Sector analysis · India
Oil & Gas sector earnings growth, Q2 FY26
The 20 largest Oil, Gas & Consumable Fuels companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹58,249 cr (+38%), median EPS −4% (10 of 18 up), market-cap-weighted price −13%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Reliance Industries Limited | 55.3% | 12.24 → 13.42 | +10% | +3.6 pp | −8% |
| 2 | O N G C | 9.0% | 8.17 → 8.57 | +5% | +1.2 pp | −20% |
| 3 | Coal India | 7.2% | 10.21 → 7.07 | −31% | −4.4 pp | −24% |
| 4 | I O C L | 6.3% | −0.12 → 5.54 | turned profitable | +18.0 pp | −17% |
| 5 | B P C L | 4.4% | 5.29 → 14.27 | +170% | +8.8 pp | −8% |
| 6 | GAIL (India) Limited | 3.5% | 4.10 → 3.00 | −27% | −1.6 pp | −27% |
| 7 | H P C L | 2.8% | 0.67 → 18.14 | +2,607% | +8.4 pp | +1% |
| 8 | Adani Total Gas Limited | 2.1% | 1.69 → 1.49 | −12% | 0.0 pp | −20% |
| 9 | Oil India | 2.0% | 12.40 → 8.78 | −29% | −1.3 pp | −29% |
| 10 | Petronet LNG Limited | 1.3% | 5.80 → 5.54 | −4% | −0.1 pp | −18% |
| 11 | GUJENERGY | 0.9% | — → 4.06 | sources disagree | — | −31% |
| 12 | Indraprastha Gas Limited | 0.9% | 3.25 → 2.76 | −15% | −0.2 pp | −25% |
| 13 | Aegis Vopak Terminals Limited | 0.9% | — → 0.49 | sources disagree | — | — |
| 14 | Aegis Logistics Limited | 0.8% | 3.59 → 5.12 | +43% | +0.1 pp | 0% |
| 15 | M R P L | 0.7% | −3.98 → 3.58 | turned profitable | +3.0 pp | −27% |
| 16 | Castrol India Limited | 0.6% | 2.10 → 2.30 | +10% | 0.0 pp | −19% |
| 17 | Guj.St.Petronet | 0.5% | 4.99 → 4.62 | −7% | 0.0 pp | −27% |
| 18 | Mahanagar Gas Limited | 0.4% | 28.63 → 19.58 | −32% | −0.2 pp | −33% |
| 19 | C P C L | 0.3% | −42.55 → 48.30 | turned profitable | +3.1 pp | −19% |
| 20 | Gulf Oil Lubricants India Limited | 0.2% | 17.15 → 17.67 | +3% | 0.0 pp | −13% |
| Sector earnings growth | 100% | +38.4 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
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 |
| 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% |
| 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% |
| AEGISVOPAK | outside | outside | outside | outside | outside | outside | outside | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| AEGISLOG | +36% | +4% | +39% | +14% | −1% | −5% | +43% | 0% | +43% | +42% | +46% | +269% |
| 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 |
| 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 |
| GULFOILLUB | +41% | +29% | +37% | +28% | +14% | +21% | +7% | +10% | +3% | −21% | outside | outside |