Buy ONGC, Sell Oil India| Kotak raises FY27 oil price assumption to $90
Oil and Natural Gas moved higher for FY27.
· LiveMint Markets
Kotak Institutional Equities maintains a BUY on ONGC with a revised fair value of ₹355 and a SELL on Oil India at ₹360, citing better production outlook and favorable pricing policies for upstream companies amid global oil market resilience.
Key facts
- Period
- FY27
The analysis
Oil and Natural Gas reported ₹355 and ₹360, for FY27. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -1.3% on the day at ₹219.03, and has returned -11.0% over three months. It sits 27% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -0.3% over the same period, so Oil and Natural Gas is running 10.7 points behind its peers.
For Oil and Natural Gas, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Market context
- The company directly in focus is ONGC.
- Sector exposure: Oil & Energy.
In this story
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