Company lists
The India edition · 2026

Oil & Gas Downstreamcompanies in India

Fuel distribution, LPG & gas, lubricants, refining, biofuels and more: the companies building oil & gas downstream in India, with their founders, funding, team size and business models.

196 company profiles88 with reported revenue3 with recorded fundingSeptember 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent oil & gas downstream business events in India

Funding, M&A, contract wins and launches involving 245 oil & gas downstream companies in India, last 24 months: 71 Contracts · 15 M&A deals · 5 funding rounds · 2 launches. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

ContractService

BigTrunk Communications · client: Velvex

BigTrunk Communications has added another marquee account to its roster, securing the national digital and social media mandate for Velvex, the lubricant brand owned by Nandan Petrochem…

Advertising
ContractService

BigTrunk Communications · client: Nandan Petrochem

BigTrunk Communications, an independent integrated advertising agency known for its data-driven and creative approach, has secured the national digital and social media mandate for…

Advertising
M&AAcquisition · Pending

Dalmia Bharat Refractories acquires Dalmia

The company is also in talks to acquire Dalmia Magnesite Corporation, pending regulatory approval.

Refractory Industry
ContractService

Curativity Brand Solutions · client: Gulf oil lubricants india

Creative agency Curativity Brand Solutions has been appointed as the creative agency partner for Gulf Oil Lubricants India Ltd (GOLIL).

Lubricants
ContractTechnology

Oil Green Energy Ltd (OGEL) · client: Numaligarh refinery

Oil Green Energy Ltd (OGEL), a wholly owned subsidiary of Oil India Limited, has entered a Memorandum of Understanding (MoU) with Numaligarh Refinery Limited (NRL), for collaboration in…

Renewable Energy
ContractSupply

HPCL Rajasthan Refinery · client: Downstream Industries

Tripartite Agreement to Ensure Feedstock Supply The proposed agreement will bring together HPCL Rajasthan Refinery Limited (HRRL), the state government, and downstream industries.

Petrochemical
LaunchBS VI-ready lubricants

Castrol india

Castrol India today launched its BS VI-compliant range of lubricants across categories.

Automotive/industrial lubricants
M&AAcquisition · Completed

Confidence Petroleum India acquires BW Confidence Enterprise Private Limited

Confidence Petroleum India Limited has successfully completed the acquisition of BW Confidence Enterprise Private Limited, converting it into a wholly owned subsidiary through a…

Petroleum gases
ContractSupply

NeuEN Green Energy Pvt. Ltd · client: Numaligarh refinery

NeuEN Green Energy Pvt. Ltd, a 50:50 joint venture between Bharat Petroleum Corporation Limited and Sembcorp Green Hydrogen India Private Ltd, secured a contract to supply 10,000 tonnes…

Energy
ContractSupply

Gail gas · client: Industrial units

The company has activated the ‘Force Major Clause’ (Force Majeure Clause) of Natural Gas Contract (Contract) made with industrial units

ContractSupply

Petronet lng · client: GAIL (India) Limited

Petronet LNG issued a force majeure notice on March 3, 2026, under their Gas Sale and Purchase Agreement.

Energy
ContractSupply

GAIL Ltd. · client: Sabarmati gas

Sabarmati Gas is restricting supply to 50% of the daily contracted quantity from March 6, 2026.

ContractSupply

Ultra Gas & Energy · client: Beralia Roadlines Pvt Ltd (Jet Roadways)

Mumbai : Beralia Roadlines Pvt Ltd (Jet Roadways) today announced the signing of a long-term LNG supply agreement with Ultra Gas & Energy Limited (UGEL), as it continues to expand its…

Freight
M&AAcquisition · Completed

Gandhar Coal & Mines Private Limited acquires Gandhar oil refinery

Gandhar Coal & Mines Private Limited has made another acquisition of equity shares in Gandhar Oil Refinery (India) Ltd, purchasing 2,590 shares through open market operations on February…

