CITI ON ONGC | • Maintain Buy; hike target price to Rs 370 from Rs 315 • Increase our core EV/EBITDA multiple from ~4x to ~4.5x – premium to ONGC’s historical mean • See an improvement in outlook in both oil & gas production as well as realisations • Hike FY26 earnings by 9% driven by $4- Sep 5/bbl increase in our gross & net oil price realisations • Marking-to-market the value of ONGC’s investments #FinancialNews #StockMarket #Investment #Trading CITI ON ONGC | • Maintain Buy; hike target price to Rs 370 from Rs 315 • Increase our core EV/EBITDA multiple from ~4x to ~4.5x – premium to ONGC’s historical mean • See an improvement in outlook in both oil & gas production as well as realisations • Hike FY26 earnings by 9% driven by $4- Sep 5/bbl increase in our gross & net oil price realisations • Marking-to-market the value of ONGC’s investments #FinancialNews #StockMarket #Investment #Trading