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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies34
  • 7D3.2%
  • 3M1.3%
  • 1Y17.3%
  • YTD-2.4%

The Oil and Gas industry is up 3.2% in the last week, with Reliance Industries up 4.0%. This means that the industry has gained 17% over the past year. Earnings are forecast to grow by 5.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026₹33.7t₹37.3t₹2.5t19.7x13.7x0.9x
Tue, 06 Jan 2026₹34.7t₹36.7t₹2.3t20.8x15.3x0.9x
Thu, 04 Dec 2025₹33.7t₹36.7t₹2.3t21.2x14.8x0.9x
Sat, 01 Nov 2025₹33.4t₹36.7t₹2.2t21x15x0.9x
Mon, 29 Sep 2025₹31.0t₹36.4t₹2.1t17.8x14.8x0.9x
Wed, 27 Aug 2025₹30.6t₹36.4t₹2.1t18.5x14.6x0.8x
Fri, 25 Jul 2025₹30.4t₹36.5t₹2.0t19.6x15.1x0.8x
Sun, 22 Jun 2025₹30.8t₹36.5t₹1.9t18.1x16.2x0.8x
Tue, 20 May 2025₹30.4t₹35.9t₹1.9t16.5x15.7x0.8x
Thu, 17 Apr 2025₹27.3t₹35.8t₹1.9t17.3x14.4x0.8x
Sat, 15 Mar 2025₹26.5t₹35.8t₹1.9t16.3x14x0.7x
Mon, 10 Feb 2025₹26.1t₹31.4t₹1.8t20.6x14.8x0.8x
Wed, 08 Jan 2025₹27.7t₹35.9t₹2.0t21.8x13.9x0.8x
Fri, 06 Dec 2024₹30.4t₹35.9t₹2.0t21.1x15.3x0.8x
Sun, 03 Nov 2024₹29.8t₹36.3t₹2.0t19.3x14.8x0.8x
Tue, 01 Oct 2024₹34.5t₹36.3t₹2.3t19.6x14.9x0.9x
Thu, 29 Aug 2024₹35.4t₹36.3t₹2.3t18.8x15.3x1x
Sat, 27 Jul 2024₹35.2t₹36.3t₹2.5t15.6x13.9x1x
Mon, 24 Jun 2024₹32.9t₹36.0t₹2.6t13.6x12.5x0.9x
Wed, 22 May 2024₹32.8t₹36.0t₹2.6t13.6x12.5x0.9x
Fri, 19 Apr 2024₹31.3t₹35.3t₹2.6t12.9x12.2x0.9x
Sun, 17 Mar 2024₹30.0t₹35.3t₹2.6t11.3x11.7x0.9x
Tue, 13 Feb 2024₹30.6t₹35.2t₹2.5t10.5x12x0.9x
Thu, 11 Jan 2024₹26.9t₹35.3t₹2.4t10.1x11.1x0.8x
Sat, 09 Dec 2023₹24.9t₹35.3t₹2.4t9.5x10.3x0.7x
Mon, 06 Nov 2023₹22.9t₹35.6t₹2.3t10.3x9.9x0.6x
Wed, 04 Oct 2023₹22.9t₹36.2t₹2.0t11.6x11.4x0.6x
Fri, 01 Sep 2023₹22.5t₹36.2t₹2.0t10.6x11.3x0.6x
Sun, 30 Jul 2023₹23.4t₹36.9t₹1.8t12.3x12.7x0.6x
Tue, 27 Jun 2023₹22.8t₹37.5t₹1.6t12.6x14.4x0.6x
Thu, 25 May 2023₹22.7t₹37.7t₹1.7t11.9x13.7x0.6x
Sat, 22 Apr 2023₹21.7t₹36.4t₹1.5t10.8x14x0.6x
Mon, 20 Mar 2023₹20.8t₹36.4t₹1.5t10.6x13.4x0.6x
Wed, 15 Feb 2023₹21.5t₹36.2t₹1.5t10.2x14x0.6x
Price to Earnings Ratio

14x


Total Market Cap: ₹21.5tTotal Earnings: ₹1.5tTotal Revenue: ₹36.2tTotal 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 0.79x.
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 Market1.60%
Energy3.18%
Oil and Gas3.19%
Oil and Gas Refining and Marketing4.61%
Integrated Oil and Gas-0.0037%
Oil and Gas Storage and Transportation-0.37%
Coal and Fuels-1.46%
Oil and Gas Exploration and Production-2.27%
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 12.7x.
    • Analysts are expecting annual earnings growth of 14.3%, which is higher than its past year's earnings decline of 7.2% 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 7.3x.
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 7.2% per year.
  • In contrast, the Coal and Fuels industry is expected to see its earnings grow by 3.3% 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₹1.45k4.0%
+₹749.7b		14.5%PE23.6x
IOC Indian Oil₹175.207.3%
+₹164.7b		40.0%PE6.7x
BPCL Bharat Petroleum₹386.356.0%
+₹94.8b		46.2%PE6.8x
HINDPETRO Hindustan Petroleum₹463.158.5%
+₹76.9b		35.2%PE6.4x
500109 Mangalore Refinery and Petrochemicals₹185.054.8%
+₹15.0b		49.1%PE14.9x

