Oil and Natural Gas Corporation Ltd

📊 ONGC Credit Rating Update: ICRA Withdraws ₹500 Crore NCD Rating, Reaffirms ₹8,500 Crore Program

• ICRA withdrew AAA (Stable) rating for ₹500 crore NCD program (no outstanding amount)

• Withdrew AAA (Stable) rating for ₹860 crore unplaced NCD program at ONGC's request

• Reaffirmed AAA (Stable) rating for remaining ₹8,500 crore NCD program

• Maintains strong financial position with OPM of 13.4% (FY2025) and 15.9% (9M FY2026)

• Significant liquidity with over ₹32,000 crore cash & equivalents (as of Sept 30, 2025)

• Faces challenges in replacing reserves and production growth from mature fields

• New projects like Daman Upside (expected Mar-Apr 2026) to offset production declines

• Exposed to geopolitical risks in overseas operations

• Large capex plan of ~₹35,000 crore annually, funded mainly by internal accruals

• Sovereign ownership (58.89% by Government of India) and strategic energy sector importance