Sector analysis · India
Oil & Gas sector earnings growth, Q3 FY24
The 20 largest Oil, Gas & Consumable Fuels companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.
The top 20 at Q3 FY24
Q3 FY24 vs Q3 FY23: combined net profit ₹50,188 cr (+40%), median EPS +26% (17 of 19 up), market-cap-weighted price +4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Reliance Industries Limited | 57.8% | 11.67 → 12.76 | +9% | +4.1 pp | +1% |
| 2 | O N G C | 8.5% | 9.13 → 8.23 | −10% | −3.1 pp | +40% |
| 3 | Coal India | 7.7% | — → 14.72 | sources disagree | — | +67% |
| 4 | I O C L | 6.1% | 0.55 → 6.39 | +1,062% | +22.8 pp | +70% |
| 5 | Adani Total Gas Limited | 3.6% | 1.37 → 1.61 | +18% | +0.1 pp | −73% |
| 6 | GAIL (India) Limited | 3.5% | 0.63 → 4.86 | +671% | +7.7 pp | +69% |
| 7 | B P C L | 3.2% | 4.03 → 7.33 | +82% | +4.0 pp | +36% |
| 8 | H P C L | 1.9% | 2.09 → 3.35 | +60% | +0.7 pp | +70% |
| 9 | Oil India | 1.3% | 14.04 → 14.43 | +3% | +0.2 pp | +79% |
| 10 | Petronet LNG Limited | 1.1% | 7.98 → 8.09 | +1% | 0.0 pp | +3% |
| 11 | GUJENERGY | 1.0% | 5.40 → 3.21 | −41% | −0.4 pp | −5% |
| 12 | Indraprastha Gas Limited | 1.0% | 2.39 → 3.40 | +42% | +0.4 pp | +1% |
| 13 | M R P L | 0.8% | −1.11 → 2.24 | turned profitable | +1.6 pp | +137% |
| 14 | Castrol India Limited | 0.6% | 1.95 → 2.45 | +26% | +0.1 pp | +46% |
| 15 | Guj.St.Petronet | 0.6% | 6.37 → 7.00 | +10% | +0.1 pp | +16% |
| 16 | Aegis Logistics Limited | 0.4% | 3.57 → 3.71 | +4% | 0.0 pp | +1% |
| 17 | Mahanagar Gas Limited | 0.4% | 17.42 → 32.11 | +84% | +0.4 pp | +43% |
| 18 | C P C L | 0.3% | 9.68 → 24.53 | +153% | +0.6 pp | +237% |
| 19 | Sindhu Trade Links Limited | 0.1% | −0.06 → 0.60 | turned profitable | +0.3 pp | — |
| 20 | Gulf Oil Lubricants India Limited | 0.1% | 12.78 → 16.45 | +29% | 0.0 pp | +70% |
| Sector earnings growth | 100% | +39.6 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
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.
| 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 |
| ATGL | +8% | +18% | +72% | +14% | +8% | −20% | −8% | −4% | −12% | +12% | +9% | −14% |
| GAIL | +88% | +671% | +291% | +77% | +10% | +28% | +1% | −26% | −27% | −57% | −40% | +97% |
| BPCL | turned profitable | +82% | −30% | −73% | −72% | +20% | −8% | +141% | +170% | +89% | +28% | to loss |
| HINDPETRO | turned profitable | +60% | −25% | −91% | −98% | +257% | +26% | +548% | +2,607% | +58% | +78% | to loss |
| 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% |
| GUJENERGY | −27% | −41% | +11% | +53% | +4% | 0% | −30% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| IGL | +30% | +42% | +9% | −8% | −18% | −31% | +5% | −11% | −15% | +20% | −25% | −44% |
| MRPL | turned profitable | turned profitable | −40% | −93% | to loss | −21% | −68% | to loss | turned profitable | +370% | −68% | turned profitable |
| CASTROLIND | +4% | +26% | +7% | +3% | +7% | +12% | +8% | +5% | +10% | −10% | +4% | +43% |
| GSPL | +4% | +10% | +27% | +12% | −38% | −41% | −54% | −16% | −7% | +10% | — | outside |
| AEGISLOG | +36% | +4% | +39% | +14% | −1% | −5% | +43% | 0% | +43% | +42% | +46% | +269% |
| MGL | +106% | +84% | −1% | −23% | −16% | −29% | −5% | +14% | −32% | −10% | −48% | −40% |
| CHENNPETRO | +6,942% | +153% | −38% | −36% | to loss | −94% | −25% | to loss | turned profitable | +4,704% | +203% | turned profitable |
| SINDHUTRAD | turned profitable | turned profitable | to loss | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| GULFOILLUB | +41% | +29% | +37% | +28% | +14% | +21% | +7% | +10% | +3% | −21% | outside | outside |