5 Oil Drilling Stocks India 2026: Strong Future Roadmaps

India's oil drilling services sector is driven by ONGC's capital expenditure on domestic production maintenance. India produces only 35% of its oil and gas domestic demand — the remaining 65% is imported. The government's push to reduce import dependence through enhanced oil recovery (EOR), deepwater drilling in the KG basin, and CBM (Coal Bed Methane) development is creating sustained demand for oil drilling service stocks. This is a key consideration when evaluating oil drilling stocks.

For investors, oil drilling stocks are among India's most value-priced specialty industrial stocks. Deep Industries at PE 19.35 with ROE 19.42% is the standout. Jindal Drilling at PE 9.53 near-zero debt (D/E 0.05) is a genuine value pick. All price and fundamental data is as of 25 August 2026.

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What Are Oil Drilling Stocks in India?

Oil drilling and allied stocks are shares in companies that provide drilling, workover, and allied oilfield services to upstream oil and gas exploration companies (ONGC, Oil India, Reliance, Vedanta). Services include natural gas compression (CNG compression for CBM wells), drilling rig contracting, workover (repairing and re-stimulating producing wells), and offshore platform services. India's listed oil drilling sector includes Deep Industries (gas compression, drilling, workover), Jindal Drilling and Industries (jack-up rig contractor), ABAN Offshore (offshore drilling rigs, bankrupt), Dolphin Offshore Enterprises (offshore diving and construction), and Antelopus Selan Energy (small E&P producer). These oil drilling stocks primarily serve ONGC's domestic production maintenance and enhanced recovery programmes. Understanding oil drilling stocks requires examining each company individually.

Budget 2026-27 Impact on Oil Drilling Stocks

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• ONGC's Rs 33,000 crore annual capital expenditure on domestic production: ONGC's sustained domestic capex programme for drilling new wells, workover of existing wells, and deepwater development creates consistent demand for oil drilling service stocks throughout commodity price cycles. This affects oil drilling stocks.
• KG Basin deepwater development requiring offshore drilling services: ONGC's KG basin deepwater cluster development (gas production from deep water fields) requires offshore drilling rigs and specialized deepwater services. Oil drilling stocks with deepwater capability benefit.
• CBM development programme expanding coal bed methane production: India's CBM programme in Jharkhand, West Bengal, and Madhya Pradesh requires gas compression and lift services — a core competency of Deep Industries specifically among oil drilling stocks.
• National Gas Grid extending to new producing areas requiring compression services: As India's gas distribution network expands, gas compression stations are required at every wellsite and pipeline injection point. Deep Industries' gas compression business grows with this network expansion. This affects oil drilling stocks.
• Exploration policy liberalisation under OALP (Open Acreage Licensing Policy): Government's OALP rounds are licensing new exploration blocks to private companies (Reliance, Vedanta, vedanta, international companies) who require drilling services. New entrants create additional demand for oil drilling stock services. This affects oil drilling stocks.

5 Oil Drilling Stocks in India to Watch in 2026

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E Ratio	ROE (%)
Deep Industries	675	4,344	19.35	19.42%
Jindal Drilling and Industries	634	1,827	9.53	11.57%
ABAN Offshore	9	95	,	1.87%
Dolphin Offshore Enterprises	270	800	15.00	10.00%
Antelopus Selan Energy (formerly Selan Exploration)	420	1,500	18.00	12.00%

Data as of 25 August 2026. For 52-week high/low, verify at nseindia.com before making any investment decision.

1. Deep Industries (NSE: DEEPINDS)

Deep Industries is the highest-quality and most financially sound oil drilling stock in this group with the highest ROE at 19.42%, near-zero debt (D/E 0.10), and a diversified oilfield services portfolio spanning natural gas compression, onshore drilling, workover, and production testing. Founded in 2002 and headquartered in Vadodara, the company primarily serves ONGC and Oil India for gas compression at CBM fields and onshore drilling rig contracts. Market cap is Rs 4,344 crore at CMP Rs 675. PE is 19.35, ROE is 19.42% — the highest in this group — D/E is 0.10, and dividend yield is 0.37%. Deep Industries' gas compression business provides recurring equipment rental income with multi-year ONGC service contracts. for investors in oil drilling stocks who want the best combination of ROE, low debt, diversified oilfield services, and recurring compression revenue, Deep Industries is the quality benchmark.

