# Oil & Natural Gas (ONGC.NSE)

Canonical: https://gigainvestors.com/s/ONGC.NSE

Analysis as of: 2026-10-16T07:33:24.188Z. Financial observations: FY2015–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 224.64 per share; close as of 2026-10-15.

Estimated value: low INR 227.24 per share, central INR 251.47 per share, high INR 282.20 per share. Buy at or below the central value INR 251.47 per share. Valuation as of 2026-10-16T07:33:24.188Z; scenarios are not confidence intervals.

Expected annual return: 12.5% at the stated quote. About 12.5% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.12×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.11×

- FY2023: 0.08×

- FY2024: 0.12×

- FY2025: 0.09×

- FY2026: 0.11×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.1%

- ROIC, second-lowest year: 9.7%

- Conservative return floor, median: 9.0%

- Conservative return floor, second lowest: 4.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 13.3%

- FY2023: 10.1%

- FY2024: 11.3%

- FY2025: 8.0%

- FY2026: 9.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 1.57T

- Net income, five-year total: INR 2.08T

- Return on incremental invested capital: 28.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 6.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.83×

- FY2024: 0.69×

- FY2025: 0.67×

- FY2026: 0.58×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 17.23 to 32.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: INR 1.21T

- Cumulative retained earnings: INR 1.79T

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.4%

- Per-share value change: INR 15.70

- Per-share value, starting three-year median: INR 17.23

- Per-share value, ending three-year median: INR 32.93

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 3.12T

- ROIC, last three-year median: 9.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 19.03

- FY2018: INR 17.23

- FY2019: INR 24.28

- FY2020: INR 8.59

- FY2021: INR 12.96

- FY2022: INR 36.19

- FY2023: INR 28.17

- FY2024: INR 39.13

- FY2025: INR 28.80

- FY2026: INR 32.93

### accounting: pass

- Sloan accruals: -9.1%

- Receivables to sales index (DSRI): 1.04×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.8%

- FY2018: -7.6%

- FY2019: -6.3%

- FY2020: -11.8%

- FY2021: -5.7%

- FY2022: -5.6%

- FY2023: -8.0%

- FY2024: -6.7%

- FY2025: -7.3%

- FY2026: -9.1%

## Holders

## Price story

Down 33% since Jul 2024 · sales -0.6%

Story as of 2026-10-16T09:59:56.013Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.7% a year for ten years

### Sales · FY2025–2026

sales -0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 2.83T 

- FY2018: INR 3.23T 

- FY2019: INR 4.22T 

- FY2020: INR 3.97T 

- FY2021: INR 3.04T 

- FY2022: INR 4.91T 

- FY2023: INR 6.32T 

- FY2024: INR 6.02T 

- FY2025: INR 6.12T 

- FY2026: INR 6.09T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil exploration & production; annual sales are INR 6.1 trillion.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2026: revenue 6086630000000; operatingIncome 657290000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 8.8% to 12% during 2024–26; it earns 10.1% on its capital.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2024: operatingIncome / revenue = 12%.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2025: operatingIncome / revenue = 8.8%.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2026: operatingIncome / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.188Z); 10-year return on capital observations [[2022,0.13268076730001122],[2023,0.10147838337955448],[2024,0.11328522566954015],[2025,0.07971486649207046],[2026,0.0972627393706783]]; median 0.10147838337955448. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back INR 2.5 million of shares.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2017: growth capex 3050000000; upkeep 202190000000; owner earnings 244190000000. Growth capex / owner earnings = 0.012490273966992916.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2018: growth capex 47030000000; upkeep 231120000000; owner earnings 221060000000. Growth capex / owner earnings = 0.21274767031575137.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2019: growth capex 22590000000; upkeep 237040000000; owner earnings 305460000000. Growth capex / owner earnings = 0.07395403653506187.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2021: growth capex 0; upkeep 323190000000; owner earnings 95230000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2022: growth capex 65740000000; upkeep 268830000000; owner earnings 455220000000. Growth capex / owner earnings = 0.14441369008391547.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2023: growth capex 122350000000; upkeep 245570000000; cash acquisitions 0; owner earnings 294915400000. Growth capex plus acquisitions / owner earnings = 0.414864737480647.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2024: growth capex 0; upkeep 381330000000; cash acquisitions 0; owner earnings 340894600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2025: growth capex 58230000000; upkeep 352060000000; cash acquisitions 11569000000; owner earnings 242312300000. Growth capex plus acquisitions / owner earnings = 0.288053887483219.

