3 Largest Oil Refiner and Marketer, Engineering Consultancy Company and City Gas Distributor Stocks With a Strong Future Roadmap: Indian Oil Corporation, Engineers India and Adani Total Gas
- October 26, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Indian Oil Corporation, Engineers India and Adani Total Gas: ROE of 12.4% to 22.0% and FY22 to FY26 revenue CAGR of 7.4% to 17.8%. Prices as of 23 Oct 2026.
Quick Answer
The three oil refiner, consultancy and city gas stocks to watch are Indian Oil Corporation, Engineers India and Adani Total Gas. Their return on equity ranges from 12.4% to 22.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.4% to 17.8%. Engineers India has the highest return on equity at 22.0%, while Adani Total Gas has the fastest revenue growth at 17.8% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Oil refiner, consultancy and city gas stocks let investors follow companies that serve a growing part of the Indian economy. Indian Oil Corporation, Engineers India and Adani Total Gas cover a largest oil refiner and marketer, an engineering consultancy company and a city gas distributor.
This list covers three oil refiner, consultancy and city gas stocks with complete current figures: Indian Oil Corporation, Engineers India and Adani Total Gas. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
Click Here – Get Free Investment Predictions
What Are Oil Refiner, Consultancy and City Gas Stocks?
Oil refiner, consultancy and city gas stocks are listed energy companies that refine and sell fuels, design energy projects and deliver gas to vehicles and homes. Their earnings depend on fuel demand, project orders and gas volumes.
Oil Refiner, Consultancy and City Gas Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Indian Oil Corporation | 129.09 | 182,164 | 5.1 | 15.2 | 19.2 | 0.60 |
| Engineers India | 242.5 | 15,096 | 19.2 | 22.7 | 22.0 | 0.01 |
| Adani Total Gas | 529.5 | 58,229 | 90.7 | 13.8 | 12.4 | 0.47 |
On valuation, Indian Oil Corporation and Engineers India trade at a P/E below the industry P/E, while Adani Total Gas trades above it, which reflects the growth the market already expects. Readers comparing oil refiner, consultancy and city gas stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Oil Refiner, Consultancy and City Gas Stocks Have a Strong Roadmap in India?
Oil refiner, consultancy and city gas stocks have a strong roadmap in India because fuel demand keeps rising, refinery and gas projects need design partners, and cleaner gas use is spreading in cities.
- Fuel demand. Vehicles and industry keep lifting consumption.
- Project work. Refinery and gas upgrades need engineering partners.
- Cleaner fuel. CNG and piped gas reach more users.
Why Indian Oil Corporation Features Among These Oil Refiner, Consultancy and City Gas Stocks
Among the oil refiner, consultancy and city gas stocks on this list, Indian Oil Corporation is India’s largest oil company, with refineries, a long pipeline network and a vast retail fuel outlet chain, and it also operates in petrochemicals, natural gas and renewable energy.
In the June 2026 quarter, revenue grew 27.0% year on year to Rs 282,379 crore. Revenue rose from Rs 592,418 crore in FY22 to Rs 788,578 crore in FY26, a compound annual growth rate of 7.4%.
Net profit grew from Rs 25,727 crore in FY22 to Rs 43,677 crore in FY26, which works out to a compound annual growth rate of 14.1%. The company has a return on equity of 19.2%, a debt to equity ratio of 0.60 and a market capitalisation of Rs 182,164 crore. The stock trades at a P/E of 5.1, below the industry P/E of 15.2.
Roadmap: The company is expanding refining and petrochemical capacity and investing in cleaner fuels, gas and green energy. Its scale and reach across the fuel supply chain support steady volumes.
What to watch: Follow refining margins, fuel demand and progress on petrochemical and green energy projects.
Why Engineers India Features Among These Oil Refiner, Consultancy and City Gas Stocks
Among the public sector oil company shares on this list, Engineers India is a public sector engineering consultancy and project company that provides design, project management and construction services to oil, gas, petrochemical, fertiliser and infrastructure clients.
The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P/E of 19.2, below the industry P/E of 22.7.
Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%.
Roadmap: The company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.
What to watch: Monitor order inflow from refinery and petrochemical projects and execution of existing mandates.
Why Adani Total Gas Features Among These Oil Refiner, Consultancy and City Gas Stocks
Among the three companies on this list, Adani Total Gas is a city gas distribution company that supplies piped natural gas to homes, industries and commercial users and compressed natural gas to vehicles across many cities, and it also sets up electric vehicle charging points.
Revenue rose from Rs 3,079 crore in FY22 to Rs 5,932 crore in FY26, a compound annual growth rate of 17.8%. Net profit grew from Rs 505 crore in FY22 to Rs 656 crore in FY26, which works out to a compound annual growth rate of 6.8%.
The company has a return on equity of 12.4%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 58,229 crore. The stock trades at a P/E of 90.7, above the industry P/E of 13.8.
Roadmap: The company is extending its pipeline network and CNG station base into the cities it has been awarded, which widens its customer base. Rising use of cleaner fuel in households and vehicles supports volume growth.
What to watch: Track new city additions, CNG volumes and progress in electric vehicle charging.
