CLSA ON ONGC ; HIGH CONVICTION OUTPERFORM, TARGET PRICE ₹405 (CMP ₹234.80)

• Q2 standalone net profit missed estimates by 5% due to impairment losses and a one-off provision. • EBITDA and core PBT beat estimates by 7% and 4%, respectively. • Declared interim dividend of ₹8/share, implying a 3.5% dividend yield. • KG-98/2 and Daman projects expected to drive production volume growth in FY27–28. • CLSA sees 76% upside potential based on its assumption of Brent crude at $82/barrel in FY28.

OIL AND NATURAL GAS CORP.

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