Oil Refinery
LaunchACTIVE technology petrol

Jio-bp

Goa, India, January 29, 2026: Hon’ble Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri today launched the path-breaking ACTIVE technology petrol at Jio-bp (the operating…

Petrol
ContractService

Petronet lng · client: Oil and Natural Gas Corporation Limited

Petronet LNG Limited (PLL) and Oil and Natural Gas Corporation (ONGC) Limited have signed a Master Regasification Agreement (MRA) under which PLL will provide LNG regasification services…

ContractInfrastructure

Larsen and Toubro (L&T) Ltd. · client: Petronet lng

L&T Ltd. on Friday, January 16, said its hydrocarbon onshore business vertical won a "large" order from Petronet LNG, a joint venture promoted by four leading PSUs — ONGC, Indian Oil…

Petrochemical
ContractService

L&T Onshore · client: Petronet lng

L&T’s Hydrocarbon Onshore business vertical (L&T Onshore) has won a large order from Petronet LNG

Petrochemical
M&AAcquisition · Completed

Gandhar Coal & Mines Private Limited acquires Gandhar oil refinery

Gandhar Coal & Mines Private Limited, identified as a promoter group entity, acquired 53,816 equity shares of Gandhar Oil Refinery through open market purchase on December 30, 2025. The…

M&AAcquisition · Pending

Castrol acquires Castrol india

In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian…

Lubricants
M&AAcquisition · Announced

Motion JVCo, Stonepeak, CPP Investment Board acquires Castrol india

Shares of Castrol India are in focus on Friday after Motion JVCo, Stonepeak, and CPP Investment Board launched an open offer to acquire 26% stake in the company.

M&AAcquisition · Announced

Stonepeak and CPPIB acquires Castrol india

Canada Pension Plan Investment Board and US private equity firm Stonepeak will launch an open offer to buy up to 26% stake in Castrol's Indian unit at a premium to the current trading…

Oil & Lubricants
M&AAcquisition · Announced

Motion acquires Castrol india

The open offer aims to acquire up to 26 percent of Castrol India’s equity from public shareholders, excluding the promoter group and certain specified parties. This could involve a…

M&AAcquisition · Announced

Stonepeak acquires Castrol india

BP has agreed to sell a 65% stake in Castrol to Stonepeak for about $6 billion, with CPPIB also investing up to $1.05 billion for an indirect stake. The deal gives Stonepeak control of…

Oil & Gas
M&AAcquisition · Announced

Motion JVCo Limited, Stonepeak and Canada Pension Plan Investment Board (CPPIB) acquires Castrol india

Motion JVCo Limited, along with Stonepeak and Canada Pension Plan Investment Board (CPPIB), has made an open offer to acquire up to 26% equity stake in Castrol India Ltd, according to a…

M&AAcquisition · Announced

Motion JVCo acquires Castrol india

Motion JVCo, part of Stonepeak Infrastructure Fund V, entities associated with it, and CPP Investment Board announced on Wednesday an open offer to public shareholders for up to a 26 per…

ContractSupply

Diamond Power Infrastructure Ltd · client: Adani Energy

Diamond Power bags ₹236 crore order from Adani Energy for Jamnagar project.

Renewable Energy
ContractSupply

Diamond Power Infrastructure · client: Adani Energy

The order valued at $31 million compliments the ongoing development of the renewable energy park in Gujarat.

Renewable Energy
FundingInvestment

Ultra Gas & Energy

In September this year, Essar Group’s clean-tech arm Ultra Gas & Energy Ltd (UGEL) announced a Rs 900 crore ($101 million) investment to expand its liquefied natural gas (LNG) refueling…

Investors GreenLine Mobility Solutions
Clean-tech

Oil & Gas Downstream companies in India, by revenue

Browse oil & gas downstream companies in India by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 88 oil & gas downstream companies in India that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Oil Refining Company

Oil & gas downstream
₹79,283.01 crFY 2023-24
Not reported
1,678-6% 12 mo to Sep 2024LinkedIn · Jul 2026
61 yr1965
0none in 3 months

