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Indian (NIFTY) Oil and Gas Industry Analysis

UpdatedJul 26, 2026
DataAggregated Company Financials
Companies38
  • 7D-2.3%
  • 3M-3.5%
  • 1Y-3.2%
  • YTD-12.3%

Over the last 7 days, the Oil and Gas industry has dropped 2.3%, driven by a pullback from Reliance Industries of 3.7%. On the other hand Aegis Vopak Terminals is actually up 7.9%. However, the industry is down 3.2% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 27 Jul 2026₹30.3t₹40.0t₹2.3t19.2x13.1x0.8x
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
Price to Earnings Ratio

12.6x


Total Market Cap: ₹23.2tTotal Earnings: ₹1.8tTotal Revenue: ₹37.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Oil and Gas Industry Price to Earnings3Y Average 13.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Oil and Gas 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 13.4x.
  • 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 7.9% per year over the last three years.
  • Revenues for these companies have grown 2.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Energy industry?

IN Market-1.36%
Energy-2.28%
Oil and Gas-2.30%
Oil and Gas Storage and Transportation2.50%
Oil and Gas Exploration and Production2.04%
Integrated Oil and Gas0.59%
Coal and Fuels-0.27%
Oil and Gas Refining and Marketing-3.43%
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 13.7x.
    • Analysts are expecting annual earnings growth of 15.2%, 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 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Storage and Transportation industry, expecting annual earnings growth of 15% over the next 5 years.
  • However this is lower than its past earnings growth rate of 27% per year.
  • In contrast, the Coal and Fuels industry is expected to see its earnings grow by 4.9% 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
AEGISVOPAK Aegis Vopak Terminals₹292.647.9%
+₹23.7b		13.9%PE104.4x
OIL Oil India₹449.753.3%
+₹23.4b		3.5%PE11.1x
ONGC Oil and Natural Gas₹248.760.6%
+₹18.5b		3.5%PE7.6x
500620 Great Eastern Shipping₹1.44k6.8%
+₹13.1b		49.5%PE7x
ANTELOPUS Antelopus Selan Energy₹894.459.0%
+₹2.6b		43.5%PE35.1x

Latest News

500110
₹1,214.00
Chennai Petroleum
7D
1.3%
1Y
76.6%
ONGC
₹248.76
Oil and Natural Gas
7D
0.6%
1Y
3.5%
BPCL
₹310.15
Bharat Petroleum
7D
-1.7%
1Y
-6.8%
Narrative Update • Jul 25

BPCL: Mozambique Project Progress Will Support Future Upside Potential

Analysts have lifted their Bharat Petroleum price target from about ₹333 to roughly ₹345, citing updated assumptions for fair value, revenue growth, profit margin and future P/E as key drivers of the revision. What’s in the News for Bharat Petroleum A board meeting is scheduled for May 19, 2026 to consider and approve Bharat Petroleum’s financial results for the quarter and full financial year ended March 31, 2026.
VOGL
₹34.23
Vedanta Oil and Gas
7D
-4.0%
1Y
n/a
HINDPETRO
₹381.10
Hindustan Petroleum
7D
-4.8%
1Y
-9.6%
Narrative Update • Jul 24

HINDPETRO: Weak Revenue Outlook Will Sustain Overstretched Future P E Multiple

Analysts have raised their price target for Hindustan Petroleum from ₹275.00 to ₹290.00, citing updated assumptions around the company’s long term fair value, discount rate, revenue growth outlook, profit margin profile and future P/E expectations. What's in the News Hindustan Petroleum has scheduled a Board Meeting on May 13, 2026, to consider the audited standalone and consolidated financial results for the year ended March 31, 2026, and to review the recommendation of a final equity dividend for the 2025-2026 financial year.
500109
₹169.70
Mangalore Refinery and Petrochemicals
7D
-2.7%
1Y
20.6%
Narrative Update • Jul 24

500109: Pipeline Authorisation Will Face Rich Pricing And Profitability Risk

The analyst price target for Mangalore Refinery and Petrochemicals has been revised from ₹143 to ₹150, with analysts citing adjusted expectations for revenue, profit margins and future P/E as key drivers of the updated view. What's in the News for Mangalore Refinery and Petrochemicals The Petroleum and Natural Gas Regulatory Board granted Mangalore Refinery and Petrochemicals authorization to lay, build, operate or expand an aviation turbine fuel pipeline from Devangonthi to the existing and upcoming fuel farm stations at Kempegowda International Airport, Bengaluru, with an indicated system capacity of 2.5 MMTPA and an execution timeline of 36 months.
500620
₹1,437.40
Great Eastern Shipping
7D
6.8%
1Y
49.5%
COALINDIA
₹427.40
Coal India
7D
-0.06%
1Y
12.2%
GMDCLTD
₹562.55
Gujarat Mineral Development
7D
-3.3%
1Y
29.5%
IOC
₹138.47
Indian Oil
7D
-2.3%
1Y
-5.8%
Narrative Update • Jul 21

IOC: Upcoming Board Decisions And Renewables JV Will Support Future Upside

Analysts have lifted the Indian Oil target price from ₹203.00 to about ₹207.39, reflecting updated assumptions around revenue growth, profit margins, and future P/E expectations. What’s in the News for Indian Oil The board meeting is scheduled for May 18, 2026 to consider standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, and to consider a final dividend for the 2025-26 financial year.
GODAVARIB
₹278.90
Godavari Biorefineries
7D
8.8%
1Y
-11.4%
OIL
₹449.75
Oil India
7D
3.3%
1Y
3.5%
Narrative Update • Jul 21

OIL: Energy Transition Spending Will Limit Upside From New Gas Finds

Analysts have trimmed their fair value estimate for Oil India from about ₹387.44 to ₹373.58, reflecting updated assumptions for slightly weaker revenue growth, a modestly higher profit margin, and a lower forward P/E multiple. What’s in the News for Oil India Oil India has scheduled a board meeting on June 29, 2026 to consider promotions of senior executives to executive director roles and potential changes to the memorandum and articles of association, subject to shareholder approval.
RELIANCE
₹1,278.00
Reliance Industries
7D
-3.7%
1Y
-8.2%
Analysis Article • Jul 21

Results: Reliance Industries Limited Beat Earnings Expectations And Analysts Now Have New Forecasts

Investors in Reliance Industries Limited ( NSE:RELIANCE ) had a good week, as its shares rose 2.0% to close at ₹1,323...
ANTELOPUS
₹894.45
Antelopus Selan Energy
7D
9.0%
1Y
43.5%
AEGISVOPAK
₹292.64
Aegis Vopak Terminals
7D
7.9%
1Y
13.9%
PETRONET
₹274.70
Petronet LNG
7D
0.3%
1Y
-9.0%
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).