OVL)RussiaOilstake
HPCLIndiaDownstreammajority-owned refiner
Mozambique LNG (OVL)MozambiqueLNGstake
Daman / Western offshoreIndiaGasoffshore gas

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)1250123012001180930
Proved reserves (bnboe)5.405.305.205.105.68
Revenue ($bn)10.016.018.016.077.5
EBITDA ($bn)6.09.010.09.013.1
Net income ($bn)2.05.34.24.84.8
Free cash flow ($bn)3.04.02.03.06.9

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Peer companies — NOC / state

2222 · Saudi Aramco0857.HK · PetroChina0883.HK · CNOOCPBR · PetrobrasEQNR · Equinor0386.HK · SinopecPKN · OrlenEC · EcopetrolPTT · PTT PCLYPF · YPFOQEP · OQ Exploration & ProductionOIL · Oil India

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare ONGC against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com