Oil & Natural Gas (NSE:ONGC) ROCE %: 13.94% (As of Mar. 2026)


NSE:ONGC Oil & Natural Gas Corp Ltd NSE:ONGC
88 GF Score
Price ₹233.10
GF Value ₹268.77
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Oil & Natural Gas ROCE %?

Oil & Natural Gas NSE:ONGC -2.88% 88 ROCE % is 13.94% as of Mar. 2026. GuruFocus rates NSE:ONGC with a GF Score™ of 88/100 and a GF Value™ of ₹268.77 (Modestly Undervalued). The stock has 2 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Oil & Natural Gas's annualized ROCE % for the quarter that ended in Mar. 2026 was 13.94%.

Oil & Natural Gas  (NSE:ONGC) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Oil & Natural Gas ROCE % Related Terms

Oil & Natural Gas ROCE % Historical Data

* Premium members only.

The historical data trend for Oil & Natural Gas's ROCE % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Oil & Natural Gas ROCE % Chart

Oil & Natural Gas Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 13.39 10.72 15.80 11.50 13.28

Oil & Natural Gas Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 11.08 12.74 13.45 12.60 13.94
NSE:ONGC
88GF Score
Oil & Natural Gas Corp Ltd NSE:ONGC
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Oil & Natural Gas ROCE % Calculation

Oil & Natural Gas's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=806518/( ( (7587231.02 - 1668420.06) + (7919051.8 - 1688885.8) )/ 2 )
=806518/( (5918810.96+6230166)/ 2 )
=806518/6074488.48
=13.28 %

Oil & Natural Gas's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=868387.6/( ( (0 - 0) + (7919051.8 - 1688885.8) )/ 1 )
=868387.6/( ( 0 + 6230166 )/ 1 )
=868387.6/6230166
=13.94 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 13.94% mean?
Oil & Natural Gas (NSE:ONGC) has a ROCE % of 13.94% as of Mar. 2026.
Is Oil & Natural Gas' ROCE % too high?
Oil & Natural Gas' current ROCE % is 13.94%. The Oil & Gas industry median ROCE % is 6.79. Oil & Natural Gas' value of 13.94% is 105.3% above this industry median. Overall, Oil & Natural Gas has a GF Score™ of 88/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oil & Natural Gas' ROCE % compare to XOM and CVX?
Oil & Natural Gas' ROCE % of 13.94% can be compared against companies in the Oil & Gas industry. The industry median ROCE % is 6.79. Oil & Natural Gas' value of 13.94% is 105.3% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for an Oil & Gas company?
The median ROCE % among Oil & Gas companies is 6.79, based on 977 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Oil & Natural Gas's current ROCE % of 13.94% is 105.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median ROCE % is 6.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Oil & Natural Gas's current ROCE % is 13.94%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oil & Natural Gas stock overvalued right now?
Based on GuruFocus' analysis, Oil & Natural Gas (NSE:ONGC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹268.77, compared to a current price of ₹233.10 — trading 13.3% below its estimated fair value. The current ROCE % is 13.94% and 105.3% above the Oil & Gas industry median of 6.79. Oil & Natural Gas' overall GF Score™ is 88/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Oil & Natural Gas (NSE:ONGC), the current ROCE % is 13.94% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Oil & Natural Gas (NSE:ONGC) Overvalued in 2026?

Based on GuruFocus' analysis, Oil & Natural Gas stock appears to be undervalued. The current stock price of ₹233.10 is trading 13.3% below its estimated GF Value™ of ₹268.77. GuruFocus considers Oil & Natural Gas to be Modestly Undervalued.

Key valuation signals for NSE:ONGC:

  • ROCE %: 13.94%
  • GF Value™: ₹268.77 vs. price of ₹233.10 (13.3% below fair value)
  • GF Score™: 88/100 with 2 warning signs
  • Industry Position: 105.3% above the Oil & Gas median

No single metric tells the full story. See the NSE:ONGC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Oil & Natural Gas Business Description

Industry EnergyOil & Gas
Other Exchanges 500312:India
Address Nelson Mandela Marg, Plot No. 5A-5B, Vasant Kunj, New Delhi, IND, 110070
Oil & Natural Gas Corp Ltd is an Indian-based company. It engaged in the exploration, development, and production of crude oil, natural gas, and value-added products. Along with its subsidiaries, the company operates in the following business segments: Refining and Marketing, which derives maximum revenue, Exploration and Production, and Petrochemicals. Geographically, the group derives maximum revenue from India, from its offshore and onshore activities, and is also involved in exploration and production activities outside India.
88GF Score

Get the complete analysis for NSE:ONGC

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹233.10
Price
₹268.77
GF Value