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The Screen · Energy · Oil & Gas Integrated
ONGCOil & 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
Price227.84 INR
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-10-30Read Accumulation224.89+1.3% to today ✓Markdown gives way to Accumulation after a 9% slide in 7 weeks
2026-09-11Read Markdown246.20-7.5% to today ✓Distribution gives way to Markdown with volume flow in agreement
2026-08-04Read Distribution246.20-7.5% to today ✓Markup gives way to Distribution
2026-07-02Read Markup246.20-7.5% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Oil & Natural Gas Corp holds its Accumulation at $227.84. The statistical read favours the buyers, held for 169 days.
As held on the ledger · 2026-11-06
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 169 days
Price at the screen
$227.84
Valuation
7.07 trailing · 5.39 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
0.68%
Below 5%
Only 0.7% 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.
The Ethical Read
Why It Clears, in Plain English
Oil & Natural Gas clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 22%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ONGC.NS's ethical verdict changes
Today ONGC.NS passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 1.46x the price, above our 1.35x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
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 framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.1% 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 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.
2026-10-21Markdown$224.64-3.5%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.5% 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 momentum reading bearish. 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.
2026-10-02Markdown$232.80-5.4%Entry 12
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.4% 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.
2026-09-11Markdown · 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
Our analysis 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
Our analysis 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
Our analysis 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
Our analysis 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
Our analysis 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
Our analysis 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.
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 · Accumulation · $227.84
Recorded 2026-11-06 · before the outcome · scored mechanically