Must you purchase, promote or maintain ONGC shares now?

ONCG Share Value: Shares of Oil and Pure Gasoline Company Restricted gained as a lot as 2 per cent on Wednesday’s buying and selling session. As of 1:30 pm, the inventory of the Maharatna PSU was buying and selling at Rs 253.95, up by 1.80 per cent from the earlier shut of Rs 249.45.

Goldman Sachs has maintained a ‘promote’ ranking on ONGC, with the goal worth raised to Rs 220 from Rs 205.

CLSA has maintained a ‘purchase’ ranking on ONGC, with a goal worth raised to Rs 330 from Rs 320, reflecting a constructive outlook on the corporate’s efficiency.

The brokerage famous that in its QFY26 earnings, ONGC’s EBIT and PAT exceeded estimates by 2 to 4 per cent, pushed by components like decrease recouped prices, larger different earnings, and a decrease tax fee.

Nonetheless, these positives had been considerably offset by a big foreign exchange loss and a miss in web income. Administration has guided that fuel manufacturing from the KG-98/2 block is anticipated to ramp up beginning in Q1 FY27, which is seen as a key progress catalyst.

Moreover, ONGC expects a rise in output from the Daman offshore discipline in 2026, and a possible upside from its partnership with BP Plc within the Mumbai Excessive discipline, which ought to turn out to be extra seen by early 2027.

Citi has maintained its ‘promote’ ranking on ONGC with the goal worth raised to Rs 225 from Rs 205.

Nomura has maintained a ‘impartial’ ranking on ONGC however has lowered its goal worth to Rs 270 from Rs 275, citing a miss within the firm’s 2Q earnings as a consequence of larger working bills.

Nomura anticipates that as a consequence of progress supported by numerous essential actions highlighted by administration, the amount of ONGC will develop at a fee of 4 per cent CAGR from FY25 to FY28. Amongst these actions, there are the oil manufacturing objectives of 19.8 million tons for FY26 and 21 million tons for FY27, along with fuel manufacturing targets of 20 bcm in FY26 and 21.5 bcm in FY27.

The brokerage famous that ONGC has a capex plan of Rs 300-350 billion yearly and goals to chop working bills by round Rs 50 billion by way of value optimisation.

The corporate targets 10GW of renewable power capability by 2030 and expects a 60 per cent enhance in manufacturing from the Mumbai Excessive discipline below its BP TSP contract, with peak output more likely to be achieved by FY28-30.

Moreover, the drive majeure on Mozambique operations could also be lifted quickly, which might result in a restoration in its tasks there.

Moreover, the share of fuel from new wells is anticipated to succeed in 30-35 per cent over the subsequent 3-4 years.