Radar · Oil & Gas Downstream in Maharashtra
Best Oil & Gas Downstream Companies in Maharashtra, India
The 36 best Oil & Gas Downstream companies in Maharashtra, India in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: HPCL.
By Riya SenguptaFinancials
36companies tracked
$527.5Mdisclosed funding
0unicorns
3have raised
Ranked: Best Oil & Gas Downstream companies in Maharashtra
| # | Company | Disclosed funding | Revenue | Revenue YoY | Last round | Employees | Founder | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | Bharat Petroleum Provider of energy products & services, including LPG gas cylinders, petroleum products, and lubricants | — | $59.6B FY2025 | -1% | 47 mo ago | — | Jordan Jordi CEO | — |
| 2 | HPCL Provider of petroleum and natural gas services | $500M | $55.5B FY2025 | +1% | 110 mo ago | 7,175 7,175 → 14,763 (+106%) | Anurag Raut Co-CEO | — |
| 3 | Nayara Energy Provider of oil refining and distribution services | — | $18.8B FY2024 | +12% | 88 mo ago | 3,207 3,207 → 5,136 (+60%) | Alessandro Dorides CEO | 1 expansion · 1 award |
| 4 | Essar Oil Downstream oil and gas company | — | $18.8B FY2024 | +12% | — | 3,207 | Madhur Taneja CEO | — |
| 5 | Jio-bp Chains providing fuel, electric vehicle charging, and convenience store services | — | $6.0B FY2025 | +33% | — | 1 | Harish Mehta CEO | — |
| 6 | Mahanagar Gas Fuel & gas distribution company | — | $964M FY2025 | +15% | — | 585 | — | — |
| 7 | Gandhar Manufacturer of white oils | — | $463M FY2025 | -5% | — | 325 | Aslesh Parekh Owner | — |
| 8 | Savita Oil Technologies Manufacturer of specialty chemicals and petroleum products | — | $457M FY2025 | +1% | — | 451 | N Mehra Founder | — |
| 9 | MNGL Fuel distribution company | — | $426M FY2025 | +20% | 134 mo ago | 750 | AM Tambekar CEO & MD | — |
| 10 | Panama Petrochem Manufacturer of petroleum specialty products | — | $332M FY2025 | +18% | — | 150 | Amin Rayani CEO & Managing Director | — |
| 11 | Agarwal Industrial Manufacturer and transporter of Bitumen and LPG | — | $285M FY2025 | +13% | — | 81 | Jaiprakash Agarwal Managing Director & CSR Committee Member | — |
| 12 | Standard Greases & Specialities Manufacturer of lubricating oils and greases | $20M | $220M FY2025 | +2% | 143 mo ago | 498 | Vinod Vyas Founder & Managing Director | — |
| 13 | Nandan Petrochem Manufacturer and supplier of genuine oils, greases, and specialty engine oils for bikes and two-wheelers | — | $82M FY2025 | -4% | — | 297 297 → 562 (+89%) | Shreenarayan Agrawal Founder | — |
| 14 | Velvex Manufacturer and supplier of genuine oils, greases, and specialty engine oils for bikes and two-wheelers | — | $82M FY2025 | -4% | — | 272 | — | — |
| 15 | Hardcastle Petrofer Manufacturer of die casting lubricants & heat treatment products | — | $54M FY2025 | +11% | — | — | Amit Moona CEO | — |
| 16 | DMK PETROTRADERS & CARRIER Privately owned company dealing with high-quality petroleum products, lubricants, and dairy products | — | $47M FY2022 | — | — | — | — | — |
| 17 | Unison Enviro Provider of natural gas distribution for domestic & commercial sector | — | $46M FY2025 | +38% | — | 126 | — | — |
| 18 | Arabian Petroleum Manufacturer of premium quality industrial & automotive lubricants | — | $34M FY2025 | +9% | — | — | Hemant Mehta Managing Director | 1 launch |
| 19 | Kumar Metal Company that delivers process engineering solutions to the oils and fats industry | — | $18M FY2022 | — | — | 175 | — | — |
| 20 | Magnum Lubricants | — | $11M FY2022 | — | — | — | Tejendersingh Anand Co-Owner | — |
| 21 | AsiaticGas Exploration, production and distribution of gas | — | $7M FY2022 | — | — | 3 | — | — |
| 22 | Gode Engineering Manufacturer of lubricants & oils and overhead material handling products | — | $4M FY2025 | +28% | — | 40 | Hirendra Gode CEO | — |
