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Indian (NIFTY) Energy Sector Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies49
  • 7D-2.3%
  • 3M-10.8%
  • 1Y8.7%
  • YTD-9.6%

Over the last 7 days, the Energy industry has dropped 2.3%, driven by a pullback from Reliance Industries of 4.4%. In contrast, Oil and Natural Gas has gained 6.3%. In the past year, the industry has gained 8.7%. Looking forward, earnings are forecast to grow by 6.4% annually.

Sector Valuation and Performance

Has the Indian Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026₹31.4t₹37.3t₹2.5t17.6x12.8x0.8x
Sun, 01 Mar 2026₹33.4t₹37.3t₹2.5t18.3x13.6x0.9x
Tue, 27 Jan 2026₹31.8t₹37.2t₹2.3t18.9x13.6x0.9x
Thu, 25 Dec 2025₹34.2t₹36.8t₹2.3t23.8x15x0.9x
Sat, 22 Nov 2025₹34.2t₹36.8t₹2.3t24.7x15x0.9x
Mon, 20 Oct 2025₹32.1t₹36.8t₹2.1t20.7x15.1x0.9x
Wed, 17 Sep 2025₹31.4t₹36.4t₹2.1t20.6x15x0.9x
Fri, 15 Aug 2025₹30.7t₹36.4t₹2.1t19.6x14.9x0.8x
Sun, 13 Jul 2025₹31.5t₹36.5t₹1.9t19.4x16.6x0.9x
Tue, 10 Jun 2025₹30.8t₹36.5t₹1.9t20.5x16.2x0.8x
Thu, 08 May 2025₹29.7t₹36.3t₹1.9t17.8x15.4x0.8x
Sat, 05 Apr 2025₹26.4t₹35.9t₹1.9t19.3x13.9x0.7x
Mon, 03 Mar 2025₹25.5t₹35.9t₹1.9t18.1x13.4x0.7x
Wed, 29 Jan 2025₹25.6t₹31.5t₹1.8t20.2x14.3x0.8x
Fri, 27 Dec 2024₹27.3t₹35.9t₹2.0t21.7x13.7x0.8x
Sun, 24 Nov 2024₹28.1t₹35.9t₹2.0t21.8x14.1x0.8x
Tue, 22 Oct 2024₹32.2t₹36.4t₹2.3t25.5x14x0.9x
Thu, 19 Sep 2024₹33.9t₹36.4t₹2.3t24.1x14.6x0.9x
Sat, 17 Aug 2024₹34.9t₹36.4t₹2.3t22.4x15x1x
Mon, 15 Jul 2024₹35.9t₹36.0t₹2.6t27.5x13.7x1x
Wed, 12 Jun 2024₹32.9t₹36.0t₹2.6t21.5x12.5x0.9x
Fri, 10 May 2024₹31.4t₹35.5t₹2.6t20.7x12.2x0.9x
Sun, 07 Apr 2024₹31.3t₹35.3t₹2.6t17.2x12.2x0.9x
Tue, 05 Mar 2024₹32.4t₹35.3t₹2.6t16.8x12.6x0.9x
Thu, 01 Feb 2024₹29.6t₹35.3t₹2.6t18.6x11.5x0.8x
Sat, 30 Dec 2023₹26.4t₹35.3t₹2.4t14.1x10.8x0.7x
Mon, 27 Nov 2023₹23.9t₹35.3t₹2.4t12.3x9.8x0.7x
Wed, 25 Oct 2023₹22.4t₹36.2t₹2.0t15x11.1x0.6x
Fri, 22 Sep 2023₹23.0t₹36.2t₹2.0t13.8x11.4x0.6x
Sun, 20 Aug 2023₹23.6t₹36.2t₹2.0t12.5x11.7x0.7x
Tue, 18 Jul 2023₹25.2t₹37.6t₹1.6t13.7x15.8x0.7x
Thu, 15 Jun 2023₹23.4t₹37.6t₹1.6t13.1x14.7x0.6x
Sat, 13 May 2023₹22.9t₹36.6t₹1.6t13.4x14.7x0.6x
Mon, 10 Apr 2023₹21.5t₹36.4t₹1.5t12.6x13.9x0.6x
Price to Earnings Ratio

13.9x


Total Market Cap: ₹21.5tTotal Earnings: ₹1.5tTotal Revenue: ₹36.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Energy Sector Price to Earnings3Y Average 13.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Energy industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 13.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.81x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have grown 17% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Indian Energy sector?

IN Market-2.08%
Energy-2.28%
Energy Services2.07%
Oil and Gas-2.30%
Industry PE
  • Investors are most optimistic about the Energy Services industry, which is trading close to its 3-year average PE ratio of 23.6x.
    • Analysts are expecting annual earnings growth of 54.8%, which is higher than its past year's earnings growth of 24.4% per year.
  • Investors are most pessimistic about the Oil and Gas industry, which is trading close to its 3-year average of 13.7x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings growth rate of 24% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 6.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ONGC Oil and Natural Gas₹287.206.3%
+₹213.9b		18.0%PE9.5x
COALINDIA Coal India₹449.351.3%
+₹37.4b		13.2%PE10x
OIL Oil India₹480.151.9%
+₹14.2b		24.4%PE13.4x
PETRONET Petronet LNG₹254.691.9%
+₹7.3b		-14.8%PE10.5x
500110 Chennai Petroleum₹1.03k2.9%
+₹4.3b		69.1%PE7.1x

