Top Oil and Gas Stocks Compared: ONGC vs Oil India vs GAIL vs Indian Oil vs BPCL on Price, Valuation, Q2 FY27 Results and Risks
- November 5, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Previous close: ONGC Rs 235.00, Oil India Rs 458.00, GAIL Rs 186.22, Indian Oil Rs 142.03, BPCL Rs 304.70.
Quick Answer
This oil and gas stocks compared snapshot checks five names on price, valuation and Q2 FY27 results: ONGC, Oil India, GAIL, Indian Oil and BPCL. ONGC is the largest by market capitalisation at Rs 2,95,070 crore. Indian Oil reports the highest return on equity at 20.25%. Explorers, a gas pipeline company and fuel marketers earn differently, so read each multiple against its own business.
Oil and gas stocks compared here means ONGC, Oil India, GAIL, Indian Oil and BPCL on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group spans explorers, a gas pipeline company and two fuel marketers, so each figure needs a little context before it can be read fairly.
Three of the five oil and gas companies have filed their September 2026 quarter, so their results below are Q2 FY27. ONGC and Oil India are shown on their June 2026 quarter because their September filings are awaited. Most of these companies are government-owned, so the BSE PSU page along with the Sensex page gives useful backdrop before you read the tables.
Click Here – Get Free Investment Predictions
Oil and Gas Stocks Compared: Explorers, Gas and Fuel Marketers
The oil and gas stocks compared here are ONGC, Oil India, GAIL, Indian Oil and BPCL. ONGC is the largest by market capitalisation at Rs 2,95,070 crore. Previous closes run from Rs 142.03 for Indian Oil to Rs 458.00 for Oil India, which is why a side-by-side look at value rather than price is more useful. This oil and gas stocks compared list is the base for every table that follows.
| Stock | Previous close (Rs) | Market cap (Rs crore) |
|---|---|---|
| ONGC | 235.00 | 2,95,070 |
| Oil India | 458.00 | 74,027 |
| GAIL | 186.22 | 1,22,297 |
| Indian Oil | 142.03 | 2,00,522 |
| BPCL | 304.70 | 1,32,064 |
A quick look at the business behind each ticker puts the numbers in context. ONGC is India’s largest crude oil and natural gas producer, with fields across the country and overseas, while Oil India is a state-run exploration and production company with oil and gas assets led by Assam. GAIL is the country’s largest natural gas transmission and marketing company, with a large pipeline network, and Indian Oil is India’s largest oil refiner and fuel retailer, with pipelines and a vast petrol pump network. To compare oil and gas stocks properly, line up dividend yield, price to book and operating margin before forming a view.
Rounding out the group, BPCL is a state-run refiner and fuel marketer with refineries and a wide retail network. A fair oil and gas stock comparison looks at what each company actually earns from, not only at the share price. Explorers, pipelines and marketers belong in separate mental boxes whenever you compare oil and gas stocks fairly.
Oil and Gas Stocks Valuation: Low Multiples and Dividend Yield
Indian Oil trades at the lowest price to earnings ratio in this group at 4.01. It also reports the highest return on equity at 20.25%. ONGC has the lowest price to book value at 0.79. These oil and gas stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this oil and gas stocks compared table: dividend yield and price to book sit side by side so a high or low reading stands out at once.
| Stock | Price to earnings | Price to book | ROE (%) | Dividend yield (%) | Debt to equity |
|---|---|---|---|---|---|
| ONGC | 6.59 | 0.79 | 11.14 | 3.09 | 0.47 |
| Oil India | 7.77 | 1.28 | 11.41 | 2.53 | 0.65 |
| GAIL | 9.70 | 1.26 | 13.05 | 2.96 | 0.25 |
| Indian Oil | 4.01 | 0.86 | 20.25 | 5.67 | 0.60 |
| BPCL | 8.36 | 1.30 | 15.58 | 5.66 | 0.62 |
Oil and gas stocks often trade at low price to earnings and price to book multiples compared with other sectors, and many pay healthy dividends, so dividend yield deserves a place next to valuation. Explorers earn from crude and gas realisations, while refiners and marketers earn from margins, so the same ratio can mean different things across the group. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple oil and gas stock comparison like this one is only as useful as the context behind it, which is why operating margin is worth checking as well.