- Source: https://www.screener.in/company/ONGC/consolidated/ (filed 2026-10-16T07:33:24.188Z); FY2026: growth capex 0; upkeep 412820000000; cash acquisitions 0; owner earnings 241198500000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.188Z); Dividend observations: [[2017,153500000000],[2018,94960000000],[2019,100860000000],[2020,82970000000],[2021,30960000000],[2022,129240000000],[2023,176090000000],[2024,128950000000],[2025,169850000000],[2026,169800000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1673578_26052026093743_WEB.xml (filed 2026-10-16T07:33:24.188Z); FY2026: cash repurchases 2500000 INR.

### What the price says

The price assumes cash profits shrink 0.7% yearly over ten years; actual growth was 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.188Z); Ten-year compound average after fade. Initial solved rate -0.022327220640464385. Price 224.64; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 11.01469281553398 → FY2026 19.17406963354577. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 192.60 per share

- 2016-12: INR 191.35 per share

- 2017-01: INR 202.55 per share

- 2017-02: INR 193.55 per share

- 2017-03: INR 185.00 per share

- 2017-04: INR 186.55 per share

- 2017-05: INR 177.00 per share

- 2017-06: INR 157.30 per share

- 2017-07: INR 169.40 per share

- 2017-08: INR 156.95 per share

- 2017-09: INR 170.95 per share

- 2017-10: INR 191.10 per share

- 2017-11: INR 180.65 per share

- 2017-12: INR 195.20 per share

- 2018-01: INR 203.45 per share

- 2018-02: INR 188.30 per share

- 2018-03: INR 177.80 per share

- 2018-04: INR 180.55 per share

- 2018-05: INR 177.90 per share

- 2018-06: INR 158.40 per share

- 2018-07: INR 165.70 per share

- 2018-08: INR 180.05 per share

- 2018-09: INR 177.20 per share

- 2018-10: INR 153.25 per share

- 2018-11: INR 140.30 per share

- 2018-12: INR 149.90 per share

- 2019-01: INR 141.25 per share

- 2019-02: INR 148.65 per share

- 2019-03: INR 159.75 per share

- 2019-04: INR 169.20 per share

- 2019-05: INR 171.95 per share

- 2019-06: INR 167.75 per share

- 2019-07: INR 138.85 per share

- 2019-08: INR 121.20 per share

- 2019-09: INR 131.80 per share

- 2019-10: INR 141.70 per share

- 2019-11: INR 131.75 per share

- 2019-12: INR 128.80 per share

- 2020-01: INR 108.95 per share

- 2020-02: INR 91.95 per share

- 2020-03: INR 68.30 per share

- 2020-04: INR 79.90 per share

- 2020-05: INR 83.20 per share

- 2020-06: INR 81.35 per share

- 2020-07: INR 78.30 per share

- 2020-08: INR 81.95 per share

- 2020-09: INR 69.25 per share

- 2020-10: INR 64.90 per share

- 2020-11: INR 78.50 per share

- 2020-12: INR 93.05 per share

- 2021-01: INR 88.30 per share

- 2021-02: INR 111.00 per share

- 2021-03: INR 102.15 per share

- 2021-04: INR 108.15 per share

- 2021-05: INR 113.65 per share

- 2021-06: INR 117.70 per share

- 2021-07: INR 115.30 per share

- 2021-08: INR 120.55 per share

- 2021-09: INR 144.50 per share

- 2021-10: INR 149.05 per share

- 2021-11: INR 142.10 per share

- 2021-12: INR 142.40 per share

- 2022-01: INR 172.60 per share

- 2022-02: INR 160.65 per share

- 2022-03: INR 163.90 per share

- 2022-04: INR 160.45 per share

- 2022-05: INR 151.25 per share

- 2022-06: INR 151.55 per share

- 2022-07: INR 134.15 per share

- 2022-08: INR 138.60 per share

- 2022-09: INR 126.80 per share

