Motilal Oswal's research report on ONGC
ONGC’s 2QFY26 revenue came in line with our est. at INR330b. Crude oil/gas sales were in line with our est. at 4.8mmt/3.9bcm. VAP sales stood at 592tmt (est. 681.5tmt). Reported oil realization was USD67.3/bbl, a USD3.2/bbl discount to Brent in 2Q. EBITDAX/PAT also stood in line with our est. at INR177b/INR98.5b.
Outlook
We arrive at our SoTP-based TP of INR250 as we model a CAGR of 2%/3% in oil/gas production volume growth over FY25-27.
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