New Delhi: State-run Oil and Natural Gas Corporation (ONGC), valued at about ₹3.10 lakh crore, has slipped behind food delivery giant Zomato in market capitalisation — despite owning assets and investments that together account for more than a third of its valuation. The comparison underscores that India’s largest oil and gas producer may be significantly undervalued by the market.
At Friday’s market close, ONGC’s market value stood at ₹3.097 lakh crore, below Eternal Ltd (formerly Zomato) at ₹3.36 lakh crore, Hindustan Aeronautics Ltd at ₹3.23 lakh crore, and Titan Company at ₹3.13 lakh crore, according to BSE data.
Once India’s most valuable company, ONGC held the top spot in 2012 with a market capitalisation of ₹2.44 lakh crore—surpassing both TCS and Reliance Industries at the time. However, while ONGC’s valuation has risen just 26% in 13 years, other major firms have multiplied their worth many times over.
Reliance’s market cap has surged from ₹2.43 lakh crore in July 2012 to ₹18.7 lakh crore, while TCS has jumped from ₹2.42 lakh crore to ₹10.95 lakh crore.
Currently, ONGC ranks 25th among listed Indian companies by market capitalisation. Reliance Industries leads the list, followed by HDFC Bank (₹15.07 lakh crore), Bharti Airtel (₹11.05 lakh crore), and TCS.
Analysts believe the market has not fully recognised the value of ONGC’s diverse portfolio, which includes major holdings in ONGC Videsh, Mangalore Refinery and Petrochemicals Ltd (MRPL), and Hindustan Petroleum Corporation Ltd (HPCL).
ONGC owns 71.63% of MRPL, valued at over ₹18,000 crore, and 54.9% of HPCL, worth about ₹52,770 crore. It also holds minority stakes in Indian Oil Corporation (14.20%), valued at ₹31,000 crore, and GAIL (India) Ltd (5%), worth nearly ₹5,900 crore.
The combined worth of these holdings exceeds ₹1.07 lakh crore—more than one-third of ONGC’s total market value.
Oil Minister Hardeep Singh Puri recently lamented that state-owned oil PSUs are grossly undervalued, citing a persistent “perception bias” that overlooks their profitability and strategic importance. He pointed out that the three major oil marketing companies—IOC, BPCL, and HPCL—collectively earned ₹2.5 lakh crore in profits over six years, while ONGC alone posted a net profit of ₹1.16 lakh crore in the last three financial years and paid a ₹12.25-per-share dividend on a ₹5 share.
By contrast, Eternal (Zomato) reported a net profit of just ₹527 crore in FY25, and rival Swiggy, valued at ₹1.08 lakh crore, posted a loss of ₹3,116.8 crore in the same year.
Market experts say that if investors reassess ONGC’s true asset value and earnings potential, the company’s valuation could see a significant upward revision, restoring confidence in one of India’s most critical energy giants.
