Sector analysis · India
Oil & Gas sector earnings growth, Q3 FY26
The 20 largest Oil, Gas & Consumable Fuels companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹67,806 cr (+30%), median EPS +11% (11 of 18 up), market-cap-weighted price +17%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Reliance Industries Limited | 57.9% | 13.70 → 13.78 | +1% | +0.2 pp | +29% |
| 2 | O N G C | 8.2% | 6.85 → 7.96 | +16% | +2.7 pp | 0% |
| 3 | Coal India | 6.7% | 13.80 → 11.61 | −16% | −2.6 pp | +4% |
| 4 | I O C L | 6.4% | 1.50 → 9.21 | +514% | +20.9 pp | +22% |
| 5 | B P C L | 4.5% | 8.77 → 16.57 | +89% | +6.5 pp | +31% |
| 6 | GAIL (India) Limited | 3.1% | 6.21 → 2.65 | −57% | −4.5 pp | −10% |
| 7 | H P C L | 2.9% | 11.95 → 18.85 | +58% | +2.8 pp | +22% |
| 8 | Oil India | 1.9% | 8.23 → 7.35 | −11% | −0.3 pp | −1% |
| 9 | Adani Total Gas Limited | 1.7% | 1.29 → 1.44 | +12% | 0.0 pp | −26% |
| 10 | Petronet LNG Limited | 1.2% | 6.01 → 5.80 | −3% | −0.1 pp | −18% |
| 11 | GUJENERGY | 0.8% | — → 3.88 | sources disagree | — | −17% |
| 12 | Aegis Vopak Terminals Limited | 0.8% | — → 0.56 | sources disagree | — | — |
| 13 | Indraprastha Gas Limited | 0.7% | 2.33 → 2.80 | +20% | +0.1 pp | −6% |
| 14 | M R P L | 0.7% | 1.76 → 8.28 | +370% | +2.2 pp | +2% |
| 15 | Aegis Logistics Limited | 0.7% | 3.54 → 5.04 | +42% | +0.1 pp | −12% |
| 16 | Castrol India Limited | 0.5% | 2.74 → 2.47 | −10% | −0.1 pp | −2% |
| 17 | Guj.St.Petronet | 0.5% | 4.15 → 4.55 | +10% | 0.0 pp | −15% |
| 18 | C P C L | 0.3% | 1.40 → 67.26 | +4,704% | +1.9 pp | +34% |
| 19 | Mahanagar Gas Limited | 0.3% | 22.82 → 20.45 | −10% | 0.0 pp | −12% |
| 20 | Gulf Oil Lubricants India Limited | 0.2% | 19.91 → 15.63 | −21% | 0.0 pp | −1% |
| Sector earnings growth | 100% | +29.9 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 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 |
| OIL | −78% | +3% | +23% | +32% | +379% | −43% | −39% | +1% | −29% | −11% | +60% | +91% |
| ATGL | +8% | +18% | +72% | +14% | +8% | −20% | −8% | −4% | −12% | +12% | +9% | −14% |
| 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 |
| 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% |
| MRPL | turned profitable | turned profitable | −40% | −93% | to loss | −21% | −68% | to loss | turned profitable | +370% | −68% | turned profitable |
| AEGISLOG | +36% | +4% | +39% | +14% | −1% | −5% | +43% | 0% | +43% | +42% | +46% | +269% |
| 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 |
| CHENNPETRO | +6,942% | +153% | −38% | −36% | to loss | −94% | −25% | to loss | turned profitable | +4,704% | +203% | turned profitable |
| MGL | +106% | +84% | −1% | −23% | −16% | −29% | −5% | +14% | −32% | −10% | −48% | −40% |
| GULFOILLUB | +41% | +29% | +37% | +28% | +14% | +21% | +7% | +10% | +3% | −21% | outside | outside |