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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies34
  • 7D0.7%
  • 3M9.4%
  • 1Y19.6%
  • YTD19.1%

In the last week, Oil and Gas has been flat. The past year has been better, since the industry has gained 20% in that time. Looking forward, earnings are forecast to grow by 7.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025₹34.2t₹36.7t₹2.3t20.8x15.1x0.9x
Thu, 20 Nov 2025₹33.8t₹36.7t₹2.3t20.2x14.9x0.9x
Sat, 18 Oct 2025₹31.9t₹36.4t₹2.1t20.6x15.2x0.9x
Mon, 15 Sep 2025₹31.0t₹36.4t₹2.1t16.8x14.9x0.9x
Wed, 13 Aug 2025₹30.8t₹36.4t₹2.0t17.3x15.3x0.8x
Fri, 11 Jul 2025₹31.8t₹36.5t₹1.9t18.2x16.8x0.9x
Sun, 08 Jun 2025₹30.5t₹36.5t₹1.9t19.4x16x0.8x
Tue, 06 May 2025₹30.0t₹36.0t₹1.9t16.5x15.6x0.8x
Thu, 03 Apr 2025₹27.4t₹35.8t₹1.9t17x14.4x0.8x
Sat, 01 Mar 2025₹25.4t₹35.8t₹1.9t18.1x13.4x0.7x
Mon, 27 Jan 2025₹26.0t₹31.5t₹1.9t20.5x13.8x0.8x
Wed, 25 Dec 2024₹27.2t₹35.9t₹2.0t20.9x13.7x0.8x
Fri, 22 Nov 2024₹27.2t₹35.9t₹2.0t20.8x13.7x0.8x
Sun, 20 Oct 2024₹32.2t₹36.4t₹2.3t23.1x14x0.9x
Tue, 17 Sep 2024₹34.0t₹36.3t₹2.3t20.4x14.7x0.9x
Thu, 15 Aug 2024₹34.3t₹36.3t₹2.3t16.4x14.8x0.9x
Sat, 13 Jul 2024₹35.8t₹36.0t₹2.6t15.8x13.6x1x
Mon, 10 Jun 2024₹32.7t₹36.0t₹2.6t13.2x12.5x0.9x
Wed, 08 May 2024₹31.7t₹35.5t₹2.6t13.6x12.3x0.9x
Fri, 05 Apr 2024₹31.2t₹35.3t₹2.6t11.8x12.2x0.9x
Sun, 03 Mar 2024₹31.7t₹35.3t₹2.6t12.1x12.4x0.9x
Tue, 30 Jan 2024₹29.7t₹35.3t₹2.5t11.3x11.7x0.8x
Thu, 28 Dec 2023₹26.1t₹35.3t₹2.4t9.4x10.7x0.7x
Sat, 25 Nov 2023₹23.8t₹35.3t₹2.4t9.5x9.8x0.7x
Mon, 23 Oct 2023₹22.7t₹36.2t₹2.0t11.5x11.3x0.6x
Wed, 20 Sep 2023₹23.4t₹36.2t₹2.0t11.1x11.7x0.6x
Fri, 18 Aug 2023₹23.5t₹36.2t₹2.0t11.5x11.7x0.6x
Sun, 16 Jul 2023₹24.8t₹37.5t₹1.6t13.6x15.6x0.7x
Tue, 13 Jun 2023₹22.8t₹37.5t₹1.6t12.9x14.4x0.6x
Thu, 11 May 2023₹22.9t₹36.5t₹1.6t10.6x14.8x0.6x
Sat, 08 Apr 2023₹21.4t₹36.4t₹1.5t10.8x13.8x0.6x
Mon, 06 Mar 2023₹21.7t₹36.4t₹1.5t9.6x14x0.6x
Wed, 01 Feb 2023₹21.5t₹35.2t₹1.6t10.3x13.6x0.6x
Fri, 30 Dec 2022₹22.5t₹34.8t₹1.6t10.7x14.3x0.6x
Price to Earnings Ratio

14.3x


Total Market Cap: ₹22.5tTotal Earnings: ₹1.6tTotal Revenue: ₹34.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Oil and Gas Industry Price to Earnings3Y Average 13.7x202320242025
Current Industry PE
  • Investors are optimistic on the Indian Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 15.1x which is higher than its 3-year average PE of 13.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.78x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have grown 13% 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 Market0.84%
Energy0.67%
Oil and Gas0.66%
Oil and Gas Storage and Transportation0.98%
Oil and Gas Refining and Marketing0.83%
Oil and Gas Exploration and Production0.59%
Coal and Fuels0.21%
Integrated Oil and Gas-0.50%
Industry PE
  • Investors are most optimistic about the Oil and Gas Refining and Marketing industry, which is trading close to its 3-year average PE ratio of 18.9x.
    • Analysts are expecting annual earnings growth of 6.5%, which is lower than the prior year's growth of 26.1% 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 7.1x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Storage and Transportation industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 9.3% per year.
  • In contrast, the Coal and Fuels industry is expected to see its earnings grow by 4.2% 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₹1.57k1.8%
+₹384.3b		28.5%PE25.6x
COALINDIA Coal India₹400.404.9%
+₹124.3b		4.1%PE8.5x
ONGC Oil and Natural Gas₹235.491.4%
+₹41.3b		-1.4%PE8.1x
PETRONET Petronet LNG₹279.405.6%
+₹22.1b		-18.0%PE11.4x
HINDPETRO Hindustan Petroleum₹475.102.1%
+₹20.7b		15.1%PE7.3x

