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US-Iran War: Here's how the valuations of oil and gas stock stack up after a sharp fallThe rise in crude oil prices has impacted oil marketing companies the most. HPCL, BPCL and Indian Oil have seen their shares decline between 25% to 30%.By Sonal Bhutra  March 23, 2026, 2:23:13 PM IST (Published)2 Min ReadOil and gas stocks have been the most impacted due to the ongoing war in West Asia between the US and Iran, which has resulted in crude oil prices surging to the highest level in four years.

Here's a look at how these stocks have been impacted since the start of the war in terms of price returns and how valuations have been affected as well:

The rise in crude oil prices has impacted oil marketing companies the most. HPCL, BPCL and Indian Oil have seen their shares decline between 25% to 30%.

StockFall During War Period (So Far)HPCL-27%BPCL-26%Indian Oil-29%

With this fall, the valuations on a one-year forward basis has declined well below their five-year average multiple.

StockFY27 P/EFive-Year AverageHPCL4.3x5.8xBPCL6.1x7.1xIndian Oil4.6x7x

The other major sector that has been impacted is gas, due to the issues affecting QatarEnergy and the subsequent declaration of Force Majeure by the company, which is one of the world's largest gas producing company.

Stocks such as Petronet LNG, GAIL, City Gas Distributors like IGL, MGL and Gujarat Gas, have all declined between 11% to 27% during this period.

StockFall During The War PeriodPetronet LNG-27%GAIL-18%MGL-23%IGL-11%Gujarat Gas-16%

Barring GAIL, the valuations of most of these companies have also slipped below their five-year historical average.

StockFY27 P/EFive-Year AveragePetronet LNG9.6x10.4xGAIL10.5x9.9xMGL10.1x13.2xIGL12.5x19.5xGujarat Gas21.4x26.8x

The rise in oil prices is beneficial for upstream oil exploring companies such as ONGC and Oil India. While they have not surged significantly despite the surge in crude prices, they have not declined as much compared to its other oil and gas peers either.

StockFall During War PeriodONGC-4%Oil India-3%

Despite these stocks being in consolidation mode, they still continue to remain well above their five-year average.

StockFY27 P/EFive-Year AverageONGC8.05x6.5xOil India9.9x6.1x

Continue ReadingTagsBharat Petroleum Corp Ltd BPCLGail India share priceHPCL shareIndian Oil Share PriceIndraprastha Gas IGLMahanagar Gas MGLoil and gasoil and gas stocksPetronet LNGshare market today