Oil and Gas Exploration Stocks and Companies in India

The largest Oil and Gas Exploration stocks in India by market value are ONGC (₹2.96 lakh crore), Oil India (₹74,499 crore) and Deep Industries (₹4,171 crore), at prices of 4 Nov 2026.

• ONGC: ₹235 | market value ₹2.96 lakh crore | P/E 6.8
• Oil India: ₹458 | market value ₹74,499 crore | P/E 8.9
• Deep Industries: ₹651.75 | market value ₹4,171 crore | P/E 10.1
• Antelopus Selan Energy: ₹963.70 | market value ₹3,406 crore | P/E 18.4
• Dolphin Offshore Enterprises (India): ₹664.75 | market value ₹2,659 crore | P/E 35.4
• Hindustan Oil Exploration Company: ₹155.64 | market value ₹2,058 crore | P/E 81.9
• Asian Energy Services: ₹406.85 | market value ₹1,996 crore | P/E 25.0
• Jindal Drilling & Industries: ₹528.05 | market value ₹1,530 crore | P/E 7.9
• Deep Energy Resources Ltd(Merged): ₹312 (price from the week of 25 Sep 2024) | market value ₹999 crore
• United Drilling Tools: ₹240 (price from the week of 14 Jun 2026) | market value ₹487 crore | P/E 25.7

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 10 listed Indian Oil Drilling & Exploration companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Oil Drilling & Exploration index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Oil & Natural Gas Corpn Ltd₹2.8 lakh cr
2. Oil India Ltd₹73,800 cr
3. Deep Industries Ltd₹4,270 cr
4. Antelopus Selan Energy Ltd₹3,530 cr
5. Dolphin Offshore Enterprises (India) Ltd₹2,440 cr
6. Hindustan Oil Exploration Company Ltd₹2,030 cr
7. Asian Energy Services Ltd₹2,010 cr
8. Jindal Drilling & Industries Ltd₹1,430 cr
9. Deep Energy Resources Ltd(Merged)₹999 cr
10. United Drilling Tools Ltd₹487 cr

10 Oil and Gas Exploration companies in the Oil Drilling & Exploration industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 10 are listed below, largest first. The largest is Oil & Natural Gas Corpn (₹2.84 lakh crore) and the smallest with a market value is United Drilling Tools.

Download all 10 Oil and Gas Exploration companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 15% ahead of NIFTY 500. Earnings across its companies grew 17% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 37 weeks running.

3 of the 8 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 37 weeks running; 4 of the 8 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 3 of those 8 pass the momentum test (4 fewer than four weeks earlier); earnings rising at 6 of the 8 that report earnings.

Participation is shrinking, 7 → 3 of 8 over four weeks, after being ahead of NIFTY 500. Price-only fade, 6 of 8 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 8 of its 10 companies (the 2 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Oil Drilling & Exploration has done better than the NIFTY 500 by 39.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 16.7%. Antelopus Selan Energy Ltd is the strongest against the sector itself at +23.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 64.7 as of 30 October 2026 (narrowing, rising).

Oil Drilling & Exploration has done better than the NIFTY 500 by 39.8% over 52 weeks and by 16.7% over 13 weeks. 3 of 10 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 4 of the 7 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Antelopus Selan Energy Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.

Jindal Drilling & Industries Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Antelopus Selan Energy Ltd has the strongest one-year price move in Oil Drilling & Exploration at +74.3%. It also leads on relative strength against the NIFTY, at +47.3%. 6 of 10 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Oil Drilling & Exploration itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 8 Oil Drilling & Exploration companies held a results call for July to September 2026. Asian Energy Services guided: Standalone revenue growth 30-40% FY27, on-track reaffirmed.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters cut theirs by 0.5 points.

• Spending on new plants and equipment was ₹68,533 crore in the last 12 months, 19% more than a year before.
• Projects still being built grew 8% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 10 Oil Drilling & Exploration companies, in percentage points.

