# Oil Drilling & Exploration — company-by-company sector analysis

> Oil Drilling & Exploration: Oil & Natural Gas Corpn Ltd owns the largest revenue base; Dolphin Offshore Enterprises (India) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 6 of 10 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Oil & Natural Gas Corpn Ltd leads with revenue of ₹6,62,247 crore, based on 10 of 10 comparable companies through Mar 2026.

### Is the Oil Drilling & Exploration sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 6 of 10 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Oil Drilling & Exploration company is largest by revenue?

Oil & Natural Gas Corpn Ltd leads with revenue of ₹6,62,247 crore, based on 10 of 10 comparable companies through Mar 2026.

### Which Oil Drilling & Exploration company is growing fastest?

Dolphin Offshore Enterprises (India) Ltd has the fastest current revenue growth at 76.5%, across 10 of 10 comparable companies.

### Which Oil Drilling & Exploration company has the strongest 4-Factor Sector Score?

Antelopus Selan Energy Ltd ranks first at 80.9/100 with 88.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Oil Drilling & Exploration company has the least gross debt?

Antelopus Selan Energy Ltd has the lowest comparable gross debt at ₹4 crore. Oil & Natural Gas Corpn Ltd has the highest at ₹1,74,316 crore.

### Which Oil Drilling & Exploration company has the lowest comparable PEG?

Antelopus Selan Energy Ltd has the lowest comparable Guarded PEG at 0.27, among 1 of 10 companies that pass the metric’s comparability rules.

### How much history does this Oil Drilling & Exploration comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Oil Drilling & Exploration against NIFTY 500 is not available from the current market series. 6 of 10 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Antelopus Selan Energy Ltd is the strongest against the sector itself at +26.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 6/10
Stocks leading sector: 3/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹4.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Antelopus Selan Energy Ltd (ANTELOPUS): 81/100 — Sector-leading setup; evidence 89%
   - Growth & earnings 25.6/35 | Capital efficiency 21.8/25 | Valuation 13.9/20 | Relative strength 19.6/20
   - Exact sum: 25.6 + 21.8 + 13.9 + 19.6 = 80.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. United Drilling Tools Ltd (UNIDT): 61/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 21.5/35 | Capital efficiency 15.3/25 | Valuation 11.9/20 | Relative strength 11.8/20
   - Exact sum: 21.5 + 15.3 + 11.9 + 11.8 = 60.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Deep Industries Ltd (DEEPINDS): 59/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 22.0/35 | Capital efficiency 16.1/25 | Valuation 13.3/20 | Relative strength 7.2/20
   - Exact sum: 22 + 16.1 + 13.3 + 7.2 = 58.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Asian Energy Services Ltd (ASIANENE): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.5/35 | Capital efficiency 13.2/25 | Valuation 9.3/20 | Relative strength 15.4/20
   - Exact sum: 19.5 + 13.2 + 9.3 + 15.4 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Jindal Drilling & Industries Ltd (JINDRILL): 49/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 16.0/35 | Capital efficiency 15.4/25 | Valuation 11.1/20 | Relative strength 6.5/20
   - Exact sum: 16 + 15.4 + 11.1 + 6.5 = 49
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 49/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 19.7/35 | Capital efficiency 10.9/25 | Valuation 10.0/20 | Relative strength 8.2/20
   - Exact sum: 19.7 + 10.9 + 10 + 8.2 = 48.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Oil & Natural Gas Corpn Ltd (ONGC): 48/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 21.7/35 | Capital efficiency 12.3/25 | Valuation 12.4/20 | Relative strength 1.2/20
   - Exact sum: 21.7 + 12.3 + 12.4 + 1.2 = 47.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Oil India Ltd (OIL): 39/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 15.1/35 | Capital efficiency 11.3/25 | Valuation 9.2/20 | Relative strength 3.4/20
   - Exact sum: 15.1 + 11.3 + 9.2 + 3.4 = 39
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Hindustan Oil Exploration Company Ltd (HINDOILEXP): 34/100 — Adverse evidence; evidence 73%
   - Growth & earnings 5.9/35 | Capital efficiency 11.7/25 | Valuation 8.5/20 | Relative strength 8.0/20
   - Exact sum: 5.9 + 11.7 + 8.5 + 8 = 34.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Deep Energy Resources Ltd (DEEPENR): 51/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 16.8/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 16.3/20
   - Exact sum: 16.8 + 8.2 + 10 + 16.3 = 51.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Oil & Natural Gas Corpn Ltd is the scale leader at ₹6,62,247 crore, 19.5× the revenue of Oil India Ltd. Dolphin Offshore Enterprises (India) Ltd's growth is 76.5% from a ₹143 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Oil & Natural Gas Corpn Ltd is the scale benchmark; Dolphin Offshore Enterprises (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Oil & Natural Gas Corpn Ltd's growth falls below Dolphin Offshore Enterprises (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Oil & Natural Gas Corpn Ltd · ₹6,62,247 crore | 19.5× versus #2 · Oil India Ltd | 4/8 recent comparable periods | 10/10 companies · 139 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Oil & Natural Gas Corpn Ltd (ONGC): ₹6.6 L Cr
2. Oil India Ltd (OIL): ₹33.9K Cr
3. Jindal Drilling & Industries Ltd (JINDRILL): ₹997 Cr
4. Deep Industries Ltd (DEEPINDS): ₹891 Cr
5. Asian Energy Services Ltd (ASIANENE): ₹790 Cr

### Revenue growth — fastest growers
1. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 77%
2. Asian Energy Services Ltd (ASIANENE): 70%
3. Deep Industries Ltd (DEEPINDS): 55%
4. Jindal Drilling & Industries Ltd (JINDRILL): 21%
5. Antelopus Selan Energy Ltd (ANTELOPUS): 8.1%

