‘Sell ONGC’ — Here are three reasons why the PSU stock can decline 14% as per Axis Capital

OVL and OPaL, ONGC’s subsidiaries, have an estimated net debt of ₹31,100 crore (10x of EBITDA) and ₹25,200 crore (53x of EBITDA), respectively, for FY26, Axis Capital said. In the case of OPaL, cash flows are insufficient to meet even interest payments