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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies34
  • 7D-0.7%
  • 3M-6.1%
  • 1Y10.9%
  • YTD-7.5%

In the last week, the Oil and Gas industry is flat overall, with Indian Oil standing out by going down 5.2%. The past year has been better, since the industry has gained 11% in that time. Looking forward, earnings are forecast to grow by 6.3% annually.

Industry Valuation and Performance

Has the Indian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026₹32.0t₹37.2t₹2.5t15.3x13x0.9x
Sat, 21 Feb 2026₹33.2t₹37.2t₹2.5t18.3x13.5x0.9x
Mon, 19 Jan 2026₹33.0t₹37.0t₹2.3t17.7x14.5x0.9x
Wed, 17 Dec 2025₹33.7t₹36.7t₹2.3t21.5x14.9x0.9x
Fri, 14 Nov 2025₹33.9t₹36.7t₹2.3t20.8x14.9x0.9x
Sun, 12 Oct 2025₹31.5t₹36.4t₹2.1t22x15.1x0.9x
Tue, 09 Sep 2025₹30.7t₹36.4t₹2.1t17.1x14.7x0.8x
Thu, 07 Aug 2025₹29.7t₹36.5t₹2.0t17.3x15x0.8x
Sat, 05 Jul 2025₹32.0t₹36.5t₹1.9t20.2x16.8x0.9x
Mon, 02 Jun 2025₹30.2t₹36.5t₹1.9t18.7x15.9x0.8x
Wed, 30 Apr 2025₹29.4t₹36.1t₹1.9t17.6x15.5x0.8x
Fri, 28 Mar 2025₹27.4t₹35.8t₹1.9t16.9x14.4x0.8x
Sun, 23 Feb 2025₹26.3t₹35.8t₹1.9t20.2x13.9x0.7x
Tue, 21 Jan 2025₹28.4t₹36.0t₹2.0t21.9x14.2x0.8x
Thu, 19 Dec 2024₹27.7t₹35.9t₹2.0t20.2x13.9x0.8x
Sat, 16 Nov 2024₹28.0t₹35.9t₹2.0t18.9x14x0.8x
Mon, 14 Oct 2024₹32.4t₹36.3t₹2.3t16.4x14x0.9x
Wed, 11 Sep 2024₹34.1t₹36.3t₹2.3t18.2x14.7x0.9x
Fri, 09 Aug 2024₹34.3t₹36.3t₹2.3t15.7x14.8x0.9x
Sun, 07 Jul 2024₹35.2t₹36.0t₹2.6t14x13.4x1x
Tue, 04 Jun 2024₹34.2t₹36.0t₹2.6t13.5x13.1x1x
Thu, 02 May 2024₹33.0t₹35.4t₹2.5t13.7x13.2x0.9x
Sat, 30 Mar 2024₹31.3t₹35.3t₹2.6t11.3x12.3x0.9x
Mon, 26 Feb 2024₹31.9t₹35.3t₹2.6t12.2x12.5x0.9x
Wed, 24 Jan 2024₹27.4t₹35.4t₹2.5t11.2x11.2x0.8x
Fri, 22 Dec 2023₹25.8t₹35.3t₹2.4t9.4x10.6x0.7x
Sun, 19 Nov 2023₹23.7t₹35.3t₹2.4t9.5x9.7x0.7x
Tue, 17 Oct 2023₹23.0t₹36.2t₹2.0t11.9x11.5x0.6x
Thu, 14 Sep 2023₹23.4t₹36.2t₹2.0t11x11.7x0.6x
Sat, 12 Aug 2023₹23.6t₹36.3t₹2.0t11.9x11.9x0.6x
Mon, 10 Jul 2023₹24.1t₹37.5t₹1.6t14x15.2x0.6x
Wed, 07 Jun 2023₹22.7t₹37.5t₹1.6t12.2x14.3x0.6x
Fri, 05 May 2023₹22.5t₹36.5t₹1.6t10.6x14.4x0.6x
Sun, 02 Apr 2023₹21.3t₹36.4t₹1.5t10.6x13.8x0.6x
Price to Earnings Ratio

13.8x


Total Market Cap: ₹21.3tTotal Earnings: ₹1.5tTotal Revenue: ₹36.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Oil and Gas Industry Price to Earnings3Y Average 13.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Oil and Gas 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 0.80x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas 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 industry?

