Shares of Oil and Natural Gas Corporation Ltd. will be in focus on Monday, November 9, after the state-run oil and gas major reported its September quarter results, with standalone net profit coming in slightly below analyst estimates. ONGC reported a 9.1% quarter-on-quarter decline in net profit to ₹15,489 crore in Q2FY27, compared with ₹17,034 crore in the previous quarter.
The figure was marginally below the CNBC-TV18 poll estimate of ₹15,591 crore. Revenue from operations declined 5.6% sequentially to ₹43,875 crore from ₹46,461 crore in the June quarter. This was also below the CNBC-TV18 poll estimate of ₹44,257 crore.

Earnings before interest, tax, depreciation and amortisation fell 12.3% quarter-on-quarter to ₹24,860 crore, compared with ₹28,355 crore in Q1FY27. EBITDA was below the poll estimate of ₹26,574 crore. EBITDA margin contracted to 57% from 61% in the previous quarter, against the CNBC-TV18 poll estimate of 60%.
Brokerage firm CLSA has maintained its 'High Conviction Outperform' rating on ONGC, with a price target of ₹405 per share. The target implies a potential upside of 72% from the stock's last closing level. CLSA said the company's standalone profit after tax for the September quarter was 5% below its estimates, primarily due to higher impairment losses and a one-off provision.

However, EBITDA and core profit before tax were 7% and 4% above its forecasts, respectively. The company also declared an interim dividend of ₹8 per share, translating into a dividend yield of around 3.5%, based on the brokerage's assessment. CLSA expects production growth over FY27 and FY28 to be supported by the ramp-up of the KG-98/2 block and the Daman Upside project.
It also noted that the service contract with BP has started delivering early gains in gas output from the Mumbai High field. The brokerage believes the stock is pricing in a Brent crude oil price of only around $55 per barrel. Assuming Brent averages $82 per barrel in FY28, CLSA sees an upside potential of 76% in the stock.

ONGC shares settled 2.09% higher at ₹234.80 during Muhurat trading. However, the stock remains down around 1% on a year-to-date basis.