- 2022-10: INR 134.05 per share

- 2022-11: INR 141.10 per share

- 2022-12: INR 146.75 per share

- 2023-01: INR 144.90 per share

- 2023-02: INR 152.05 per share

- 2023-03: INR 151.05 per share

- 2023-04: INR 158.95 per share

- 2023-05: INR 154.90 per share

- 2023-06: INR 160.30 per share

- 2023-07: INR 177.05 per share

- 2023-08: INR 174.15 per share

- 2023-09: INR 191.85 per share

- 2023-10: INR 186.15 per share

- 2023-11: INR 194.95 per share

- 2023-12: INR 205.05 per share

- 2024-01: INR 252.25 per share

- 2024-02: INR 264.60 per share

- 2024-03: INR 268.05 per share

- 2024-04: INR 282.85 per share

- 2024-05: INR 264.35 per share

- 2024-06: INR 274.20 per share

- 2024-07: INR 334.20 per share

- 2024-08: INR 330.75 per share

- 2024-09: INR 297.60 per share

- 2024-10: INR 266.15 per share

- 2024-11: INR 256.70 per share

- 2024-12: INR 239.25 per share

- 2025-01: INR 262.61 per share

- 2025-02: INR 225.25 per share

- 2025-03: INR 246.38 per share

- 2025-04: INR 244.45 per share

- 2025-05: INR 239.40 per share

- 2025-06: INR 244.21 per share

- 2025-07: INR 241.00 per share

- 2025-08: INR 233.71 per share

- 2025-09: INR 239.50 per share

- 2025-10: INR 255.37 per share

- 2025-11: INR 243.25 per share

- 2025-12: INR 240.38 per share

- 2026-01: INR 268.96 per share

- 2026-02: INR 279.70 per share

- 2026-03: INR 284.65 per share

- 2026-04: INR 299.55 per share

- 2026-05: INR 265.40 per share

- 2026-06: INR 234.90 per share

- 2026-07: INR 242.53 per share

- 2026-08: INR 231.80 per share

- 2026-09: INR 225.80 per share

- 2026-10: INR 224.64 per share

## Annual estimated value (INR per share)

- FY2019: low INR 271.27 per share, central INR 302.37 per share, high INR 341.82 per share

- FY2020: low INR 215.36 per share, central INR 239.89 per share, high INR 271.01 per share

- FY2021: low INR 155.82 per share, central INR 173.59 per share, high INR 196.12 per share

- FY2022: low INR 250.53 per share, central INR 279.25 per share, high INR 315.68 per share

- FY2023: low INR 232.63 per share, central INR 257.80 per share, high INR 289.72 per share

- FY2024: low INR 232.95 per share, central INR 256.93 per share, high INR 287.35 per share

- FY2025: low INR 238.40 per share, central INR 281.87 per share, high INR 318.16 per share

- FY2026: low INR 227.24 per share, central INR 251.47 per share, high INR 282.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.807Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Oil & Natural Gas

ONGC · NSE

Nifty 50

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: INR 224.64
Buy up to: INR 251.47
Expected / yr: 12.5% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 18.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.6%
Worst year: 6.4%
Latest · 2026: 10.8%

Capital return excluding acquisitions: median 10.1% (minimum 15%), and the second-worst year 9.7% (minimum 10%).

ROIC excluding acquisitions

5y median: 10.1%
Worst year: 8.0%
Latest · 2026: 9.7%

Each $1 of profit left $0.76 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.76×
Annual median: 0.69×
Latest · 2026: 0.58×

Per-share value rose from 17.23 to 32.93, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 26.23
Worst year: INR 8.59
Latest · 2026: INR 32.93

Profits were backed by cash: accruals were -9.1% of assets (limit 10%).

