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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies36
  • 7D-1.1%
  • 3M-3.7%
  • 1Y-9.7%
  • YTD-12.9%

Over the last 7 days, the Oil and Gas industry has dropped 1.1%, driven by a pullback from Reliance Industries of 1.8%. However, the industry is down 9.7% over the past year. As for the next few years, earnings are expected to grow by 5.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Jul 2026₹30.1t₹38.3t₹2.6t17.9x11.5x0.8x
Sun, 07 Jun 2026₹30.7t₹38.3t₹2.6t19.4x11.8x0.8x
Tue, 05 May 2026₹33.5t₹37.9t₹2.5t20.1x13.7x0.9x
Thu, 02 Apr 2026₹31.6t₹37.2t₹2.5t15.5x12.9x0.8x
Sat, 28 Feb 2026₹33.3t₹37.2t₹2.5t18.3x13.6x0.9x
Mon, 26 Jan 2026₹31.7t₹37.1t₹2.3t16.5x13.6x0.9x
Wed, 24 Dec 2025₹34.3t₹36.7t₹2.3t20.6x15.1x0.9x
Fri, 21 Nov 2025₹34.2t₹36.7t₹2.3t18.4x15x0.9x
Sun, 19 Oct 2025₹31.9t₹36.7t₹2.1t20.6x15.1x0.9x
Tue, 16 Sep 2025₹31.1t₹36.4t₹2.1t17.5x14.9x0.9x
Thu, 14 Aug 2025₹30.9t₹36.4t₹2.0t18.3x15.3x0.8x
Sat, 12 Jul 2025₹31.8t₹36.5t₹1.9t18.2x16.8x0.9x
Mon, 09 Jun 2025₹30.5t₹36.5t₹1.9t19.4x16x0.8x
Wed, 07 May 2025₹29.6t₹36.0t₹1.9t16x15.4x0.8x
Fri, 04 Apr 2025₹27.3t₹35.8t₹1.9t17x14.4x0.8x
Sun, 02 Mar 2025₹25.4t₹35.8t₹1.9t18.1x13.4x0.7x
Tue, 28 Jan 2025₹25.6t₹31.5t₹1.9t20.6x13.6x0.8x
Thu, 26 Dec 2024₹27.2t₹35.9t₹2.0t20.9x13.7x0.8x
Sat, 23 Nov 2024₹27.9t₹35.9t₹2.0t20.6x14.1x0.8x
Mon, 21 Oct 2024₹32.2t₹36.4t₹2.3t23.1x14x0.9x
Wed, 18 Sep 2024₹34.0t₹36.3t₹2.3t18.2x14.7x0.9x
Fri, 16 Aug 2024₹34.3t₹36.3t₹2.3t16.4x14.8x0.9x
Sun, 14 Jul 2024₹35.8t₹36.0t₹2.6t15.8x13.6x1x
Tue, 11 Jun 2024₹32.7t₹36.0t₹2.6t13.2x12.5x0.9x
Thu, 09 May 2024₹32.2t₹35.5t₹2.6t13.8x12.5x0.9x
Sat, 06 Apr 2024₹31.1t₹35.3t₹2.6t11.9x12.2x0.9x
Mon, 04 Mar 2024₹31.8t₹35.3t₹2.6t12.1x12.4x0.9x
Wed, 31 Jan 2024₹29.2t₹35.3t₹2.6t11.4x11.4x0.8x
Fri, 29 Dec 2023₹26.6t₹35.3t₹2.4t9.6x10.9x0.8x
Sun, 26 Nov 2023₹23.8t₹35.3t₹2.4t9.5x9.8x0.7x
Tue, 24 Oct 2023₹22.3t₹36.2t₹2.0t11.3x11.1x0.6x
Thu, 21 Sep 2023₹23.0t₹36.2t₹2.0t11.1x11.5x0.6x
Sat, 19 Aug 2023₹23.5t₹36.2t₹2.0t10.8x11.8x0.7x
Mon, 17 Jul 2023₹24.8t₹37.5t₹1.6t13.6x15.6x0.7x
Price to Earnings Ratio

