I-Sec maintains Buy on ONGC, lowers target price to Rs 350

ICICI Securities maintains a buy call on ONGC, revising the target price to Rs 350 due to bearish realisation trends. Q4FY25 saw mixed results with revenue growth offset by higher exploration write-offs, impacting net earnings. Despite a slight dip in oil and gas output, management anticipates significant production growth over the next few years.