Shares of Oil and Natural Gas Corporation (ONGC) are expected to be in focus on Thursday, March 12, after global brokerage Macquarie Group reiterated its positive view on the stock.
Macquarie maintained an “Outperform” rating on ONGC with a price target of ₹300, implying a potential upside of about 11% from current levels.
The stock has risen in only one of the past two trading sessions. While recent volatility in oil prices has provided short-term support, the brokerage believes sustained production growth will be the key driver for a re-rating of the stock.
According to Macquarie, 2025 was a year of stability for ONGC, with the earlier production decline largely halted, although the company still saw a slight contraction in output.
Looking ahead, the brokerage expects a significant increase in production in 2026, which could support stronger performance.
Macquarie reduced its price target by 3% but kept its rating unchanged, citing an attractive dividend outlook with a yield of around 6%.
Earlier this month, analysts at JPMorgan Chase said that if the ongoing tensions involving Iran turn out to be short-lived—similar to the episode in June 2025—medium-term investors could use near-term volatility to accumulate oil marketing companies, while potentially booking profits in upstream firms such as ONGC.
Shares of ONGC ended Wednesday’s session 0.52% higher at ₹270.60, and the stock has gained about 14% so far this year.
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