ONGC IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| NTPCNTPC Ltd. | BUY SHARE | 32,987 | 32,987–32,987 | 5.0% | — | 2023-04 | DERIV | 80% |
| “ONGC commits to comply with the provision in Companies Act, 2013 (or SEBI (LODR) regulations in case of listed entities) and Transparency ONGC aims to embed re…” AR · +1 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Previously, Mr. Singh served as the Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), a 'Maharatna' and Fortune Global 500 Company.” AR DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has also served as Chairman & Managing Director of Engineers India Limited.” AR DOC | ||||||||
| OILOil India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the boards of many government companies, the last two assignments being with Oil India and HPCL.” AR DOC | ||||||||
| VEDLVedanta Ltd. | CONTRACT | CT 17 | — | — | R&D | FY26 | EST | 75% |
| “Pursuant to the final award in PCA Case No. 2019-30 between ONGC and Vedanta, an amount of USD 166.37 million awarded to Vedanta has been adjusted against an a…” AR DOC | ||||||||
| UNIONBANKUnion Bank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “29.9.2 Repayment schedule of Working Capital loan - ECB is as follows: (` in Million) Year of repayment As at March 31, 2026 As at March 31, 2025 2027-28 7,113…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Integrated Annual Report 2025-26 Annexures to the Board’s Report549 W- Export-Import Bank of India (i) During the year company has availed ` 40,000 million Uns…” AR DOC | ||||||||
| VEDLVedanta Ltd. | CONTRACT | CT 3 | — | — | — | FY26 | EST | 70% |
| “Consequently, a net receivable of USD 34.656 million, equivalent to ` 3,249 million (including interest and costs awarded amounting to USD 10.724 million), has…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Interest on: Deposits with Banks 21,740.31 27,539.07 Income Tax Refund 5.57 - Delayed Payment from Customers and Others 194.92 2,963.49 Financial assets (measu…” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “d. The Company, with 40% Participating Interest (PI), was a Joint Operator in Panna-Mukta and Mid & South Tapti Fields along with Reliance Industries Limited (…” AR DOC | ||||||||
| IREDAIndian Renewable Energy Development Agency Ltd. | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “37.6 In respect of subsidiary OGL, Other Receipts include Generation based incentives amounting to ` 215.24 million (FY 2024-25: ` 11.77 million) received from…” AR DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “E. Dividend and Interest Income from: Petronet LNG Limited (PLL) Dividend Income 1,875.00 1,875.00 Petrolera Indovenezolana SA, Venezuela Interest Income 293.9…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 65% |
| “A. Purchase of Products from: Falcon Oil & Gas BV, Netherlands (through ONGC Nile Ganga B.V.) Purchase of Crude Oil 37,784.68 36,027.49” AR DOC | ||||||||
| AVANTIFEEDAvanti Feeds Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “Corporate Overview Statutory Reports Financial Reports Notice283 | Avanti Feeds Limited Name of the Statute/ Description of disputes Nature of the Dues Amount …” AR p.286 · 31-MAR-25 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The major customers/refiners are IOCL, BPCL, HPCL, MRPL, GAIL, etc.” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | R&D | FY26 | EST | 60% |
| “No. NELP/ OALP Round Block Name ONGC’s PI Partner’s PI 1 Nominated Raniganj (Note No. 53.1.10) 74% CIL 26% 2 NELP-VIII GK-OSN-2009/1 40% AWEL 20%, GSPC 20%, IO…” AR DOC | ||||||||
| OILOil India Ltd. | UNSTATED | — | — | — | R&D | FY26 | EST | 60% |
| “No. NELP/ OALP Round Block Name ONGC’s PI Partner’s PI 1 Nominated Raniganj (Note No. 53.1.10) 74% CIL 26% 2 NELP-VIII GK-OSN-2009/1 40% AWEL 20%, GSPC 20%, IO…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | R&D | FY26 | EST | 60% |
| “No. NELP/ OALP Round Block Name ONGC’s PI Partner’s PI 1 Nominated Raniganj (Note No. 53.1.10) 74% CIL 26% 2 NELP-VIII GK-OSN-2009/1 40% AWEL 20%, GSPC 20%, IO…” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “8 Block Farzad B, Iran, Offshore 40 IOC – 40% OIL - 20% ONGC Videsh The project’s exploration phase under Exploration Service Contract (ESC) ended on 24 June 2…” AR DOC | ||||||||