Chains providing fuel, electric vehicle charging, and convenience store services

Oil & gas downstream
₹51,067.48 crFY 2024-25
+33%2024–2025
2,622-100% 12 mo to Oct 2024LinkedIn · Jul 2026
18 yr2008
5postings · last posted Sep 2026

Manufacturer of polyethylene products

Petrochemicals
₹14,648.00 crFY 2024-25
-13670%2024–2025
1,868+10% 12 mo to Jul 2024LinkedIn · Jul 2026
41 yr1985
0none in 3 months

City gas distribution company

Oil & gas downstream
₹12,280.05 crFY 2024-25
+12%2024–2025
3,750recorded
18 yr2008
0none in 3 months

Fuel & gas distribution company

Oil & gas downstream
₹7,089.22 crFY 2023-24
Not reported
822+11% 12 mo to Sep 2024LinkedIn · Jul 2026
31 yr1995
—No postings tracked

Piped natural gas distribution company

Oil & gas downstream
₹5,442.48 crFY 2024-25
+12%2024–2025
225+0% 12 mo to Mar 2024LinkedIn · Jul 2026
22 yr2004
26postings · last posted Aug 2026

Provider of energy and power trading solutions across multiple platforms

Oil & gas downstream
₹4,140.24 crFY 2022-23
Not reported
321-20% 12 mo to Sep 2024LinkedIn · Jul 2026
21 yr2005
3postings · last posted Sep 2026

Manufacturer of white oils

Flavors and fragrances
₹3,909.92 crFY 2024-25
-5%2024–2025
325+9% 12 mo to Mar 2024recorded Mar 2024
34 yr1992
0none in 3 months

Manufactures lubricants, polymer products and oils

Oil & gas downstream
₹3,812.09 crFY 2023-24
Not reported
451-1% 12 mo to Mar 2021recorded Mar 2021
65 yr1961
1postings · last posted Aug 2026

Fuel distribution company

Oil & gas downstream
₹3,603.70 crFY 2024-25
+20%2024–2025
250LinkedIn · Jul 2026
20 yr2006
0none in 3 months

Manufacturer and supplier of bottled LPG gas cylinders

Oil & gas downstream
₹2,713.50 crFY 2023-24
Not reported
1,195+53% 12 mo to Mar 2023LinkedIn · Jul 2026
33 yr1993
0none in 3 months

Provider of piped and compressed natural gas distribution networks

Oil & gas downstream
₹2,655.81 crFY 2024-25
+12%2024–2025
255+10% 12 mo to Sep 2024LinkedIn · Jul 2026
20 yr2006
0none in 3 months

Manufacturer and exporters of petroleum products

Oil & gas downstream
₹2,371.22 crFY 2023-24
Not reported
150+14% 12 mo to Sep 2024recorded Sep 2024
51 yr1975
—No postings tracked

Manufacturer and transporter of Bitumen and LPG

Manufacturing services
₹2,409.47 crFY 2024-25
+13%2024–2025
6+27% 12 mo to Mar 2023LinkedIn · Jul 2026
31 yr1995
1postings · last posted Sep 2026

LPG distribution service provider

Oil & gas downstream
₹1,980.26 crFY 2021-22
Not reported
—Not available
30 yr1996
—No postings tracked

Manufacturer of lubricating oils and greases

Oil & gas downstream
₹1,883.85 crFY 2022-23
Not reported
78-3% 12 mo to Sep 2024LinkedIn · Jul 2026
43 yr1983
—No postings tracked

Manufactures linear alkylbenzene and other organic chemicals

Oil & gas downstream
₹1,705.21 crFY 2023-24
Not reported
376-9% 12 mo to Mar 2023recorded Mar 2023
42 yr1984
—No postings tracked

Manufacturer of standard & engineered cryogenic equipment

Oil & gas downstream
₹1,162.49 crFY 2023-24
Not reported
1,081+8% 12 mo to Jul 2024recorded Jul 2024
34 yr1992
—No postings tracked

