Oil exploration is the traditional business of OIL
and currently oil business does not carry a P/E more than 5-6.
Why Oil India is trading higher is for its Green portfolio - Renewables energy including BCG from bamboo , Hydrogen from coal , carbon capture , Green hydrogen etc aggressively.
Even Indian oil is aggressively in to renewables as above.
Both twin going forward should do well.
Indian oil is yet to capture market fancy because of its OMC cap and market is yet to value IOCL for its Green energy foray in a big way.
Discl: invested in both from.lowe4 level. not a buy or sell recommendation. pl do your own assessment before investing
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