### 20-quarter Revenue history
- ONGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.7 L Cr | Mar 2023 ₹1.6 L Cr | Jun 2023 ₹1.6 L Cr | Sep 2023 ₹1.5 L Cr | Dec 2023 ₹1.7 L Cr | Mar 2024 ₹1.7 L Cr | Jun 2024 ₹1.7 L Cr | Sep 2024 ₹1.6 L Cr | Dec 2024 ₹1.7 L Cr | Mar 2025 ₹1.7 L Cr | Jun 2025 ₹1.6 L Cr | Sep 2025 ₹1.6 L Cr | Dec 2025 ₹1.7 L Cr | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- OIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4.6K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹7.5K Cr | Dec 2023 ₹9.6K Cr | Mar 2024 ₹9.1K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹8.8K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.4K Cr | Dec 2025 ₹8.3K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 —
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹98 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- HINDOILEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹170 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹-206 Cr | Jun 2026 —
- JINDRILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹138 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹254 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹263 Cr | Jun 2026 —
- ASIANENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹338 Cr | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹43 Cr
- DEEPENR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹43 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ONGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.1% | Mar 2024 4.9% | Jun 2024 3.1% | Sep 2024 7.9% | Dec 2024 -0.1% | Mar 2025 -2.6% | Jun 2025 -3.5% | Sep 2025 -0.9% | Dec 2025 0.1% | Mar 2026 3.6% | Jun 2026 —
- OIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 61% | Dec 2023 3.4% | Mar 2024 16% | Jun 2024 31% | Sep 2024 -3.3% | Dec 2024 -13% | Mar 2025 -3.7% | Jun 2025 -2.4% | Sep 2025 16% | Dec 2025 -0.1% | Mar 2026 5.5% | Jun 2026 —
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52% | Mar 2024 104% | Jun 2024 125% | Sep 2024 77% | Dec 2024 45% | Mar 2025 13% | Jun 2025 -19% | Sep 2025 -20% | Dec 2025 11% | Mar 2026 65% | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.8% | Mar 2024 16% | Jun 2024 22% | Sep 2024 29% | Dec 2024 48% | Mar 2025 40% | Jun 2025 62% | Sep 2025 69% | Dec 2025 43% | Mar 2026 49% | Jun 2026 —
- HINDOILEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.5% | Mar 2024 65% | Jun 2024 -19% | Sep 2024 -16% | Dec 2024 -18% | Mar 2025 -85% | Jun 2025 -42% | Sep 2025 232% | Dec 2025 -49% | Mar 2026 -575% | Jun 2026 —
- JINDRILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 92% | Jun 2024 82% | Sep 2024 21% | Dec 2024 31% | Mar 2025 24% | Jun 2025 49% | Sep 2025 38% | Dec 2025 1.3% | Mar 2026 7.4% | Jun 2026 —
- ASIANENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 228% | Mar 2024 310% | Jun 2024 30% | Sep 2024 118% | Dec 2024 -3.2% | Mar 2025 81% | Jun 2025 92% | Sep 2025 4.1% | Dec 2025 155% | Mar 2026 57% | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 700% | Sep 2024 750% | Dec 2024 1,300% | Mar 2025 900% | Jun 2025 100% | Sep 2025 47% | Dec 2025 7.1% | Mar 2026 125% | Jun 2026 169%
- DEEPENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 561% | Dec 2022 1,059% | Mar 2023 2,426% | Jun 2023 -35% | Sep 2023 -86% | Dec 2023 -91% | Mar 2024 -95% | Jun 2024 84% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 91% | Jun 2024 209% | Sep 2024 56% | Dec 2024 -0.2% | Mar 2025 -27% | Jun 2025 -42% | Sep 2025 14% | Dec 2025 49% | Mar 2026 39% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Dolphin Offshore Enterprises (India) Ltd leads opm at 59%; Deep Energy Resources Ltd leads margin change at +32.5 percentage points.

Investor read: Dolphin Offshore Enterprises (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Dolphin Offshore Enterprises (India) Ltd · 59% | 3.5% versus #2 · Antelopus Selan Energy Ltd | 6/8 recent comparable periods | 9/10 companies · 176 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 59%
2. Antelopus Selan Energy Ltd (ANTELOPUS): 57%
3. Oil India Ltd (OIL): 35%
4. Deep Industries Ltd (DEEPINDS): 33%
5. Jindal Drilling & Industries Ltd (JINDRILL): 30%

### Margin change — fastest expanders
1. Deep Energy Resources Ltd (DEEPENR): +32.5 pp — older report
2. Antelopus Selan Energy Ltd (ANTELOPUS): +7.0 pp
3. Oil India Ltd (OIL): +6.0 pp
4. Oil & Natural Gas Corpn Ltd (ONGC): +2.0 pp
5. United Drilling Tools Ltd (UNIDT): +0.9 pp

### 20-quarter OPM history
- ONGC: Sep 2021 15% | Dec 2021 15% | Mar 2022 15% | Jun 2022 10% | Sep 2022 7.9% | Dec 2022 13% | Mar 2023 13% | Jun 2023 19% | Sep 2023 19% | Dec 2023 12% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 15% | Mar 2025 13% | Jun 2025 16% | Sep 2025 17% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- OIL: Sep 2021 32% | Dec 2021 32% | Mar 2022 39% | Jun 2022 46% | Sep 2022 40% | Dec 2022 42% | Mar 2023 42% | Jun 2023 37% | Sep 2023 46% | Dec 2023 36% | Mar 2024 36% | Jun 2024 39% | Sep 2024 35% | Dec 2024 30% | Mar 2025 29% | Jun 2025 30% | Sep 2025 27% | Dec 2025 27% | Mar 2026 35% | Jun 2026 —
- ANTELOPUS: Sep 2021 11% | Dec 2021 14% | Mar 2022 4.8% | Jun 2022 35% | Sep 2022 32% | Dec 2022 23% | Mar 2023 15% | Jun 2023 18% | Sep 2023 27% | Dec 2023 17% | Mar 2024 29% | Jun 2024 52% | Sep 2024 55% | Dec 2024 55% | Mar 2025 50% | Jun 2025 53% | Sep 2025 53% | Dec 2025 63% | Mar 2026 57% | Jun 2026 —
- DEEPINDS: Sep 2021 29% | Dec 2021 39% | Mar 2022 34% | Jun 2022 40% | Sep 2022 29% | Dec 2022 41% | Mar 2023 41% | Jun 2023 42% | Sep 2023 38% | Dec 2023 38% | Mar 2024 32% | Jun 2024 41% | Sep 2024 44% | Dec 2024 43% | Mar 2025 34% | Jun 2025 41% | Sep 2025 41% | Dec 2025 45% | Mar 2026 33% | Jun 2026 —
- HINDOILEXP: Sep 2021 44% | Dec 2021 52% | Mar 2022 50% | Jun 2022 57% | Sep 2022 36% | Dec 2022 47% | Mar 2023 77% | Jun 2023 54% | Sep 2023 60% | Dec 2023 39% | Mar 2024 26% | Jun 2024 46% | Sep 2024 33% | Dec 2024 51% | Mar 2025 11% | Jun 2025 41% | Sep 2025 7.2% | Dec 2025 36% | Mar 2026 — | Jun 2026 —
- JINDRILL: Sep 2021 13% | Dec 2021 25% | Mar 2022 36% | Jun 2022 31% | Sep 2022 32% | Dec 2022 32% | Mar 2023 30% | Jun 2023 35% | Sep 2023 31% | Dec 2023 30% | Mar 2024 1.0% | Jun 2024 23% | Sep 2024 18% | Dec 2024 34% | Mar 2025 36% | Jun 2025 42% | Sep 2025 39% | Dec 2025 30% | Mar 2026 30% | Jun 2026 —
- ASIANENE: Sep 2021 24% | Dec 2021 18% | Mar 2022 27% | Jun 2022 -19% | Sep 2022 -29% | Dec 2022 -10% | Mar 2023 -11% | Jun 2023 -3.0% | Sep 2023 8.0% | Dec 2023 16% | Mar 2024 21% | Jun 2024 10% | Sep 2024 16% | Dec 2024 14% | Mar 2025 15% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -23% | Sep 2023 42% | Dec 2023 40% | Mar 2024 -253% | Jun 2024 74% | Sep 2024 76% | Dec 2024 55% | Mar 2025 55% | Jun 2025 95% | Sep 2025 89% | Dec 2025 75% | Mar 2026 27% | Jun 2026 59%
- DEEPENR: Sep 2021 27% | Dec 2021 17% | Mar 2022 25% | Jun 2022 11% | Sep 2022 44% | Dec 2022 7.3% | Mar 2023 4.6% | Jun 2023 -43% | Sep 2023 -93% | Dec 2023 -10% | Mar 2024 -15% | Jun 2024 -11% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 45% | Dec 2021 38% | Mar 2022 29% | Jun 2022 15% | Sep 2022 11% | Dec 2022 17% | Mar 2023 26% | Jun 2023 21% | Sep 2023 15% | Dec 2023 6.6% | Mar 2024 15% | Jun 2024 14% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 19% | Sep 2025 16% | Dec 2025 18% | Mar 2026 17% | Jun 2026 —