| 23 | Gasonet Provider of piped natural gas solutions for domestic and industrial use | — | $2M FY2025 | +490% | — | — | Akhilesh Negi Founder & Director | — |
| 24 | Nexgen Energia Company that specializes in the production and distribution of compressed biogas, also known as Bio CNG, a… | — | $2M FY2025 | -23% | — | 1 | Piyush Dwivedi Founder & Chairman | — |
| 25 | Kinetic Lubricant Industries Company specializing in supplying a wide array of base oils, gear oils, petrol oils, cutting oils, and engine… | — | $127K FY2021 | — | — | 1 | — | — |
| 26 | Columbia Petro Chem Manufacturer of petrochemicals and paraffin oils 35Moat top 25%Fin. health top 38%Talent top 38%Market top 43% All 8 signals ▾Moattop 25% Fin. healthtop 38% Talenttop 38% Markettop 43% Fundingbottom 46% Growthbottom 35% Globalbottom 30% Techbottom 17% Moat: Top 3% by revenue among 71 tracked Petrochemicals companies · Editorial + unicorn rating 3/10 Fin. health: Revenue ~$160M (FY2021) · Net margin 1.4% rank vs industry peers · Fliar Intelligence Index 35/100 | $7M | — | — | 147 mo ago | — | Madan Halwasiya Founder | — |
Top 8 Oil & Gas Downstream companies in Maharashtra
#1
Acquired · Mumbai, Maharashtra · founded 1974 · 7175 employees$500Mraised▾
Acquired · Mumbai, Maharashtra · founded 1974 · 7175 employees
Provider of petroleum and natural gas services. Its other products include oil, lubricant, liquefied petroleum gas, aviation turbine fuel, jute batch oil and hexane. It provides research and development services to business. In 2018, the company recorded revenue of $33 billion and in 2015, recorded net income of $0.22 billion.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 445k LinkedIn followers — 31.9% of this cohort's audience
Founders & team
Tech stack
BootstrapCloudflareCloudflare Bot ManagementCloudflare Browser InsightsCloudflare Rocket LoaderGoogle Font Api
#2
Early Stage · Mumbai, Maharashtra · founded 1983 · 498 employees$20Mraised▾
Early Stage · Mumbai, Maharashtra · founded 1983 · 498 employees
Manufacturer of lubricating oils and greases. Company products include calcium grease, lithium grease, aluminum complex grease, barium complex grease, bentone grease, polyurea grease, and sodium srease.
Founders & team
Investors
Tata Capital Growth Fund, Alpha TC Holdings, Tata Capital
Tech stack
Animate.CssBootstrapFont AwesomeGoogle Font ApiGoogle Hosted LibrariesIsotope
#3
Funding Raised · Mumbai, Maharashtra · founded 1995$7.5Mraised▾
Funding Raised · Mumbai, Maharashtra · founded 1995
Columbia Petrochems manufactures petrochemicals and paraffin oils. Also manufactures white oils, transformer oil, light & heavy grade paraffins, and petroleum jellies.
Fliar Intelligence Index™ 35how this company ranks against its industry peers
Moat
top 25%Fin. health
top 38%Talent
top 38%Market
top 43%Funding
bottom 46%Growth
bottom 35%Moat: Top 3% by revenue among 71 tracked Petrochemicals companies · Editorial + unicorn rating 3/10
Fin. health: Revenue ~$160M (FY2021) · Net margin 1.4% · Revenue 21.3x total funding
Talent: 2 named leaders on record · 2 C-suite/founder profiles curated
Funding rounds
- Jun 2014Conventional Debt$843.4K
- Conventional Debt$6.7M
Founders & team
Tech stack
Apache Http ServerBootstrapFont AwesomeGoogle Font ApiGoogle WorkspaceJquery
#4
Public · Mumbai, Maharashtra · founded 1976—raised▾
Public · Mumbai, Maharashtra · founded 1976
Provider of energy products & services, including LPG gas cylinders, petroleum products, and lubricants. It offers aviation fuel, Petrol, Speed, LPG gas cylinders, MAK Lubricants, and various Petroleum. It engages in refining crude oil and marketing petroleum products in India and internationally.
