ONGC's lower realisations, slow production ramp-up keep brokerages cautious

Though ONGC's Q2FY26 results met expectations, analysts remain cautious amid weaker crude realisations, delayed production ramp-up, and trimmed output guidance for FY26 and FY27

ONGC Q2FY26 performance was in line with consensus estimates. However, the long-awaited volume ramp up may have a longer timeline with volume guidance being cut. As a result, analysts are cutting earnings projections but the stock market is positive on the stock.

 

Management indicated that annual capex will continue to be in the range of ₹30,000-₹35,000 crore, while the FY26 and FY27 oil production guidance are updated to 19.8 million tonnes and 21 million tonnes, respectively, where FY26 is slightly below prior guidance. The gas production guidance of 20 billion cubic metres or bcm (FY26) is 5 per cent below