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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies34
  • 7D-3.1%
  • 3M-7.4%
  • 1Y-6.3%
  • YTD-12.9%

Over the last 7 days, the Oil and Gas industry has dropped 3.1%, driven by a pullback from Reliance Industries of 4.3%. On the other hand Chennai Petroleum is actually up 8.5%. The industry has fallen 6.3% in the last year. As for the next few years, earnings are expected to grow by 5.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Jun 2026₹30.1t₹38.3t₹2.6t18.4x11.6x0.8x
Thu, 07 May 2026₹33.1t₹37.9t₹2.5t19.2x13.5x0.9x
Sat, 04 Apr 2026₹31.2t₹37.2t₹2.5t15.6x12.7x0.8x
Mon, 02 Mar 2026₹33.3t₹37.2t₹2.5t18.3x13.6x0.9x
Wed, 28 Jan 2026₹31.8t₹37.1t₹2.3t17x13.6x0.9x
Fri, 26 Dec 2025₹34.0t₹36.7t₹2.3t20.4x15x0.9x
Sun, 23 Nov 2025₹34.1t₹36.7t₹2.3t18.1x15x0.9x
Tue, 21 Oct 2025₹31.9t₹36.7t₹2.1t20.6x15.1x0.9x
Thu, 18 Sep 2025₹31.5t₹36.4t₹2.1t17.8x15.1x0.9x
Sat, 16 Aug 2025₹30.6t₹36.4t₹2.1t17.6x14.7x0.8x
Mon, 14 Jul 2025₹31.4t₹36.5t₹1.9t18.4x16.5x0.9x
Wed, 11 Jun 2025₹30.6t₹36.5t₹1.9t19.3x16.1x0.8x
Fri, 09 May 2025₹29.4t₹35.9t₹1.9t15.1x15.2x0.8x
Sun, 06 Apr 2025₹26.3t₹35.8t₹1.9t16.9x13.8x0.7x
Tue, 04 Mar 2025₹25.0t₹35.8t₹1.9t18.1x13.2x0.7x
Thu, 30 Jan 2025₹25.7t₹31.5t₹1.9t20.6x13.8x0.8x
Sat, 28 Dec 2024₹27.1t₹35.9t₹2.0t21.3x13.6x0.8x
Mon, 25 Nov 2024₹27.9t₹35.9t₹2.0t19.9x14.1x0.8x
Wed, 23 Oct 2024₹31.3t₹36.4t₹2.3t22x13.6x0.9x
Fri, 20 Sep 2024₹33.5t₹36.3t₹2.3t20.2x14.5x0.9x
Sun, 18 Aug 2024₹34.7t₹36.3t₹2.3t16.4x15x1x
Tue, 16 Jul 2024₹36.1t₹36.0t₹2.6t16.4x13.8x1x
Thu, 13 Jun 2024₹32.8t₹36.0t₹2.6t13.6x12.5x0.9x
Sat, 11 May 2024₹31.7t₹36.5t₹2.5t13.5x12.5x0.9x
Mon, 08 Apr 2024₹31.1t₹35.3t₹2.6t11.9x12.2x0.9x
Wed, 06 Mar 2024₹32.3t₹35.3t₹2.6t12.5x12.6x0.9x
Fri, 02 Feb 2024₹29.5t₹35.3t₹2.6t11.4x11.5x0.8x
Sun, 31 Dec 2023₹26.3t₹35.3t₹2.4t9.6x10.8x0.7x
Tue, 28 Nov 2023₹23.8t₹35.3t₹2.4t9.5x9.8x0.7x
Thu, 26 Oct 2023₹22.2t₹36.2t₹2.0t11.3x11.1x0.6x
Sat, 23 Sep 2023₹22.8t₹36.2t₹2.0t11.6x11.4x0.6x
Mon, 21 Aug 2023₹23.5t₹36.2t₹2.0t10.8x11.8x0.7x
Wed, 19 Jul 2023₹25.3t₹37.5t₹1.6t13.7x15.9x0.7x
Fri, 16 Jun 2023₹23.3t₹37.5t₹1.6t13.1x14.7x0.6x
Price to Earnings Ratio

14.7x


Total Market Cap: ₹23.3tTotal Earnings: ₹1.6tTotal Revenue: ₹37.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Oil and Gas Industry Price to Earnings3Y Average 13.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Oil and Gas industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 11.6x which is lower than its 3-year average PE of 13.6x.
  • The industry is trading close to its 3-year average PS ratio of 0.82x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have grown 18% 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-1.22%
Energy-3.07%
Oil and Gas-3.10%
Integrated Oil and Gas0.13%
Oil and Gas Exploration and Production0.057%
Coal and Fuels-2.08%
Oil and Gas Storage and Transportation-2.18%
Oil and Gas Refining and Marketing-3.90%
Industry PE
  • Investors are most optimistic about the Oil and Gas Storage and Transportation industry, which is trading close to its 3-year average PE ratio of 13.4x.
    • Analysts are expecting annual earnings growth of 7.9%, which is lower than the prior year's growth of 26.6% per year.
  • Investors are most pessimistic about the Integrated Oil and Gas industry, which is trading close to its 3-year average of 7.8x.
Forecasted Growth
  • Analysts are most optimistic on the Integrated Oil and Gas industry, expecting annual earnings growth of 9.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 14% per year.
  • In contrast, the Coal and Fuels industry is expected to see its earnings grow by 4.7% 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
500109 Mangalore Refinery and Petrochemicals₹160.258.9%
+₹22.9b		11.3%PE14.6x
500110 Chennai Petroleum₹1.23k7.5%
+₹12.7b		83.5%PE5.9x
AEGISLOG Aegis Logistics₹782.652.0%
+₹5.4b		-2.3%PE30.6x
TRUALT TruAlt Bioenergy₹531.955.0%
+₹2.2b		n/aPE47.5x
500186 Hindustan Oil Exploration₹183.006.7%
+₹1.5b		5.6%PE22.8x