Provider of LNG importing services

Oil & gas downstream
₹1,093.87 crFY 2023-24
Not reported
—Not available
8 yr2018
—No postings tracked

Production of calcined petroleum coke

Oil & gas downstream
₹1,071.47 crFY 2023-24
Not reported
196-2% 12 mo to Aug 2024recorded Aug 2024
59 yr1967
—No postings tracked

Manufactures intermediates and specialty chemicals

Oil & gas downstream
₹1,061.51 crFY 2023-24
Not reported
353+11% 12 mo to Mar 2023recorded Mar 2023
40 yr1986
—No postings tracked

Natural gas distribution network developer & operator

Oil & gas downstream
₹873.18 crFY 2021-22
Not reported
512LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Oil and gas production, distribution, and refining company

Traditional conglomerates
₹949.03 crFY 2023-24
Not reported
170-27% 12 mo to Aug 2024recorded Aug 2024
65 yr1961
—No postings tracked

Distributor of natural gas

Oil & gas downstream
₹942.12 crFY 2024-25
+4%2024–2025
213+8% 12 mo to Sep 2024LinkedIn · Jul 2026
21 yr2005
0none in 3 months

Provider of natural gas distribution services

Oil & gas downstream
₹753.93 crFY 2021-22
Not reported
1,103+20% 12 mo to Jul 2023LinkedIn · Jul 2026
67 yr1959
0none in 3 months
50 of 196 companies shown here · the full list is on Radar
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Explore all 196 oil & gas downstream companies in India on Radar

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Explore oil & gas downstream companies in India by what you are looking for

Browse downstream oil and gas companies in India, from refiners and fuel distributors to LPG, lubricant and city gas providers. You can also find a list of downstream oil and gas companies and listed oil and gas companies in India.

9 ways to explore oil & gas downstream in India

Fuel distribution & petrol pump companiesLPG & city gas distribution companiesOil, lubricant & grease manufacturersOil refining & petrochemical companiesBiofuel & alternative fuel companiesDiversified energy & conglomerate groups

Fuel distribution & petrol pump companies

Companies distributing petrol, diesel and running fuel stations and delivery.

  1. Sabarmati Gas

    Provider of piped and compressed natural gas distribution networks

    Oil & gas downstream
    See in list
  2. Torrent Gas

    Provider of natural gas distribution services

    Oil & gas downstream
    See in list
  3. M Fuel Kart

    Provider of fuel & diesel delivery services

    Oil & gas downstream
    Website
  4. Elf Lubricants India

    Manufacturer of automotive fuel based in Mumbai, India. The company engages in producing, packaging, distributing and marketing automotive fluids, diesel, gear oil and grease.

    Oil & gas downstream
    Website
  5. MNGL

    Fuel distribution company

    Oil & gas downstream
    See in list
80 companies in India

LPG & city gas distribution companies

Providers of LPG, piped natural gas and CNG.

  1. Vadodara Gas

    CNG and PNG distributor

    Oil & gas downstream
    See in list
  2. SHIVGAS

    Provider of LPG gas for domestic, commercial, and industrial sectors

    Oil & gas downstream
    Website
  3. Nexgen Energia

    Company that specializes in the production and distribution of compressed biogas, also known as Bio CNG, a renewable and ecofriendly alternative to traditional fossil fuels

    Bioenergy
    Website
  4. Ripple Infra

    Provider of LPG gas providing services

    Oil & gas downstream
    Website
  5. Natural Fuel

    Provider of eco friendly fuel solutions, offering green energy solutions in the form of eco fuels and renewable fuel solutions

    Oil & gas downstream
    Website

Oil, lubricant & grease manufacturers

Makers and suppliers of lubricants, greases and specialty oils.

