In this blog you are going to get full stocks analysis of Oil Drilling & Allied Services Stocks companies of India, so read it full.
Stocks Info of Indian Oil Drilling/Exploration Companies (March 2025 Quarterly Results)
| Company | Ticker | Stock Price (₹) | Market Cap (₹ Cr) | Net Profit (Q4 FY25, ₹ Cr) | Index Listed | Segment |
|---|---|---|---|---|---|---|
| ONGC | NSE: ONGC | 250-300 | 300,000-350,000 | 8,000-10,000 | Nifty 50, S&P BSE Sensex | E&P |
| Oil India Ltd | NSE: OIL | 600-700 | 65,000-75,000 | 1,500-2,000 | S&P BSE 200 | E&P |
| Aban Offshore | NSE: ABAN | 50-70 | 500-800 | (Loss-making) | S&P BSE SmallCap | Offshore Drilling |
| Deep Industries | NSE: DEEPINDS | 200-250 | 1,500-2,000 | 50-100 | S&P BSE SmallCap | Oilfield Services |
| Selan Exploration | BSE: 530075 | 400-500 | 800-1,200 | 20-30 | N/A (MicroCap) | E&P |
| HOEC | NSE: HINDOILEXP | 300-350 | 2,000-3,000 | 50-80 | S&P BSE SmallCap | E&P |
| Asian Energy Services | NSE: ASIANENE | 100-150 | 500-1,000 | 10-20 | S&P BSE SmallCap | Oilfield Services |
| Jindal Drilling | NSE: JINDRILL | 400-450 | 1,200-1,500 | 30-50 | S&P BSE SmallCap | Drilling Services |
| Reliance Industries (RIL) | NSE: RELIANCE | 2,800-3,200 | 18-20 Lakh Cr | 18,000-20,000 | Nifty 50, Sensex | Integrated (Upstream too) |
| Engineers India Ltd | NSE: ENGINERSIN | 200-250 | 5,000-6,000 | 100-150 | S&P BSE MidCap | Consulting/EPC |
| BHEL | NSE: BHEL | 150-200 | 50,000-60,000 | 300-500 | S&P BSE Sensex | Oil Equipment |
| SCI | NSE: SCI | 150-180 | 6,000-7,000 | 200-300 | S&P BSE SmallCap | Offshore Logistics |
Extra Reference :
Oil & Gas Drilling/Exploration Companies – Key Financial Ratios (Q3 FY25 Estimates) – Financial & Fundamental Analysis
| Company | Debt/Equity | P/E (TTM) | P/B | ROE (%) | ROA (%) | Dividend Yield (%) | EPS (TTM, ₹) |
|---|---|---|---|---|---|---|---|
| ONGC (NSE: ONGC) | 0.25 | 5.8 | 0.75 | 12.5 | 7.2 | 4.5% | 42.50 |
| Oil India (NSE: OIL) | 0.35 | 4.2 | 0.65 | 15.8 | 8.5 | 5.1% | 58.20 |
| Aban Offshore (NSE: ABAN) | 5.8* | N/A (Loss) | 0.30 | -18.2 | -4.5 | 0% | -12.75 |
| Deep Industries (NSE: DEEPINDS) | 0.10 | 12.4 | 2.1 | 18.3 | 9.6 | 1.2% | 16.80 |
| Selan Exploration (BSE: 530075) | 0.05 | 9.5 | 1.4 | 14.7 | 8.1 | 1.8% | 22.40 |
| HOEC (NSE: HINDOILEXP) | 0.20 | 8.6 | 1.2 | 13.9 | 6.8 | 0.5% | 28.60 |
| Asian Energy (NSE: ASIANENE) | 0.30 | 18.2 | 2.5 | 13.5 | 5.9 | 0% | 3.20 |
| Jindal Drilling (NSE: JINDRILL) | 0.40 | 10.8 | 1.1 | 10.2 | 5.5 | 0.7% | 18.90 |
| RIL (NSE: RELIANCE) | 0.45 | 24.5 | 2.8 | 11.8 | 6.2 | 0.3% | 102.50 |
| Engineers India (NSE: ENGINERSIN) | 0.00 | 14.6 | 2.3 | 16.4 | 10.1 | 3.2% | 8.75 |
| BHEL (NSE: BHEL) | 0.80 | 28.4 | 3.0 | 8.9 | 2.5 | 0.9% | 1.20 |
| SCI (NSE: SCI) | 0.25 | 6.5 | 0.7 | 10.8 | 6.0 | 2.5% | 15.30 |
Key Analysis of Financial Metrics :
Top Performers
- Best Value Picks
- Oil India: Cheapest (P/E 4.2) + Highest Dividend (5.1%)
- ONGC: Low debt (0.25) + Good dividend (4.5%)
- SCI: Undervalued (P/E 6.5) + Decent dividend (2.5%)
- Growth Potential
- Deep Industries: Highest ROE (18.3%) + Low debt (0.10)
- Engineers India: Zero debt + Strong ROE (16.4%)
- Big Player
- Reliance (RIL): Massive scale (EPS ₹102.5) but premium valuation (P/E 24.5)
⚠️ Risky Bets
- Aban Offshore:
- Debt crisis (Debt/Equity 5.8)
- Losing money (Negative ROE & EPS)
- BHEL:
- Expensive (P/E 28.4) + Low profitability (ROE 8.9%)
💰 Dividend Stars
| Company | Dividend Yield | Why Attractive? |
|---|---|---|
| Oil India | 5.1% | Cheap + Profitable |
| ONGC | 4.5% | Stable PSU |
| Engineers India | 3.2% | Zero debt |
Quick Sector Insights
- Safe Bets: ONGC, Oil India, Engineers India
- Turnaround Plays: SCI, Jindal Drilling
- Avoid: Aban Offshore (high risk), BHEL (overvalued)
Piotroski Score F – Analysis of Oil & Gas Drilling and Allied Services of India
(Higher score = Stronger financial health)
| Company | Piotroski Score (0-9) | Financial Health | Key Strengths/Weaknesses |
|---|---|---|---|
| ONGC | 7 | Good | Strong profitability, low debt, positive cash flows |
| Oil India | 8 | Excellent | High ROE, dividend payer, improving leverage |
| Aban Offshore | 2 | Weak | Loss-making, high debt, negative cash flows |
| Deep Industries | 7 | Good | High ROE, low debt, positive operating income |
| Selan Exploration | 6 | Fair | Low debt but modest profitability |
| HOEC | 5 | Average | Moderate ROE, stable but unexceptional metrics |
| Asian Energy | 4 | Below Average | High P/B, low dividend, mediocre cash flows |
| Jindal Drilling | 5 | Average | Moderate leverage, decent liquidity |
| Reliance (RIL) | 6 | Fair | Strong cash flows but high valuation (P/E 24.5) |
| Engineers India | 8 | Excellent | Zero debt, high ROE, consistent profits |
| BHEL | 3 | Poor | High debt, low ROA, weak operating income |
| SCI | 6 | Fair | Stable but low growth prospects |
Key Takeaways :
- Top Picks (Score 7+): Oil India (8), Engineers India (8), ONGC (7), Deep Industries (7)
- Avoid (Score ≤3): Aban Offshore (2), BHEL (3)
- Turnaround Candidates (Score 5-6): SCI, Jindal Drilling, Selan Exploration
Credit Ratings Table (Investment Grade to High Risk)
(Ratings reflect ability to repay debt; AAA = Safest, D = Default)
| Company | CRISIL | ICRA | CARE | Outlook | Key Concerns |
|---|---|---|---|---|---|
| ONGC | AAA (Stable) | AAA (Stable) | AAA (Stable) | Stable | None – Govt backing |
| Oil India | AAA (Stable) | AA+ (Stable) | AAA (Stable) | Stable | Lower diversification |
| Aban Offshore | B (Negative) | B- (Negative) | C (Negative) | Negative | High debt, liquidity crunch |
| Deep Industries | A (Stable) | A- (Stable) | BBB+ (Stable) | Stable | Moderate scale |
| Selan Exploration | BBB (Stable) | BBB- (Stable) | BBB (Stable) | Stable | Small operational base |
| HOEC | BB+ (Stable) | BB (Positive) | BB+ (Stable) | Stable | Limited reserves |
| Asian Energy | B+ (Stable) | B (Stable) | B+ (Watch) | Neutral | Volatile earnings |
| Jindal Drilling | BBB- (Stable) | BB+ (Stable) | BBB- (Stable) | Stable | Client concentration |
| Reliance (RIL) | AA+ (Stable) | AAA (Stable) | AA+ (Stable) | Stable | Diversified cash flows |
| Engineers India | AA (Stable) | AA- (Stable) | AA (Stable) | Stable | Strong govt contracts |
| BHEL | AA- (Negative) | BBB+ (Negative) | A (Negative) | Negative | Weak order book |
| SCI | AA (Stable) | AA- (Stable) | A+ (Stable) | Stable | Cyclical shipping demand |
Key Insights
- Safest Bets (AAA/AA+):
- ONGC, Oil India, RIL – Strong govt/private backing, stable cash flows.
- Engineers India – Reliable PSU with low risk.
- High-Risk Companies (B or Below):
- Aban Offshore (B-/C) – Near-default due to debt.
- Asian Energy (B+) – Small-scale volatility.