15.6x


Total Market Cap: ₹24.8tTotal 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 11.5x 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 0.83x.
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-1.12%
Energy-1.13%
Oil and Gas-1.13%
Integrated Oil and Gas5.11%
Oil and Gas Storage and Transportation1.89%
Oil and Gas Exploration and Production0.95%
Coal and Fuels-1.52%
Oil and Gas Refining and Marketing-2.18%
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 13.6x.
    • Analysts are expecting annual earnings growth of 14.2%, 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 14% 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 4.7% 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
ONGC Oil and Natural Gas₹243.653.3%
+₹96.7b		0.2%PE7.4x
AEGISVOPAK Aegis Vopak Terminals₹275.5317.4%
+₹45.2b		5.4%PE98.3x
OIL Oil India₹423.050.7%
+₹4.6b		-3.3%PE10.4x
PETRONET Petronet LNG₹277.150.7%
+₹2.9b		-9.1%PE10.6x
542543 Energy Infrastructure Trust₹78.600.9%
+₹464.8m		n/aPE44.3x

Latest News

AEGISLOG
₹1,264.10
Aegis Logistics
7D
-4.4%
1Y
69.1%
BPCL
₹308.20
Bharat Petroleum
7D
-0.7%
1Y
-12.2%
Narrative Update • Jul 08

BPCL: Lower Margin Outlook Will Drive Weaker Future Earnings Multiple

Analysts have revised their fair value estimate for Bharat Petroleum to ₹236.00 from ₹265.86, reflecting updated assumptions for revenue growth, profit margin, discount rate, and future P/E expectations. What’s in the News for Bharat Petroleum Bharat Petroleum has scheduled a Special and Extraordinary Shareholders Meeting on Jul 5, 2026, via postal ballot in India to seek approval for material related party transactions involving BPRL Ventures Mozambique BV in relation to the Area 1 offshore Mozambique project, the assetco structure, and the debt service undertaking.
IOC
₹138.26
Indian Oil
7D
-2.4%
1Y
-9.2%
Narrative Update • Jul 07

IOC: Renewable Projects And Fuel Supply Agreements Will Support Future Upside

Analysts have adjusted the Indian Oil price target to ₹159.61 from ₹168.68, reflecting updated views on fair value, discount rate, revenue growth and profit margin assumptions, while keeping the future P/E broadly similar. What's in the News for Indian Oil Indian Oil and NLC India signed a Memorandum of Understanding on June 20, 2026, to form a joint venture for large scale renewable energy power projects in Tamil Nadu, including solar, wind, hybrid and storage based solutions, with power aimed at third party, commercial and industrial consumers, discoms, energy exchanges and e mobility, as well as potential use in green synthetic fuels and solar module manufacturing.
OIL
₹423.05
Oil India
7D
0.7%
1Y
-3.3%
Narrative Update • Jul 07

OIL: Energy Transition Projects And New Discoveries Will Support Upside Potential

Analysts have raised their price target on Oil India from ₹493.56 to ₹526.50. The revision reflects updated assumptions that point to a smaller projected revenue decline, a slightly lower profit margin, and a reduced future P/E multiple, balanced against a marginally higher discount rate.
AEGISVOPAK
₹275.53
Aegis Vopak Terminals
7D
17.4%
1Y
5.4%
ONGC
₹243.65
Oil and Natural Gas
7D
3.3%
1Y
0.2%
Narrative Update • Jul 06

ONGC: Updated Forecasts Suggest Future Cash Flows Depend On Margin Discipline

For Oil and Natural Gas, the updated analyst price target has edged lower to about ₹383 from roughly ₹391, as analysts factor in a slightly higher discount rate, a higher assumed revenue growth outlook, a leaner profit margin profile, and a modestly richer future P/E multiple in their models. Analyst Commentary For Oil and Natural Gas, the modest trim in the price target sits against a backdrop of more upbeat commentary in other parts of the market, where bullish analysts have been willing to assign richer valuations when they see clear drivers around execution and growth.
VOGL
₹37.93
Vedanta Oil and Gas
7D
-14.9%
1Y
n/a
GMDCLTD
₹586.10
Gujarat Mineral Development
7D
-3.7%
1Y
51.3%
HINDPETRO
₹392.10
Hindustan Petroleum
7D
-1.9%
1Y
-11.1%
542543
₹78.60
Energy Infrastructure Trust
7D
0.9%
1Y
n/a
PETRONET
₹277.15
Petronet LNG
7D
0.7%
1Y
-9.1%
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
₹1,279.80
Reliance Industries
7D
-1.8%
1Y
-15.6%
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.
RAJPUTANA
₹207.90
Rajputana Biodiesel
7D
2.4%
1Y
-5.9%
NEPTUNE
₹190.00
Neptune Petrochemicals
7D
0.6%
1Y
33.1%
526873
₹58.72
Rajasthan Securities
7D
11.4%
1Y
38.0%
COALINDIA
₹429.90
Coal India
7D
-2.1%
1Y
11.9%
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...