### 20-quarter Margin change history
- ONGC: Sep 2021 −2.0 pp | Dec 2021 +3.4 pp | Mar 2022 +1.9 pp | Jun 2022 −4.8 pp | Sep 2022 −6.7 pp | Dec 2022 −1.7 pp | Mar 2023 −2.4 pp | Jun 2023 +8.7 pp | Sep 2023 +11.1 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −6.0 pp | Sep 2024 −6.0 pp | Dec 2024 +3.0 pp | Mar 2025 0.0 pp | Jun 2025 +3.0 pp | Sep 2025 +4.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- OIL: Sep 2021 −2.4 pp | Dec 2021 +14.4 pp | Mar 2022 +9.9 pp | Jun 2022 +10.9 pp | Sep 2022 +8.1 pp | Dec 2022 +9.6 pp | Mar 2023 +3.1 pp | Jun 2023 −8.7 pp | Sep 2023 +6.0 pp | Dec 2023 −6.0 pp | Mar 2024 −6.0 pp | Jun 2024 +2.0 pp | Sep 2024 −11.0 pp | Dec 2024 −6.0 pp | Mar 2025 −7.0 pp | Jun 2025 −9.0 pp | Sep 2025 −8.0 pp | Dec 2025 −3.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- ANTELOPUS: Sep 2021 +18.7 pp | Dec 2021 +19.8 pp | Mar 2022 +26.3 pp | Jun 2022 +26.3 pp | Sep 2022 +20.8 pp | Dec 2022 +9.2 pp | Mar 2023 +10.3 pp | Jun 2023 −17.5 pp | Sep 2023 −4.7 pp | Dec 2023 −6.0 pp | Mar 2024 +14.0 pp | Jun 2024 +34.0 pp | Sep 2024 +28.0 pp | Dec 2024 +38.0 pp | Mar 2025 +21.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 +8.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- DEEPINDS: Sep 2021 −15.4 pp | Dec 2021 +3.0 pp | Mar 2022 −8.3 pp | Jun 2022 −2.1 pp | Sep 2022 −0.6 pp | Dec 2022 +2.3 pp | Mar 2023 +6.6 pp | Jun 2023 +2.0 pp | Sep 2023 +9.2 pp | Dec 2023 −2.8 pp | Mar 2024 −9.0 pp | Jun 2024 −1.5 pp | Sep 2024 +6.0 pp | Dec 2024 +4.9 pp | Mar 2025 +2.3 pp | Jun 2025 −0.1 pp | Sep 2025 −2.6 pp | Dec 2025 +2.1 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HINDOILEXP: Sep 2021 −5.7 pp | Dec 2021 +5.5 pp | Mar 2022 +9.0 pp | Jun 2022 +4.2 pp | Sep 2022 −8.1 pp | Dec 2022 −4.9 pp | Mar 2023 +27.8 pp | Jun 2023 −2.8 pp | Sep 2023 +24.2 pp | Dec 2023 −7.4 pp | Mar 2024 −51.6 pp | Jun 2024 −8.0 pp | Sep 2024 −26.8 pp | Dec 2024 +11.1 pp | Mar 2025 −14.8 pp | Jun 2025 −4.9 pp | Sep 2025 −26.2 pp | Dec 2025 −14.4 pp | Mar 2026 — | Jun 2026 —
- JINDRILL: Sep 2021 +29.1 pp | Dec 2021 +30.6 pp | Mar 2022 +16.4 pp | Jun 2022 +15.2 pp | Sep 2022 +18.6 pp | Dec 2022 +7.0 pp | Mar 2023 −5.5 pp | Jun 2023 +3.6 pp | Sep 2023 −0.6 pp | Dec 2023 −2.0 pp | Mar 2024 −29.0 pp | Jun 2024 −12.0 pp | Sep 2024 −13.0 pp | Dec 2024 +4.0 pp | Mar 2025 +35.0 pp | Jun 2025 +19.0 pp | Sep 2025 +21.0 pp | Dec 2025 −4.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- ASIANENE: Sep 2021 −7.3 pp | Dec 2021 −11.6 pp | Mar 2022 +2.3 pp | Jun 2022 −51.9 pp | Sep 2022 −52.9 pp | Dec 2022 −27.8 pp | Mar 2023 −37.8 pp | Jun 2023 +16.5 pp | Sep 2023 +37.1 pp | Dec 2023 +26.0 pp | Mar 2024 +32.0 pp | Jun 2024 +13.0 pp | Sep 2024 +8.0 pp | Dec 2024 −2.0 pp | Mar 2025 −6.0 pp | Jun 2025 0.0 pp | Sep 2025 −8.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +97.0 pp | Sep 2024 +34.0 pp | Dec 2024 +15.0 pp | Mar 2025 +308.0 pp | Jun 2025 +21.0 pp | Sep 2025 +13.0 pp | Dec 2025 +20.0 pp | Mar 2026 −28.0 pp | Jun 2026 −36.0 pp
- DEEPENR: Sep 2021 −55.2 pp | Dec 2021 −64.7 pp | Mar 2022 −6.5 pp | Jun 2022 −52.8 pp | Sep 2022 +16.2 pp | Dec 2022 −9.9 pp | Mar 2023 −20.1 pp | Jun 2023 −54.5 pp | Sep 2023 −136.6 pp | Dec 2023 −17.4 pp | Mar 2024 −19.3 pp | Jun 2024 +32.5 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 +16.0 pp | Dec 2021 −7.9 pp | Mar 2022 +17.7 pp | Jun 2022 −47.2 pp | Sep 2022 −34.5 pp | Dec 2022 −20.4 pp | Mar 2023 −3.7 pp | Jun 2023 +5.7 pp | Sep 2023 +4.5 pp | Dec 2023 −10.6 pp | Mar 2024 −11.0 pp | Jun 2024 −6.5 pp | Sep 2024 +0.1 pp | Dec 2024 +9.3 pp | Mar 2025 +1.5 pp | Jun 2025 +4.7 pp | Sep 2025 +0.9 pp | Dec 2025 +2.0 pp | Mar 2026 +0.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Oil & Natural Gas Corpn Ltd leads with ₹49,793 crore of TTM profit, 559.4% above Oil India Ltd. Dolphin Offshore Enterprises (India) Ltd shows 44% growth from a ₹72 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Oil & Natural Gas Corpn Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Oil & Natural Gas Corpn Ltd · ₹49,793 crore | 559.4% versus #2 · Oil India Ltd | 4/8 recent comparable periods | 10/10 companies · 139 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Oil & Natural Gas Corpn Ltd (ONGC): ₹49.8K Cr
2. Oil India Ltd (OIL): ₹7.6K Cr
3. Jindal Drilling & Industries Ltd (JINDRILL): ₹211 Cr
4. Deep Industries Ltd (DEEPINDS): ₹197 Cr
5. Antelopus Selan Energy Ltd (ANTELOPUS): ₹89 Cr

