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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies35
  • 7D-1.4%
  • 3M-4.0%
  • 1Y-4.4%
  • YTD-11.3%

Over the last 7 days, the Oil and Gas industry has dropped 1.4%, driven by a pullback from Reliance Industries of 1.5%. In contrast, Aegis Logistics has gained 7.1%. The industry has fallen 4.4% 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
Wed, 24 Jun 2026₹30.8t₹38.3t₹2.6t15.6x11.8x0.8x
Fri, 22 May 2026₹31.9t₹38.2t₹2.6t20.3x12.4x0.8x
Sun, 19 Apr 2026₹31.9t₹37.2t₹2.5t19.8x13x0.9x
Tue, 17 Mar 2026₹32.1t₹37.2t₹2.5t17.7x13.1x0.9x
Thu, 12 Feb 2026₹34.1t₹37.3t₹2.5t19.1x13.9x0.9x
Sat, 10 Jan 2026₹32.9t₹36.7t₹2.3t19.3x14.5x0.9x
Mon, 08 Dec 2025₹33.7t₹36.7t₹2.3t21x14.8x0.9x
Wed, 05 Nov 2025₹33.3t₹36.7t₹2.3t20.4x14.7x0.9x
Fri, 03 Oct 2025₹31.2t₹36.4t₹2.1t21.8x14.9x0.9x
Sun, 31 Aug 2025₹30.1t₹36.4t₹2.1t17.5x14.4x0.8x
Tue, 29 Jul 2025₹29.8t₹36.5t₹2.0t18.4x14.9x0.8x
Thu, 26 Jun 2025₹30.8t₹36.5t₹1.9t18.7x16.2x0.8x
Sat, 24 May 2025₹30.1t₹36.5t₹1.9t19.4x15.9x0.8x
Mon, 21 Apr 2025₹27.8t₹35.8t₹1.9t17.4x14.6x0.8x
Wed, 19 Mar 2025₹26.5t₹35.8t₹1.9t16.2x14x0.7x
Fri, 14 Feb 2025₹25.0t₹31.4t₹1.8t18x14.2x0.8x
Sun, 12 Jan 2025₹27.4t₹35.9t₹2.0t20.9x13.8x0.8x
Tue, 10 Dec 2024₹28.7t₹35.9t₹2.0t20.3x14.5x0.8x
Thu, 07 Nov 2024₹29.6t₹36.3t₹2.0t19.8x14.6x0.8x
Sat, 05 Oct 2024₹32.8t₹36.3t₹2.3t18.2x14.1x0.9x
Mon, 02 Sep 2024₹35.7t₹36.3t₹2.3t18.9x15.4x1x
Wed, 31 Jul 2024₹35.5t₹36.3t₹2.5t15.6x14.4x1x
Fri, 28 Jun 2024₹33.7t₹36.0t₹2.6t13.6x12.9x0.9x
Sun, 26 May 2024₹33.6t₹36.0t₹2.6t13.6x12.8x0.9x
Tue, 23 Apr 2024₹31.3t₹35.3t₹2.6t13.2x12.2x0.9x
Thu, 21 Mar 2024₹30.3t₹35.3t₹2.6t11.2x11.9x0.9x
Sat, 17 Feb 2024₹31.9t₹35.3t₹2.6t13.2x12.5x0.9x
Mon, 15 Jan 2024₹27.8t₹35.3t₹2.4t10.1x11.4x0.8x
Wed, 13 Dec 2023₹24.6t₹35.3t₹2.4t9.5x10.1x0.7x
Fri, 10 Nov 2023₹23.1t₹35.5t₹2.4t11.3x9.8x0.7x
Sun, 08 Oct 2023₹22.5t₹36.2t₹2.0t11.3x11.3x0.6x
Tue, 05 Sep 2023₹22.8t₹36.2t₹2.0t10.6x11.4x0.6x
Thu, 03 Aug 2023₹23.2t₹37.0t₹1.8t12.3x12.6x0.6x
Sat, 01 Jul 2023₹23.3t₹37.5t₹1.6t12.8x14.7x0.6x
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 13.5x202420252026
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 11.8x which is lower than its 3-year average PE of 13.5x.
  • 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 Market0.57%
Energy-1.40%
Oil and Gas-1.39%
Oil and Gas Storage and Transportation1.50%
Oil and Gas Exploration and Production-0.99%
Oil and Gas Refining and Marketing-1.53%
Coal and Fuels-1.55%
Integrated Oil and Gas-1.55%
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 13.5x.
    • Analysts are expecting annual earnings growth of 11.5%, 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 Oil and Gas Storage and Transportation industry, expecting annual earnings growth of 12% over the next 5 years.
  • However this is lower than its past earnings growth rate of 27% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings grow by 4.6% 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
HINDPETRO Hindustan Petroleum₹412.902.5%
+₹21.8b		1.2%PE4.9x
AEGISLOG Aegis Logistics₹1.06k5.6%
+₹19.6b		33.5%PE41.5x
500620 Great Eastern Shipping₹1.50k6.6%
+₹13.2b		51.9%PE7.3x
IOC Indian Oil₹146.300.6%
+₹12.1b		3.0%PE4.8x
VOGL Vedanta Oil and Gas₹34.455.7%
+₹7.3b		n/an/a