Latest News

RELIANCE
₹1,269.20
Reliance Industries
7D
-3.5%
1Y
-11.8%
BPCL
₹289.10
Bharat Petroleum
7D
-1.8%
1Y
-9.7%
Narrative Update • Jun 07

BPCL: Green Hydrogen Offtake Will Support Future Upside Potential

Analysts have revised their price target for Bharat Petroleum from ₹530.00 to about ₹454.85, reflecting updated assumptions for revenue growth, profit margin, and a higher future P/E multiple. What's in the News Appointment of Sanjay Khanna as managing director, ending a year-long leadership gap at Bharat Petroleum.
AEGISLOG
₹782.65
Aegis Logistics
7D
2.0%
1Y
-2.3%
Narrative Update • Jun 07

AEGISLOG: Dividend Decision And Consent Outcome Will Shape Balanced Medium Term Outlook

Analysts have kept Aegis Logistics' fair value around ₹841, with only small tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E guiding a modest reset in their overall price target narrative. What's in the News Board meeting scheduled for May 29, 2026, to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a final dividend on equity shares, as well as the reappointment of M/s.
500109
₹160.25
Mangalore Refinery and Petrochemicals
7D
8.9%
1Y
11.3%
Narrative Update • Jun 07

500109: Future Joint Venture Synergies Will Likely Support Margin Upside

Analysts have lifted their price target on Mangalore Refinery and Petrochemicals from ₹162 to ₹215, pointing to updated assumptions for higher revenue growth, stronger profit margins, a lower future P/E and a slightly reduced discount rate. What's in the News Mangalore Refinery and Petrochemicals received a communication from its holding company, Oil and Natural Gas Corporation, that the ONGC board approved forming a joint venture company with a 50:25:25 shareholding split between Oil and Natural Gas Corporation, Mangalore Refinery and Petrochemicals, and ONGC Petro Additions.
IOC
₹138.13
Indian Oil
7D
-0.5%
1Y
-2.9%
New Narrative • Jun 06

INDIAN OIL CORPORATION IS THE TITAN IN TRANSITION

THE FAIR VALUE FIRST CMP: ₹138. FY26 PAT: ₹36,802 crore.
500620
₹1,441.60
Great Eastern Shipping
7D
-5.0%
1Y
46.8%
Narrative Update • Jun 06

500620: High Fleet Utilisation And Vessel Renewal Will Support Future Upside

Analysts have lifted their price target for Great Eastern Shipping from ₹1,667.50 to ₹1,865.00, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple as the key drivers of this revision. What's in the News The board will meet on May 14, 2026 to consider audited standalone and consolidated financial results for the year ended March 31, 2026, a 4th interim dividend of ₹11.70 per share for FY 2025-26, and other business matters.
OIL
₹475.95
Oil India
7D
-1.7%
1Y
8.8%
Narrative Update • Jun 05

OIL: Future Upside Will Be Driven By Green Energy And Pipeline Expansion

Analysts have kept Oil India's fair value estimate steady at ₹641, citing only small tweaks to projected revenue growth, profit margins, and future P/E assumptions that do not materially change their overall view on the stock. What's in the News Oil India held an Analyst/Investor Day, giving the market an opportunity to hear management's latest views on operations, capital allocation, and broader business priorities.
ONGC
₹259.00
Oil and Natural Gas
7D
-2.3%
1Y
5.9%
Narrative Update • Jun 01

ONGC: Future Cash Flows Will Support Dividends As Petrochemical JV Scales

Analysts have adjusted the sector fair value estimate to ₹312.10 from ₹305.27, reflecting updated views on discount rates, more measured revenue growth, slightly lower profit margins, and a higher assumed future P/E, consistent with the broader pattern of raised price targets seen in recent research. Analyst Commentary Oil and natural gas stocks are not the focus of recent Street research excerpts, which are centered on semiconductor companies.
RIIL
₹778.10
Reliance Industrial Infrastructure
7D
4.5%
1Y
-21.0%
TRUALT
₹531.95
TruAlt Bioenergy
7D
5.0%
1Y
n/a
Analysis Article • Jun 01

TruAlt Bioenergy's (NSE:TRUALT) Shareholders Have More To Worry About Than Only Soft Earnings

The subdued market reaction suggests that TruAlt Bioenergy Limited's ( NSE:TRUALT ) recent earnings didn't contain any...
500186
₹183.00
Hindustan Oil Exploration
7D
6.7%
1Y
5.6%
GODAVARIB
₹283.70
Godavari Biorefineries
7D
3.2%
1Y
-3.4%
GMDCLTD
₹627.80
Gujarat Mineral Development
7D
-6.1%
1Y
52.8%
Analysis Article • May 24

Gujarat Mineral Development's (NSE:GMDCLTD) Profits May Not Reveal Underlying Issues

Gujarat Mineral Development Corporation Limited's ( NSE:GMDCLTD ) stock didn't jump after it announced some healthy...
526873
₹47.09
Rajasthan Securities
7D
2.4%
1Y
10.8%
COALINDIA
₹466.90
Coal India
7D
-1.1%
1Y
16.9%
Analysis Article • May 05

Coal India's (NSE:COALINDIA) Problems Go Beyond Weak Profit

The market rallied behind Coal India Limited's ( NSE:COALINDIA ) stock, leading do a rise in the share price after its...
500110
₹1,226.70
Chennai Petroleum
7D
7.5%
1Y
83.5%