Latest News

RELIANCE
₹1,350.50
Reliance Industries
7D
-4.4%
1Y
8.2%

RELIANCE: Deepwater Collaboration And Green Ammonia Agreement Will Support Future Earnings Resilience

Analysts made a modest upward revision to their fair value estimate for Reliance Industries, with the price target moving from about ₹1,717 to roughly ₹1,720. This reflects updated assumptions around slightly lower revenue growth, a marginally higher profit margin, and a small adjustment to future P/E expectations.
530355
₹256.65
Asian Energy Services
7D
-3.1%
1Y
-13.5%
BPCL
₹278.15
Bharat Petroleum
7D
-2.2%
1Y
-3.0%

BPCL: Green Hydrogen Progress Will Offset Softer Margins And P/E Expectations

Analysts have lowered their price target on Bharat Petroleum to ₹265.86 from ₹321.31, citing updated assumptions that reflect slightly softer revenue growth, a modestly lower profit margin outlook, and a reduced future P/E multiple. What's in the News NeuEN Green Energy Pvt.
OIL
₹480.15
Oil India
7D
1.9%
1Y
24.4%
PETRONET
₹254.69
Petronet LNG
7D
1.9%
1Y
-14.8%

PETRONET: New ONGC And MGL Agreements Will Support Long Term Upside

Analysts have adjusted their price target on Petronet LNG slightly higher to ₹400, reflecting updated assumptions for revenue growth, profit margins and future P/E, without signaling a major change in their overall view. What's in the News Board meeting scheduled for Mar 18, 2026 to review an exchange-identified non-compliance and the exchange's related actions, alongside other routine business matters (company filing).
500109
₹182.25
Mangalore Refinery and Petrochemicals
7D
-2.1%
1Y
33.2%

500109: Unchanged Dividend And Earnings Assumptions Will Likely Cap Share Price Upside

Analysts have kept their price target for Mangalore Refinery and Petrochemicals steady at ₹162, citing unchanged assumptions on the discount rate, revenue growth, profit margin and future P/E as the basis for reaffirming their view. What's in the News The board meeting is scheduled for March 3, 2026 at 16:00 IST to consider the declaration of an interim dividend for the 2025-26 financial year, along with the appointment of a Secretarial Auditor (Key Developments).
500620
₹1,438.20
Great Eastern Shipping
7D
1.5%
1Y
53.7%

500620: Steady Fleet Expansion And Near Full Utilisation Will Support Balanced Outlook

Analysts have kept their price target for Great Eastern Shipping steady at ₹1,552, reflecting unchanged assumptions on discount rate, revenue growth, profit margin and future P/E, and indicating that the recent review has not altered their assessment of fair value. What's in the News Board meeting on March 16, 2026 to consider recommending the reappointment of Independent Director Mrs.
IOC
₹134.13
Indian Oil
7D
-4.5%
1Y
2.3%

IOC: Lower Assumed Margins And P/E Will Likely Pressure Future Returns

Analysts have trimmed their price target on Indian Oil from about ₹137 to roughly ₹118, citing model updates that include a slightly higher discount rate, a smaller expected revenue decline, modestly lower profit margins, and a lower future P/E assumption. What's in the News Re Sustainability signed an exclusive MoU with Indian Oil to launch a national initiative for collection and recycling of used lubricating oil, targeting annual collection of 100 KTA and establishing a 50 to 100 KTA Group II+ re refined base oil facility, with added recovery of plastic lubricant containers under EPR regulations (Key Developments).
HINDPETRO
₹326.00
Hindustan Petroleum
7D
-5.2%
1Y
-10.1%

HINDPETRO: New Energy Partnerships Will Support A More Confident Upside View

Analysts have trimmed their price target on Hindustan Petroleum from ₹510.90 to ₹495.39, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Thermax and Hindustan Petroleum signed an MoU to work together on HP AEM electrolysers, CO2 capture solutions, bio-pyrolysis oil processing and other new energy areas, with a focus on indigenous, sustainable technologies aligned with India's energy transition and climate goals (Key Developments).
COALINDIA
₹449.35
Coal India
7D
1.3%
1Y
13.2%
500110
₹1,032.00
Chennai Petroleum
7D
2.9%
1Y
69.1%
ONGC
₹287.20
Oil and Natural Gas
7D
6.3%
1Y
18.0%

ONGC: Ethane Logistics And Deepwater Tie Up Will Support Future Cash Flows

Analysts have lifted their average price target for the oil and natural gas name from ₹330 to about ₹363.71, citing modestly higher revenue growth and profit margin assumptions, as well as a slightly lower future P/E, as key drivers of the change. Analyst Commentary Recent Street research on the broader energy and industrial complex signals how quickly sentiment can pivot when analysts see improving execution, clearer growth drivers or a more comfortable valuation.
AEGISLOG
₹589.25
Aegis Logistics
7D
-3.7%
1Y
-27.2%

AEGISLOG: Fair Value View Will Weigh Future Returns Despite Growth Assumptions

Analysts have maintained the Aegis Logistics fair value estimate at ₹652.00. Their updated assumptions include a lower discount rate, higher projected revenue growth, a slightly softer profit margin, and a reduced future P/E multiple to reflect their current view of the risk and earnings profile.
AEGISVOPAK
₹169.64
Aegis Vopak Terminals
7D
-3.2%
1Y
n/a
526807
₹1,491.10
Seamec
7D
5.0%
1Y
45.9%
ANTELOPUS
₹591.00
Antelopus Selan Energy
7D
14.0%
1Y
n/a