Latest News

IOC
₹146.30
Indian Oil
7D
0.6%
1Y
3.0%
Narrative Update • Jun 23

IOC: Dividend Outlook And Long-Term Supply Contracts Will Support Future Upside

Analysts have trimmed their price target on Indian Oil to ₹203 from about ₹211, reflecting updated views on fair value, along with modest adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E. What’s in the News for Indian Oil A board meeting of Indian Oil Corporation Limited is scheduled for May 18, 2026, to review standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, source: company filing.
OIL
₹418.05
Oil India
7D
0.2%
1Y
-5.2%
Narrative Update • Jun 23

OIL: Energy Transition Projects Will Temper Benefits From New Gas Discovery

Analysts have nudged their fair value estimate for Oil India slightly higher, from ₹383.56 to ₹387.44, reflecting updated assumptions that include a changed discount rate, lower revenue growth and profit margin expectations, and a higher future P/E multiple. What’s in the News for Oil India Oil India signed a Memorandum of Understanding with the Council of Scientific and Industrial Research on June 15, 2026, to work together on research, technology development and innovation across upstream and downstream oil and gas, enhanced oil recovery, renewable energy, sustainable energy practices and critical minerals.
AEGISLOG
₹1,062.90
Aegis Logistics
7D
5.6%
1Y
33.5%
Narrative Update • Jun 22

AEGISLOG: Higher Margin Assumptions Will Temper Future Returns Despite Dividend Prospects

Analysts have revised their price target for Aegis Logistics from ₹652.00 to ₹706.00, citing updated assumptions for revenue growth, profit margins and future P/E as key drivers of the change. What's in the News for Aegis Logistics Aegis Logistics has recommended a final dividend of INR 6.70 per share on a face value of INR 1, described as 670%, for the financial year ended March 31, 2026, subject to shareholder approval at the 69th Annual General Meeting.
PETRONET
₹287.85
Petronet LNG
7D
-1.4%
1Y
-2.9%
Narrative Update • Jun 18

PETRONET: Board Changes And Dividend Decision Will Guide Steady Share Price

Analysts now set a slightly lower fair value price target of ₹314 for Petronet LNG, trimming it from about ₹315, as they factor in more measured assumptions for revenue growth, profit margins, and the stock's future P/E multiple. What’s in the News for Petronet LNG Board meeting scheduled for May 4, 2026, to consider and approve audited financial results for the quarter and year ended March 31, 2026, and to consider recommending a final dividend for FY 2025-26 on equity shares, subject to shareholder approval in the upcoming AGM (source: company event filing).
RELIANCE
₹1,313.60
Reliance Industries
7D
-1.4%
1Y
-10.5%
Narrative Update • Jun 17

RELIANCE: Green Ammonia Agreement Will Support Future Stock Earnings Visibility

Analysts have nudged their fair value estimate for Reliance Industries slightly higher to about ₹1,699 from roughly ₹1,696, citing updated assumptions for revenue growth, profit margins and future P/E. These changes reflect a more constructive long term earnings outlook, while the discount rate remains unchanged.
ONGC
₹240.00
Oil and Natural Gas
7D
-2.0%
1Y
-0.8%
Narrative Update • Jun 15

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

Narrative Update on Oil and Natural Gas The analyst price target for the oil and natural gas sector has been adjusted slightly lower, with fair value moving by ₹4.0 to ₹308.1, as analysts factor in a marginally lower profit margin outlook and a slightly reduced future P/E of 10.19x, while keeping revenue growth and discount rate assumptions broadly unchanged. Analyst Commentary Recent Street research around cyclical and AI linked sectors offers useful context for how analysts are thinking about valuation, growth and execution risk.
HINDPETRO
₹412.90
Hindustan Petroleum
7D
2.5%
1Y
1.2%
Narrative Update • Jun 12

HINDPETRO: CFO Transition And Upcoming Results Will Shape A Measured Outlook

Analysts have trimmed their price target for Hindustan Petroleum slightly to ₹396 from about ₹399, reflecting small tweaks to their fair value estimate and assumed future P/E multiple, while keeping growth and margin expectations broadly unchanged. What's in the News CFO transition: Shri Rajneesh Narang, Director – Finance and CFO, retired from Hindustan Petroleum on May 31, 2026 and ceased to be Director & CFO from June 1, 2026.
AEGISVOPAK
₹231.65
Aegis Vopak Terminals
7D
-2.7%
1Y
-7.4%
Analysis Article • Jun 12

Analysts Just Shaved Their Aegis Vopak Terminals Limited (NSE:AEGISVOPAK) Forecasts Dramatically

The analysts covering Aegis Vopak Terminals Limited ( NSE:AEGISVOPAK ) delivered a dose of negativity to shareholders...
BPCL
₹315.70
Bharat Petroleum
7D
-0.7%
1Y
-1.2%
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.
500109
₹156.20
Mangalore Refinery and Petrochemicals
7D
-3.1%
1Y
10.6%
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.
500620
₹1,497.25
Great Eastern Shipping
7D
6.6%
1Y
51.9%
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.
ANTELOPUS
₹814.75
Antelopus Selan Energy
7D
4.2%
1Y
n/a
GMDCLTD
₹597.00
Gujarat Mineral Development
7D
-3.8%
1Y
48.0%
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...
542543
₹81.16
Energy Infrastructure Trust
7D
1.5%
1Y
2.7%
COALINDIA
₹441.75
Coal India
7D
-3.1%
1Y
12.8%
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...