Latest News

IOC
₹175.20
Indian Oil
7D
7.3%
1Y
40.0%

Indian Oil Corporation Limited Just Recorded A 64% EPS Beat: Here's What Analysts Are Forecasting Next

Feb 08
Indian Oil Corporation Limited Just Recorded A 64% EPS Beat: Here's What Analysts Are Forecasting Next
PETRONET
₹295.85
Petronet LNG
7D
2.1%
1Y
-6.2%

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

Analysts have made a small downward tweak to their price target on Petronet LNG to ₹397.50 from about ₹397.80, citing refreshed assumptions around discount rate, revenue growth, profit margin and future P/E that leave their overall view broadly unchanged. What's in the News Board meeting scheduled on February 12, 2026 to consider and approve unaudited financial results for the quarter and nine months ended December 31, 2025.
ONGC
₹268.95
Oil and Natural Gas
7D
-0.004%
1Y
8.1%

ONGC: Ethane Logistics Buildout Will Support Future Cash Flow Visibility

For Oil and Natural Gas, the analyst price target stays at $330. The small shifts in discount rate, revenue growth, profit margin and future P/E reflect analysts' updated views after a series of recent price target increases and upgrades across the broader sector.
526873
₹30.69
Rajasthan Securities
7D
-6.4%
1Y
-55.0%
500109
₹185.05
Mangalore Refinery and Petrochemicals
7D
4.8%
1Y
49.1%

500109: Future Margins And Earnings Review Will Likely Expose Overvaluation

Analysts have raised their fair value estimate for Mangalore Refinery and Petrochemicals from ₹159 to ₹162, citing updated assumptions on revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for Jan 14, 2026 to review standalone and consolidated unaudited financial results for the quarter ended Dec 31, 2025 (company filing).
OIL
₹497.25
Oil India
7D
-2.5%
1Y
17.1%

OIL: Higher Revenue Risk And Modest Margin Gains Will Pressure Upside Potential

Analysts have trimmed their fair value estimate for Oil India from ₹305.00 to about ₹302.66 as they factor in a higher projected revenue decline of roughly 16% and a slightly higher forward P/E of around 10.6x, partly offset by an improved profit margin assumption of about 33.8% and a lower discount rate. What's in the News Board meeting scheduled on 10 Feb 2026 to consider and approve financial results for the quarter and nine months ended 31 Dec 2025, which could give investors a clearer read on recent operating trends (company filing).
GMDCLTD
₹600.10
Gujarat Mineral Development
7D
3.9%
1Y
94.6%
AEGISLOG
₹690.75
Aegis Logistics
7D
-5.4%
1Y
-16.5%

AEGISLOG: Upcoming Results Review Will Support Bullish Long Term Outlook

Analysts have nudged their price target for Aegis Logistics slightly lower from ₹866.50 to ₹861.50, reflecting updated assumptions that combine higher revenue growth expectations of about 19.8% with a modestly softer profit margin outlook and a slightly lower future P/E estimate. What's in the News A board meeting is scheduled on January 30, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
BPCL
₹386.35
Bharat Petroleum
7D
6.0%
1Y
46.2%

BPCL: Ramayapatnam Petrochemical Complex Will Drive Long Term Upside Potential

Analysts have reduced their fair value estimate for Bharat Petroleum slightly from ₹522.04 to ₹519.77 per share, reflecting updated assumptions on revenue growth, profit margins and forward P/E levels. What's in the News The Board of Bharat Petroleum Corporation Limited held a meeting on 23 January 2026 to consider 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 (company filing).
RELIANCE
₹1,450.80
Reliance Industries
7D
4.0%
1Y
14.5%

RELIANCE: Earnings Visibility And P E Support Will Underpin Future Resilience

Analysts have inched their fair value estimate for Reliance Industries up from ₹1,714.03 to ₹1,719.70 per share, reflecting refreshed assumptions on revenue growth, profit margins and future P/E multiples in line with their broader earnings outlook work. Analyst Commentary Analysts are treating the small fair value revision for Reliance Industries as a fine tuning exercise rather than a major reset, with views split between confidence in execution and caution around what is already priced in.
HINDPETRO
₹463.15
Hindustan Petroleum
7D
8.5%
1Y
35.2%
AEGISVOPAK
₹217.81
Aegis Vopak Terminals
7D
-4.0%
1Y
n/a
500620
₹1,273.95
Great Eastern Shipping
7D
6.0%
1Y
40.0%
COALINDIA
₹432.80
Coal India
7D
-1.8%
1Y
14.4%
513536
₹99.15
Gujarat Natural Resources
7D
-8.3%
1Y
425.2%
ANTELOPUS
₹548.75
Antelopus Selan Energy
7D
-0.4%
1Y
n/a