### Profit growth — fastest growers
1. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 44%
2. Oil & Natural Gas Corpn Ltd (ONGC): 30%
3. United Drilling Tools Ltd (UNIDT): 26%
4. Asian Energy Services Ltd (ASIANENE): 26%
5. Antelopus Selan Energy Ltd (ANTELOPUS): 25%

### 20-quarter Net profit history
- ONGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11.7K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹17.9K Cr | Sep 2023 ₹16.2K Cr | Dec 2023 ₹10.5K Cr | Mar 2024 ₹11.1K Cr | Jun 2024 ₹9.8K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹11.6K Cr | Sep 2025 ₹12.6K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 —
- OIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹640 Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹-207 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- HINDOILEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- JINDRILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹25 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- ASIANENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-10 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹15 Cr
- DEEPENR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ONGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.9% | Mar 2024 71% | Jun 2024 -45% | Sep 2024 -39% | Dec 2024 -7.3% | Mar 2025 -19% | Jun 2025 18% | Sep 2025 28% | Dec 2025 23% | Mar 2026 53% | Jun 2026 —
- OIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -63% | Dec 2023 3.1% | Mar 2024 18% | Jun 2024 44% | Sep 2024 223% | Dec 2024 -44% | Mar 2025 -36% | Jun 2025 1.5% | Sep 2025 -21% | Dec 2025 -1.4% | Mar 2026 62% | Jun 2026 —
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 140% | Jun 2024 260% | Sep 2024 122% | Dec 2024 200% | Mar 2025 25% | Jun 2025 -39% | Sep 2025 -40% | Dec 2025 56% | Mar 2026 153% | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -49% | Jun 2024 25% | Sep 2024 41% | Dec 2024 70% | Mar 2025 -663% | Jun 2025 59% | Sep 2025 71% | Dec 2025 50% | Mar 2026 — | Jun 2026 —
- HINDOILEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 -34% | Jun 2024 -37% | Sep 2024 -75% | Dec 2024 -7.0% | Mar 2025 -28% | Jun 2025 4.7% | Sep 2025 -74% | Dec 2025 -81% | Mar 2026 -85% | Jun 2026 —
- JINDRILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 -250% | Jun 2024 267% | Sep 2024 55% | Dec 2024 106% | Mar 2025 — | Jun 2025 50% | Sep 2025 291% | Dec 2025 -150% | Mar 2026 -38% | Jun 2026 —
- ASIANENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 800% | Dec 2024 -38% | Mar 2025 53% | Jun 2025 200% | Sep 2025 -144% | Dec 2025 125% | Mar 2026 43% | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -98% | Jun 2024 — | Sep 2024 225% | Dec 2024 — | Mar 2025 900% | Jun 2025 38% | Sep 2025 23% | Dec 2025 -19% | Mar 2026 180% | Jun 2026 36%
- DEEPENR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -96% | Sep 2022 12,500% | Dec 2022 275% | Mar 2023 381% | Jun 2023 -4,100% | Sep 2023 -158% | Dec 2023 -287% | Mar 2024 -49% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.5% | Jun 2024 184% | Sep 2024 79% | Dec 2024 9.1% | Mar 2025 25% | Jun 2025 -32% | Sep 2025 39% | Dec 2025 106% | Mar 2026 23% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/10 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Jindal Drilling & Industries Ltd has the clearest covered balance-sheet capacity with ₹213 crore net cash and gross debt of ₹93 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Antelopus Selan Energy Ltd · ₹4 crore | 0% versus #2 · United Drilling Tools Ltd | 2/2 recent comparable periods | 10/10 companies · 104 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Antelopus Selan Energy Ltd (ANTELOPUS): ₹4 Cr
2. United Drilling Tools Ltd (UNIDT): ₹4 Cr
3. Deep Energy Resources Ltd (DEEPENR): ₹36 Cr — older report
4. Hindustan Oil Exploration Company Ltd (HINDOILEXP): ₹50 Cr
5. Jindal Drilling & Industries Ltd (JINDRILL): ₹93 Cr

### Net debt — lowest net debt
1. Jindal Drilling & Industries Ltd (JINDRILL): ₹-213 Cr
2. Antelopus Selan Energy Ltd (ANTELOPUS): ₹-65 Cr
3. Hindustan Oil Exploration Company Ltd (HINDOILEXP): ₹-5 Cr
4. Asian Energy Services Ltd (ASIANENE): ₹12 Cr
5. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): ₹159 Cr

