3 Eastern India Power Utility, Crude Oil and Gas Producer and Fuel Refiner and Marketer Stocks With a Strong Future Roadmap: CESC, Oil India and Bharat Petroleum

CESC, Oil India and Bharat Petroleum: ROE of 11.4% to 15.6% and FY22 to FY26 revenue CAGR of 7.1% to 10.2%. Prices as of 28 Oct 2026.

Updated: 29 Oct 2026 • 12:54 pm

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3 Eastern India Power Utility, Crude Oil and Gas Producer and Fuel Refiner and Marketer Stocks With a Strong Future Roadmap: CESC, Oil India and Bharat Petroleum

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The three power utility, oil and fuel marketing stocks to watch are CESC, Oil India and Bharat Petroleum. Their return on equity ranges from 11.4% to 15.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 10.2%. Bharat Petroleum has the highest return on equity at 15.6%, while CESC has the fastest revenue growth at 10.2% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.

Power utility, oil and fuel marketing stocks bring together companies with a visible plan for the years ahead. CESC, Oil India and Bharat Petroleum cover an eastern India power utility, a crude oil and gas producer and a fuel refiner and marketer.

This list covers three power utility, oil and fuel marketing stocks with complete current figures: CESC, Oil India and Bharat Petroleum. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Power Utility, Oil and Fuel Marketing Stocks?

Power utility, oil and fuel marketing stocks are listed companies that generate and distribute electricity to cities, explore for and produce crude oil and natural gas, and refine crude oil and sell petrol, diesel and cooking gas through a nationwide network. Their earnings depend on energy demand, prices and refining margins.

Power Utility, Oil and Fuel Marketing Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
CESC	123.61	17,716	10.9	21.8	12.3	1.73
Oil India	447.5	72,563	7.6	7.2	11.4	0.65
Bharat Petroleum	287	128,116	8.1	15.4	15.6	0.62

On valuation, CESC and Bharat Petroleum trade at a P/E below the industry P/E, while Oil India trades above it, which reflects the growth the market already expects. Readers comparing power utility, oil and fuel marketing stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Power Utility, Oil and Fuel Marketing Stocks Have a Strong Roadmap in India?

Power utility, oil and fuel marketing stocks have a strong roadmap in India because rising electricity use, a growing vehicle base and steady demand for cooking fuel and natural gas keep widening the market for these energy companies.

Energy demand. Power and fuel use rises with the economy.
Wide networks. Fuel stations and city grids reach millions of customers.
Renewable plans. Green energy projects add a new growth path.

Why CESC Features Among These Power Utility, Oil and Fuel Marketing Stocks

Among the power utility, oil and fuel marketing stocks on this list, CESC is a Kolkata-based power company that generates and distributes electricity to Kolkata and Howrah, and it also runs distribution businesses in other states and a growing renewable energy platform through its subsidiary.

The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8.

Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%. In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore.

Roadmap: The company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.

What to watch: Track renewable capacity addition and the progress of newer distribution franchises.

Why Oil India Features Among These Power Utility, Oil and Fuel Marketing Stocks

Among the energy value chain shares on this list, Oil India is a public sector company that explores for and produces crude oil and natural gas, mainly in Assam and other parts of the country, and it also operates a crude pipeline in the North East.

Revenue rose from Rs 27,048 crore in FY22 to Rs 35,877 crore in FY26, a compound annual growth rate of 7.3%. Net profit grew from Rs 7,040 crore in FY25 to Rs 7,551 crore in FY26, a rise of 7.3%.

In the June 2026 quarter, revenue grew 47.0% year on year to Rs 13,236 crore, while net profit rose 96.8% to Rs 4,027 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.65 and a market capitalisation of Rs 72,563 crore. The stock trades at a P/E of 7.6, above the industry P/E of 7.2.

Roadmap: The company is stepping up exploration and development spending and building a presence in refining and clean energy through its group companies. Steady production supports earnings and dividends.

What to watch: Track crude oil prices, production volumes and progress on new exploration blocks.

Why Bharat Petroleum Features Among These Power Utility, Oil and Fuel Marketing Stocks

Among the three companies on this list, Bharat Petroleum Corporation is a public sector oil marketing and refining company that refines crude oil and sells petrol, diesel, cooking gas and lubricants through a nationwide network of fuel stations.

Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%.

The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4.

Roadmap: The company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.

What to watch: Follow refining margins, fuel demand and progress on new capacity.

CESC vs Oil India vs Bharat Petroleum on Key Financials

The table below sets the three power utility, oil and fuel marketing 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
CESC	12,827	18,927	10.2%	1,618	8.5%
Oil India	27,048	35,877	7.3%	7,551	21.0%
Bharat Petroleum	349,060	458,527	7.1%	25,843	5.6%

Bharat Petroleum posts the highest return on equity in this group at 15.6%. Bharat Petroleum has the largest FY26 revenue at Rs 458,527 crore, and CESC shows the fastest revenue growth with a 10.2% compound annual rate. A useful habit with power utility, oil and fuel marketing stocks is to check each new quarterly result against the capacity plans the company described earlier.

