ONGC stock gets a Buy call as fair value falls to INR 355

Published on 10/04/2026 at 23:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ONGC stock carries Kotak's Buy rating after its fair value moved from INR 360 to INR 355 on October 2, 2026. Q1 FY27 revenue rose 25.4 percent year over year.

ONGC, INE213A01029, Illustration mit AI erstellt.

ONGC stock closed at INR 222.37 on the NSE on October 1, 2026, down 1.52 percent from INR 224.75. The latest analyst view keeps the long-term case constructive while lowering the published fair value from INR 360 to INR 355.

Kotak keeps its Buy rating

According to Financial Express on October 2, 2026, Kotak Institutional Equities retained its Buy rating on ONGC and set fair value at INR 355 per share. Against the October 1 close, that target lies 59.65 percent above the price, calculated from INR 355 and INR 222.37.

TradingView reported on October 2, 2026, that Kotak had reduced the fair value from INR 360 while maintaining the Buy call. Kotak also raised its FY27 crude oil assumption from USD 85 to USD 90 per barrel, a change that supports higher earnings estimates for the fiscal year.

Q1 revenue grew 25.4 percent

ONGC's Q1 FY27 consolidated revenue reached INR 2.05 trillion, up 25.4 percent from the year-earlier quarter, while net profit rose 21.4 percent to INR 65.54 billion, according to Equitytale. The quarter ended June 30, 2026, and diluted earnings per share stood at INR 9.46.

The earnings mix matters because the revenue increase did not translate into a stronger share price by October 1. Equitytale showed a Q1 FY27 net margin of 5.8 percent, while the latest quarterly operating data also showed the market weighing profitability and production execution alongside top-line growth.

Stock sits near its yearly low

ONGC traded between INR 220.60 and INR 224.99 during the October 1 session. Its 52-week range was INR 220.60 to INR 307.50, leaving the closing price 27.68 percent below the yearly high and only INR 1.77 above the yearly low.

For investors, the central tension is clear: Kotak's target and higher crude assumption point to earnings leverage, while the stock's 1.52 percent daily decline and position near the 52-week low show that production and margin concerns still shape market pricing.

ONGC stock closes at INR 222.37

ONGC stock closed at INR 222.37 on the NSE on October 1, 2026, with a market capitalization of INR 2.8 trillion and a 52-week range of INR 220.60 to INR 307.50.