The Economic Value Added technique popularly known as EVA estimates the excess returns or residual wealth created by a firm over its cost of capital. It relects the true value creation that an entity creates based on its operating after tax profits and forms an edifice of fundamental analysis.The paper in its assessment of EVA for the BSE Oil and Natural Gas constituent companies between 2017 and 2021, evaluates the risk existing in the Oil and Natural Gas sector with the computation of beta using the CAPM approach.The beta has been unlevered and levered in the measurement of cost of equity and the cost of debt has been estimated with the Synthetic Default spread method.The paper provides consideration to India’s risk free rates and equity risk premium for the cost of capital assessment.The overall cost of capital has been computed and utilised for the measurement of EVAs for the period of five years chosen. Further the paper also estimates the abnormal returns of the stock with monthly prices durng the period and attempts to find any relationship existing between the returns with EVAs.