### 20-quarter Gross debt history
- ONGC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.2 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.9 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.9 L Cr | Jun 2025 — | Sep 2025 ₹1.8 L Cr | Dec 2025 — | Mar 2026 ₹1.7 L Cr | Jun 2026 —
- OIL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹16.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹18.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹30.6K Cr | Jun 2025 — | Sep 2025 ₹35.9K Cr | Dec 2025 — | Mar 2026 ₹37.5K Cr | Jun 2026 —
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹32 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹160 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹205 Cr | Jun 2025 — | Sep 2025 ₹205 Cr | Dec 2025 — | Mar 2026 ₹203 Cr | Jun 2026 —
- HINDOILEXP: Sep 2021 ₹442 Cr | Dec 2021 ₹442 Cr | Mar 2022 ₹357 Cr | Jun 2022 ₹357 Cr | Sep 2022 ₹328 Cr | Dec 2022 ₹328 Cr | Mar 2023 ₹364 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- JINDRILL: Sep 2021 ₹256 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹202 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹93 Cr | Jun 2026 —
- ASIANENE: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹131 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹203 Cr | Jun 2026 ₹203 Cr
- DEEPENR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 — | Sep 2023 ₹36 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹18 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹33 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹34 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Net debt history
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-157 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-65 Cr | Jun 2026 —
- HINDOILEXP: Sep 2021 ₹277 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹291 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- JINDRILL: Sep 2021 ₹159 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹-54 Cr | Sep 2025 ₹-297 Cr | Dec 2025 ₹-297 Cr | Mar 2026 ₹-213 Cr | Jun 2026 —
- ASIANENE: Sep 2021 ₹-28 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-42 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-35 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-83 Cr | Dec 2024 ₹-83 Cr | Mar 2025 ₹-72 Cr | Jun 2025 ₹-72 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹159 Cr | Jun 2026 ₹159 Cr

## Return On Capital Employed

What the numbers say: Antelopus Selan Energy Ltd leads ROCE at 21.2%, 4.7 percentage points above Asian Energy Services Ltd. Antelopus Selan Energy Ltd has the strongest latest improvement at +10.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Antelopus Selan Energy Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Antelopus Selan Energy Ltd · 21.2% | 28.5% versus #2 · Asian Energy Services Ltd | 1/1 recent comparable periods | 10/10 companies · 61 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Antelopus Selan Energy Ltd (ANTELOPUS): 21%
2. Asian Energy Services Ltd (ASIANENE): 17%
3. Deep Industries Ltd (DEEPINDS): 17%
4. Jindal Drilling & Industries Ltd (JINDRILL): 15%
5. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 15%

### ROCE change — fastest improvers
1. Antelopus Selan Energy Ltd (ANTELOPUS): +10.3 pp
2. Deep Industries Ltd (DEEPINDS): +4.0 pp
3. Jindal Drilling & Industries Ltd (JINDRILL): +2.2 pp
4. Oil & Natural Gas Corpn Ltd (ONGC): +2.0 pp
5. United Drilling Tools Ltd (UNIDT): +2.0 pp

### 20-quarter ROCE history
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.0% | Jun 2025 — | Sep 2025 — | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- HINDOILEXP: Sep 2021 2.8% | Dec 2021 — | Mar 2022 4.0% | Jun 2022 — | Sep 2022 7.5% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 15% | Jun 2024 18% | Sep 2024 10% | Dec 2024 15% | Mar 2025 5.6% | Jun 2025 11% | Sep 2025 3.0% | Dec 2025 6.7% | Mar 2026 1.3% | Jun 2026 —
- JINDRILL: Sep 2021 3.5% | Dec 2021 — | Mar 2022 4.2% | Jun 2022 — | Sep 2022 6.6% | Dec 2022 — | Mar 2023 7.2% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 7.8% | Mar 2024 8.4% | Jun 2024 8.4% | Sep 2024 6.4% | Dec 2024 11% | Mar 2025 8.0% | Jun 2025 18% | Sep 2025 12% | Dec 2025 17% | Mar 2026 10% | Jun 2026 —
- ASIANENE: Sep 2021 19% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 -4.0% | Dec 2022 — | Mar 2023 -20% | Jun 2023 — | Sep 2023 -9.6% | Dec 2023 1.3% | Mar 2024 8.8% | Jun 2024 15% | Sep 2024 13% | Dec 2024 18% | Mar 2025 12% | Jun 2025 19% | Sep 2025 8.7% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -4.7% | Jun 2023 — | Sep 2023 -0.6% | Dec 2023 15% | Mar 2024 -0.7% | Jun 2024 4.0% | Sep 2024 6.5% | Dec 2024 16% | Mar 2025 11% | Jun 2025 16% | Sep 2025 12% | Dec 2025 18% | Mar 2026 10% | Jun 2026 16%

### 20-quarter ROCE change history
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +10.3 pp | Jun 2026 —
- HINDOILEXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +15.5 pp | Jun 2023 — | Sep 2023 +13.7 pp | Dec 2023 — | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −11.1 pp | Dec 2024 −8.2 pp | Mar 2025 −8.9 pp | Jun 2025 −7.6 pp | Sep 2025 −7.1 pp | Dec 2025 −8.2 pp | Mar 2026 −4.3 pp | Jun 2026 —
- JINDRILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 — | Mar 2023 +3.0 pp | Jun 2023 — | Sep 2023 +0.9 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 +3.2 pp | Mar 2025 −0.4 pp | Jun 2025 +9.2 pp | Sep 2025 +5.1 pp | Dec 2025 +5.6 pp | Mar 2026 +2.2 pp | Jun 2026 —
- ASIANENE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −23.2 pp | Dec 2022 — | Mar 2023 −35.9 pp | Jun 2023 — | Sep 2023 −5.6 pp | Dec 2023 — | Mar 2024 +28.8 pp | Jun 2024 — | Sep 2024 +22.9 pp | Dec 2024 +16.3 pp | Mar 2025 +2.9 pp | Jun 2025 +4.1 pp | Sep 2025 −4.6 pp | Dec 2025 −1.7 pp | Mar 2026 +1.5 pp | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 +7.1 pp | Dec 2024 +1.0 pp | Mar 2025 +11.6 pp | Jun 2025 +12.1 pp | Sep 2025 +5.3 pp | Dec 2025 +2.3 pp | Mar 2026 −0.7 pp | Jun 2026 +0.2 pp

## Valuation Against Growth & Quality

What the numbers say: Antelopus Selan Energy Ltd has the lowest comparable Guarded PEG at 0.27×. Only 1 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Antelopus Selan Energy Ltd · 0.27× | Not enough peers | 0/8 recent comparable periods | 1/10 companies · 2 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Antelopus Selan Energy Ltd (ANTELOPUS): 0.3