IN Market-1.90%
Energy-0.70%
Oil and Gas-0.72%
Integrated Oil and Gas1.96%
Oil and Gas Exploration and Production-0.24%
Oil and Gas Refining and Marketing-0.61%
Coal and Fuels-2.19%
Oil and Gas Storage and Transportation-7.14%
Industry PE
  • Investors are most optimistic about the Oil and Gas Storage and Transportation industry which is trading above its 3-year average PE ratio of 13.0x.
    • Analysts are expecting annual earnings growth of 13.7%, which is higher than its past year's earnings decline of 0.4% per year.
  • Investors are most pessimistic about the Integrated Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.5x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Storage and Transportation industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings decline of 0.4% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings grow by 5.1% 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
RELIANCE Reliance Industries₹1.41k0.4%
+₹67.7b		11.0%PE23x
ONGC Oil and Natural Gas₹270.202.0%
+₹65.4b		12.7%PE8.9x
GMDCLTD Gujarat Mineral Development₹578.653.5%
+₹6.2b		121.9%PE18.6x
TRUALT TruAlt Bioenergy₹411.856.1%
+₹2.0b		n/aPE23.1x
OIL Oil India₹471.400.2%
+₹1.5b		23.8%PE13.2x

Latest News

526873
₹41.72
Rajasthan Securities
7D
19.5%
1Y
-20.2%
500109
₹186.25
Mangalore Refinery and Petrochemicals
7D
-3.0%
1Y
32.1%

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
₹1,416.65
Great Eastern Shipping
7D
-1.8%
1Y
54.9%

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
₹140.52
Indian Oil
7D
-5.2%
1Y
8.9%

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).
RELIANCE
₹1,413.10
Reliance Industries
7D
0.4%
1Y
11.0%
PETRONET
₹249.85
Petronet LNG
7D
-14.3%
1Y
-15.6%
HINDPETRO
₹344.00
Hindustan Petroleum
7D
-1.5%
1Y
-2.2%

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
₹443.70
Coal India
7D
-2.5%
1Y
12.4%
ONGC
₹270.20
Oil and Natural Gas
7D
2.0%
1Y
12.7%

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
₹611.75
Aegis Logistics
7D
0.4%
1Y
-22.2%

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.
OIL
₹471.40
Oil India
7D
0.2%
1Y
23.8%

OIL: Pipeline Expansion And Margin Reset Will Shape A Balanced Outlook

Analysts have trimmed their price target on Oil India from ₹508.39 to ₹493.56, reflecting updated views on discount rate assumptions, revenue trends, profit margins and future price-to-earnings (P/E) expectations. What's in the News Capacity Augmentation Project of the 654 km Numaligarh–Siliguri Product Pipeline was inaugurated by the Prime Minister of India on March 13, 2026.
BPCL
₹284.55
Bharat Petroleum
7D
-6.3%
1Y
4.2%

BPCL: Ramayapatnam Petrochemical Complex Will Drive Long Term Upside Potential

Analysts have nudged their Bharat Petroleum price target higher from about ₹520 to ₹528, reflecting updated views on slightly adjusted revenue growth, profit margin assumptions, and a modestly lower future P/E multiple and discount rate. What's in the News Bharat Petroleum's board met on 23 January 2026 to consider and approve unaudited financial results for the quarter and nine months ended 31 December 2025, and to consider a second interim dividend for the 2025-26 financial year (Key Developments).
GMDCLTD
₹578.65
Gujarat Mineral Development
7D
3.5%
1Y
121.9%
KOTYARK
₹385.70
Kotyark Industries
7D
11.8%
1Y
14.9%

Kotyark Industries (NSE:KOTYARK) Use Of Debt Could Be Considered Risky

Feb 11
Kotyark Industries (NSE:KOTYARK) Use Of Debt Could Be Considered Risky
TRUALT
₹411.85
TruAlt Bioenergy
7D
6.1%
1Y
n/a
AEGISVOPAK
₹175.31
Aegis Vopak Terminals
7D
-7.4%
1Y
n/a