India's oil & gas stack splits into three: (1) upstream (ONGC, Oil India) — pure crude price leverage; (2) refining + marketing (IOC, BPCL, HPCL) — GRM drives refining, government pricing policy drives retail; (3) integrated + gas (Reliance, GAIL). Under-recoveries (when retail prices don't pass through crude spikes) are the PSU OMC fat-tail risk. Reliance is now a conglomerate — oil & gas is <40% of its earnings; the narrative is consumer + telecom + green energy.

Key drivers to track

• Brent crude — upstream EPS leverage ~3% per $1/bbl
• Gross refining margin (GRM) — $1/bbl shift = ~₹1500 Cr annual EBITDA for IOC
• Retail marketing margins — policy-controlled; under-recovery risk for OMCs
• LNG price (Henry Hub + Asian spot) — gas-utility + city-gas margin lever
• Reliance: O2C vs consumer vs telecom mix — driving multiple re-rating

OIL & GAS · FUNDAMENTALS

4 MATCHED

Oil & Gas

Symbol	Sector	Mkt cap (Cr)	P/E	ROE %	ROCE %	D/E	Rev YoY
RELIANCE	Oil & Gas	18,44,882	22.2	9.5%	—	0.36	+10.4%
ONGC	Oil & Gas	3,56,462	9.4	10.3%	—	0.44	+0.8%
IOC	Oil & Gas	2,07,399	5.7	18.1%	—	0.73	+5.7%
BPCL	Oil & Gas	1,37,118	5.5	26.2%	—	0.56	+5.2%

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Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Sector data sourced from NSE public feeds + our own XBRL parsing of company filings. Constituents shown are NIFTY 50 + Next 50 + curated midcap members tagged to the oil & gas sector; may not be an exhaustive universe. Not investment advice — sector classifications and screener results are informational only.