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Oil & Natural GasNSE:ONGC +0.80%90 3-Year ROIIC % is 32.62 as of Mar. 2026, which is 168% above its 10-year median of 12.15. GuruFocus rates NSE:ONGC with a GF Score™ of 90/100 and a GF Value™ of ₹273.72 (Fairly Valued). The stock has 2 warning signs investors should review. Among 923 Oil & Gas companies, Oil & Natural Gas ranks better than 81.37% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Oil & Natural Gas's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 32.62%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Oil & Natural Gas's 3-Year ROIIC % or its related term are showing as below:
NSE:ONGC's 3-Year ROIIC % is ranked better than 81.37% of 923
companies
in the Oil & Gas industry
Industry Median: -0.08
vs NSE:ONGC: 32.62
Oil & Natural Gas (NSE:ONGC) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Oil & Natural Gas 3-Year ROIIC % Related Terms
Oil & Natural Gas 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Oil & Natural Gas's 3-Year ROIIC % 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.
For the Oil & Gas Integrated subindustry, Oil & Natural Gas's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Oil & Natural Gas 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Oil & Natural Gas's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Oil & Natural Gas's 3-Year ROIIC % falls into.
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Oil & Natural Gas (NSE:ONGC) has a 3-Year ROIIC % of 32.62 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Oil & Natural Gas and its competitors. This is 168% above median its historical median of 12.15. According to the industry distribution chart, Oil & Natural Gas ranks #172 out of 923 companies in the Oil & Gas industry, placing it in the top 18.6%.
Is Oil & Natural Gas' 3-Year ROIIC % too high?
Oil & Natural Gas' current 3-Year ROIIC % of 32.62 is 168% above median its 10-year median of 12.15. Based on the distribution chart, Oil & Natural Gas ranks #172 out of 923 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Oil & Natural Gas has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Oil & Natural Gas' 3-Year ROIIC % compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Oil & Natural Gas ranks #172 out of 923 companies for 3-Year ROIIC %. This places Oil & Natural Gas in the top 19% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
A good 3-Year ROIIC % depends on the Oil & Gas industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Oil & Natural Gas and its competitors. Oil & Natural Gas's current 3-Year ROIIC % is 32.62, which is 168% above median its own 10-year median of 12.15. 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 Fairly Valued. The stock's GF Value™ is ₹273.72, compared to a current price of ₹251.90 — trading 8% below its estimated fair value. The current 3-Year ROIIC % is 32.62, which is 168% above median its 10-year median of 12.15. Oil & Natural Gas' overall GF Score™ is 90/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Oil & Natural Gas (NSE:ONGC), the current 3-Year ROIIC % is 32.62 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 ₹251.90 is trading 8% below its estimated GF Value™ of ₹273.72.
GuruFocus considers Oil & Natural Gas to be Fairly Valued.
Key valuation signals for NSE:ONGC:
3-Year ROIIC %: 32.62 (168% above median its 10-year median of 12.15)
GF Value™: ₹273.72 vs. price of ₹251.90 (8% below fair value)
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 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.
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