Top Upstream Oil and Gas Stocks Compared: ONGC vs Oil India vs Hindustan Oil Exploration vs Selan Exploration vs Deep Industries on Price, Valuation, Q2 FY27 Results and Risks

Previous close: ONGC Rs 224.50, Oil India Rs 440.00, Hindustan Oil Exploration Rs 188.79, Selan Exploration Rs 843.65, Deep Industries Rs 661.75.

Upstream oil and gas stocks compared here means ONGC, Oil India, Hindustan Oil Exploration, Selan Exploration and Deep Industries on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes India’s largest producer, a second state-run producer, a private explorer, a smaller producer and an oilfield services firm, so each name earns from a different part of the oil and gas chain, which is exactly why a side-by-side look helps.

ONGC, Oil India, Hindustan Oil Exploration and Deep Industries have filed their September 2026 quarter, so their results below are Q2 FY27. Selan Exploration is tracked on price and valuation. Upstream names follow crude and gas prices, output volumes and policy decisions, so a glance at the BSE PSU page and the Sensex page before you read the tables gives useful backdrop.

Click Here – Get Free Investment Predictions

Upstream Oil and Gas Stocks Compared: Producers and Service Firms

The upstream oil and gas stocks compared here are ONGC, Oil India, Hindustan Oil Exploration, Selan Exploration and Deep Industries. ONGC is the largest by market capitalisation at Rs 2,82,742 crore. Previous closes run from Rs 188.79 for Hindustan Oil Exploration to Rs 843.65 for Selan Exploration, which is why a side-by-side look at value rather than price is more useful. This upstream oil and gas stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
ONGC	224.50	2,82,742
Oil India	440.00	71,652
Hindustan Oil Exploration	188.79	2,502
Selan Exploration	843.65	2,982
Deep Industries	661.75	4,233

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, while Oil India explores for and produces crude oil and natural gas, mostly in the north east. Hindustan Oil Exploration explores for and produces oil and gas from fields in India, and Selan Exploration produces oil and gas from fields in India. To compare upstream oil and gas stocks properly, line up dividend yield, price to earnings and return on equity before forming a view.

Rounding out the group, Deep Industries offers gas compression, drilling and related services to oil and gas producers. A fair upstream oil and gas stock comparison looks at what each company actually earns from, not only at the share price. Large producers, smaller producers and service firms belong in separate mental boxes whenever you compare upstream oil and gas stocks fairly.

Upstream Oil and Gas Stocks Valuation: Multiples, Returns and Payouts

ONGC trades at the lowest price to earnings ratio in this group at 5.58. Selan Exploration reports the highest return on equity at 23.21%. ONGC has the lowest price to book value at 0.71. These upstream oil and gas stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this upstream oil and gas stocks compared table: dividend yield and price to earnings 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	5.58	0.71	12.35	3.23	0.46
Oil India	7.52	1.24	11.41	2.61	0.65
Hindustan Oil Exploration	60.84	1.77	2.92		0.15
Selan Exploration	16.74	3.88	23.21		0.01
Deep Industries	18.05	1.97	19.72	0.38	0.11

Upstream producers are valued on price to earnings and price to book, while dividend yield shows how much each pays back. Large state-run producers often pay generous dividends, which adds to their appeal for income seekers. 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 upstream oil and gas stock comparison like this one is only as useful as the context behind it, which is why return on equity is worth checking as well.

In this group, price to earnings runs from 5.58 for ONGC to 60.84 for Hindustan Oil Exploration. ONGC offers the highest dividend yield at 3.23%. Industry price to earnings readings differ by sub-sector: ONGC, Oil India, Hindustan Oil Exploration and Deep Industries at 6.58; Selan Exploration at 7.05. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built upstream oil and gas stock comparison also notes that crude prices, output and dividends can move results between quarters. Run the same upstream oil and gas stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare upstream oil and gas stocks, note whether a premium is backed by returns or only by size.

Upstream Oil and Gas Stocks Q2 FY27 Results: Revenue and Profit Check

Four of the five upstream oil and gas stocks compared have filed Q2 FY27 numbers. Deep Industries posted the fastest revenue growth at 29.2% year on year. Hindustan Oil Exploration showed the sharpest rise in net profit at 566.4%. 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 upstream oil and gas stocks compared review as a snapshot of one quarter, not a verdict on any oil and gas company.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
ONGC	2,01,458	1,61,113	18,535	12,615
Oil India	12,304	9,693	2,521	1,644
Hindustan Oil Exploration	129.4	317.4	18.9	2.8
Deep Industries	313.0	242.3	81.2	71.2

ONGC Results Snapshot

ONGC’s Q2 FY27 top line stood at Rs 2,01,458 crore, versus Rs 1,61,113 crore in Q2 FY26, a rise of 25.0%. Net profit rose 46.9% to Rs 18,535 crore from Rs 12,615 crore. Operating margin expanded to 21.3% from 19.0% a year ago. Earnings per share for the quarter rose to Rs 13.31 from Rs 8.58.