### P/E — lowest P/E
1. Oil & Natural Gas Corpn Ltd (ONGC): 7.5
2. Jindal Drilling & Industries Ltd (JINDRILL): 8.2
3. Deep Industries Ltd (DEEPINDS): 8.3
4. Oil India Ltd (OIL): 11.0
5. Dolphin Offshore Enterprises (India) Ltd (DOLPHIN): 20.9

### 20-quarter Guarded PEG history
- ANTELOPUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ONGC: Sep 2021 8.0 | Dec 2021 5.2 | Mar 2022 5.2 | Jun 2022 3.7 | Sep 2022 3.0 | Dec 2022 4.3 | Mar 2023 4.3 | Jun 2023 4.9 | Sep 2023 5.6 | Dec 2023 5.3 | Mar 2024 7.1 | Jun 2024 6.9 | Sep 2024 8.2 | Dec 2024 7.1 | Mar 2025 7.7 | Jun 2025 8.4 | Sep 2025 8.3 | Dec 2025 8.0 | Mar 2026 9.3 | Jun 2026 —
- OIL: Sep 2021 5.2 | Dec 2021 4.6 | Mar 2022 5.7 | Jun 2022 4.6 | Sep 2022 2.6 | Dec 2022 2.8 | Mar 2023 3.0 | Jun 2023 3.0 | Sep 2023 4.4 | Dec 2023 5.8 | Mar 2024 9.3 | Jun 2024 10.6 | Sep 2024 12.2 | Dec 2024 8.2 | Mar 2025 8.5 | Jun 2025 10.8 | Sep 2025 10.2 | Dec 2025 11.0 | Mar 2026 13.3 | Jun 2026 —
- ANTELOPUS: Sep 2021 27.8 | Dec 2021 27.8 | Mar 2022 37.3 | Jun 2022 26.0 | Sep 2022 24.8 | Dec 2022 15.3 | Mar 2023 13.0 | Jun 2023 15.3 | Sep 2023 23.3 | Dec 2023 27.3 | Mar 2024 26.5 | Jun 2024 34.0 | Sep 2024 29.3 | Dec 2024 22.1 | Mar 2025 15.2 | Jun 2025 32.5 | Sep 2025 11.4 | Dec 2025 8.6 | Mar 2026 18.6 | Jun 2026 —
- DEEPINDS: Sep 2021 7.5 | Dec 2021 4.5 | Mar 2022 11.6 | Jun 2022 9.0 | Sep 2022 10.8 | Dec 2022 12.8 | Mar 2023 11.1 | Jun 2023 12.0 | Sep 2023 16.5 | Dec 2023 14.1 | Mar 2024 16.6 | Jun 2024 15.1 | Sep 2024 21.8 | Dec 2024 25.5 | Mar 2025 20.7 | Jun 2025 18.2 | Sep 2025 18.0 | Dec 2025 13.6 | Mar 2026 12.0 | Jun 2026 —
- HINDOILEXP: Sep 2021 68.5 | Dec 2021 55.3 | Mar 2022 53.2 | Jun 2022 44.1 | Sep 2022 23.4 | Dec 2022 23.9 | Mar 2023 14.9 | Jun 2023 13.2 | Sep 2023 9.5 | Dec 2023 9.1 | Mar 2024 8.9 | Jun 2024 13.0 | Sep 2024 17.8 | Dec 2024 17.0 | Mar 2025 16.2 | Jun 2025 15.3 | Sep 2025 19.5 | Dec 2025 18.7 | Mar 2026 21.6 | Jun 2026 —
- JINDRILL: Sep 2021 35.2 | Dec 2021 9.8 | Mar 2022 8.0 | Jun 2022 7.9 | Sep 2022 8.3 | Dec 2022 7.4 | Mar 2023 6.6 | Jun 2023 10.2 | Sep 2023 23.7 | Dec 2023 30.9 | Mar 2024 24.2 | Jun 2024 35.8 | Sep 2024 21.3 | Dec 2024 23.3 | Mar 2025 18.7 | Jun 2025 8.6 | Sep 2025 7.3 | Dec 2025 4.8 | Mar 2026 6.1 | Jun 2026 —
- ASIANENE: Sep 2021 11.5 | Dec 2021 10.8 | Mar 2022 10.1 | Jun 2022 8.3 | Sep 2022 28.6 | Dec 2022 29.6 | Mar 2023 — | Jun 2023 — | Sep 2023 -35.8 | Dec 2023 194.3 | Mar 2024 43.1 | Jun 2024 46.1 | Sep 2024 45.9 | Dec 2024 39.3 | Mar 2025 32.5 | Jun 2025 31.1 | Sep 2025 32.6 | Dec 2025 34.5 | Mar 2026 24.4 | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 2.8 | Dec 2023 11.0 | Mar 2024 213.0 | Jun 2024 216.1 | Sep 2024 148.8 | Dec 2024 108.2 | Mar 2025 31.3 | Jun 2025 36.8 | Sep 2025 29.9 | Dec 2025 30.9 | Mar 2026 31.1 | Jun 2026 21.7
- DEEPENR: Sep 2021 295.9 | Dec 2021 372.5 | Mar 2022 535.0 | Jun 2022 790.0 | Sep 2022 2,407.5 | Dec 2022 323.1 | Mar 2023 238.4 | Jun 2023 199.5 | Sep 2023 273.2 | Dec 2023 2,435.0 | Mar 2024 2,247.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15.4 | Sep 2022 16.4 | Dec 2022 20.9 | Mar 2023 26.8 | Jun 2023 39.4 | Sep 2023 56.8 | Dec 2023 62.5 | Mar 2024 49.6 | Jun 2024 50.0 | Sep 2024 41.3 | Dec 2024 38.3 | Mar 2025 29.6 | Jun 2025 30.2 | Sep 2025 28.7 | Dec 2025 27.9 | Mar 2026 17.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Jindal Drilling & Industries Ltd leads ev/ebitda at 3.2×; Oil & Natural Gas Corpn Ltd leads p/bv at 0.84×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Jindal Drilling & Industries Ltd · 3.2× | 25.6% versus #2 · Oil & Natural Gas Corpn Ltd | 0/8 recent comparable periods | 10/10 companies · 169 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Jindal Drilling & Industries Ltd (JINDRILL): 3.2
2. Oil & Natural Gas Corpn Ltd (ONGC): 4.3
3. Deep Industries Ltd (DEEPINDS): 7.7
4. Oil India Ltd (OIL): 8.5
5. Hindustan Oil Exploration Company Ltd (HINDOILEXP): 10.5

