ONGC Board Approves Acquisition of Mangalore SEZ Shares from IL&FS for ₹56.11 Crore

The Board of Directors of Oil and Natural Gas Corporation (ONGC) has approved the acquisition of 1,15,20,000 equity shares of Mangalore SEZ Limited (MSEZ) from Infrastructure Leasing & Financial Services Limited (IL&FS) for a total consideration of ₹56.11 crore. This approval is subject to concurrence from the Government of India if required.

The acquisition is being executed under ONGC’s right of first refusal in the joint venture company, further strengthening its stake in MSEZ. The deal, valued at ₹56,11,39,200 (Rupees Fifty-Six Crore Eleven Lakh Thirty-Nine Thousand and Two Hundred only), is expected to enhance ONGC’s strategic presence in the Mangalore Special Economic Zone.

Stock Performance

On January 31, 2025, ONGC share price ended 2.26% higher at ₹262.50. ONGC’s share price reached a 52-week high of ₹344.60 on August 01, 2024, and a 52-week low of ₹277 on June 04, 2025. As per BSE, the total traded volume for the stock stood at 1.77 lakh shares with a turnover of ₹4.60 crore.

At the current price, ONGC shares are trading at a price-to-earnings (P/E) ratio of 8.46x, based on its trailing 12-month earnings per share (EPS) of ₹31.03, and a price-to-book (P/B) ratio of 1.01, according to exchange data.

ONGC Q3 FY25 Results 

State-run ONGC reported a drop in Q3 FY25 consolidated net profit to ₹8,621.69 crore, down from ₹10,703.13 crore in Q3 FY24, due to lower global crude prices. Sequentially, profit declined from ₹10,272 crore in Q2 FY25.

Gross revenue saw a dip to ₹1.66 trillion from ₹1.67 trillion in Q3 FY24. The company realised USD 72.57 per barrel for crude oil, down from USD 81.13 per barrel a year ago.

Despite the profit decline, standalone crude oil production for April–December FY25 rose 1.2% to 13.858 million tonnes, with December 2024 output up 5.4% YoY. Natural gas production also increased 0.3% YoY in Q3 FY25, with December output up 0.9%.

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