Oil India Results Snapshot

Oil India reported Q2 FY27 revenue of Rs 12,304 crore, compared with Rs 9,693 crore a year earlier, a rise of 26.9%. Net profit rose 53.4% to Rs 2,521 crore from Rs 1,644 crore. Operating margin expanded to 38.2% from 33.0% a year ago. Earnings per share for the quarter rose to Rs 14.19 from Rs 8.78.

Hindustan Oil Exploration Results Snapshot

For the September 2026 quarter, Hindustan Oil Exploration booked revenue of Rs 129.4 crore. Net profit rose 566.4% to Rs 18.9 crore from Rs 2.8 crore. Operating margin expanded to 30.2% from 8.0% a year ago. Earnings per share for the quarter rose to Rs 1.43 from Rs 0.21.

Selan Exploration Results Snapshot

Selan Exploration is tracked here on price and valuation. Its quarterly filing on the exchange website carries the revenue and profit detail, so read it before you set the stock against the rest.

Deep Industries Results Snapshot

Deep Industries reported Q2 FY27 revenue of Rs 313.0 crore, compared with Rs 242.3 crore a year earlier, a rise of 29.2%. Net profit rose 14.0% to Rs 81.2 crore from Rs 71.2 crore. Earnings per share for the quarter rose to Rs 11.95 from Rs 10.53.

Producer results depend on crude and gas prices, output volumes, costs and the currency, so profit can look different from revenue in a single quarter. That is why an upstream oil and gas stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, an upstream oil and gas stocks compared review becomes a map of the sector rather than a price list. When you compare upstream oil and gas stocks after each result season, track how return on equity changes from one quarter to the next. An upstream oil and gas stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

Upstream 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 upstream oil and gas stocks two at a time.

ONGC vs Oil India

ONGC is India’s largest crude oil and gas producer, while Oil India explores and produces mostly in the north east. ONGC reports the higher return on equity, at 12.35% against 11.41% for Oil India. For dividend income, ONGC offers 3.23% against 2.61% at Oil India. In Q2 FY27, Oil India grew revenue faster, at 26.9% year on year against 25.0% for ONGC. Both are state-run producers, so read yield next to valuation before you judge either multiple.

Hindustan Oil Exploration vs Selan Exploration

Hindustan Oil Exploration and Selan Exploration are smaller producers with field based earnings. The two are close in size, with market capitalisations of Rs 2,502 crore for Hindustan Oil Exploration and Rs 2,982 crore for Selan Exploration. On price to earnings, Selan Exploration carries the lower multiple at 16.74 against 60.84 for Hindustan Oil Exploration. Selan Exploration reports the higher return on equity, at 23.21% against 2.92% for Hindustan Oil Exploration. Smaller producers can see wider swings, so read returns and valuation together.

Deep Industries vs ONGC

Deep Industries offers gas compression and drilling services, while ONGC produces oil and gas itself. On price to earnings, ONGC carries the lower multiple at 5.58 against 18.05 for Deep Industries. Deep Industries reports the higher return on equity, at 19.72% against 12.35% for ONGC. For dividend income, ONGC offers 3.23% against 0.38% at Deep Industries. A service firm and a producer earn differently, so read the business mix before you read the ratio.

Best Upstream Oil and Gas Stocks for Each Type of Investor

If you are asking which of the best upstream oil and gas stocks here suits you, the answer depends on what you value. The table below shows who leads on each measure today, which is the fairest way to answer without naming a single winner. Any upstream oil and gas stocks compared table can mislead if you stop at one row, because each oil and gas company leads on a different measure. Used with care, an upstream 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	ONGC	5.58
Highest return on equity	Selan Exploration	23.21%
Highest dividend yield	ONGC	3.23%
Lowest price to book value	ONGC	0.71
Largest by market capitalisation	ONGC	Rs 2,82,742 crore
Fastest Q2 FY27 revenue growth	Deep Industries	29.2%
Sharpest Q2 FY27 net profit rise	Hindustan Oil Exploration	566.4%

No single name tops every row, which is exactly why an upstream oil and gas stock comparison helps. Scale, yield, returns and valuation each point to a different name, so decide what matters most to you before you rank the numbers.

What Is Driving Crude Oil and Gas Output Right Now?

India relies on domestic crude and gas output to meet part of its energy needs, and new fields and drilling programmes keep producers active. Service firms gain when producers step up work. Knowing what moves crude prices and output helps you compare upstream oil and gas stocks with the right questions in mind.