Ownership and spending as of 10 October 2026.

Oil & Natural Gas Corpn Ltd has the highest Revenue among the 10 Oil Drilling & Exploration companies compared here, at ₹7,04,122 crore. Oil India Ltd is next at ₹38,520 crore. Asian Energy Services Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Oil & Natural Gas Corpn Ltd is the largest at ₹7,04,122 crore, 18.3× the revenue of Oil India Ltd. Asian Energy Services Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 112% from a ₹1,111 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Oil & Natural Gas Corpn Ltd is the size to compare against; Asian Energy Services Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Oil & Natural Gas Corpn Ltd's growth falls below Asian Energy Services Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Antelopus Selan Energy Ltd has the highest OPM among the 10 Oil Drilling & Exploration companies compared here, at 69%. Dolphin Offshore Enterprises (India) Ltd is next at 63%. Deep Energy Resources Ltd(Merged) has the highest Margin change at +32.5 percentage points, so level and change sit with different companies.

What the numbers say: Antelopus Selan Energy Ltd leads opm at 69%; Deep Energy Resources Ltd(Merged) leads margin change at +32.5 percentage points.

What this means: Antelopus Selan Energy Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Oil & Natural Gas Corpn Ltd has the highest Net profit among the 10 Oil Drilling & Exploration companies compared here, at ₹44,793 crore. Oil India Ltd is next at ₹9,531 crore. Antelopus Selan Energy Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Oil & Natural Gas Corpn Ltd earns the most, ₹44,793 crore of profit over the last 12 months, 370% above Oil India Ltd. Antelopus Selan Energy Ltd shows at least 100% on the scoring scale (216.1% in full) growth from a profit base of ₹177 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Oil & Natural Gas Corpn Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Antelopus Selan Energy Ltd has the highest ROCE among the 10 Oil Drilling & Exploration companies compared here, at 19.9%. Deep Industries Ltd is next at 16.5%. Deep Industries Ltd has the highest ROCE change at +4 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Antelopus Selan Energy Ltd leads ROCE at 19.9%, 3.4 percentage points above Deep Industries Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Antelopus Selan Energy Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Oil & Natural Gas Corpn Ltd (ONGC): its two data sources disagree by up to 7.6% on reported income across 15 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 16 comparable periods, so its derived ratios are withheld; Deep Industries Ltd (DEEPINDS): its two data sources disagree by up to 98% on reported income across 15 comparable periods, so its derived ratios are withheld; Antelopus Selan Energy Ltd (ANTELOPUS): its two data sources disagree by up to 2.7% on reported income across 7 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Jindal Drilling & Industries Ltd has the lowest PEG among the 10 Oil Drilling & Exploration companies compared here, at 0.62×. Asian Energy Services Ltd is next at 0.85×. Oil & Natural Gas Corpn Ltd has the lowest P/E at 6.49×, so level and change sit with different companies.

What the numbers say: Jindal Drilling & Industries Ltd has the lowest comparable PEG at 0.62×, 27.1% below Asian Energy Services Ltd. Only 5 of 10 companies have earnings and growth steady enough for the ratio to mean anything, so this does not make it the lowest-valued company in the whole industry. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Oil Drilling & Exploration companies show up on 6 of our India lists. The most are on the oil & gas stocks list (8 companies).

This Oil Drilling & Exploration comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 10 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 4 have second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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 are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 10 Oil Drilling & Exploration companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

4 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 15 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 16 comparable periods, so its derived ratios are withheld; Deep Industries Ltd (DEEPINDS): its two data sources disagree by up to 98% on reported income across 15 comparable periods, so its derived ratios are withheld; Antelopus Selan Energy Ltd (ANTELOPUS): its two data sources disagree by up to 2.7% on reported income across 7 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Oil Drilling & Exploration comparison above in question form. Every one is computed from the same 10 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.