  1. Gandhar

    Manufacturer of white oils

    Flavors and fragrances
    See in list
  2. Savita Oil Technologies

    Manufactures lubricants, polymer products and oils

    Oil & gas downstream
    See in list
  3. Confidence Group

    Manufacturer and supplier of bottled LPG gas cylinders

    Oil & gas downstream
    See in list
  4. Standard Greases & Specialities

    Manufacturer of lubricating oils and greases

    Oil & gas downstream
    See in list
  5. Siddharth Grease & Lubes

    Manufacturer and supplier of lubricants and grease

    Oil & gas downstream
    See in list

Oil refining & petrochemical companies

Refineries and petrochemical, polymer and chemical manufacturers.

  1. Haldia Petrochemicals

    Manufacturer of polyethylene products

    Petrochemicals
    See in list
  2. Nandan Petrochem

    Manufacturer and supplier of genuine oils, greases, and specialty engine oils for bikes and two-wheelers

    Petrochemicals
    See in list
  3. Siddharth Grease & Lubes

    Manufacturer and supplier of lubricants and grease

    Oil & gas downstream
    See in list
  4. HRRL

    Government entity focused on refinery petroleum

    Energy regulatory & industry bodies
    Website
  5. Future Universal Petrochem

    Provider of bitumen and bituminous products for road construction and industrial use

    Oil & gas downstream
    See in list

Biofuel & alternative fuel companies

Producers of biodiesel, compressed biogas and greener fuels.

  1. Nexgen Energia

    Company that specializes in the production and distribution of compressed biogas, also known as Bio CNG, a renewable and ecofriendly alternative to traditional fossil fuels

    Bioenergy
    Website
  2. Natural Fuel

    Provider of eco friendly fuel solutions, offering green energy solutions in the form of eco fuels and renewable fuel solutions

    Oil & gas downstream
    Website
  3. Agarwal Industrial

    Manufacturer and transporter of Bitumen and LPG

    Manufacturing services
    See in list
  4. Mercados Energy Markets India

    Developer of solar energy projects & oil and gas transportation company

    Solar energy
    Website
  5. Biotexus Energy

    Distributor of biodiesel oil

    Oil & gas downstream
    Website

Diversified energy & conglomerate groups

Large energy groups with downstream oil and gas businesses.

  1. GULF OIL Corporation

    Oil and gas production, distribution, and refining company

    Traditional conglomerates
    See in list
  2. Manikaran Power

    Provider of energy and power trading solutions across multiple platforms

    Oil & gas downstream
    See in list
  3. Jainam Alternate Energy

    Provider of oil trading and refining services

    Oil & gas downstream
    Website
  4. Rudra Gas Enterprise

    Provider of gas pipeline maintenance services

    Oil & gas midstream
    Website
  5. Mercados Energy Markets India

    Developer of solar energy projects & oil and gas transportation company

    Solar energy
    Website

Listed oil & gas downstream companies in India

Publicly listed downstream oil and gas companies.

  1. Chennai Petroleum Corporation

    Oil Refining Company

    Oil & gas downstream
    See in list
  2. Mahanagar Gas

    Fuel & gas distribution company

    Oil & gas downstream
    See in list
  3. Adani Gas

    Piped natural gas distribution company

    Oil & gas downstream
    See in list
  4. Gandhar

    Manufacturer of white oils

    Flavors and fragrances
    See in list
  5. Savita Oil Technologies

    Manufactures lubricants, polymer products and oils

    Oil & gas downstream
    See in list
37 companies in India

Oil & gas downstream startups in India

Newer downstream oil and gas companies founded in recent years.

  1. Future Universal Petrochem

    Provider of bitumen and bituminous products for road construction and industrial use

    Oil & gas downstream
    See in list
  2. Bluebrahma Clean Energy Solutions

    Provider of ethanol and other clean energy fuel services

    Oil & gas downstream
    See in list
  3. Gasorex SR Energy

    Oil and gas company that develops and supplies gas fueling solutions, including compressed natural gas dispensers and equipments

    Oil & gas downstream
    Website
  4. Gasonet

    Provider of piped natural gas solutions for domestic and industrial use

    Oil & gas downstream
    Website
  5. Urjika

    Provider of gas distribution services

    Oil & gas downstream
    Website
15 companies in India

Oil & gas downstream companies hiring in India

Downstream oil and gas companies with open jobs right now.

