S&P warns that ONGC's increased investments slow deleveraging, impacting its 'bbb+' credit profile.

S&P warns that ONGC's increased investments will slow its deleveraging over the next 12-24 months, negatively impacting its 'bbb+' standalone credit profile. Despite a decline in domestic oil and gas production volumes and lower realizations in FY2024, EBITDA increased to Rs 1.1 lakh crore. ONGC's EBITDA is forecast to remain at about Rs 1 lakh crore over FY2025-2026, supported by its downstream subsidiaries, MRPL and HPCL.