### P/BV — lowest P/BV
1. Oil & Natural Gas Corpn Ltd (ONGC): 0.8
2. Jindal Drilling & Industries Ltd (JINDRILL): 1.0
3. Oil India Ltd (OIL): 1.3
4. Deep Industries Ltd (DEEPINDS): 1.5
5. Hindustan Oil Exploration Company Ltd (HINDOILEXP): 1.5

### 20-quarter EV/EBITDA history
- ONGC: Sep 2021 4.3 | Dec 2021 4.1 | Mar 2022 4.1 | Jun 2022 3.4 | Sep 2022 3.0 | Dec 2022 3.5 | Mar 2023 3.5 | Jun 2023 3.7 | Sep 2023 3.6 | Dec 2023 3.1 | Mar 2024 3.8 | Jun 2024 3.9 | Sep 2024 4.8 | Dec 2024 4.4 | Mar 2025 4.4 | Jun 2025 4.5 | Sep 2025 4.4 | Dec 2025 3.8 | Mar 2026 4.3 | Jun 2026 —
- OIL: Sep 2021 4.9 | Dec 2021 4.2 | Mar 2022 3.9 | Jun 2022 3.8 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.6 | Jun 2023 2.6 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 5.9 | Jun 2024 6.6 | Sep 2024 7.4 | Dec 2024 6.0 | Mar 2025 6.0 | Jun 2025 6.9 | Sep 2025 7.1 | Dec 2025 7.6 | Mar 2026 8.5 | Jun 2026 —
- ANTELOPUS: Sep 2021 30.1 | Dec 2021 19.6 | Mar 2022 22.7 | Jun 2022 14.2 | Sep 2022 16.9 | Dec 2022 10.6 | Mar 2023 8.3 | Jun 2023 9.7 | Sep 2023 14.7 | Dec 2023 18.2 | Mar 2024 16.6 | Jun 2024 21.9 | Sep 2024 16.8 | Dec 2024 11.9 | Mar 2025 8.1 | Jun 2025 12.2 | Sep 2025 12.9 | Dec 2025 9.2 | Mar 2026 12.5 | Jun 2026 —
- DEEPINDS: Sep 2021 5.5 | Dec 2021 4.8 | Mar 2022 5.2 | Jun 2022 5.4 | Sep 2022 7.0 | Dec 2022 7.8 | Mar 2023 6.5 | Jun 2023 7.4 | Sep 2023 10.4 | Dec 2023 8.7 | Mar 2024 10.0 | Jun 2024 10.1 | Sep 2024 14.0 | Dec 2024 16.3 | Mar 2025 13.3 | Jun 2025 11.2 | Sep 2025 11.3 | Dec 2025 8.6 | Mar 2026 7.7 | Jun 2026 —
- HINDOILEXP: Sep 2021 42.2 | Dec 2021 37.2 | Mar 2022 38.6 | Jun 2022 28.6 | Sep 2022 16.3 | Dec 2022 14.2 | Mar 2023 9.2 | Jun 2023 9.4 | Sep 2023 7.0 | Dec 2023 6.6 | Mar 2024 6.5 | Jun 2024 8.8 | Sep 2024 10.7 | Dec 2024 9.1 | Mar 2025 8.5 | Jun 2025 9.4 | Sep 2025 10.8 | Dec 2025 10.3 | Mar 2026 10.5 | Jun 2026 —
- JINDRILL: Sep 2021 9.7 | Dec 2021 5.4 | Mar 2022 5.7 | Jun 2022 5.5 | Sep 2022 4.7 | Dec 2022 4.4 | Mar 2023 3.8 | Jun 2023 5.4 | Sep 2023 10.6 | Dec 2023 12.8 | Mar 2024 10.5 | Jun 2024 11.7 | Sep 2024 9.8 | Dec 2024 11.2 | Mar 2025 9.8 | Jun 2025 5.5 | Sep 2025 4.3 | Dec 2025 2.9 | Mar 2026 3.2 | Jun 2026 —
- ASIANENE: Sep 2021 7.5 | Dec 2021 6.6 | Mar 2022 5.7 | Jun 2022 4.4 | Sep 2022 6.3 | Dec 2022 12.2 | Mar 2023 79.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 49.6 | Jun 2024 25.3 | Sep 2024 29.0 | Dec 2024 24.4 | Mar 2025 16.8 | Jun 2025 16.8 | Sep 2025 17.2 | Dec 2025 17.2 | Mar 2026 12.5 | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.7 | Sep 2023 — | Dec 2023 152.8 | Mar 2024 227.3 | Jun 2024 283.7 | Sep 2024 216.7 | Dec 2024 131.6 | Mar 2025 34.0 | Jun 2025 34.9 | Sep 2025 29.4 | Dec 2025 26.2 | Mar 2026 23.0 | Jun 2026 18.7
- DEEPENR: Sep 2021 98.7 | Dec 2021 110.3 | Mar 2022 138.8 | Jun 2022 242.6 | Sep 2022 528.9 | Dec 2022 174.8 | Mar 2023 115.7 | Jun 2023 114.1 | Sep 2023 153.2 | Dec 2023 686.0 | Mar 2024 635.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.4 | Sep 2022 10.5 | Dec 2022 13.0 | Mar 2023 15.8 | Jun 2023 21.0 | Sep 2023 27.3 | Dec 2023 29.3 | Mar 2024 23.0 | Jun 2024 21.5 | Sep 2024 20.4 | Dec 2024 19.0 | Mar 2025 15.1 | Jun 2025 17.5 | Sep 2025 16.4 | Dec 2025 15.9 | Mar 2026 10.5 | Jun 2026 —

