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Indian (NIFTY) Oil and Gas Refining and Marketing Industry Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies14
  • 7D-0.5%
  • 3M12.8%
  • 1Y25.6%
  • YTDn/a

The Oil and Gas Refining and Marketing is pretty flat in the last 7 days, but Godavari Biorefineries has stood out, gaining 7.1%. As for the the longer term, the industry is up 26% over the past 12 months. Earnings are forecast to grow by 6.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Dec 2025₹26.3t₹27.9t₹1.5t23.2x18.1x0.9x
Mon, 24 Nov 2025₹26.3t₹27.9t₹1.5t25.2x18.1x0.9x
Wed, 22 Oct 2025₹24.8t₹27.7t₹1.3t22.4x19.3x0.9x
Fri, 19 Sep 2025₹23.8t₹27.5t₹1.3t18.6x19x0.9x
Sun, 17 Aug 2025₹23.1t₹27.5t₹1.3t15.8x18.4x0.8x
Tue, 15 Jul 2025₹23.7t₹27.5t₹1.0t21.1x22.9x0.9x
Thu, 12 Jun 2025₹23.1t₹27.5t₹1.0t26.4x22.3x0.8x
Sat, 10 May 2025₹21.9t₹27.5t₹1.0t21.7x21.1x0.8x
Mon, 07 Apr 2025₹19.4t₹27.4t₹1.0t20.2x19.3x0.7x
Wed, 05 Mar 2025₹18.4t₹27.4t₹1.0t18.5x18.3x0.7x
Fri, 31 Jan 2025₹18.7t₹23.0t₹940.2b22.9x19.9x0.8x
Sun, 29 Dec 2024₹19.9t₹27.4t₹1.0t25.5x19.1x0.7x
Tue, 26 Nov 2024₹20.7t₹27.4t₹1.0t21.6x19.8x0.8x
Thu, 24 Oct 2024₹21.8t₹27.4t₹1.3t20.7x16.8x0.8x
Sat, 21 Sep 2024₹25.2t₹27.4t₹1.3t13.5x18.8x0.9x
Mon, 19 Aug 2024₹25.1t₹27.4t₹1.3t11.6x18.7x0.9x
Wed, 17 Jul 2024₹26.4t₹27.2t₹1.6t11.6x16.4x1x
Fri, 14 Jun 2024₹24.7t₹27.2t₹1.6t10.6x15.4x0.9x
Sun, 12 May 2024₹23.8t₹27.3t₹1.6t11.6x14.8x0.9x
Tue, 09 Apr 2024₹23.7t₹26.9t₹1.7t9.3x13.9x0.9x
Thu, 07 Mar 2024₹24.2t₹26.9t₹1.7t9.4x14.2x0.9x
Sat, 03 Feb 2024₹23.2t₹26.9t₹1.7t7.7x13.6x0.9x
Mon, 01 Jan 2024₹20.1t₹26.9t₹1.6t6.2x12.7x0.7x
Wed, 29 Nov 2023₹18.4t₹26.9t₹1.6t5.6x11.7x0.7x
Fri, 27 Oct 2023₹16.7t₹27.5t₹1.2t15.4x14x0.6x
Sun, 24 Sep 2023₹17.6t₹27.5t₹1.2t13.5x14.8x0.6x
Tue, 22 Aug 2023₹18.9t₹27.5t₹1.2t11.9x15.8x0.7x
Thu, 20 Jul 2023₹20.9t₹28.2t₹778.7b20.4x26.8x0.7x
Sat, 17 Jun 2023₹19.1t₹28.2t₹778.7b18.8x24.5x0.7x
Mon, 15 May 2023₹18.3t₹28.1t₹699.2b18.7x26.1x0.7x
Wed, 12 Apr 2023₹17.1t₹27.6t₹663.2b17.4x25.8x0.6x
Fri, 10 Mar 2023₹17.2t₹27.6t₹663.2b17.6x26x0.6x
Sun, 05 Feb 2023₹17.1t₹27.5t₹672.3b17.6x25.4x0.6x
Tue, 03 Jan 2023₹18.6t₹26.4t₹744.1b9.3x25.1x0.7x
Price to Earnings Ratio

