ONGC stock: HSBC raises target for ONGC stock from INR 300 to INR 310

Published on 10/23/2026 at 15:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ONGC posted INR 328,940 million profit after tax in fiscal 2026. ONGC stock stood at INR 227.50 on October 23, 2026, up 1.11 percent on NSE.

HSBC target raised for ONGC

HSBC upgraded ONGC from neutral to overweight and raised its target from INR 300.00 to INR 310.00 on October 23, 2026.
ONGC posted profit after tax of INR 328,940 million in fiscal year 2026.
ONGC stock stood at INR 227.50 on NSE on October 23, 2026, up 1.11 percent versus the prior close of INR 225.00.
The 52-week range was INR 218.53 to INR 307.50 as of October 23, 2026.

ONGC, INE213A01029, Illustration mit AI erstellt.

ONGC (ISIN INE213A01029) drew a fresh analyst upgrade on October 23, 2026, as HSBC moved its rating from neutral to overweight and raised the price target from INR 300.00 to INR 310.00. The move puts HSBC's target 36.26 percent above the stock's INR 227.50 price. The Economic Times reported the change and cited HSBC's view that subsidy-sharing concerns were overblown, while production growth remained a concern. At 3:28 p.m. IST on October 23, 2026, ONGC stood at INR 227.50 on the NSE, up 1.11 percent from the prior close of INR 225.00.

HSBC target leaves room for debate

The upgrade changes the tone of the latest broker view, but the target still depends on operating execution. HSBC identified higher domestic gas prices as a potential catalyst and limited production growth as a risk, according to The Economic Times on October 23, 2026.

For investors, the distance to the target is measurable rather than symbolic. INR 310.00 is 36.26 percent above INR 227.50, using the same NSE currency for both figures.

Stock stays near its yearly low

ONGC's price stood at INR 9.03 above its 52-week low of INR 218.53 and INR 80.00 below its 52-week high of INR 307.50 on October 23, 2026. The session volume was 12,948,813 shares, compared with an average volume of 11,240,976 shares.

The price-to-earnings ratio was 6.58, while market capitalization stood at INR 2.9 trillion on October 23, 2026. The stock's position near the lower end of its yearly range gives the HSBC target its central relevance, while the reported production risk remains part of the valuation discussion.

Profit and production provide scale

ONGC's investor-relations page reported profit after tax of INR 328,940 million and oil and gas production of 40.46 million tonnes of oil equivalent in fiscal year 2026. The same page says the company accounts for around 73 percent of India's crude oil production and around 57 percent of its natural gas production, linking the stock to domestic energy supply as well as commodity economics.

The NSE identifies the issuer as Oil and Natural Gas Corporation Limited and assigns it the ticker ONGC in a listing record dated October 12, 2026. The company also reported that its overseas arm held interests in 29 oil and gas projects across 14 countries in fiscal year 2026, according to ONGC.

What the target means for valuation

The HSBC target implies a 36.26 percent gain from the NSE price, but the stock remains 26.02 percent below its 52-week high. That contrast leaves the analyst upgrade dependent on better production growth and gas pricing, rather than on the target alone.

The next major valuation marker is the company's reported fiscal year 2026 earnings base of INR 328,940 million profit after tax. Its current price-to-earnings ratio of 6.58 and market capitalization of INR 2.9 trillion provide the main market measures alongside the target.

ONGC price and investor context

ONGC stood at INR 227.50 on the NSE on October 23, 2026 at 3:28 p.m. IST, up 1.11 percent from the prior close of INR 225.00. The target of INR 310.00 therefore remains 36.26 percent above the latest price, while the stock is 26.02 percent below its 52-week high of INR 307.50.

Market context: Market report BSE Sensex.

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