| FY27 | CONTRACT | CT 11,800 | — | — | — | FY27 | EST | 55% |
| “5 Nov - ONGC reported Q2 FY27 profit jump, declared 160% interim dividend, and awarded ₹11,800 crore projects.” SCREENER DOC | ||||||||
| HPCL | UNSTATED | — | — | — | COGS | 2026-11 | EST | 55% |
| “Its crude oil serves as a key raw material for downstream companies like IOC, BPCL, HPCL and MRPL, which process it into products including petrol, diesel, ker…” SCREENER DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | COGS | 2026-11 | EST | 45% |
| “Its crude oil serves as a key raw material for downstream companies like IOC, BPCL, HPCL and MRPL, which process it into products including petrol, diesel, ker…” SCREENER DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro Ltd. | CONTRACT | 2,57,287 | 2,57,287–2,57,287 | — | CAPEX | FY27 | EST | 85% |
| “Re : L&T Wins Large* Offshore Order from ONGC We enclose herewith a copy of Press Release that is being issued by the Company today, in connection with the abo…” ORDER p.1 · 09-SEP-26 · +2 DOC | ||||||||
| TMCVTata Motors Ltd. | UNSTATED | 62,954 | 29,470–62,954 | 30.5% | — | 2026-10 | EST | 70% |
| “iv) GAIL (India) Limited (GAIL) raised demand in April 2014 for transportation tariff with respect to ONGC’s Uran Trombay Natural Gas Pipeline (UTNGPL) pursuan…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 56,767 | 56,767–56,767 | 27.5% | — | FY26 | EST | 70% |
| “The Company is registered on TReDS platforms approved by the Reserve Bank of India for facilitating financing arrangements for MSME suppliers.” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | 25,362 | 11,872–25,362 | 12.3% | — | FY25 | EST | 60% |
| “• Entered into three-year Rate Contract (2024-27) with ONGC for Supply of Well Heads and X-mas Trees Valves.” AR DOC | ||||||||
| ADANIENTAdani Enterprises Ltd. | UNSTATED | 17,309 | 12,982–17,309 | 8.4% | — | FY25 | EST | 70% |
| “iii) One of the Subsidiary company has entered into Joint Venture Agreement in the nature of Production Sharing Contracts (PSC) with the Government of India, O…” AR DOC | ||||||||
| JINDALSAWJindal Saw Ltd. | UNSTATED | 13,435 | 6,289–13,435 | 6.5% | — | 2026-01 | EST | 50% |
| “Now in terms of, let's say, the orders, the visibility and all those things, this is -- specifically for India, it depends like how much tender the ONGC and ot…” CONCALL DOC | ||||||||
| MAZDOCKMazagoan Dock Shipbuilders Ltd. | CONTRACT | 11,706 | 11,706–11,706 | — | CAPEX | FY25 | EST | 85% |
| “Subject: Notification of Award of Contract from Oil and Natural Gas Corporation Limited (ONGC) Dear Sir/ Madam, This is to inform that Mazagon Dock Shipbuilder…” ORDER p.1 · 09-AUG-24 · +2 DOC | ||||||||
| MAZDOCKMazagoan Dock Shipbuilders Ltd. | CONTRACT | 9,765 | 4,571–9,765 | 4.7% | — | FY25 | EST | 65% |
| “Reinitiated the Heavy Engineering and Offshore Projects vertical and obtained orders from ONGC for Part Replacement of Pipeline Project worth approx. ₹ 7000 Cr.” AR · +2 DOC | ||||||||
| AFCONSAfcons Infrastructure Ltd. | CONTRACT | 8,970 | 4,199–8,970 | 4.3% | — | FY26 | EST | 60% |
| “AFCONS GUNANUSA JOINT VENTURE (AGJV) AGJV had submitted claims to ONGC, arising on account of cost overruns due to change orders, in terms of the provisions of…” AR p.149 · 31-MAR-26 · +2 DOC | ||||||||
| CARBORUNIVCarborundum Universal Ltd. | UNSTATED | 3,908 | 3,908–3,908 | 1.9% | — | FY25 | EST | 65% |
| “The business made the strategic decision not to renew the gas supply agreement from ONGC in December 2024 due to the non-viability of the business owing to ris…” AR DOC | ||||||||
| COCHINSHIPCochin Shipyard Ltd. | CONTRACT | 3,770 | 1,765–3,770 | 1.8% | — | FY26 | EST | 85% |
| “We would like to inform that Cochin Shipyard Limited (CSL) on September 17, 2025 has signed a contract with the Oil and Natural Gas Corporation Limited (ONGC),…” ORDER p.1 · 17-SEP-25 · +1 DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | 3,535 | 3,535–3,535 | — | CAPEX | FY25 | EST | 60% |
| “We have been awarded a range of prestigious projects, including the construction of a world-class convention centre for ONGC in Goa, Yatri Niwas complexes in J…” AR DOC | ||||||||