25.1x


Total Market Cap: ₹18.6tTotal Earnings: ₹744.1bTotal Revenue: ₹26.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Oil and Gas Refining and Marketing Industry Price to Earnings3Y Average 18.9x20242025
Current Industry PE
  • Investors are relatively neutral on the Indian Oil and Gas Refining and Marketing 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 18.9x.
  • 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 Refining and Marketing industry have grown 25% 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 Comparison

How does Indian Oil and Gas Refining and Marketing compare with similar industries?

IN Market0.59%
Energy0.041%
Oil and Gas0.033%
Oil and Gas Refining and Marketing-0.49%
Coal and Fuels4.87%
Integrated Oil and Gas0.70%
Oil and Gas Exploration and Production-0.51%
Oil and Gas Storage and Transportation-0.65%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GODAVARIB Godavari Biorefineries₹290.167.1%
+₹981.0m		-9.2%PE73.9x
BPCL Bharat Petroleum₹366.000.01%
+₹216.9m		24.7%PE7.5x

Latest News

HINDPETRO
₹467.70
Hindustan Petroleum
7D
-0.4%
1Y
13.9%

HINDPETRO: Lower Discount Rate Will Not Prevent Weak Earnings Ahead

Analysts have raised their fair value estimate for Hindustan Petroleum from ₹303.46 to ₹328.11, reflecting a lower perceived discount rate and slightly improved long term revenue expectations, while profit margin and valuation multiple assumptions remain largely unchanged. What's in the News Board meeting scheduled for October 29, 2025, to review unaudited financial results for the quarter and half year ended September 30, 2025, and to consider an interim equity dividend for FY 2025-2026 (company filing).
IOC
₹160.30
Indian Oil
7D
-1.4%
1Y
17.7%

IOC: Higher Multiple And Dividend Move Are Expected To Prove Excessive

Analysts have raised their price target on Indian Oil by about 9 dollars per share. They cite a lower perceived risk profile and a greater willingness to pay a higher future earnings multiple, even as they trim assumptions for revenue growth and profit margins.
500109
₹144.90
Mangalore Refinery and Petrochemicals
7D
-2.4%
1Y
-0.3%

500109: Revenue Outlook And Margin Reset Will Shape Fair Future Prospects

Analysts have raised their price target on Mangalore Refinery and Petrochemicals from ₹152 to ₹159, citing expectations of faster revenue growth, a lower discount rate, and a higher future earnings multiple, despite more conservative profit margin assumptions. What's in the News Mangalore Refinery and Petrochemicals reported throughput of 4.43 MMT for the second quarter ended September 30, 2025, reflecting combined crude and other inputs processed during the period (company announcement).
BPCL
₹366.00
Bharat Petroleum
7D
0.01%
1Y
24.7%

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
₹1,559.20
Reliance Industries
7D
-0.4%
1Y
27.7%

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.
GODAVARIB
₹290.16
Godavari Biorefineries
7D
7.1%
1Y
-9.2%

Godavari Biorefineries (NSE:GODAVARIB) Could Be Struggling To Allocate Capital

Dec 16
Godavari Biorefineries (NSE:GODAVARIB) Could Be Struggling To Allocate Capital
500110
₹828.35
Chennai Petroleum
7D
-6.6%
1Y
36.7%
KOTYARK
₹243.25
Kotyark Industries
7D
-5.5%
1Y
-74.6%
544163
₹105.45
Greenhitech Ventures
7D
-5.0%
1Y
-16.3%
TRUALT
₹402.70
TruAlt Bioenergy
7D
-1.0%
1Y
n/a