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The Screen · Energy · Oil & Gas Integrated
Oil & Natural Gas Corp
ONGC.NS · NSE · INR · Market cap $3.10T
Oil and Natural Gas Corporation Limited, together with its subsidiaries, engages in the exploration, development, production, and distribution of crude oil, natural gas, and value-added products in India and internationally.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price246.20 INR
Fair value332.37
Ethical score70.0/100
RatingAVOID
Our investment reviews on this name
2026-09-11Read Markdown246.20+0.0% to today
2026-08-04Read Distribution246.20+0.0% to today
2026-07-03Read Markup246.20+0.0% to today ✓
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Oil & Natural Gas Corp holds its Markdown at $246.20. The statistical read favours the sellers, held for 59 days.
As held on the ledger · 2026-03-31
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 59 days
Price at the screen
$246.20
Valuation
7.47 trailing · 5.70 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.11
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
22.01%
Below 33%
Interest-bearing debt is just 22.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
6.21%
Below 33%
Cash held in interest-bearing accounts and securities is 6.2% of assets, under the one-third limit.
Pass
Receivables
2.98%
Below 49%
Money owed to the company is 3.0% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads AVOID: it trades at roughly a 35% discount to our $332.37 fair value, 1.90% revenue growth.
Fair value range in INR, drawn from the 2026-03-31 screen. The gold marker is the market price at the same screen. A 35.0% margin of safety to the base estimate.
Third-party analyst targets: 30 covering, consensus Buy. The average target sits +28% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-03-31 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 5.7x forward earnings, the price already runs ahead of the business. Our fair value sits at $332.37, below where it trades today.
The risks · The things to watch: its business and earnings are exposed to India and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ONGC.NS trades on NSE (the company is based in India). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-11Markdown · changed$246.20+0.0%Entry 11
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308.
2026-08-11Distribution$246.20+0.0%Entry 10
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-09Distribution$246.20+0.0%Entry 9
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-08Distribution$246.20+0.0%Entry 8
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-07Distribution$246.20+0.0%Entry 7
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-06Distribution$246.20+0.0%Entry 6
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-05Distribution$246.20+0.0%Entry 5
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Markup$246.20+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (30 analysts) rates it buy, with a mean price target of $308.
2026-07-03Markup$246.20+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
The Ledger's Promise
This entry now belongs to the ledger. Whatever ONGC.NS does next, these words stay.
Oil & Natural Gas Corp · ONGC.NS · Markdown · $246.20
Recorded 2026-03-31 · before the outcome · scored mechanically