Latest News

ONGC
₹235.49
Oil and Natural Gas
7D
1.4%
1Y
-1.4%

ONGC: Future Cash Flows Will Support Long-Term Shareholder Upside

Analysts have modestly reduced their price target on Oil and Natural Gas to approximately $277 from about $279, reflecting slightly softer long term revenue growth and profit margin assumptions. They also note that the company remains well positioned in key end markets and benefits from ongoing secular demand trends.
PETRONET
₹279.40
Petronet LNG
7D
5.6%
1Y
-18.0%

Improved Earnings Required Before Petronet LNG Limited (NSE:PETRONET) Shares Find Their Feet

Dec 20
Improved Earnings Required Before Petronet LNG Limited (NSE:PETRONET) Shares Find Their Feet
BPCL
₹370.00
Bharat Petroleum
7D
0.5%
1Y
26.7%

BPCL: Richer Earnings Multiple Will Outpace Weakening Long-Term Revenue Outlook

Analysts have raised their price target on Bharat Petroleum from ₹258 to ₹287, citing expectations of slightly higher future profitability, a richer valuation multiple, and a lower perceived risk profile despite more subdued long term revenue growth assumptions. What's in the News BPCL signed three landmark MoUs with Oil India, Numaligarh Refinery and FACT at the 28th Energy Technology Meet 2025 in Hyderabad, strengthening its integrated growth strategy in refining, petrochemicals, green energy and logistics infrastructure (Key Developments).
RELIANCE
₹1,570.70
Reliance Industries
7D
1.8%
1Y
28.5%

RELIANCE: AI Partnership And Diversified Platforms Will Support Future Earnings Resilience

Analysts have nudged their price target on Reliance Industries slightly higher, with fair value rising by about ₹4 per share to roughly ₹1,701. They cite sustained long term growth drivers and improved confidence in the company’s evolving business mix.
HINDPETRO
₹475.10
Hindustan Petroleum
7D
2.1%
1Y
15.1%

Here's Why We Think Hindustan Petroleum (NSE:HINDPETRO) Might Deserve Your Attention Today

Dec 15
Here's Why We Think Hindustan Petroleum (NSE:HINDPETRO) Might Deserve Your Attention Today
AEGISLOG
₹734.45
Aegis Logistics
7D
-0.9%
1Y
-9.7%

AEGISLOG: Unchanged Fair Value And Stake Sale Plans Will Support Bullish Outlook

Narrative Update: Aegis Logistics Analyst Price Target Analysts have maintained their fair value estimate for Aegis Logistics at ₹866.50, reflecting unchanged assumptions on revenue growth, profit margins, and future valuation multiples despite recent market volatility. What's in the News The board has scheduled a meeting for October 29, 2025, to consider the sale of a 51 percent equity stake, comprising 621,146 shares of INR 10 each in Aegis Gas (LPG) Private Limited, to Aegis Vopak Terminal Limited (company filing).
OIL
₹410.25
Oil India
7D
2.1%
1Y
-3.6%

OIL: Future Upside Will Be Driven By Higher Gas Offtake Stability

Narrative Update on Oil India Analysts have modestly trimmed their price target on Oil India to ₹699.50 from ₹713.31, reflecting slightly weaker revenue growth assumptions, partially offset by improved profit margin expectations and a lower projected valuation multiple. What's in the News Board meeting scheduled on 4 December 2025 to consider promotions of senior executives to Executive Director level, signaling upcoming leadership changes and potential organizational strengthening (company filing).
IOC
₹163.27
Indian Oil
7D
-2.7%
1Y
18.1%

IOC: Renewable Expansion And Stable Metrics Will Support Near Term Outlook

Analysts have modestly lifted their price target on Indian Oil to ₹168.68 per share, reflecting slightly higher assumed discount rates and future valuation multiples, while keeping growth and margin expectations broadly unchanged. What's in the News Board meeting scheduled for December 12, 2025 to consider declaration of an interim dividend for financial year 2025-26 (Key Developments).
NEPTUNE
₹217.60
Neptune Petrochemicals
7D
-5.1%
1Y
n/a
500109
₹146.70
Mangalore Refinery and Petrochemicals
7D
-1.3%
1Y
-1.3%

500109: Elevated Throughput And Thin Margins Will Likely Cap Future Upside

Analysts have inched up their price target for Mangalore Refinery and Petrochemicals to ₹129.50, reflecting steady assumptions on revenue growth, profit margins and valuation multiples that support a marginally more constructive outlook on the stock. What's in the News Mangalore Refinery and Petrochemicals reported throughput of 4.43 MMT for the second quarter ended September 30, 2025, signaling continued operational scale despite market volatility (company announcement).
COALINDIA
₹400.40
Coal India
7D
4.9%
1Y
4.1%

Returns On Capital At Coal India (NSE:COALINDIA) Have Stalled

Dec 02
Returns On Capital At Coal India (NSE:COALINDIA) Have Stalled
AEGISVOPAK
₹248.75
Aegis Vopak Terminals
7D
-2.3%
1Y
n/a

Here's Why Aegis Vopak Terminals (NSE:AEGISVOPAK) Can Manage Its Debt Responsibly

Dec 02
Here's Why Aegis Vopak Terminals (NSE:AEGISVOPAK) Can Manage Its Debt Responsibly
GMDCLTD
₹527.90
Gujarat Mineral Development
7D
1.2%
1Y
60.2%
500110
₹861.85
Chennai Petroleum
7D
-5.9%
1Y
44.9%
TRUALT
₹405.15
TruAlt Bioenergy
7D
-4.2%
1Y
n/a
513536
₹88.95
Gujarat Natural Resources
7D
-1.2%
1Y
365.5%