Emkay Global Financial has maintained a BUY rating on ONGC, setting a target price of Rs 330, down 8% from previous estimates due to oil price volatility. Q2FY25 results showed a 9% EBITDA beat at Rs 170.3bn, with RPAT exceeding expectations by 31% at Rs 119.8bn, driven by lower expenses and higher other income. Despite a slight decline in crude and gas production, output recovery is anticipated, with new wells contributing positively to future earnings.