2. Jindal Drilling and Industries (NSE: JINDRILL)

Jindal Drilling is the most value-priced profitable oil drilling stock at PE 9.53 — the lowest PE in this group — with near-zero debt (D/E 0.05) providing extraordinary financial safety. A part of the OP Jindal Group, founded in 1984 and headquartered in New Delhi, the company provides jack-up drilling rig services (offshore rigs for shallow water drilling) primarily to ONGC for Western Offshore (Mumbai High region) development and maintenance drilling. Market cap is Rs 1,827 crore at CMP Rs 634. ROE is 11.57%, D/E is 0.05, and dividend yield is 0.16%. Jindal Drilling's jack-up rig specialisation serves ONGC's critical Mumbai High field — India's most productive oil field — providing essential production maintenance drilling. for investors in oil drilling stocks who want value PE (9.53), near-zero debt, and proven ONGC client relationship in India's most important oil field, Jindal Drilling is the financial safety pick.

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3. ABAN Offshore (NSE: ABAN)

ABAN Offshore is an oil drilling stock that is essentially bankrupt: market cap of Rs 95 crore (a penny stock), severely negative book value (-4,838.61 per share), loss-making (negative EPS -90.62), and a D/E ratio of -0.60 (negative equity meaning liabilities substantially exceed assets). Once India's largest offshore drilling company with 18+ offshore rigs, ABAN suffered catastrophic financial distress from the 2014-2016 oil price crash that led to inability to service over Rs 10,000 crore of debt. The company lost several rigs and has been in an extended restructuring process. This is not an investment option for conservative or ordinary investors — it is a highly speculative distress situation that requires comprehensive legal and financial due diligence before any consideration. For investors in oil drilling stocks who want the ABAN Offshore opportunity, verify latest financials at nseindia.com.

4. Dolphin Offshore Enterprises (NSE: DOLPHINOFF)

Dolphin Offshore Enterprises provides specialized offshore marine services including diving support, underwater pipeline inspection, underwater welding, and offshore construction assistance for oil and gas platforms in Indian waters. Founded in 1979 and headquartered in Mumbai, the company serves ONGC, Oil India, and international oil companies in India's Western and Eastern offshore regions. Market cap is approximately Rs 800 crore at an estimated CMP of Rs 270. PE approximately 15, ROE approximately 10%, D/E approximately 0.30, and dividend yield approximately 0.50%. Dolphin's specialised underwater engineering services (saturation diving, ROV inspection) are high-barrier services not easily substituted. for investors in oil drilling stocks who want specialised offshore service exposure in India's offshore oil production maintenance market, Dolphin Offshore is a small-cap niche option. Note: verify exact fundamentals at nseindia.com.

Download the Univest iOS App or Univest Android App to track live prices and expert research. This is a key consideration when evaluating oil drilling stocks.

5. Antelopus Selan Energy (formerly Selan Exploration) (NSE: ANTELOPUS)

Antelopus Selan Energy (formerly Selan Exploration Technology) is a small independent oil and gas exploration and production (E&P) company with producing oil fields in Cambay Basin (Gujarat) and stake in other blocks. Rebranded from Selan Exploration, the company has modest domestic oil production revenues. Market cap is approximately Rs 1,500 crore at an estimated CMP of Rs 420. PE approximately 18, ROE approximately 12%, D/E approximately 0.20. Selan's Cambay Basin fields are mature, producing approximately 100-150 barrels of oil per day at conservative production profiles. for investors in oil drilling stocks who want small domestic E&P exposure with Cambay Basin positioning, Antelopus Selan is a micro-niche option. Note: verify latest production data and rebranding details at nseindia.com.

What Factors Affect Oil Drilling Stocks?

• ONGC capital expenditure budget and drilling rig tender awards: Oil drilling stocks' revenue depends on ONGC's annual drilling rig tender awards. Track quarterly ONGC drilling programme announcements and rig hiring news as leading order indicators.
• International oil prices affecting ONGC's domestic capex willingness: Higher oil prices improve ONGC's cash flows and willingness to expand domestic drilling capex. At Brent below USD 60/barrel, ONGC may defer discretionary drilling projects, benefiting oil drilling stocks.
• Gas compression contract renewals from CBM producers: Deep Industries' gas compression business depends on multi-year compression rental contracts with ONGC CBM producers. Track contract renewal announcements and CBM production growth, benefiting oil drilling stocks.
• Offshore rig availability and jack-up rig day rates: Jindal Drilling's jack-up rig revenue depends on ONGC's offshore rig hiring rates (set in long-term contracts) and the global jack-up rig market. Tight global rig supply improves Jindal Drilling's contract negotiating power, benefiting oil drilling stocks.
• Regulatory clearance timelines for offshore drilling: Environmental and regulatory clearances for new offshore wells can delay ONGC's drilling programmes. Oil drilling stocks' project execution is subject to these regulatory timing risks.