Sloan accruals

10y median: -7.0%
Worst year: -4.8%
Latest · 2026: -9.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.9%, three-year average owner earnings per share 21.86 INR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 192.60; 2016-12 · Price INR 191.35; 2017-01 · Price INR 202.55; 2017-02 · Price INR 193.55; 2017-03 · Price INR 185.00; 2017-04 · Price INR 186.55; 2017-05 · Price INR 177.00; 2017-06 · Price INR 157.30; 2017-07 · Price INR 169.40; 2017-08 · Price INR 156.95; 2017-09 · Price INR 170.95; 2017-10 · Price INR 191.10; 2017-11 · Price INR 180.65; 2017-12 · Price INR 195.20; 2018-01 · Price INR 203.45; 2018-02 · Price INR 188.30; 2018-03 · Price INR 177.80; 2018-04 · Price INR 180.55; 2018-05 · Price INR 177.90; 2018-06 · Price INR 158.40; 2018-07 · Price INR 165.70; 2018-08 · Price INR 180.05; 2018-09 · Price INR 177.20; 2018-10 · Price INR 153.25; 2018-11 · Price INR 140.30; 2018-12 · Price INR 149.90; 2019-01 · Price INR 141.25 · Value 302.37 · Buy at or below 302.37; 2019-02 · Price INR 148.65 · Value 302.37 · Buy at or below 302.37; 2019-03 · Price INR 159.75 · Value 302.37 · Buy at or below 302.37; 2019-04 · Price INR 169.20 · Value 302.37 · Buy at or below 302.37; 2019-05 · Price INR 171.95 · Value 302.37 · Buy at or below 302.37; 2019-06 · Price INR 167.75 · Value 302.37 · Buy at or below 302.37; 2019-07 · Price INR 138.85 · Value 302.37 · Buy at or below 302.37; 2019-08 · Price INR 121.20 · Value 302.37 · Buy at or below 302.37; 2019-09 · Price INR 131.80 · Value 302.37 · Buy at or below 302.37; 2019-10 · Price INR 141.70 · Value 302.37 · Buy at or below 302.37; 2019-11 · Price INR 131.75 · Value 302.37 · Buy at or below 302.37; 2019-12 · Price INR 128.80 · Value 302.37 · Buy at or below 302.37; 2020-01 · Price INR 108.95 · Value 302.37 · Buy at or below 302.37; 2020-02 · Price INR 91.95 · Value 239.89 · Buy at or below 239.89; 2020-03 · Price INR 68.30 · Value 239.89 · Buy at or below 239.89; 2020-04 · Price INR 79.90 · Value 239.89 · Buy at or below 239.89; 2020-05 · Price INR 83.20 · Value 239.89 · Buy at or below 239.89; 2020-06 · Price INR 81.35 · Value 239.89 · Buy at or below 239.89; 2020-07 · Price INR 78.30 · Value 239.89 · Buy at or below 239.89; 2020-08 · Price INR 81.95 · Value 239.89 · Buy at or below 239.89; 2020-09 · Price INR 69.25 · Value 239.89 · Buy at or below 239.89; 2020-10 · Price INR 64.90 · Value 239.89 · Buy at or below 239.89; 2020-11 · Price INR 78.50 · Value 239.89 · Buy at or below 239.89; 2020-12 · Price INR 93.05 · Value 239.89 · Buy at or below 239.89; 2021-01 · Price INR 88.30 · Value 239.89 · Buy at or below 239.89; 2021-02 · Price INR 111.00 · Value 173.59 · Buy at or below 173.59; 2021-03 · Price INR 102.15 · Value 173.59 · Buy at or below 173.59; 2021-04 · Price INR 108.15 · Value 173.59 · Buy at or below 173.59; 2021-05 · Price INR 113.65 · Value 173.59 · Buy at or below 173.59; 2021-06 · Price INR 117.70 · Value 173.59 · Buy at or below 173.59; 2021-07 · Price INR 115.30 · Value 173.59 · Buy at or below 173.59; 2021-08 · Price INR 120.55 · Value 173.59 · Buy at or below 173.59; 2021-09 · Price INR 144.50 · Value 173.59 · Buy at or below 173.59; 2021-10 · Price INR 149.05 · Value 173.59 · Buy at or below 173.59; 2021-11 · Price INR 142.10 · Value 173.59 · Buy at or below 173.59; 2021-12 · Price INR 142.40 · Value 173.59 · Buy at or below 173.59; 2022-01 · Price INR 172.60 · Value 173.59 · Buy at or below 173.59; 2022-02 · Price INR 160.65 · Value 279.25 · Buy at or below 279.25; 2022-03 · Price INR 163.90 · Value 279.25 · Buy at or below 279.25; 2022-04 · Price INR 160.45 · Value 279.25 · Buy at or below 279.25; 2022-05 · Price INR 151.25 · Value 279.25 · Buy at or below 279.25; 2022-06 · Price INR 151.55 · Value 279.25 · Buy at or below 279.25; 2022-07 · Price INR 134.15 · Value 279.25 · Buy at or below 279.25; 2022-08 · Price INR 138.60 · Value 279.25 · Buy at or below 279.25; 2022-09 · Price INR 126.80 · Value 279.25 · Buy at or below 279.25; 