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Stay 'Neutral' On ONGC Shares Maintains Motilal Oswal Post Q2 Results — Details Inside
Motilal Oswal maintains Neutral rating on the stock and arrive at SoTP-based target price of Rs 250 as it models a CAGR of 2%/3% in oil/gas production volume over FY25-27.
12 Nov 2025, 02:45 PM IST 
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ONGC's standalone Q2 revenue came in line with brokerage's estimate at Rs 330 billion. (Photo source: X/@ONGC_)
ONGC’s Q2 FY26 revenue came in line with brokerage's estimate at Rs 330 billion. Crude oil/gas sales were in line with estimate at 4.8 mmt/3.9bcm. Value-added-product sales stood at 592 tmt (estimate 681.5 tmt). Reported oil realization was $67.3/bbl, a $3.2/bbl discount to Brent in Q2. Ebitdax/PAT also stood in line with estimate at Rs 177 billion/Rs 98.5 billion.
