S&P Global Ratings anticipates ONGC’s earnings to remain stable in fiscal 2026, with refining and marketing gains offsetting upstream losses from lower oil prices. Improved margins at HPCL and rising gas prices will support profitability. The company is expected to generate sufficient free cash flow to strengthen its balance sheet, despite reduced capital spending and shareholder returns.
ONGC's downstream gains to cushion impact of lower oil prices: S&P Global Ratings
