Oil & Natural Gas Corporation Moat Analysis: Score & Risks
Oil & Natural Gas Corporation Ltd.
A first-pass moat teardown of Oil & Natural Gas Corporation Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Network Effects. Provisional, single-pass evidence.
Oil & Natural Gas Corporation Ltd. scores 5.25 on MoatSCORE 6.0 — a narrow moat in Oil & Gas. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“During the year, HPCL crossed a key milestone of 22,000 Retail Outlets with commissioning of 836 Retail outlets during FY'24 taking the total Retail Outlets to 22,022 as of 31 March 2024.”
“gas from the new wells is eligible for a 20% premium over the domestic APM gas price”
“We have got something around 22 development/ infrastructure project with a CapEx outlay of around INR 60,000 crores, and those projects will also contribute to our growth trajectory.”
“New pricing methodology for C2-C3 ex – Uran supply to RIL was signed on November 28, 2017, effective from April 01, 2017 till the validity of contract i.e. March 31, 2020.”
“Raw material consumption costs increased by INR 346 crore QoQ basis due to increase in LNG consumption costs mainly at Dahej C2-C3 plant, which amounted to INR 273 crores.”
“In FY'23 a total of 14 patents were granted to ONGC and 11 new patent applications were filed in various fields.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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