Motilal Oswal recommends buy on ONGC with ₹285 target
Business
Motilal Oswal just gave Oil and Natural Gas Corporation (ONGC) a thumbs up, recommending a "buy" with a target price of ₹285.
It sees ONGC's current valuation as pretty attractive, even though the company has had some small dips in production.
ONGC Q2 FY2027 ₹439B, profits beat
In Q2 FY2027, ONGC pulled in ₹439 billion in revenue, which matched expectations.
While oil and gas sales were down 4% from estimates, they made up for it by getting higher prices, $92.3 per barrel.
Profits also beat forecasts, rising 6% to 10%.
Looking ahead, Motilal Oswal expects only a tiny 1% yearly drop in volumes through FY2028 and values the company at 6.5 times its projected December 2027 earnings per share, fueling its positive outlook for ONGC's future.