| ENGINERSINEngineers India Ltd. | CONTRACT | 2,949 | 1,380–2,949 | 1.4% | — | FY26 | EST | 75% |
| “He began his career as a Graduate Engineer Trainee in Larsen & Toubro (L&T) and served Oil and Natural Gas Corporation (ONGC).” AR · +2 DOC | ||||||||
| KSBKSB Ltd. | CONTRACT | 2,426 | 2,426–2,426 | — | CAPEX | FY27 | EST | 80% |
| “Sub: KSB Limited receives letter of award from Oil and Natural Gas Corporation Limited” ORDER p.1 · 16-OCT-26 DOC | ||||||||
| KSBKSB Ltd. | UNSTATED | 2,426 | 2,426–2,426 | 1.2% | — | 2026-08 | EST | 50% |
| “ONGC, for example, Oil India, all these customers and step by step, it will grow.” CONCALL DOC | ||||||||
| URBANCOUrban Company Ltd. | UNSTATED | 1,168 | 340–1,168 | 0.6% | — | 2026-10 | EST | 70% |
| “iv) GAIL (India) Limited (GAIL) raised demand in April 2014 for transportation tariff with respect to ONGC’s Uran Trombay Natural Gas Pipeline (UTNGPL) pursuan…” AR DOC | ||||||||
| GRSEGarden Reach Shipbuilders & Engineers Ltd. | UNSTATED | — | — | — | CAPEX | 2026-08 | EST | 80% |
| “a platform support vessel for the ONGC” CONCALL p.5 · 31-AUG-26 · +1 DOC | ||||||||
| LTTSL&T Technology Services Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 75% |
| “Major Orders Won: à Ultra-mega offshore contract from Qatar Energy LNG for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4)…” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “c. A brief on types of customers (vi) Liner customer base includes freight forwarders, cargo consolidators, Non-Vessel Operating Common Carriers (NVOCCs), Gove…” AR · +1 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Noteworthy achievements included securing long-term and strategic contracts with marquee customers such as Coal India Limited, Andhra Pradesh State Road Transp…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | CONTRACT | CT 10 | — | — | COGS | FY25 | EST | 70% |
| “(` in crore) Particulars 2025-26 2024-25 Income 2.55 - Expenditure (including Depreciation and amortisation) 6.04 3.97 Other Assets 1.38 3.10 Liabilities 40.89…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Mahanagar Gas Limited a. GAIL (India) Limited (GAIL) raised demand in April 2014 for transportation tariff with respect to ONGC’s Uran Trombay Natural Gas Pipe…” AR · +1 DOC | ||||||||
| MCXMulti Commodity Exchange of India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “FIA’s annual data also reveals that during 2025, MCX was the venue for highest number of Options contracts traded in Gold, Crude Oil and Natural Gas, and secon…” AR DOC | ||||||||
| OILOil India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Further, revision of tariff with other customers namely, Oil & Natural Gas Corporation Limited and Indian Oil Corporation Limited is underway.” AR · +1 DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The parculars of contracts, arrangements and transacons are as under: (a) Name of the Related Party(s): GAIL (India) Limited (GAIL), Indian Oil Corporaon Limit…” AR · +2 DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | R&D | FY25 | EST | 70% |
| “Under the revised guidelines, the price of natural gas, from nomination fields of Oil and Natural Gas Corporation (ONGC) / Oil India Limited (OIL), New Explora…” AR DOC | ||||||||
| COCHINSHIPCochin Shipyard Ltd. | UNSTATED | — | — | — | R&D | FY26 | EST | 70% |
| “Major Ship Repair customers include Indian Navy, Coast Guard, Shipping Corporation of India Limited, Dredging Corporation of India Limited, Oil and Natural Gas…” AR p.116 · 31-MAR-26 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | — | 2024-04 | EST | 70% |
| “Complaints falling under any other category Company Secretary Oil and Natural Gas Corporation Ltd. Plot No. 5A- 5B, Nelson Mandela Road, Vasant Kunj New Delhi …” AR · +2 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | R&D | 2026-10 | EST | 70% |
| “Further as per the provisions of the Production Sharing Contract (PSC) in respect of the block KG-OSN-2001/3, Companies (Lessee) shall be required to pay royal…” AR DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | — | 2024-04 | EST | 65% |
| “He also served as the Chairman of ONGC group of companies comprising its subsidiaries – ONGC Videsh Limited, MRPL and Joint Ventures - OPaL, OMPL, OTPC and MSE…” AR · +2 DOC | ||||||||
