This is a key re-rating trigger for ONGC as per Macquarie, and its not higher oil prices
Published on 12/03/2026 08:12 AM
This is a key re-rating trigger for ONGC as per Macquarie, and its not higher oil pricesWhile near-term price volatility has been supportive, Macquarie believes sustained production growth will be key to a re-rating of the stock.By Meghna Sen March 12, 2026, 8:12:06 AM IST (Updated)2 Min ReadShares of Oil and Natural Gas Corporation Ltd. will be in focus on Thursday, March 12, after global brokerage Macquarie Group reiterated its positive stance on the stock.
The brokerage has an 'Outperform' rating on ONGC with a price target of ₹300, implying a potential upside of about 11% from current levels.
Shares of ONGC have advanced in just one of the last two trading sessions.
While near-term price volatility has been supportive, Macquarie believes sustained production growth will be key to a re-rating of the stock.
According to the brokerage, 2025 marked a year of stability for ONGC, with the earlier decline in production largely arrested, although a mild contraction was still seen.
Macquarie expects a significant production ramp-up in 2026E.
The brokerage has trimmed its price target by 3% but maintained its rating, citing an attractive dividend outlook with a yield of around 6%.
Earlier this month, JPMorgan Chase said in a note that if the ongoing conflict involving Iran turns out to be short-lived, similar to the episode in June 2025, medium-term investors could use near-term volatility to accumulate oil marketing companies on corrections and consider booking profits in upstream names such as ONGC.
Of the 31 analysts covering Oil and Natural Gas Corporation, 19 have a 'Buy' rating on the stock, while six each recommend a 'Hold' and a 'Sell' recommendation.
Shares of Oil and Natural Gas Corporation ended Wednesday's session 0.52% higher at ₹270.60. The stock has gained 14% so far this year.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.First Published: Mar 12, 2026 8:10 AM ISTTagsOil and Natural Gas Corp ONGCONGCONGC shares