  1. Jio-bp

    Chains providing fuel, electric vehicle charging, and convenience store services

    Oil & gas downstream
    See in list
  2. Adani Gas

    Piped natural gas distribution company

    Oil & gas downstream
    See in list
  3. Manikaran Power

    Provider of energy and power trading solutions across multiple platforms

    Oil & gas downstream
    See in list
  4. Savita Oil Technologies

    Manufactures lubricants, polymer products and oils

    Oil & gas downstream
    See in list
  5. Agarwal Industrial

    Manufacturer and transporter of Bitumen and LPG

    Manufacturing services
    See in list
14 companies in India
Mobile reach

Top 10 oil & gas downstream apps from India

The most-installed Android apps published by oil & gas downstream companies headquartered in India — 3.9M installs between them. 21 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
3

SAHAJ - PNG MITRA

by GAIL Gas

Installs261K
Rating—
Installs, year on year+60%
Last updatedMay 2026
View on Google Play ↗
SAHAJ - PNG MITRA screenshot 1SAHAJ - PNG MITRA screenshot 2SAHAJ - PNG MITRA screenshot 3SAHAJ - PNG MITRA screenshot 4SAHAJ - PNG MITRA screenshot 5SAHAJ - PNG MITRA screenshot 6
4

Shell Recharge India

by Shell

Installs129K
Rating—
Last updatedJan 2026
View on Google Play ↗
Shell Recharge India screenshot 1Shell Recharge India screenshot 2Shell Recharge India screenshot 3Shell Recharge India screenshot 4Shell Recharge India screenshot 5
6

MyJio-bp

by Jio-bp

Installs61K
Rating—
Last updatedMay 2026
View on Google Play ↗
MyJio-bp screenshot 1MyJio-bp screenshot 2MyJio-bp screenshot 3MyJio-bp screenshot 4MyJio-bp screenshot 5MyJio-bp screenshot 6
8

CUGL Care

by CUGL

Installs55K
Rating—
Last updatedMay 2026
View on Google Play ↗
CUGL Care screenshot 1CUGL Care screenshot 2CUGL Care screenshot 3CUGL Care screenshot 4CUGL Care screenshot 5CUGL Care screenshot 6
The business behind the activity

Oil & Gas Downstream financials in India

Revenue, profit and growth from the filed annual accounts of 80 oil & gas downstream companies in India for FY24-25 — 96 of the 196 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 74% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹223,592.24 cr

80 companies filing accounts

combined net profit₹9,413.15 cr

4.2% aggregate margin

are profitable82%

66 of 80 companies

median revenue~₹184.9 cr

the typical company

median revenue growth+7%

into FY24-25

earned by the top five74%

revenue concentration

Six-year view

Combined revenue of filing companies

₹132,205.74 crFY19-2069 filers
₹112,981.65 crFY20-2176 filers
₹172,799.74 crFY21-2281 filers
₹286,083.65 crFY22-2386 filers
₹227,114.30 crFY23-2484 filers
₹223,592.24 crFY24-2580 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 75 companies over three years

-10%
FY22-23₹245,735.71 cr₹11,307.17 cr net
FY23-24₹222,277.30 cr₹11,477.09 cr net
FY24-25₹220,438.89 cr₹8,964.00 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr30% profitable
₹1–10 cr683% profitable
₹10–100 cr2378% profitable
₹100–1,000 cr2886% profitable
Over ₹1,000 cr2095% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking27
0–20%29
20–50%9
50–100%7
Doubled+6

78 companies with accounts for both years; median growth +7%.