Benefits of Investing in Oil Drilling Stocks

• India's 65% oil import dependence creating permanent domestic upstream capex need: India cannot reduce its import dependence without sustained domestic production maintenance drilling. ONGC's capex is structurally non-discretionary, creating permanent demand for oil drilling service stocks, benefiting oil drilling stocks.
• Deep Industries' exceptional PE 19.35 and ROE 19.42% combination: Very few industrial companies in India combine near-20% ROE with PE below 20 and near-zero debt. Deep Industries is one of the most financially efficient oilfield service companies in India, benefiting oil drilling stocks.
• Jindal Drilling's PE 9.53 with near-zero debt — Mumbai High strategic positioning: Mumbai High is India's most productive oil field, requiring continuous maintenance drilling for decades. Jindal's established rig relationships at Mumbai High provide operational continuity, benefiting oil drilling stocks.
• Gas compression business providing recurring equipment rental income: Deep Industries' compression rental model earns monthly fees from ONGC regardless of oil production volumes in a given month (equipment-based rental, not production-linked). This predictability is rare in the oil drilling services sector, benefiting oil drilling stocks.
• KG Basin deepwater development creating new service demand: ONGC's KG-DWN98/2 deepwater cluster development requires offshore drilling services, marine construction, and subsea pipeline work. This is a multi-year project that will sustain offshore oil drilling stock demand, benefiting oil drilling stocks.

Risks to Consider Before Investing

• ABAN Offshore's essentially bankrupt status — complete exclusion for investment: ABAN's negative book value of -4,838 per share and MCap of Rs 95 crore indicate near-total equity destruction. Conservative investors must completely exclude ABAN from consideration, benefiting oil drilling stocks.
• Oil price collapse reducing ONGC capex: If international crude prices fall below USD 55-60/barrel for an extended period, ONGC may defer discretionary drilling projects, directly reducing demand for oil drilling stock services, benefiting oil drilling stocks.
• Jackup rig oversupply from global shipyards: When offshore drilling activity is high globally, new jack-up rigs are ordered and delivered 2-3 years later. Oversupply depresses day rates for offshore drilling stocks like Jindal Drilling, benefiting oil drilling stocks.
• Government policy on domestic oil production versus import economics: Government's occasional preference for importing cheaper global oil versus developing expensive domestic reserves can reduce domestic capex priority for upstream oil companies that are the primary clients of oil drilling stocks.
• Environmental and regulatory clearance delays for new drilling projects: Environmental clearances for offshore drilling and coastal CBM projects can be delayed by 6-24 months, creating revenue recognition timing uncertainty for oil drilling stocks.

How to Choose Oil Drilling Stocks

• Strictly exclude ABAN Offshore for conservative investors: ABAN is essentially bankrupt with negative book value. Any inclusion in a conservative portfolio requires comprehensive current legal status verification — this is not a standard investment recommendation, benefiting oil drilling stocks.
• Deep Industries as the primary quality pick: ROE 19.42%, D/E 0.10, PE 19.35: The best combination of financial quality and reasonable valuation in the oil drilling stocks group.
• Jindal Drilling for maximum value: PE 9.53, D/E 0.05: The most value-priced, most conservatively financed oil drilling stock in India. Near-zero debt provides financial safety during oilfield capex cycles, benefiting oil drilling stocks.
• Gas compression vs rig contracting business model preference: Deep Industries' gas compression rental (recurring, contractual) versus Jindal Drilling's rig contracting (project-based, variable utilisation). Compression rental has more predictable revenue, benefiting oil drilling stocks.
• Long-term ONGC capex trend as primary investment thesis: Oil drilling stocks' multi-year performance depends on ONGC's sustained domestic capex commitment. Confirm ONGC's annual capex budget guidance before investing.

How to Invest in Oil Drilling Stocks in India

Step 1: Open a SEBI-registered demat account. Univest offers zero-brokerage broking with integrated research, so you can screen, research, and invest in oil drilling stocks from one platform.

Step 2: Use the Univest Screener to filter the sector by PE, ROE, D/E, and revenue growth. This gives you a ranked snapshot of all listed oil drilling companies.

Step 3: Review financial statements of your shortlist. Look at three-year revenue trends, net profit margins, and operating cash flows. Single-quarter numbers are not a sufficient basis for long-term allocation in this sector.

Step 4: Decide on position size based on your risk tolerance. High-growth oil drilling stocks carry more volatility than diversified blue-chips. Diversify across two or three names rather than concentrating in one.

Step 5: Set price alerts and monitor quarterly results. The Univest app lets you track analyst views and set real-time alerts so you stay informed on order inflows, margin trends, and management guidance.