| BPCLBharat Petroleum Corporation Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “AA-ONN-2010/3 (Assam Arakan Basin, Assam) AA-ONN-2010/3, an onland block was awarded by the Government of India to a consortium consisting of BPRL (20%), OIL (…” AR · +1 DOC | ||||||||
| NTPCGREENNTPC Green Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “In addition to his current role, Shri Srinivasan is also Director (Finance) in NTPC Limited and serves as the Part-Time Chairman on the Boards of Indian Oil NT…” AR · +1 DOC | ||||||||
| ATGLAdani Total Gas Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “He also served as the Chairman of ONGC group of companies comprising its subsidiaries – ONGC Videsh Limited, MRPL and Joint Ventures – OPaL, OMPL, OTPC and MSE…” AR DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 65% |
| “Additionally, LNG is also supplied to ONGC for extraction of C2, C3 components for their downstream petrochemical entity, namely ONGC Petro Additions Limited (…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 65% |
| “Note: (i) Revenue from operations- 13,78,462.90 Mn INR, PPP adjusted for Turnover - 66,721.34 Mn USD, Total production (Standalone ONGC)- 3,92,52,368.49 MT (O+…” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “BHEL signed MoU with ONGC for exploring Joint Projects and Collaboration in the area of New and Renewable Energy Business Signing of Contract Agreement between…” AR DOC | ||||||||
| VEDLVedanta Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 60% |
| “508 509ConsolidatedVEDANTA LIMITED Integrated Report and Annual Accounts 2024-25 Integrated Report and Annual Accounts 2024-25 FINANCIAL STATEMENTSSRCO NOTES f…” AR · +1 DOC | ||||||||
| JSWENERGYJSW Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Their other major clients, including from the same industry, are ITC Ltd, IPCA Laboratories Limited, ONGC Petro Additions Limited, Mahanagar Gas Limited, NTPC …” AR DOC | ||||||||
| ENRINSiemens Energy India Ltd. | UNSTATED | — | — | — | — | 2025-12 | EST | 55% |
| “Because we are serving the Indian market with the compressors so we have very important customers ONGC and IOCL, You name it – GAIL the gas transportation.” CONCALL p.19 · 31-DEC-25 DOC | ||||||||
| GESHIPGreat Eastern Shipping Co. Ltd. | UNSTATED | — | — | — | — | 2026-05 | EST | 50% |
| “G. Shivakumar: So we are -- you're right that ONGC cancelling, etcetera, is causing a little bit of -- requires a little bit of change in our strategy of just …” CONCALL DOC | ||||||||
| GESHIPGreat Eastern Shipping Co. Ltd. | UNSTATED | — | — | — | CAPEX | 2026-02 | EST | 50% |
| “Even if you are tendering into the ONGC contract or even if you are tendering into some other place in the world, it is not as simple because what happens is, …” CONCALL p.17 · 28-FEB-26 DOC | ||||||||
| SCIShipping Corporation of India Ltd. | UNSTATED | — | — | — | CAPEX | 2025-11 | EST | 50% |
| “Now, I will request Director (Technical and Offshore Shipping Corporation of India presently has 10 offshore support vessels, of which seven vessels are curren…” CONCALL DOC | ||||||||
| ENRINSiemens Energy India Ltd. | UNSTATED | — | — | — | CAPEX | 2025-12 | EST | 50% |
| “Sugar, paper and methanol where we have captive generation of power In the oil and gas sector customers like ONGC, where we have an extensive fleet of industri…” CONCALL p.6 · 31-DEC-25 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 2/6 | 33% | 11-NOV-26 |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 13-NOV-26 | NTPC Ltd. share 100% |
| CUST MOM 1M | +9.3% | 14-NOV-26 | from 15-OCT-26 · Avanti Feeds Ltd. +4.6% w 0 · GAIL (India) Ltd. +11.0% w 0 · Vedanta Ltd. +5.6% w 0 · Bharat Petroleum Corporation Ltd. +2.8% w 0 · Oil India Ltd. -0.9% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 |
| DISTRESS SCORE | 0.275 | 13-OCT-26 | roe 0.13 · operatingMargin 0.17 · debtToEquity 0.47 · interestCoverage 6.19 · assetTurnover 0.77 · leverage 2.11 |
| SUPP MOM 1M | +9.9% | 14-NOV-26 | from 15-OCT-26 · Bank of India +18.2% w 0 · Bharat Petroleum Corporation Ltd. +2.8% w 0 · Larsen & Toubro Ltd. +14.1% w 1 · Indian Oil Corporation Ltd. +11.8% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Tata Motors Ltd. +2.5% w 0 |