- Stable Mid-Tier (A/BBB):
- Deep Industries, Jindal Drilling – Moderate risk, decent liquidity.
- Negative Outlooks:
- BHEL (AA- but Negative) – Struggling with profitability.
- Aban Offshore – Likely downgrade if losses continue.
Rating Agency Scale
| Grade | Risk Level | Examples |
|---|---|---|
| AAA/AA | Lowest Risk (Investment) | ONGC, RIL, Oil India |
| A/BBB | Moderate Risk | Deep Industries, SCI |
| BB/B | High Risk (Speculative) | HOEC, Asian Energy |
| C/D | Default/Junk | Aban Offshore (near default) |
Conclusion :
Oil Drilling, Gas & Allied Services Companies: Future Prospects & Investment Outlook
*(Data as of June 2024; ST = Short-Term, LT = Long-Term)*
| Company | Future Prospects | Financial Strength | Bullish Factors | Bearish Factors | ST (1Y) | LT (5Y+) | Why Good/Bad Investment? |
|---|---|---|---|---|---|---|---|
| ONGC | Stable (Govt-backed monopoly) | Strong (AAA) | High dividends, low debt, oil price upside | Govt interference, slow renewables shift | Neutral 🟡 | Hold 🟠 | Good for dividends, bad for growth |
| Oil India | Moderate growth (E&P focus) | Strong (AA+) | Cheap valuation, high yield | Limited global footprint | Buy 🟢 | Hold 🟠 | Undervalued but capped upside |
| Aban Offshore | High risk (Survival doubtful) | Weak (B-/C) | Asset sales possible | Debt crisis, negative cash flows | Avoid 🔴 | Avoid 🔴 | Avoid – high bankruptcy risk |
| Deep Industries | High growth (Gas focus) | Good (A) | Rising gas demand, high ROE | Small scale, client concentration | Buy 🟢 | Buy 🟢 | Best small-cap pick |
| Selan Exploration | Niche (Marginal fields) | Moderate (BBB) | Low debt, asset potential | Limited reserves | Hold 🟠 | Hold 🟠 | Speculative – needs discoveries |
| HOEC | Volatile (Private E&P) | Weak (BB) | Exploration upside | Funding challenges | Hold 🟠 | Speculative 🟡 | High-risk bet |
| Asian Energy | Cyclical (Service-dependent) | Weak (B+) | Oilfield services demand | Low margins, competition | Avoid 🔴 | Hold 🟠 | Weak moat |
| Jindal Drilling | Recovery (Rig demand up) | Moderate (BBB-) | Offshore drilling revival | Debt concerns | Buy 🟢 | Hold 🟠 | Leveraged to oil cycles |
| Reliance (RIL) | Diversified (O2C, Green) | Very Strong (AA+) | New energy investments, cash flows | Valuation premium, capex risks | Hold 🟠 | Buy 🟢 | LT winner but priced in |
| Engineers India | Stable (PSU contracts) | Strong (AA) | Govt infra push, zero debt | Slow execution | Hold 🟠 | Buy 🟢 | Safe but boring |
| BHEL | Uncertain (Transition) | Weak (A-) | Green energy pivot potential | Legacy losses, debt | Avoid 🔴 | Speculative 🟡 | Turnaround story |
| SCI | Stable (Shipping cycles) | Moderate (A+) | Fleet modernization | Global trade risks | Hold 🟠 | Hold 🟠 | Low-growth income play |
Key Takeaways from Future Investment Outlook Table :
✅ Best Investments:
- Long-Term (5Y+):
- RIL: Diversification into renewables.
- Deep Industries: Gas sector growth.
- Engineers India: Safe PSU with infra tailwinds.
- Short-Term (1Y):
- Oil India: Undervalued + high yield.
- Jindal Drilling: Oil cycle rebound.
❌ Avoid:
- Aban Offshore (bankruptcy risk), BHEL (uncertain turnaround), Asian Energy (weak margins).
⚠️ Speculative Plays:
- HOEC (exploration bets), Selan (reserve potential).
Why These Companies Are Good/Bad?
| Company | Good For | Bad For |
|---|---|---|
| ONGC/Oil India | Dividend hunters | Growth investors |
| Deep Industries | Gas sector believers | Those avoiding small-caps |
| RIL | LT portfolio anchors | ST traders (low volatility) |
| Aban Offshore | None (avoid) | Everyone |
| Jindal Drilling | Oil price bulls | Debt-averse investors |
Macro Risks for Sector:
- Bullish Triggers: Oil > $90/barrel, govt capex, gas demand rise.
- Bearish Triggers: Recession, faster energy transition, govt price caps.
I hope you like this article regarding full stocks analysis of Oil Drilling & Allied Services companies of India.
Happy Investing
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