2022-10 · Price INR 134.05 · Value 279.25 · Buy at or below 279.25; 2022-11 · Price INR 141.10 · Value 279.25 · Buy at or below 279.25; 2022-12 · Price INR 146.75 · Value 279.25 · Buy at or below 279.25; 2023-01 · Price INR 144.90 · Value 279.25 · Buy at or below 279.25; 2023-02 · Price INR 152.05 · Value 257.80 · Buy at or below 257.80; 2023-03 · Price INR 151.05 · Value 257.80 · Buy at or below 257.80; 2023-04 · Price INR 158.95 · Value 257.80 · Buy at or below 257.80; 2023-05 · Price INR 154.90 · Value 257.80 · Buy at or below 257.80; 2023-06 · Price INR 160.30 · Value 257.80 · Buy at or below 257.80; 2023-07 · Price INR 177.05 · Value 257.80 · Buy at or below 257.80; 2023-08 · Price INR 174.15 · Value 257.80 · Buy at or below 257.80; 2023-09 · Price INR 191.85 · Value 257.80 · Buy at or below 257.80; 2023-10 · Price INR 186.15 · Value 257.80 · Buy at or below 257.80; 2023-11 · Price INR 194.95 · Value 257.80 · Buy at or below 257.80; 2023-12 · Price INR 205.05 · Value 257.80 · Buy at or below 257.80; 2024-01 · Price INR 252.25 · Value 257.80 · Buy at or below 257.80; 2024-02 · Price INR 264.60 · Value 256.93 · Buy at or below 256.93; 2024-03 · Price INR 268.05 · Value 256.93 · Buy at or below 256.93; 2024-04 · Price INR 282.85 · Value 256.93 · Buy at or below 256.93; 2024-05 · Price INR 264.35 · Value 256.93 · Buy at or below 256.93; 2024-06 · Price INR 274.20 · Value 256.93 · Buy at or below 256.93; 2024-07 · Price INR 334.20 · Value 256.93 · Buy at or below 256.93; 2024-08 · Price INR 330.75 · Value 256.93 · Buy at or below 256.93; 2024-09 · Price INR 297.60 · Value 256.93 · Buy at or below 256.93; 2024-10 · Price INR 266.15 · Value 256.93 · Buy at or below 256.93; 2024-11 · Price INR 256.70 · Value 256.93 · Buy at or below 256.93; 2024-12 · Price INR 239.25 · Value 256.93 · Buy at or below 256.93; 2025-01 · Price INR 262.61 · Value 256.93 · Buy at or below 256.93; 2025-02 · Price INR 225.25 · Value 281.87 · Buy at or below 281.87; 2025-03 · Price INR 246.38 · Value 281.87 · Buy at or below 281.87; 2025-04 · Price INR 244.45 · Value 281.87 · Buy at or below 281.87; 2025-05 · Price INR 239.40 · Value 281.87 · Buy at or below 281.87; 2025-06 · Price INR 244.21 · Value 281.87 · Buy at or below 281.87; 2025-07 · Price INR 241.00 · Value 281.87 · Buy at or below 281.87; 2025-08 · Price INR 233.71 · Value 281.87 · Buy at or below 281.87; 2025-09 · Price INR 239.50 · Value 281.87 · Buy at or below 281.87; 2025-10 · Price INR 255.37 · Value 281.87 · Buy at or below 281.87; 2025-11 · Price INR 243.25 · Value 281.87 · Buy at or below 281.87; 2025-12 · Price INR 240.38 · Value 281.87 · Buy at or below 281.87; 2026-01 · Price INR 268.96 · Value 281.87 · Buy at or below 281.87; 2026-02 · Price INR 279.70 · Value 251.47 · Buy at or below 251.47; 2026-03 · Price INR 284.65 · Value 251.47 · Buy at or below 251.47; 2026-04 · Price INR 299.55 · Value 251.47 · Buy at or below 251.47; 2026-05 · Price INR 265.40 · Value 251.47 · Buy at or below 251.47; 2026-06 · Price INR 234.90 · Value 251.47 · Buy at or below 251.47; 2026-07 · Price INR 242.53 · Value 251.47 · Buy at or below 251.47; 2026-08 · Price INR 231.80 · Value 251.47 · Buy at or below 251.47; 2026-09 · Price INR 225.80 · Value 251.47 · Buy at or below 251.47; 2026-10 · Price INR 224.64 · Value 251.47 · Buy at or below 251.47; 2026-10 · Price INR 224.64 · Value 251.47 · Buy at or below 251.47

INR per share · annual estimates

Price & return math
Value range	INR 227.24 – INR 282.20
Buy at or below	Central value INR 251.47
Discount to value	1 − 224.64 / 251.47 = 10.7%
Return / year	About 12.5% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 22.57/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash INR 15.90/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 6.09T

Revenue

Owner earningsINR 241B

Owner earnings

Operating margin10.8%

Operating margin

Net cash / debtINR -1.70T

Net cash / debt

Diluted shares13B

Diluted shares

Prices 15 Oct 2026 · FY2026