In this group, price to earnings runs from 4.01 for Indian Oil to 9.70 for GAIL. Indian Oil offers the highest dividend yield at 5.67%. Industry price to earnings readings differ by sub-sector: ONGC and Oil India at 7.24; GAIL at 12.83; Indian Oil and BPCL at 14.33. The industry price to earnings is a handy anchor, but the explorers and the refiners sit at different readings, so compare each stock with the figure for its own part of the chain. A well-built oil and gas stock comparison also notes that dividend yield carries more weight here than in most sectors. Run the same oil and gas stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare oil and gas stocks, note whether a premium is backed by returns or only by size.
Oil and Gas Stocks Q2 FY27 Results: Revenue and Profit Check
Three of the five oil and gas stocks compared have filed Q2 FY27 numbers. GAIL posted the fastest revenue growth at 32.3% year on year. Indian Oil showed the sharpest rise in net profit at 174.7%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. The others are shown on their latest reported quarter, so read each one for what it is. Treat the Q2 FY27 numbers in this oil and gas stocks compared review as a snapshot of one quarter, not a verdict on any energy company.
| Stock | Q2 FY27 revenue (Rs crore) | Q2 FY26 revenue (Rs crore) | Q2 FY27 net profit (Rs crore) | Q2 FY26 net profit (Rs crore) |
|---|---|---|---|---|
| GAIL | 47,474 | 35,894 | 4,724 | 1,989 |
| Indian Oil | 2,68,713 | 2,07,091 | 22,503 | 8,191 |
| BPCL | 1,58,167 | 1,22,557 |
ONGC Results Snapshot
ONGC has reported only its Q1 FY27 numbers so far, with revenue of Rs 2,07,776 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.
Oil India Results Snapshot
Oil India has reported only its Q1 FY27 numbers so far, with revenue of Rs 13,236 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.
GAIL Results Snapshot
GAIL reported Q2 FY27 revenue of Rs 47,474 crore, compared with Rs 35,894 crore a year earlier, a rise of 32.3%. Net profit rose 137.5% to Rs 4,724 crore from Rs 1,989 crore. Operating margin expanded to 15.7% from 11.2% a year ago. Earnings per share for the quarter rose to Rs 7.18 from Rs 3.00.
Indian Oil Results Snapshot
In the September 2026 quarter, Indian Oil booked revenue of Rs 2,68,713 crore against Rs 2,07,091 crore in the same quarter last year, a rise of 29.8%. Net profit rose 174.7% to Rs 22,503 crore from Rs 8,191 crore. Operating margin expanded to 13.1% from 8.5% a year ago. Earnings per share for the quarter rose to Rs 15.54 from Rs 5.68.
BPCL Results Snapshot
BPCL’s Q2 FY27 top line stood at Rs 1,58,167 crore, versus Rs 1,22,557 crore in Q2 FY26, a rise of 29.1%. Net profit for the quarter was Rs 4,863 crore.
Oil and gas results move with crude prices, refining margins and gas volumes, so revenue and profit can look uneven from one quarter to the next. That is why an oil and gas stock comparison works best when it looks at two or three quarters together. Used this way, an oil and gas stocks compared review becomes a map of the energy chain rather than a price list. When you compare oil and gas stocks after each result season, track how operating margin changes from one quarter to the next. An oil and gas stock comparison built on one quarter of data is a starting point, and the next set of results will update it.
Oil and Gas Stocks Compared Two at a Time: Three Pairings
Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare oil and gas stocks two at a time.
