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ONGC Q4 Results Review: ICICI Securities Maintains 'Buy', Sees 45% Potential Upside
ONGC's valuations of just 5x FY27E PER, 2.5x EV/Ebitda & 0.7x P/BV are attractive and underplay the 9% CAGR in consolidated EPS over FY26–28E, dividend yield of 5–6% and RoE/ROCE of 14–15% in FY27E.
23 May 2025, 11:18 AM IST 
ONGC’s Q4FY25 saw adjusted Ebitda/PAT (standalone) of Rs 181 billion/Rs 64.5 billion (9%/-35% YoY) with 7% revenue growth YoY. (Photo: ONGC website)
ONGC recently signed BP Plc, UK as a technical services provider for its western offshore assets. BP has committed up to 60% incremental production over base levels of ~40mmscmd of gas and ~0.25mb/d of oil over the 10-year contract period. Achievement of even part of the stated target can meaningfully transform ONGC’s production profile over the next five–seven years.
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