Oil Exploration & Production industry

7 companies · ₹3.8 L cr · 7 with AI deep dives · Q1FY27 report

$100/bbl crude lifts revenue to a sector peak, but HPCL under-recoveries collapse consolidated margins

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 9.8%

Revenue YoY: +26.8%
EBITDA margin: 9.8%; -670bps YoY
Price, 1 year: +2.6%; 50% of names up
P/E vs own 5y: +141.8%; 30.1x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2.18 L cr	1.84 L cr	+18.7%	1.72 L cr	+26.8%	2.18 L cr	0.0%
EBITDA margin	9.8%	15.6%	-580bps	16.5%	-670bps	17.2%	-740bps

Revenue

Jun 26: 2.18 L cr
Mar 26: 1.84 L cr
QoQ: +18.7%
Jun 25: 1.72 L cr
YoY: +26.8%
Peak: 2.18 L cr
vs peak: 0.0%

EBITDA margin

Jun 26: 9.8%
Mar 26: 15.6%
QoQ: -580bps
Jun 25: 16.5%

Sept 26: 0 of 7 reported so far, so it is not in the trend above.

Breadth: 100% of 6 companies grew revenue year on year (was 83% a quarter earlier) and 67% expanded margin (was 83%).

Exhibit 2What it costs

8.69x - 64.76x across the panel today

The median name trades at 30.1x, +141.8% against this industry's own 5-year median of 12.4x, and -3.2% against its own peak of 31.1x.

Exhibit 3Structure

₹3.8 L cr

Oil & Natural Gas Corpn Ltd is 75.3% of this industry by market cap. The top 5 are 99.1% and the top 10 are 100%.

large 2mid 1small 47 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 30.11x, 5y ROCE above its median of 10.82%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (7 of 7)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Oil & Natural Gas Corpn Ltd	₹2.8 L cr	6.5x	3.7x	14.4%	15.6%	+25.7%	Unlock
Oil India Ltd	₹73,767 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindElevated crude realisations (~$95 - $104/bbl) drive sector revenue to an all-time peak4 managements

Brent averaged $104.5/bbl in Q1FY27 (+54% YoY per VOGL data), lifting realised prices for every upstream producer. OIL's crude realisation moved from USD 66.20 to USD 98.73/bbl…

OIL (Q1FY27): “The crude oil price realization is USD98.73 per barrel as compared to USD66.20 per barrel…”

headwind2 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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