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Oil & Gas

India imports 85% of its crude oil — the oil & gas sector is strategically critical and politically sensitive. Upstream producers (ONGC) benefit from high crude prices; downstream refiners (BPCL, HPCL, IOCL) suffer when retail fuel prices are capped below cost during elections. City gas distribution (IGL, MGL, Adani Total Gas) is a regulated growth business benefiting from CNG adoption in vehicles and piped gas in homes.

Companies
17
Total Market Cap
₹29.04 L Cr
Median P/E
14.1
Median ROE
14.2%
Median Div Yld
3.71%
Top Company
Reliance Industries Limited
Best 30D Performer
Adani Total Gas Limited
+12.8%
Worst 30D Performer
Reliance Industries Limited
-13.7%

Key Investment Themes

  • India's energy demand growing 5–7% annually — structural tailwind
  • City gas distribution: CNG adoption and PNG penetration in cities
  • LNG import infrastructure expansion (Petronet LNG, Shell)
  • Upstream E&P investment to reduce import dependence
  • Refinery capacity expansion to meet growing fuel demand

Key Risks to Watch

  • Crude price volatility affecting upstream profits and downstream margins
  • Government price caps on petrol/diesel squeezing OMC margins during elections
  • EV transition reducing long-term demand for petrol/diesel
  • Geopolitical risks disrupting crude supply (Middle East conflicts)

Industry breakdown

Diversified1 cos · ₹17.10 L Cr · 58.9%
Oil Gas & Consumable Fuels12 cos · ₹4.37 L Cr · 15.0%
Upstream1 cos · ₹3.33 L Cr · 11.5%
Oil Marketing2 cos · ₹3.13 L Cr · 10.8%
Gas Transmission1 cos · ₹1.11 L Cr · 3.8%

Top companies in Oil & Gas

17 companies
#Company30DMarket capP/EROE %Rev YoYProfit YoY
1Reliance Industries Limited
RELIANCE · Diversified
₹17.10 L Cr21.69.1%-2.2%+24.4%
2Oil & Natural Gas Corporation Limited
ONGC · Upstream
₹3.33 L Cr8.012.7%-1.0%-7.6%
3Indian Oil Corporation Limited
IOC · Oil Marketing
₹1.91 L Cr4.521.0%+3.7%+183.9%
4Bharat Petroleum Corporation Limited
BPCL · Oil Marketing
₹1.22 L Cr4.928.5%+3.4%+75.5%
5GAIL (India) Limited
GAIL · Gas Transmission
₹1.11 L Cr14.58.7%+1.0%-38.4%
6Adani Total Gas Limited
ATGL · Oil Gas & Consumable Fuels
₹80,748 Cr128.114.5%+17.6%-1.7%
7Hindustan Petroleum Corporation Limited
HINDPETRO · Oil Gas & Consumable Fuels
₹79,315 Cr4.530.9%+1.8%+133.2%
8Oil India Limited
OIL · Oil Gas & Consumable Fuels
₹78,240 Cr11.912.7%+4.0%-27.1%
9Petronet LNG Limited
PETRONET · Oil Gas & Consumable Fuels
₹40,103 Cr10.318.6%
10Mangalore Refinery and Petrochemicals Limited
MRPL · Oil Gas & Consumable Fuels
₹26,561 Cr14.114.2%
11Aegis Logistics Limited
AEGISLOG · Oil Gas & Consumable Fuels
₹26,520 Cr30.115.3%
12Indraprastha Gas Limited
IGL · Oil Gas & Consumable Fuels
₹22,907 Cr14.813.9%
13Aegis Vopak Terminals Limited
AEGISVOPAK · Oil Gas & Consumable Fuels
₹20,416 Cr66.710.8%
14Castrol India Limited
CASTROLIND · Oil Gas & Consumable Fuels
₹18,107 Cr18.9
15Chennai Petroleum Corporation Limited
CHENNPETRO · Oil Gas & Consumable Fuels
₹17,740 Cr5.732.1%
16Gujarat State Petronet Limited
GSPL · Oil Gas & Consumable Fuels
₹15,629 Cr14.8
17Mahanagar Gas Limited
MGL · Oil Gas & Consumable Fuels
₹10,566 Cr12.813.6%

P/E, ROE, YoY growth shown when available. YoY growth requires 2+ years of annual financials (top 200 companies refreshed weekly).