ONGC vs Oil India
ONGC and Oil India are both upstream producers that earn from crude oil and natural gas, which makes them the closest pair in this group. On price to earnings, ONGC carries the lower multiple at 6.59 against 7.77 for Oil India. Oil India reports the higher return on equity, at 11.41% against 11.14% for ONGC. For dividend income, ONGC offers 3.09% against 2.53% at Oil India. Because both are tied to crude and gas realisations, price levels and production volumes will matter more than any single ratio.
Indian Oil vs BPCL
Indian Oil and BPCL are the two fuel marketers on this list, refining crude and selling petrol, diesel and gas through large retail networks. Indian Oil reports the higher return on equity, at 20.25% against 15.58% for BPCL. For dividend income, Indian Oil offers 5.67% against 5.66% at BPCL. In Q2 FY27, Indian Oil grew revenue faster, at 29.8% year on year against 29.1% for BPCL. Their profit depends on refining margins and marketing spreads, so read the latest quarter next to the dividend yield.
GAIL vs ONGC
GAIL and ONGC both touch natural gas, with GAIL moving and selling it and ONGC producing it. ONGC is about 2.4 times the size of GAIL by market capitalisation, at Rs 2,95,070 crore against Rs 1,22,297 crore. On price to earnings, ONGC carries the lower multiple at 6.59 against 9.70 for GAIL. GAIL reports the higher return on equity, at 13.05% against 11.14% for ONGC. One earns from pipeline and marketing volumes and the other from realisations, so read the business model before you read the ratio.
Best Oil and Gas Stocks for Each Type of Investor
Searching for the best oil and gas stocks usually means different things to different readers. The table below shows who leads on each measure today, so you can pick the row that matches your goal. Any oil and gas stocks compared table can mislead if you stop at one row, because each energy company leads on a different measure. Used with care, an oil and gas stock comparison turns scattered ratios into a short list of questions worth asking.
| If you care most about | Start your research with | The number |
|---|---|---|
| Lowest price to earnings | Indian Oil | 4.01 |
| Highest return on equity | Indian Oil | 20.25% |
| Highest dividend yield | Indian Oil | 5.67% |
| Lowest price to book value | ONGC | 0.79 |
| Largest by market capitalisation | ONGC | Rs 2,95,070 crore |
| Fastest Q2 FY27 revenue growth | GAIL | 32.3% |
| Sharpest Q2 FY27 net profit rise | Indian Oil | 174.7% |
No single name tops every row, which is exactly why an oil and gas stock comparison helps. Explorers, a pipeline company and fuel marketers sit in different parts of the chain, so decide which part you want exposure to before you rank the numbers.
What Is Moving the Oil and Gas Sector Right Now?
India imports most of its crude oil and keeps raising its natural gas use, which keeps producers, pipeline operators, refiners and fuel marketers at the centre of the energy story. Rising fuel demand from vehicles, industry and households supports volumes across the chain. Knowing what moves crude prices and refining margins helps you compare oil and gas stocks with the right questions in mind.
Producers like ONGC and Oil India earn more when crude realisations are firm, while refiners and marketers such as Indian Oil and BPCL watch refining margins and marketing spreads. GAIL sits in between, earning from gas transmission and marketing. A good oil and gas stocks compared routine therefore tracks crude realisations, refining margins, gas volumes and dividend payouts. The sector backdrop helps every name here, but an oil and gas stock comparison shows it does not help them equally.
Risks to Weigh When You Compare Oil and Gas Stocks
Oil and gas stocks react to crude oil prices, refining margins, gas prices and government decisions on fuel pricing and subsidies. The five names also sit in different parts of the chain, so they do not always move together. Read each filing for realisations, margins and dividend commentary before you compare them. Every oil and gas stock comparison has blind spots, and for this group the biggest is crude prices and refining margins. A thoughtful oil and gas stocks compared review keeps these risks next to the numbers instead of in a footnote.
Because crude realisations, refining margins, gas volumes and dividend payouts drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this oil and gas stocks compared guide a balanced starting point.
