Sector analysis · India

Oil & Gas sector earnings growth, Q1 FY27

The 20 largest Oil, Gas & Consumable Fuels companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.

The top 20 at Q1 FY27

Q1 FY27 vs Q1 FY26: combined net profit ₹40,437 cr (−44%), median EPS −14% (9 of 17 up), market-cap-weighted price −9%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Reliance Industries LimitedRELIANCE	53.7%	19.95 → 15.48	−22%	−8.6 pp	−14%
2	O N G CONGC	9.1%	7.79 → 9.46	+21%	+3.0 pp	−4%
3	Coal IndiaCOALINDIA	8.3%	14.19 → 14.36	+1% one source	+0.2 pp	+12%
4	I O C LIOC	6.0%	4.83 → −1.15	to loss one source	−12.0 pp	−5%
5	B P C LBPCL	4.0%	15.76 → −4.32	to loss one-off	−12.4 pp	−9%
6	GAIL (India) LimitedGAIL	3.5%	3.60 → 7.10	+97%	+3.3 pp	−9%
7	H P C LHINDPETRO	2.6%	19.32 → −57.64	to loss	−23.3 pp	−10%
8	Adani Total Gas LimitedATGL	2.5%	1.50 → 1.29	−14%	0.0 pp	+8%
9	Oil IndiaOIL	2.1%	11.66 → 22.32	+91%	+2.5 pp	−4%
10	Petronet LNG LimitedPETRONET	1.3%	5.61 → 7.58	+35% one source	+0.4 pp	−7%
11	Aegis Logistics LimitedAEGISLOG	1.3%	3.74 → 13.80	+269% one source	+0.5 pp	+51%
12	GUJENERGYGUJENERGY	1.0%	— → 10.65	sources disagree one source	—	−30%
13	M R P LMRPL	0.8%	−1.54 → 5.40	turned profitable one source one-off	+1.7 pp	+4%
14	Aegis Vopak Terminals LimitedAEGISVOPAK	0.8%	— → 0.60	sources disagree one source	—	−4%
15	Indraprastha Gas LimitedIGL	0.7%	3.06 → 1.71	−44% one source	−0.3 pp	−24%
16	Bharat Coking Coal LimitedBHARATCOAL	0.6%	0.38 → −0.15	to loss	−0.3 pp	—
17	Castrol India LimitedCASTROLIND	0.6%	2.47 → 3.52	+43%	+0.1 pp	−17%
18	C P C LCHENNPETRO	0.5%	−2.69 → 69.26	turned profitable	+1.5 pp	+70%
19	VOGLVOGL	0.4%	— → 1.78	sources disagree one-off	—	—
20	Mahanagar Gas LimitedMGL	0.4%	32.83 → 19.61	−40%	−0.2 pp	−21%
	Sector earnings growth	100%			−44.0 pp

Who joined and who left

1 joined and 1 left the top 20 since Q4 FY26, as market caps moved.

Joined the top 20 since Q4 FY26 1

now #19 VOGL VOGL

Left the top 20 since Q4 FY26 1

was #19 Guj.St.Petronet GSPL

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
RELIANCE	+27%	+9%	−2%	−5%	−5%	+7%	+2%	+78%	+10%	+1%	−13%	−22%
ONGC	+65%	−10%	+172%	−30%	−25%	−17%	−28%	−1%	+5%	+16%	+48%	+21%
COALINDIA	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	−20%	−31%	−16%	+13%	+1%
IOC	turned profitable	+1,062%	−50%	−76%	to loss	−77%	+58%	+93%	turned profitable	+514%	+78%	to loss
BPCL	turned profitable	+82%	−30%	−73%	−72%	+20%	−8%	+141%	+170%	+89%	+28%	to loss
GAIL	+88%	+671%	+291%	+77%	+10%	+28%	+1%	−26%	−27%	−57%	−40%	+97%
HINDPETRO	turned profitable	+60%	−25%	−91%	−98%	+257%	+26%	+548%	+2,607%	+58%	+78%	to loss
ATGL	+8%	+18%	+72%	+14%	+8%	−20%	−8%	−4%	−12%	+12%	+9%	−14%
OIL	−78%	+3%	+23%	+32%	+379%	−43%	−39%	+1%	−29%	−11%	+60%	+91%
PETRONET	+9%	+1%	+18%	+35%	+2%	−26%	+43%	−24%	−4%	−3%	+25%	+35%
AEGISLOG	+36%	+4%	+39%	+14%	−1%	−5%	+43%	0%	+43%	+42%	+46%	+269%
GUJENERGY	−27%	−41%	+11%	+53%	+4%	0%	−30%	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
MRPL	turned profitable	turned profitable	−40%	−93%	to loss	−21%	−68%	to loss	turned profitable	+370%	−68%	turned profitable
AEGISVOPAK	outside	outside	outside	outside	outside	outside	outside	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
IGL	+30%	+42%	+9%	−8%	−18%	−31%	+5%	−11%	−15%	+20%	−25%	−44%
BHARATCOAL	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	−58%	to loss
CASTROLIND	+4%	+26%	+7%	+3%	+7%	+12%	+8%	+5%	+10%	−10%	+4%	+43%
CHENNPETRO	+6,942%	+153%	−38%	−36%	to loss	−94%	−25%	to loss	turned profitable	+4,704%	+203%	turned profitable
VOGL	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	sources disagree
MGL	+106%	+84%	−1%	−23%	−16%	−29%	−5%	+14%	−32%	−10%	−48%	−40%