3 Stocks to Watch as Oil & Gas Index Hits 52-week High

#1 Oil and Natural Gas Corporation (ONGC)

First on our list is ONGC.

ONGC is India's leading crude oil and natural gas producer, accounting for approximately 71% of the country's domestic output.

Its wholly owned subsidiary, ONGC Videsh, functions as its overseas branch and holds the status of a Miniratna company.

In the downstream segment, ONGC continues to benefit from the exceptional performance of its key subsidiaries including HPCL and MRPL.

ONGC Financial Snapshot

On the financial front, the company reported revenues of Rs 1,579,111 m in Q2 FY26, against Rs 1,593,311 m in the corresponding period of last year. The net profits of ONGC grew to Rs 122,750 m in Q2 FY26, from Rs 98,536 m YoY.

ONGC is making significant progress not only in the oil and gas exploration sector but also in renewable energy. Its wholly owned subsidiary, ONGC Green, is advancing steadily in this domain.

The company has recently acquired PTC Energy, now rebranded as OGL One Limited, bringing seven wind power plants with a total capacity of 288.8 MW across Madhya Pradesh, Karnataka, and Andhra Pradesh into its portfolio.

Meanwhile, ONGC Videsh has successfully maintained steady operational performance despite facing geopolitical challenges and the natural decline of mature fields.

To know more check the ONGC fact sheet and latest quarterly results.

#2 Bharat Petroleum Corporation (BPCL)

BPCL is a downstream oil PSU. Its core businesses include refining crude oil, marketing petroleum products, LPG distribution, aviation fuel, lubricants, and petrochemicals.

Over the last few years, the company has been diversifying rapidly into renewable energy and green hydrogen projects.

BPCL and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) have entered into a joint venture to explore renewable energy and green hydrogen projects across India.

BPCL Financial Snapshot

On the financial front, BPCL reported revenues of Rs 1,366,531 m in Q3 FY26, against Rs 1,275,506 m in the corresponding period of last year. The net profits of the company surged to Rs 69,808 m in Q3 FY26, from Rs 38,758 m YoY.

Moving ahead, BPCL is positioning itself for balanced long-term growth by expanding core refining capacity, investing heavily in petrochemicals and renewable/clean energy sources, and enhancing its global trading footprint.

It plans significant capital expenditure and new projects (like a large refinery-cum-petrochemical complex) to capture rising energy demand in India, while also pursuing green hydrogen, LNG trading, EV charging infrastructure, and biofuel initiatives to align with the energy transition.

#3 GAIL (India)

GAIL (India) is India's largest natural gas transmission and marketing company, and a Maharatna PSU under the Ministry of Petroleum & Natural Gas.

The company operates the largest gas pipeline network in India (over 16,000 km), forming the backbone of the country's gas infrastructure. The company also buys and sells natural gas to power plants, fertilizer units, city gas distributors (CGDs), and industries.

GAIL Snapshot

On the financial front, GAIL reported revenues of Rs 353,028 m in Q3 FY26, against Rs 369,371 m in the corresponding period of last year. The net profits of the company fell to Rs 13,838 m in Q3 FY26 from Rs 36,909 m YoY.

GAIL's future growth looks steady, driven by rising natural gas demand in India, expansion of its pipeline network, and growth in city gas distribution.

Long-term LNG sourcing deals improve supply security, while petrochemical expansion adds diversification. New energy initiatives like green hydrogen and renewables will also support its long-term relevance.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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