How to Compare Oil and Gas Stocks and Build a Shortlist
Start by deciding whether you want exposure to exploration, gas transmission or fuel marketing, because each responds to different triggers. Explorers reward readers who track crude and gas realisations, while marketers reward those who track refining margins. Done step by step, this oil and gas stocks compared routine becomes repeatable rather than a one-off exercise.
Then check dividend yield and debt, because this sector is often followed for payouts as much as for growth. Spreading your attention across one explorer and one marketer is a simple way to see both sides of the story. Keep the shortlist of best oil and gas stocks short enough that you can actually follow each company’s quarterly results. When you compare oil and gas stocks again after new results, update only the rows that changed instead of starting over.
The Univest stock screener lets you filter oil and gas stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this oil and gas stocks compared page after the next set of results to see which numbers have moved.
Check the Univest Screener for live oil and gas stock data
Download the Univest iOS App or Univest Android App to track these oil and gas stocks live.
Conclusion: Oil and Gas Stocks Compared at a Glance
This oil and gas stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. ONGC leads on size and Indian Oil leads on return on equity, while the others bring their own strengths. Treat the oil and gas stocks Q2 FY27 results and oil and gas stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare oil and gas stocks again next quarter, the same checklist of dividend yield, price to book and operating margin will work.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Oil and Gas Stocks Compared
Which are the top oil and gas stocks compared in this article?
Ans. The oil and gas stocks compared in this article are ONGC, Oil India, GAIL, Indian Oil and BPCL. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, which gives you one tidy table to work from before you read any filing in detail.
Which oil and gas stock has the highest market capitalisation?
Ans. Among the five names, ONGC has the highest market capitalisation at Rs 2,95,070 crore. Indian Oil follows at Rs 2,00,522 crore. Because market capitalisation is simply share price multiplied by shares outstanding, it shifts daily, so confirm the live number before using it.
Which of these oil and gas stocks has the lowest price to earnings ratio?
Ans. On oil and gas stocks valuation, Indian Oil has the lowest price to earnings ratio among these oil and gas stocks at 4.01, based on the latest reported earnings. GAIL sits at the other end at 9.70. A low multiple can reflect slower growth or higher risk as easily as a bargain, so read it next to growth and margins.
Which oil and gas stock has the highest return on equity?
Ans. Indian Oil reports the highest return on equity in this group at 20.25%. The ratio measures profit earned for every rupee of shareholder money, which makes it a quick test of capital efficiency. One year can mislead, so look at several, and remember that borrowing can push the figure up.
How did oil and gas stocks perform in Q2 FY27 results?
Ans. Three of the five names have filed Q2 FY27 numbers in our data. GAIL recorded the fastest revenue growth at 32.3% year on year. Indian Oil showed the sharpest net profit rise at 174.7%. For oil and gas stocks Q2 FY27 results, the others are covered on their latest reported quarter, and each filing on the exchange website carries the full detail.
What are the main risks when you compare oil and gas stocks?
Ans. Oil and gas stocks react to crude oil prices, refining margins, gas prices and government decisions on fuel pricing and subsidies. The five names also sit in different parts of the chain, so they do not always move together. Read each filing for realisations, margins and dividend commentary before you compare them. Keep an eye on crude realisations, refining margins, gas volumes and dividend payouts.
Which metrics matter most when you compare oil and gas stocks?
Ans. Price to earnings, price to book and dividend yield matter most, since these companies often trade at modest multiples and pay regular dividends. For producers, realisations and production volumes drive profit, while for marketers it is refining margin and marketing spread. Read each company’s filing for these along with the numbers in this article.
Which is the best oil and gas stock to buy among these five?
Ans. The best oil and gas stock depends on whether you value income, scale or exposure to a specific part of the chain, because the five names differ on all three. On the numbers in this article, ONGC has the largest market capitalisation; Indian Oil has the lowest price to earnings, the highest return on equity and the highest dividend yield. Each name wins on a different row, and this is educational content rather than advice. Build a shortlist from the tables, read the latest filings, and talk to a SEBI-registered advisor, because your own goals and risk appetite decide the right fit.