Indian Oil Corporation vs Engineers India vs Adani Total Gas on Key Financials
The table below sets the three oil refiner, consultancy and city gas stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Indian Oil Corporation | 592,418 | 788,578 | 7.4% | 43,677 | 5.5% |
| Engineers India | 3,043 | 4,123 | 7.9% | 692 | 16.8% |
| Adani Total Gas | 3,079 | 5,932 | 17.8% | 656 | 11.1% |
Engineers India posts the highest return on equity in this group at 22.0%. Indian Oil Corporation has the largest FY26 revenue at Rs 788,578 crore, and Adani Total Gas shows the fastest revenue growth with a 17.8% compound annual rate. A useful habit with oil refiner, consultancy and city gas stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Oil Refiner, Consultancy and City Gas Stocks
Every theme carries risks that deserve a check before any decision. For these oil refiner, consultancy and city gas stocks, the main points are: Long-term public sector oil company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Refining margins. Earnings move with global crude and product prices.
- Policy. Pricing decisions can affect retailers and distributors.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter oil refiner, consultancy and city gas stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Oil Refiner, Consultancy and City Gas Stocks
Oil refiner, consultancy and city gas stocks reward investors who follow demand trends, order books and margins together. Indian Oil Corporation, Engineers India and Adani Total Gas each play a central role in the energy chain. Based on the 23 October 2026 close, Indian Oil Corporation trades at Rs 129.09, Engineers India at Rs 242.5 and Adani Total Gas at Rs 529.5. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these oil refiner, consultancy and city gas stocks to a watchlist.
Download the Univest iOS App or Univest Android App to track oil refiner, consultancy and city gas stocks, set price alerts and get research-backed stock ideas.
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).
What are oil refiner, consultancy and city gas stocks?
Ans. Oil refiner, consultancy and city gas stocks are listed energy companies that refine and sell fuels, design energy projects and deliver gas to vehicles and homes. Their earnings depend on fuel demand, project orders and gas volumes. This list looks at three of them, Indian Oil Corporation, Engineers India and Adani Total Gas, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which oil refiner, consultancy and city gas stocks are covered in this list?
Ans. This list covers Indian Oil Corporation, Engineers India and Adani Total Gas. Based on the 23 October 2026 close, Indian Oil Corporation traded at Rs 129.09, Engineers India at Rs 242.5 and Adani Total Gas at Rs 529.5. Their return on equity ranges from 12.4% to 22.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.4% to 17.8%.
Why do oil refiner, consultancy and city gas stocks have a strong future roadmap in India?
Ans. Oil refiner, consultancy and city gas stocks have a strong roadmap in India because fuel demand keeps rising, refinery and gas projects need design partners, and cleaner gas use is spreading in cities. The main drivers are as follows. Fuel demand. Vehicles and industry keep lifting consumption. Project work. Refinery and gas upgrades need engineering partners. Cleaner fuel. CNG and piped gas reach more users. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Indian Oil Corporation performed financially?
Ans. Revenue rose from Rs 592,418 crore in FY22 to Rs 788,578 crore in FY26, a compound annual growth rate of 7.4%. Net profit grew from Rs 25,727 crore in FY22 to Rs 43,677 crore in FY26, which works out to a compound annual growth rate of 14.1%. In the June 2026 quarter, revenue grew 27.0% year on year to Rs 282,379 crore. The company has a return on equity of 19.2%, a debt to equity ratio of 0.60 and a market capitalisation of Rs 182,164 crore. The stock trades at a P/E of 5.1, below the industry P/E of 15.2. Looking ahead, the company is expanding refining and petrochemical capacity and investing in cleaner fuels, gas and green energy. Its scale and reach across the fuel supply chain support steady volumes.
How has Engineers India performed financially?
Ans. Revenue rose from Rs 3,043 crore in FY22 to Rs 4,123 crore in FY26, a compound annual growth rate of 7.9%. Net profit grew from Rs 343 crore in FY22 to Rs 692 crore in FY26, which works out to a compound annual growth rate of 19.2%. The company has a return on equity of 22.0%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 15,096 crore. The stock trades at a P/E of 19.2, below the industry P/E of 22.7. Looking ahead, the company is involved in refinery expansions and new petrochemical projects and is widening its work in green energy, hydrogen and infrastructure. A debt-free balance sheet and a strong order book give it capacity to take on large mandates.
How has Adani Total Gas performed financially?
Ans. Revenue rose from Rs 3,079 crore in FY22 to Rs 5,932 crore in FY26, a compound annual growth rate of 17.8%. Net profit grew from Rs 505 crore in FY22 to Rs 656 crore in FY26, which works out to a compound annual growth rate of 6.8%. The company has a return on equity of 12.4%, a debt to equity ratio of 0.47 and a market capitalisation of Rs 58,229 crore. The stock trades at a P/E of 90.7, above the industry P/E of 13.8. Looking ahead, the company is extending its pipeline network and CNG station base into the cities it has been awarded, which widens its customer base. Rising use of cleaner fuel in households and vehicles supports volume growth.
What risks should investors check before buying oil refiner, consultancy and city gas stocks?
Ans. Investors should check a few risks before buying oil refiner, consultancy and city gas stocks. Refining margins. Earnings move with global crude and product prices. Policy. Pricing decisions can affect retailers and distributors. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of oil refiner, consultancy and city gas stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