### 20-quarter P/BV history
- ONGC: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 —
- OIL: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 1.1 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 1.6 | Jun 2024 2.0 | Sep 2024 2.0 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.4 | Jun 2026 —
- ANTELOPUS: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 1.8 | Jun 2024 3.1 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 2.0 | Jun 2025 2.7 | Sep 2025 1.8 | Dec 2025 2.5 | Mar 2026 3.2 | Jun 2026 —
- DEEPINDS: Sep 2021 — | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.9 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 —
- HINDOILEXP: Sep 2021 3.6 | Dec 2021 3.2 | Mar 2022 3.8 | Jun 2022 3.2 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 2.1 | Jun 2023 3.6 | Sep 2023 2.4 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.7 | Sep 2024 2.7 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.2 | Jun 2026 —
- JINDRILL: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.3 | Dec 2024 1.8 | Mar 2025 2.0 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- ASIANENE: Sep 2021 2.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.7 | Jun 2023 2.3 | Sep 2023 3.4 | Dec 2023 4.6 | Mar 2024 4.6 | Jun 2024 5.8 | Sep 2024 5.4 | Dec 2024 5.3 | Mar 2025 3.7 | Jun 2025 4.3 | Sep 2025 3.7 | Dec 2025 2.9 | Mar 2026 2.6 | Jun 2026 —
- DOLPHIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 1.1 | Dec 2023 2.2 | Mar 2024 6.6 | Jun 2024 12.5 | Sep 2024 9.0 | Dec 2024 9.7 | Mar 2025 4.8 | Jun 2025 7.7 | Sep 2025 5.5 | Dec 2025 5.4 | Mar 2026 5.2 | Jun 2026 4.2
- DEEPENR: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.6 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIDT: Sep 2021 — | Dec 2021 4.2 | Mar 2022 4.6 | Jun 2022 3.2 | Sep 2022 2.6 | Dec 2022 2.2 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 2.1 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 —

## Market action

Antelopus Selan Energy Ltd has the strongest one-year price move in Oil Drilling & Exploration at +25.2%. Deep Energy Resources Ltd leads on Mansfield relative strength against NIFTY at +40.7%. 6 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Antelopus Selan Energy Ltd (ANTELOPUS): 25%
2. Asian Energy Services Ltd (ASIANENE): 19%
3. Oil & Natural Gas Corpn Ltd (ONGC): 0.4%
4. Deep Industries Ltd (DEEPINDS): -0.3%
5. Oil India Ltd (OIL): -2.8%

### Strongest relative strength versus NIFTY 500
1. Deep Energy Resources Ltd (DEEPENR): 41%
2. Antelopus Selan Energy Ltd (ANTELOPUS): 39%
3. United Drilling Tools Ltd (UNIDT): 23%
4. Asian Energy Services Ltd (ASIANENE): 12%
5. Jindal Drilling & Industries Ltd (JINDRILL): 4.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Oil & Natural Gas Corpn Ltd (ONGC) — market value ₹3.1 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Oil India Ltd (OIL) — market value ₹73.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Antelopus Selan Energy Ltd (ANTELOPUS) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Deep Industries Ltd (DEEPINDS) — market value ₹3.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Hindustan Oil Exploration Company Ltd (HINDOILEXP) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jindal Drilling & Industries Ltd (JINDRILL) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Asian Energy Services Ltd (ASIANENE) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dolphin Offshore Enterprises (India) Ltd (DOLPHIN) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Deep Energy Resources Ltd (DEEPENR) — market value ₹999 Cr; latest fundamentals Jun 2024
- United Drilling Tools Ltd (UNIDT) — market value ₹487 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 6. Withheld: 3. Graded companies: 10.

4 of 10 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 10 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Oil & Natural Gas Corpn Ltd (ONGC) — its two data sources disagree by up to 7.6% on reported income across 14 comparable periods, so its derived ratios are withheld; Oil India Ltd (OIL) — its two data sources disagree by up to 78% on reported income across 15 comparable periods, so its derived ratios are withheld; Deep Industries Ltd (DEEPINDS) — its two data sources disagree by up to 92% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ONGC | Oil & Natural Gas Corpn Ltd | diff_gt_2pct | disagreement up to 7.59% over 14 comparable periods
- WITHHELD | OIL | Oil India Ltd | diff_gt_2pct | disagreement up to 77.86% over 15 comparable periods
- WITHHELD | DEEPINDS | Deep Industries Ltd | diff_gt_2pct | disagreement up to 91.95% over 14 comparable periods

- UNVERIFIED | HINDOILEXP | Hindustan Oil Exploration Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | JINDRILL | Jindal Drilling & Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASIANENE | Asian Energy Services Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DOLPHIN | Dolphin Offshore Enterprises (India) Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Oil Drilling & Exploration index?

The Nifty Oil Drilling & Exploration index tracks India's listed Oil Drilling & Exploration companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Oil Drilling & Exploration sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Oil Drilling & Exploration stocks in India?

Ranked by this page's four-factor score, Antelopus Selan Energy Ltd places first among 10 listed Oil Drilling & Exploration companies, followed by United Drilling Tools Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Oil Drilling & Exploration stocks are listed in India?

This comparison covers 10 listed Oil Drilling & Exploration companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Oil Drilling & Exploration company is the biggest?

Oil & Natural Gas Corpn Ltd is the largest, with trailing-twelve-month revenue of ₹6,62,247 crore, ahead of Oil India Ltd at ₹33,946 crore. That covers 10 of 10 companies with comparable reporting through Mar 2026.

### Which Oil Drilling & Exploration company is growing fastest?

Dolphin Offshore Enterprises (India) Ltd has the fastest revenue growth at 76.5% year on year, across 10 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Oil Drilling & Exploration company has the best profit margins?

Dolphin Offshore Enterprises (India) Ltd has the highest operating margin at 59%, from 9 of 10 comparable companies. Deep Energy Resources Ltd shows the biggest recent improvement, at +32.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Oil Drilling & Exploration company makes the most profit?

Oil & Natural Gas Corpn Ltd earns the most, at ₹49,793 crore of trailing-twelve-month net profit, from 10 of 10 comparable companies. Dolphin Offshore Enterprises (India) Ltd has the fastest profit growth at 44%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Oil Drilling & Exploration company earns the highest return on capital?

Antelopus Selan Energy Ltd leads on return on capital employed at 21.2%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Oil Drilling & Exploration stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Antelopus Selan Energy Ltd screens cheapest at 0.27×. Only 1 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Oil Drilling & Exploration company has the strongest balance sheet?

Antelopus Selan Energy Ltd carries the lowest comparable gross debt at ₹4 crore, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Oil Drilling & Exploration stock has the strongest price momentum?

Deep Energy Resources Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Oil Drilling & Exploration company scores highest for research priority?

Antelopus Selan Energy Ltd scores 80.9 out of 100 with 88.6% evidence confidence, from 25.6 points on growth and earnings, 21.8 on capital efficiency, 13.9 on valuation and 19.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Oil Drilling & Exploration companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Oil Drilling & Exploration sector?

The 10 Oil Drilling & Exploration companies on this page carry ₹4,00,939 crore of combined market value. Oil & Natural Gas Corpn Ltd is the largest at ₹3,12,947 crore, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Oil Drilling & Exploration sector's P/E ratio?

The median price-to-earnings ratio across the 10 Oil Drilling & Exploration companies on this page is 20.9×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Oil Drilling & Exploration sector performing?

6 of the 10 covered Oil Drilling & Exploration companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-drilling-exploration