Key Risks to Check Before Investing in Power Utility, Oil and Fuel Marketing Stocks

Every theme carries risks that deserve a check before any decision. For these power utility, oil and fuel marketing stocks, the main points are: Long-term energy value chain shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Oil and gas prices. Earnings follow crude oil, gas and refining margins.
Fuel and power prices. Tariffs and fuel costs can influence earnings.
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 power utility, oil and fuel marketing stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Power Utility, Oil and Fuel Marketing Stocks

Power utility, oil and fuel marketing stocks suit investors who prefer to study business strength before price moves. CESC, Oil India and Bharat Petroleum each have a clear plan to grow. Based on the 28 October 2026 close, CESC trades at Rs 123.61, Oil India at Rs 447.5 and Bharat Petroleum at Rs 287. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these power utility, oil and fuel marketing stocks to a watchlist.

Download the Univest iOS App or Univest Android App to track power utility, oil and fuel marketing 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 power utility, oil and fuel marketing stocks?

Ans. Power utility, oil and fuel marketing stocks are listed companies that generate and distribute electricity to cities, explore for and produce crude oil and natural gas, and refine crude oil and sell petrol, diesel and cooking gas through a nationwide network. Their earnings depend on energy demand, prices and refining margins. This list looks at three of them, CESC, Oil India and Bharat Petroleum, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.

Which power utility, oil and fuel marketing stocks are covered in this list?

Ans. This list covers CESC, Oil India and Bharat Petroleum. Based on the 28 October 2026 close, CESC traded at Rs 123.61, Oil India at Rs 447.5 and Bharat Petroleum at Rs 287. Their return on equity ranges from 11.4% to 15.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.1% to 10.2%.

Why do power utility, oil and fuel marketing stocks have a strong future roadmap in India?

Ans. Power utility, oil and fuel marketing stocks have a strong roadmap in India because rising electricity use, a growing vehicle base and steady demand for cooking fuel and natural gas keep widening the market for these energy companies. The main drivers are as follows. Energy demand. Power and fuel use rises with the economy. Wide networks. Fuel stations and city grids reach millions of customers. Renewable plans. Green energy projects add a new growth path. Together these factors give the companies on this list a visible path for growth over the coming years.

How has CESC performed financially?

Ans. Revenue rose from Rs 12,827 crore in FY22 to Rs 18,927 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 1,447 crore in FY24 to Rs 1,618 crore in FY26, which works out to a compound annual growth rate of 5.7%. In the June 2026 quarter, revenue grew 5.2% year on year to Rs 5,559 crore, while net profit rose 3.7% to Rs 419 crore. The company has a return on equity of 12.3%, a debt to equity ratio of 1.73 and a market capitalisation of Rs 17,716 crore. The stock trades at a P/E of 10.9, below the industry P/E of 21.8. Looking ahead, the company is expanding its renewable portfolio and distribution reach, using a stable city distribution franchise as the base. It also holds retail and other businesses that add diversification.

How has Oil India performed financially?

Ans. Revenue rose from Rs 27,048 crore in FY22 to Rs 35,877 crore in FY26, a compound annual growth rate of 7.3%. Net profit grew from Rs 7,040 crore in FY25 to Rs 7,551 crore in FY26, a rise of 7.3%. In the June 2026 quarter, revenue grew 47.0% year on year to Rs 13,236 crore, while net profit rose 96.8% to Rs 4,027 crore. The company has a return on equity of 11.4%, a debt to equity ratio of 0.65 and a market capitalisation of Rs 72,563 crore. The stock trades at a P/E of 7.6, above the industry P/E of 7.2. Looking ahead, the company is stepping up exploration and development spending and building a presence in refining and clean energy through its group companies. Steady production supports earnings and dividends.

How has Bharat Petroleum performed financially?

Ans. Revenue rose from Rs 349,060 crore in FY22 to Rs 458,527 crore in FY26, a compound annual growth rate of 7.1%. Net profit grew from Rs 11,682 crore in FY22 to Rs 25,843 crore in FY26, which works out to a compound annual growth rate of 22.0%. The company has a return on equity of 15.6%, a debt to equity ratio of 0.62 and a market capitalisation of Rs 128,116 crore. The stock trades at a P/E of 8.1, below the industry P/E of 15.4. Looking ahead, the company is expanding its refining and petrochemical capacity and building a presence in gas, renewable energy and electric vehicle charging. A large retail fuel network gives it steady demand across the country.

What risks should investors check before buying power utility, oil and fuel marketing stocks?

Ans. Investors should check a few risks before buying power utility, oil and fuel marketing stocks. Oil and gas prices. Earnings follow crude oil, gas and refining margins. Fuel and power prices. Tariffs and fuel costs can influence earnings. 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 power utility, oil and fuel marketing stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 28 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.