Oil and Natural Gas Corporation Limited oil & natural gas corporation announced changes in its senior management effective June 1, 2026, following the superannuation of three Executive Directors. The disclosure was made to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015.

The company informed the National Stock Exchange of India Ltd. and BSE Limited that the personnel changes affect officials one level below the Board. The transition was recorded as part of the company's standard compliance procedures.

The following executives have superannuated from their positions:

The filing was submitted by Shashi Bhushan Singh, Company Secretary & Compliance Officer, on behalf of Oil and Natural Gas Corporation Limited.

Oil and Natural Gas Corporation has attracted bullish coverage from two global brokerages — CLSA and Investec — both maintaining positive ratings on the stock despite a weak quarterly performance. While CLSA has reaffirmed its High Conviction Outperform rating with a target price of ₹405, Investec maintains a Buy with a target price of ₹330, with both firms pointing to improving operational fundamentals and a stronger near-term outlook.

4Q Performance: PAT Miss Offset by Adjusted Core Metrics

ONGC's 4Q standalone profit after tax (PAT) missed analyst estimates by 22%, primarily attributed to one-off charges during the quarter. However, when adjusted for these exceptional items, the company's core EBIT and PBT were in line with expectations, suggesting that the underlying business performance remained on track. Investec also acknowledged the weak Q4 but highlighted improving realization trends as a key positive offset.

The following table summarizes the key performance highlights for the quarter:

Investec's Buy Case: Realization Surge and EPS Upgrades

Investec's Buy rating is anchored on a meaningful recovery in crude realizations, which jumped 27% quarter-on-quarter to US$78/bbl. The brokerage also highlights the rising contribution of high-realization New Well Gas to ONGC's overall gas mix, with a target of 25–30% by FY27. These factors have prompted Investec to upgrade its earnings per share estimates for the company.

Gas Production Outlook and Mumbai High Stabilization

Management provided operational guidance indicating that new fields are expected to boost gas production by over 30% within two years, with ramp-up slated to begin as early as next quarter. Additionally, the BP service contract is expected to play a key role in stabilizing the production decline at Mumbai High, one of ONGC's flagship producing assets — a meaningful step toward arresting the natural decline curve at the ageing field.

CLSA's Valuation and Upside Potential

CLSA's bullish stance is underpinned by a robust upside scenario analysis tied to Brent crude price assumptions. The brokerage's target price of ₹405 reflects significant potential gains from current levels under multiple oil price scenarios.

The dual-scenario analysis highlights the sensitivity of ONGC's valuation to crude oil prices, with even the more conservative FY28 Brent assumption of US$82/bbl offering a substantial return potential. At spot Brent of US$95/bbl, CLSA sees the upside expanding to 73%, reinforcing its High Conviction Outperform designation.

Key Investment Highlights

The following points encapsulate the combined investment thesis from both brokerages:

• CLSA Rating: High Conviction Outperform | Target Price: ₹405
• Investec Rating: Buy | Target Price: ₹330
• 4Q PAT miss: 22% below estimates, driven by one-off charges
• Adjusted core EBIT and PBT: In line with estimates
• Crude realization: 27% QoQ jump to US$78/bbl
• New Well Gas mix target: 25–30% in FY27
• EPS upgrades: 29% for FY27 and 14% for FY28 (Investec)
• Gas production growth: Over 30% boost guided within two years, ramp-up starting next quarter
• Mumbai High: BP service contract expected to stabilize production decline
• CLSA upside at US$82/bbl FY28 Brent: Over 44% | At spot Brent US$95/bbl: 73%