Crude and gas prices, output volumes and cost control decide earnings. Large producers also tend to pay generous dividends. A good upstream oil and gas stocks compared routine therefore tracks output, realisations and payouts. The sector backdrop helps every name here, but an upstream oil and gas stock comparison shows it does not help them equally.

Risks to Weigh When You Compare Upstream Oil and Gas Stocks

Upstream oil and gas stocks depend on crude and gas prices, output levels, subsidy sharing and policy decisions. Earnings can swing with global prices, so read each filing for output, realisation and margin commentary before you compare them. Every upstream oil and gas stock comparison has blind spots, and for this group the biggest is crude prices and output. A thoughtful upstream oil and gas stocks compared review keeps these risks next to the numbers instead of in a footnote.

Because output, realisations and 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 upstream oil and gas stocks compared guide a balanced starting point.

How to Compare Upstream Oil and Gas Stocks and Build a Shortlist

Start by deciding whether you prefer large state-run producers, smaller private producers or a services firm, because each responds to different triggers. Large producers reward readers who track crude prices and dividends, while service firms reward those who track drilling activity. Done step by step, this upstream oil and gas stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and payouts, because crude prices can move results between quarters. Spreading your attention across one large producer and one smaller producer or service firm is a simple way to see both sides of the sector. Keep the shortlist of best upstream oil and gas stocks short enough that you can actually follow each company’s quarterly results. When you compare upstream 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 upstream 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 upstream oil and gas stocks compared page after the next set of results to see which numbers have moved.

Check the Univest Screener for live upstream oil and gas stock data

Download the Univest iOS App or Univest Android App to track these upstream oil and gas stocks live.

Conclusion: Upstream Oil and Gas Stocks Compared at a Glance

This upstream 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 Selan Exploration leads on return on equity, while the others bring their own strengths. Treat the upstream oil and gas stocks Q2 FY27 results and upstream 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 upstream oil and gas stocks again next quarter, the same checklist of dividend yield, price to earnings and return on equity will work.

Frequently Asked Questions on Upstream Oil and Gas Stocks Compared

Which are the top upstream oil and gas stocks compared in this article?

Ans. The upstream oil and gas stocks compared in this article are ONGC, Oil India, Hindustan Oil Exploration, Selan Exploration and Deep Industries. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so you get a clear side-by-side starting point before you open any single company’s filings in more depth.

Which upstream oil and gas stock has the highest market capitalisation?

Ans. Among the five names, ONGC has the highest market capitalisation at Rs 2,82,742 crore. Oil India follows at Rs 71,652 crore. Market capitalisation is the total value the market places on a company and moves with the share price every day, so check the live figure before you rely on it.

Which of these upstream oil and gas stocks has the lowest price to earnings ratio?

Ans. On upstream oil and gas stocks valuation, ONGC has the lowest price to earnings ratio among these upstream oil and gas stocks at 5.58, based on the latest reported earnings. Hindustan Oil Exploration sits at the other end at 60.84. A lower multiple is not automatically better, since growth, margins and business quality all influence what investors are willing to pay.

Which upstream oil and gas stock has the highest return on equity?

Ans. Selan Exploration reports the highest return on equity in this group at 23.21%. Return on equity shows how much profit a company earns on shareholder funds, so a higher figure usually points to efficient use of capital. Compare it over several years, and keep debt levels in mind, because heavy borrowing can lift the ratio.

How did upstream oil and gas stocks perform in Q2 FY27 results?

Ans. Four of the five names have filed Q2 FY27 numbers in our data. Deep Industries recorded the fastest revenue growth at 29.2% year on year. Hindustan Oil Exploration showed the sharpest net profit rise at 566.4%. For upstream 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 upstream oil and gas stocks?

Ans. Upstream oil and gas stocks depend on crude and gas prices, output levels, subsidy sharing and policy decisions. Earnings can swing with global prices, so read each filing for output, realisation and margin commentary before you compare them. Keep an eye on output, realisations and payouts.

Which metrics matter most when you compare upstream oil and gas stocks?

Ans. Output volumes, realisations, operating margin and dividend yield matter most for operating performance. Price to earnings and price to book show how the market values each company. Read each company’s filing for these along with the numbers in this article.

Which is the best upstream oil and gas stock to buy among these five?

Ans. The best upstream oil and gas stock depends on whether you value a large producer, a smaller producer or a services firm, because the five names differ on all of these. On the numbers in this article, ONGC has the largest market capitalisation, the lowest price to earnings and the highest dividend yield; Selan Exploration has the highest return on equity. No single stock tops every measure, and none of this is a recommendation. Use the tables to build a shortlist, check the latest filings, and speak to a SEBI-registered advisor before you decide, since your goals, time horizon and risk appetite matter more than any ranking.