ONGC‘s share price was in the green on Tuesday morning as the company’s September-quarter results came in ahead of analyst estimates.

What Happened: ONGC reported a standalone net profit of ₹11,984 crore for the September quarter, marking a 17% year-on-year increase. Revenue from operations dropped 3.6% to ₹33,880 crore. Both figures exceeded analyst expectations, who had pegged net profit at ₹8,662.98 crore and revenue at ₹33,856.14 crore.

The company also announced a ₹6 per share dividend, with a record date of November 20. EBITDA for the quarter stood at ₹18,236 crore, reflecting a margin of 53.8%.

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In reaction to the results, Motilal Oswal said that ONGC’s EBITDA was close to its estimate of ₹18,400 crore. Crude oil and gas sales were largely in line, at -1% and +2% against expectations. The brokerage has maintained its “buy” rating for the stock.

The analysts added that despite a 25% correction in ONGC’s stock price over the past three months, driven by concerns over potentially lower crude oil prices (below $75 per barrel in 2025), Motilal Oswal considers the stock oversold. This outlook is based on expected production gains from KG-DWN and Daman developments, the robust financial standing of its subsidiary HPCL, and attractive valuations close to historical lows.

Price Action: ONGC’s share price was up 1.01% to trade at ₹259.50 as the markets opened on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.