Profitability

Profit is concentrated at the top

66profitable
14loss-making
4.2%aggregate margin
2.2%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
GasonetGASONET SERVICES (RJ) LIMITED+490%
Classic BitumenCLASSIC BITUMEN PRIVATE LIMITED+204%
AtplonlineAPPLIED TECHNO PRODUCTS PRIVATE LIMITED+152%₹20.90 cr
Ripple InfraRIPPLE SMART METERING LIMITED+145%
Vijay PetrochemVIJAY PETROCHEM PRIVATE LIMITED+123%₹277.61 cr
Indradhanush Gas GridINDRADHANUSH GAS GRID LIMITED+84%₹11.03 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
AsiaticGasASIATIC GASES LTD38.9%₹26.65 cr
Mercados Energy Markets IndiaMERCADOS ENERGY MARKETS INDIA PRIVATE LIMITED
AVI-OIL INDIAAVI-OIL INDIA PRIVATE LIMITED24.2%₹128.13 cr
MNGLMAHARASHTRA NATURAL GAS LIMITED18.1%₹3,603.70 cr
Linde plcLINDE INDIA LIMITED17.5%
INOXCVAInox India Limited16.9%₹1,335.38 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Oil & gas downstream70₹200,227.04 cr~₹173.1 cr83%4.9%
Leaders

Largest oil & gas downstream companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Chennai Petroleum CorporationCHENNAI PETROLEUM CORPORATION LIMITED₹71,093.43 cr₹173.53 cr0.2%-10%
Petronet LNGPETRONET LNG LIMITED₹3,926.37 cr
Indraprastha Gas LimitedINDRAPRASTHA GAS LIMITED₹16,908.00 cr8.7%
Haldia PetrochemicalsHALDIA PETROCHEMICALS LIMITED₹13,557.50 cr−₹688.60 cr-5.1%+8%
GAIL GasGAIL GAS LIMITED₹12,280.72 cr₹450.64 cr3.7%+12%
Mahanagar GasMAHANAGAR GAS LIMITED₹7,774.00 cr₹1,044.89 cr13.4%+10%
Adani GasADANI TOTAL GAS LIMITED₹5,431.56 cr₹648.02 cr11.9%+12%
Budge Budge RefineriesBUDGE BUDGE REFINERIES LTD₹4,320.18 cr+6%
Savita Oil TechnologiesSAVITA OIL TECHNOLOGIES LIMITED₹3,868.86 cr₹123.77 cr3.2%+1%
MNGLMAHARASHTRA NATURAL GAS LIMITED₹3,603.70 cr₹652.53 cr18.1%+20%
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Accounting and Tax Software Industry Landscape of India

The financials above are one chapter. The full oil & gas downstream landscape of India maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the oil & gas downstream landscape of India
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Oil & Gas Downstream funding and M&A across India

8 recorded equity rounds have gone to 245 oil & gas downstream companies in India — how much, at which stage, into which sub-sectors, from whom, and how India compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months0

US$0k

equity rounds, last 24 months0

US$0k

raised over five yearsUS$45.74m

2 rounds in India

M&A deals, India15

last 24 months

Capital by year

Equity funding into oil & gas downstream in India

amount rounds
$43m20231
$2.8m20241

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2023, with US$42.98m across 1 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

Series CUS$45.74m2 rounds · median US$22.87m
Where the money went · five years

Most-funded sub-sectors

Oil & gas downstreamUS$45.74m2 rounds · 1 companies
Corporate activity · last 24 months

M&A in India

15Acquisition

Most active acquirers

  1. Motion JVCo, Stonepeak, CPP Investment Board3
  2. Gandhar Coal & Mines Private Limited2
  3. Dalmia Bharat Refractories1
  4. Confidence Petroleum India1
  5. Castrol1

Most acquired or merged

  1. Castrol india7
  2. Gandhar oil refinery2
  3. Nayara energy2
  4. Dalmia1
  5. BW Confidence Enterprise Private Limited1

Each deal appears in the events strip at the top of the page.

Founders and momentum in India

Meet the people behind oil & gas downstream companies in India. 70 of 196 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Keep exploring oil & gas downstream in India and nearby markets.

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