3 Top Energy Stocks to Watch as the Sector Booms

Companies from the energy sector are extremely diverse. These can be broadly classified into the following types: oil and gas exploration & production, oil refining and marketing, coal mining, power generation, renewable energy companies etc.

The energy sector boom in India is led predominantly by renewable energy and clean technology growth, steady expansion in power infrastructure, and evolving prospects in fossil fuel segments.

Nonetheless, almost every company is transitioning. Those that are into oil and gas, are moving into renewables and green hydrogen.

Here are a few top energy companies in India...

A Look at Few Top Energy Companies in India

Before we tell you the names of these companies and details about them, we need to inform our readers a few things.

The top stocks are taken purely based on market capitalisation. Also, some of these companies are diverse, though most of them have significant revenues generated from energy with ambitious plans in energy for the future.

This is not a fundamental analysis of any kind and is based purely on market capitalisation and future plans in the energy sector.

#1 Reliance Industries

First on list is Reliance Industries.

Reliance Industries is a major Indian multinational conglomerate, with diverse business operations spanning petrochemicals, refining, oil and gas exploration, retail, telecommunications, and digital services.

Reliance Industries is deeply involved in the energy sector, primarily through its operations in oil refining, petrochemicals, and oil and gas exploration and production.

It owns the world's largest refining complex at Jamnagar with a capacity of about 1.4 million (m) barrels per day, which processes crude oil into refined petroleum products for domestic and export markets.

In upstream activities, Reliance Industries is engaged in exploration and production of crude oil and natural gas, notably in the Krishna-Godavari (KG) basin off India's east coast.

The company is now making rapid strides in clean energy. Reliance Industries plans to transition to net carbon zero by 2035 through a fully integrated, globally competitive clean energy platform.

The Dhirubhai Ambani Green Energy Giga Complex is set to become one of the world's largest integrated renewable manufacturing hubs.

Recently, Reliance Industries commissioned its first solar GW+ line. The company is well on its way to establish 10 GW fully integrated solar PV manufacturing from polysilicon to ingot and wafer to cell/module along with glass and encapsulant and expand it in modular fashion thereafter.

Reliance Industries is also progressing rapidly to establish a 30 GWh modular battery giga-factory for cell, packs, and containerised BESS systems and backward integrate into battery materials.

On the biogas front, it will establish 55 compressed bio gas plants including integrated compressed bio gas hub with a cumulative capacity of 0.4 MTPA of compressed bio gas and 2 MTPA of organic manure.

The company has built the world's largest bioenergy R&D centre in Jamnagar, focused on microbial innovation, crop science, automation, and plant energy self-reliance.

Reliance Industries Financial Snapshot (FY23 to FY25)

Source: Equitymaster

On the financial front, Reliance Industries reported revenues of Rs 2,588,980 m in Q1 FY26, as against Rs 2,354,810 m in the corresponding period of last year. The net profits of the company surged to Rs 221,460 m in Q1 FY26, from Rs 191,010 m YoY.

Overall, the company's diversified revenues, robust balance sheet, clean energy expansion, and proven execution make it a resilient growth engine.

To know more you can check the Reliance Industries fact sheet and latest quarterly results.

#2 NTPC

Second on our list is NTPC.

The company is India's largest energy conglomerate. It has established itself as the dominant power major with presence in the entire value chain of the power generation business.

NTPC is now looking at a gradual transition by adding 500 GW of installed capacity from non-fossil fuel sources by 2030.

At the center of this transition is a solid roadmap to install 60 GW of renewable energy capacity by 2032, marking a clear shift from conventional fuels to clean alternatives.

In addition to large-scale solar and wind, NTPC is building India's first hydrogen hub and has already started a number of green hydrogen pilot projects to enable clean mobility and decarbonise hard-to-abate industries.

These initiatives are in line with NTPC's strategic goal of developing a full-spectrum clean energy ecosystem, which goes beyond generation.

Stemming from an integrated technology approach, NTPC is integrating renewables with new technologies like green hydrogen, battery energy storage systems (BESS), digitalised operations, and infrastructure for electric and hydrogen-based mobility.

This strategy is intended to provide not only scale but also resilience and flexibility, guaranteeing a cleaner grid that satisfies India's development needs and permits a fair and steady energy transition.

Under its flagship hydrogen hub at Pudimadka, NTPC is actively developing a range of green hydrogen applications, such as RTC microgrids, green methanol, green fuels, and hydrogen blending in PNG.

This is complemented by proactive investments in waste-to-energy, biomass co-firing, carbon capture and utilisation (CCU), and green mobility infrastructure.

Additionally, NTPC is investigating small modular reactors (SMRs) and forming alliances to increase its nuclear capacity.

With this comprehensive strategy, NTPC is positioned to lead the development of India's decarbonised, safe, and innovative power systems.

NTPC Financial Snapshot (FY23 to FY25)

Source: Equitymaster

The company's Q2 FY26 revenues were Rs 447,858 m, almost flat when compared to Rs 447,061 m in the same period last year. The company's net profits increased to 29,681 m from Rs 26,543 m YoY.

With its aggressive expansion of renewable capacity and historic green hydrogen projects, supported by government backing and important industry alliances, NTPC has bright future prospects.

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

#3 Oil and Natural Gas Corporation (ONGC)

Next on our list is ONGC.

ONGC is the largest crude oil and natural gas company in India. The company contributes around 71 per cent to Indian domestic production. ONGC Videsh, a Miniratna company, is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation.

ONGC is making rapid strides not only in the oil and gas exploration business, but, also in renewables.

ONGC's fully owned subsidiary ONGC Green is moving ahead in this regard. It has acquired PTC Energy, now OGL One Limited, adding seven wind plants with 288.8 MW capacity in Madhya Pradesh, Karnataka, and Andhra Pradesh.

Through its joint venture ONGC NTPC Green Private Limited, OGL also acquired Ayana Renewable Power Private Ltd in March 2025, bringing in 2.05 GW to ONGC out of the total 4.1 GW of wind and solar assets.

These acquisitions have raised ONGC's renewable capacity to 2.5 GW, in line with the company's stated goal of reaching 10 GW by 2030.

ONGC Videsh on the other hand has maintained stable operational output despite geopolitical challenges and maturing fields.

The company in FY25 reported a total production of 10.278 MMTOE, with oil output increasing slightly to 7.265 MMT and gas production at 3.013 BCM. Notable contributions came from the CPO-5 block and MECL asset in Colombia and GPOC and SPOC projects in South Sudan.

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

ONGC Financial Snapshot (FY23 to FY25)

Source: Equitymaster

On the financial front, the company reported revenues of Rs 1,631,081 m in Q1 FY26, against Rs 1,689,680 m in the corresponding period of last year. The net profits of the company grew to Rs 117,821 m in Q1 FY26, from Rs 90,028 m YoY.

Overall, ONGC positions itself to remain a dominant player in India's energy sector by enhancing hydrocarbon production while aggressively investing in renewables and clean technologies, making it well-aligned with India's energy security and climate goals.

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

Should You Consider Stocks from the Energy Space?

India's emphasis on renewable energy capacity expansion and energy security creates a favourable environment for growth in related stocks.

Energy stocks offer potential rewards and risks. Balancing a mix of traditional and renewable energy stocks, aligned with risk appetite and investment horizon, can be a prudent strategy.

However, careful analysis of company fundamentals, regulatory environment, and sector trends is essential before investing.

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.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...