Conclusion

The five oil drilling stocks covered here, Deep Industries, Jindal Drilling, ABAN Offshore, Dolphin Offshore, and Antelopus Selan, represent India's oilfield services sector from high-quality gas compression specialists to rig contractors, specialised offshore divers, and small E&P producers. ONGC's non-discretionary domestic capex and India's import reduction imperative create structural demand. ABAN Offshore's financial distress and oilfield capex sensitivity to international prices are the critical risks. Consult a SEBI-registered investment advisor before making any investment decisions for oil drilling stocks.

FAQs on Oil Drilling Stocks in India 2026

Which are the top 5 oil drilling stocks in India in 2026?

Ans. The top 5 oil drilling and allied stocks in India as of August 2026 are Deep Industries (DEEPINDS), Jindal Drilling (JINDRILL), ABAN Offshore (ABAN — cautionary, essentially bankrupt), Dolphin Offshore Enterprises (DOLPHINOFF), and Antelopus Selan Energy (ANTELOPUS). Deep Industries has the highest ROE at 19.42% with near-zero debt. Jindal Drilling at PE 9.53 is the most value-priced profitable stock. ABAN Offshore must not be considered for investment — it has negative book value of -4,838 per share. This is a key consideration for investors evaluating oil drilling stocks.

What services does Deep Industries provide and why is it the quality oil drilling stock?

Ans. Deep Industries provides three main services: (1) natural gas compression services — supplying and operating gas compression equipment at ONGC's CBM (Coal Bed Methane) fields in Jharkhand and West Bengal on long-term rental contracts; (2) onshore drilling rig contracting — providing drilling rigs for ONGC's new well and workover programmes; and (3) production testing services for new wells. The gas compression rental business earns monthly fees regardless of oil price movements, providing revenue stability. This diversified, partially recurring revenue model combined with near-zero debt creates Deep Industries' exceptional 19.42% ROE. This is a key consideration for investors evaluating oil drilling stocks.

Why is ABAN Offshore in financial distress?

Ans. ABAN Offshore expanded its offshore drilling rig fleet aggressively (to 18+ rigs) using debt financing during the oil price boom (2008-2014). When international crude prices collapsed from USD 100/barrel to USD 30/barrel (2014-2016), global offshore drilling activity crashed. Oil companies cancelled rig contracts, day rates fell 60-70%, and ABAN's revenue could no longer service its Rs 10,000+ crore debt. Several ABAN rigs were sold or lost, debt accumulated, and the company entered a restructuring process that has continued for nearly a decade. The result is negative book value of -4,838 per share — meaning accumulated losses have completely wiped out shareholder equity. This is a key consideration for investors evaluating oil drilling stocks.

What is CBM (Coal Bed Methane) and how does it benefit Deep Industries?

Ans. Coal Bed Methane is natural gas (methane) trapped in coal seams, extracted by drilling into coal formations, reducing water pressure to allow methane to desorb and flow to the surface. India has the world's fifth-largest CBM resource (approximately 2.6 trillion cubic metres) primarily in Damodar Valley (Jharkhand, West Bengal), Madhya Pradesh, and Rajasthan. CBM wells require continuous gas compression to lift the methane to pipeline pressure. Deep Industries provides turnkey gas compression stations (gas engines, separators, dehydrators) to ONGC's CBM fields on 5-10 year rental contracts, earning monthly compression fees. As CBM production expands, Deep Industries' compression equipment fleet and revenue grows proportionately. This is a key consideration for investors evaluating oil drilling stocks.

What is Jindal Drilling's Mumbai High offshore positioning?

Ans. Mumbai High (officially ONGC Mumbai High) is India's most important oil field, a cluster of producing structures in the Arabian Sea approximately 160 km west of Mumbai. Discovered in 1974, Mumbai High has been producing for 50 years and still produces 150,000+ barrels per day, making it India's largest producing oil field. Mumbai High's mature reservoirs require continuous infill drilling and workover operations to maintain production — a permanently recurring demand for jack-up drilling rigs. Jindal Drilling's established ONGC relationship at Mumbai High provides multi-year rig deployment with India's most important oil field client. This is a key consideration for investors evaluating oil drilling stocks.

How do I invest in oil drilling stocks in India?

Ans. To invest in oil drilling stocks, open a demat account with a SEBI-registered broker. Strictly avoid ABAN Offshore. Focus on Deep Industries (highest ROE, gas compression rental stability) and Jindal Drilling (value PE, near-zero debt, Mumbai High positioning). Track ONGC's quarterly capex guidance and drilling programme announcements. Monitor international crude oil price trends as a leading indicator for ONGC's domestic drilling budget. Consult a SEBI-registered investment advisor before investing.