CareEdge reaffirmed ratings as ONGC stock sits below its high

Published on 10/13/2026 at 10:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue reached INR 2.05 trillion in fiscal 2027 first quarter, up from INR 1.74 trillion. ONGC stock was INR 221.59 versus INR 307.50 high.

Key points in brief

CareEdge reaffirmed ONGC's AAA and A1+ credit ratings on October 9, 2026, covering INR 52,500 crore of facilities and instruments.
ONGC struck gas in the Mahanadi Basin on September 18, 2026, at a well drilled to 1,623 meters.
Revenue reached INR 2.05 trillion in the first quarter of fiscal 2027, up from INR 1.74 trillion in the prior quarter.
The NSE price was INR 221.59 on October 13, 2026, 27.94 percent below the INR 307.50 52-week high.

ONGC, INE213A01029, Illustration mit AI erstellt.

CareEdge reaffirmed ONGC's AAA and A1+ credit ratings on October 9, 2026, while ONGC stock stood 27.94 percent below its 52-week high. Indian Masterminds reported that the reaffirmation covered INR 52,500 crore of bank facilities, non-convertible debentures and commercial paper.

Three dated operating signals

On July 25, 2026, ONGC began drilling the Mahanadi well under the Samudra Manthan program. On September 18, 2026, the well encountered gas between 1,441 and 1,452 meters after reaching a target depth of 1,623 meters, as Business Standard reported on September 21, 2026. On October 9, 2026, the credit-rating disclosure became the latest dated corporate event.

What does the rating mean?

The rating action supports ONGC's financing profile, but it does not establish commercial reserves from the Mahanadi discovery. Indian Masterminds said the long-term facilities retained CARE AAA with a stable outlook, while short-term instruments retained CARE A1+.

Quarterly revenue rises, profit falls

ONGC generated INR 2.05 trillion of revenue in the first quarter of fiscal 2027, up from INR 1.74 trillion in the fourth quarter of fiscal 2026. The comparison comes with a lower reported net income of INR 65.54 billion in the first quarter of fiscal 2027 versus INR 136.78 billion in the fourth quarter of fiscal 2026, figures shown by StockFin.

The company's investor-relations page states that profit after tax reached INR 328.94 billion in fiscal year 2026 and that oil and gas production, including joint ventures, totaled 40.46 million tonnes of oil equivalent. ONGC also describes overseas production of 9.671 million tonnes of oil equivalent in fiscal year 2026.

Stock remains near its yearly low

ONGC was trading at INR 221.59 on the NSE on October 13, 2026 at 1:37 p.m. IST. The price was 1.40 percent above the INR 218.53 52-week low and 27.94 percent below the INR 307.50 high, with a market capitalization of INR 2.8 trillion.