Sector analysis · India

Oil & Gas sector earnings growth, Q3 FY25

The 20 largest Oil, Gas & Consumable Fuels companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.

The top 20 at Q3 FY25

Q3 FY25 vs Q2 FY25: combined net profit ₹52,443 cr (+24%), median EPS −1% (11 of 20 up), market-cap-weighted price −19%. 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	52.9%	12.24 → 13.70	+12%	+4.4 pp	−18%
2	O N G CONGC	9.7%	8.17 → 6.85	−16%	−3.7 pp	−20%
3	Coal IndiaCOALINDIA	7.6%	10.21 → 13.80	+35%	+5.0 pp	−25%
4	I O C LIOC	6.2%	−0.12 → 1.50	turned profitable one-off	+5.1 pp	−24%
5	B P C LBPCL	4.1%	5.29 → 8.77	+66%	+3.4 pp	−21%
6	GAIL (India) LimitedGAIL	4.0%	4.10 → 6.21	+51% one-off	+3.1 pp	−21%
7	H P C LHINDPETRO	2.8%	0.67 → 11.95	+1,684%	+5.4 pp	−7%
8	Adani Total Gas LimitedATGL	2.7%	1.69 → 1.29	−24%	−0.1 pp	−3%
9	Oil IndiaOIL	2.3%	12.40 → 8.23	−34%	−1.5 pp	−26%
10	Petronet LNG LimitedPETRONET	1.7%	5.80 → 6.01	+4%	+0.1 pp	+1%
11	GUJENERGYGUJENERGY	1.1%	4.48 → 3.21	−28%	−0.2 pp	−19%
12	Indraprastha Gas LimitedIGL	0.9%	3.25 → 2.33	−28%	−0.3 pp	−26%
13	Aegis Logistics LimitedAEGISLOG	0.9%	3.59 → 3.54	−1%	0.0 pp	+7%
14	M R P LMRPL	0.8%	−3.98 → 1.76	turned profitable	+2.3 pp	−19%
15	Guj.St.PetronetGSPL	0.7%	4.99 → 4.15	−17%	−0.1 pp	−15%
16	Castrol India LimitedCASTROLIND	0.6%	2.10 → 2.74	+30%	+0.1 pp	−20%
17	Mahanagar Gas LimitedMGL	0.4%	28.63 → 22.82	−20%	−0.1 pp	−34%
18	C P C LCHENNPETRO	0.3%	−42.55 → 1.40	turned profitable	+1.5 pp	−33%
19	Gulf Oil Lubricants India LimitedGULFOILLUB	0.2%	17.15 → 19.91	+16%	0.0 pp	−12%
20	Savita Oil Technologies LimitedSOTL	0.1%	4.64 → 2.21	−52%	0.0 pp	−7%
	Sector earnings growth	100%			+24.3 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY25, as market caps moved.

Joined the top 20 since Q2 FY25 1

now #20 Savita Oil Technologies Limited SOTL

Left the top 20 since Q2 FY25 1

was #20 Veedol Corporation Limited VEEDOL

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, 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
— no data
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	+9%	−1%	+10%	−20%	+9%	+12%	+5%	+39%	−33%	+3%	−9%	+23%
ONGC	−3%	−25%	−2%	−2%	+3%	−16%	−15%	+34%	+10%	−7%	+8%	+10%
COALINDIA	sources disagree	sources disagree	sources disagree	sources disagree	−43%	+35%	+13%	−9%	−50%	+64%	+52%	−18%
IOC	−9%	−31%	−43%	−32%	to loss	turned profitable	+283%	−16%	+15%	+66%	+11%	to loss
BPCL	−23%	−61%	+51%	−41%	−19%	+66%	+15%	+56%	−9%	+16%	−22%	to loss
GAIL	+36%	+31%	−23%	+29%	−15%	+51%	−39%	−5%	−17%	−12%	−15%	+214%
HINDPETRO	−14%	−88%	+280%	−77%	−78%	+1,684%	+34%	+20%	−6%	+4%	+51%	to loss
ATGL	+15%	+3%	−5%	+2%	+8%	−24%	+9%	+6%	−1%	−3%	+6%	−16%
OIL	−70%	+457%	−9%	−12%	+7%	−34%	−2%	+45%	−25%	−16%	+76%	+73%
PETRONET	+4%	+42%	−37%	+45%	−21%	+4%	+21%	−23%	−1%	+5%	+58%	−17%
GUJENERGY	+37%	−25%	+86%	−19%	−7%	−28%	+30%	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
IGL	+6%	−14%	−9%	+11%	−6%	−28%	+39%	−6%	−10%	+1%	−13%	−30%
AEGISLOG	+10%	+2%	+51%	−33%	−4%	−1%	+127%	−53%	+37%	−2%	+132%	+18%
MRPL	+4%	−63%	+190%	−94%	to loss	turned profitable	+20%	to loss	turned profitable	+131%	−92%	+706%
GSPL	+36%	−13%	+20%	−21%	−25%	−17%	−6%	+43%	−17%	−2%	—	outside
CASTROLIND	−14%	+24%	−11%	+7%	−11%	+30%	−14%	+5%	−7%	+7%	−1%	+44%
MGL	−8%	−6%	−16%	+7%	−1%	−20%	+12%	+29%	−40%	+4%	−35%	+47%
CHENNPETRO	+115%	−69%	+72%	−43%	to loss	turned profitable	+2,154%	to loss	turned profitable	+39%	+42%	−27%
GULFOILLUB	+8%	+10%	+6%	+3%	−4%	+16%	−7%	+5%	−10%	−12%	outside	outside
SOTL	outside	outside	outside	outside	outside	−52%	outside	outside	outside	outside	outside	outside