Founders & team
Investors
Life Insurance Corporation of India, BIRAC
#5
Acquired · Mumbai, Maharashtra · founded 1989 · 3207 employees—raised▾
Acquired · Mumbai, Maharashtra · founded 1989 · 3207 employees
Provider of oil refining and distribution services. It offers a diverse range of products primarily focused on petroleum and petrochemicals include Fuels, Petrol, High-Speed Diesel, Light Diesel Oil, Bitumen, Sulphur, Petroleum Coke, Mineral Turpentine Oil, Polymer Modified Bitumen and Fly Ash.
LinkedIn Pulse recent public activity · Jul 2026
Audience: 427k LinkedIn followers — 30.7% of this cohort's audience
Activity: 1 awards · 1 expansions announced in 12 mo
Founders & team
Investors
BP Ventures, Trafigura, Analah Ventures
Tech stack
Apple Icloud MailBootstrapChart.JsCloudflareCloudflare Bot ManagementCore-Js
#6
Seed · Pune, Maharashtra · founded 2006 · 750 employees—raised▾
Seed · Pune, Maharashtra · founded 2006 · 750 employees
Fuel distribution company
Funding rounds
- Jul 2015Seed—
Founders & team
Investors
Indraprastha Gas Limited, IDFC
Tech stack
Apache Http ServerBootstrapCdnjsCloudflareFont AwesomeGodaddy
#7
Public · Mumbai, Maharashtra · founded 1969 · 30 employees—raised▾
Public · Mumbai, Maharashtra · founded 1969 · 30 employees
Infrastructure fund focused on multiple sectors. It invests across the sectors of energy (comprising exploration & production, refining & marketing, and power businesses), infrastructure & logistics (comprising ports, projects, and stanlow terminals), metals & mining, and technology & retail (comprising shipping, oilfield services, technology solutions, device protection, and customer experience).
LinkedIn Pulse recent public activity · Jul 2026
Audience: 350k LinkedIn followers — 25.1% of this cohort's audience
Founders & team
Investors
Exim Bank, Central Bank of India, IDBI Bank, UCO Bank, Corporation Bank
Tech stack
Apache Http ServerContact Form 7ElementorEwww Image OptimizerFont AwesomeGoogle Analytics
#8
Late Stage · Navi Mumbai, Maharashtra · founded 2004 · 290 employees—raised▾
Late Stage · Navi Mumbai, Maharashtra · founded 2004 · 290 employees
Petroleum products distribution company
Funding rounds
- 2006PE—
Investors
ICICI Venture
Funding & investor landscape
$527.5Mtotal disclosed funding
3companies funded
2disclosed rounds
0rounds last 90 days
Most active investors
Alpha TC Holdings1 rounds
Notable founders
Pushp Joshi
Managing Director · HPCL
Mukesh Surana
Managing Director · HPCL
Vinod Vyas
Founder & Managing Director · Standard Greases & Specialities
Madan Halwasiya
Founder · Columbia Petro Chem
Kuldeep Halwasiya
CEO & MD · Columbia Petro Chem
D Rajkumar
Chairman & Managing Director · Bharat Petroleum
Sanjay Khanna
Managing Director · Bharat Petroleum
Alessandro Dorides
CEO · Nayara Energy
AM Tambekar
CEO & MD · MNGL
Ravi Ruia
Co-Founder · EGFL
Shashi Ruia
Co-Founder · EGFL
Prism market signals · India · country-scoped Prism corpus, 5,956,189 docs
Market landscape — 10 sub-themes by coverage
Share of Oil & Gas Downstream coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
Common questions
How many Oil & Gas Downstream companies are there in Maharashtra, India?
Radar tracks 36 indexable Oil & Gas Downstream companies headquartered in Maharashtra, India that meet our profile-completeness bar.
What is the total funding raised by Oil & Gas Downstream companies in Maharashtra, India?
The Oil & Gas Downstream companies in Maharashtra, India on this list have raised a combined $527.5M in disclosed equity funding across 3 funded companies.
Which is the highest-funded Oil & Gas Downstream company in Maharashtra, India?
HPCL is the highest-funded Oil & Gas Downstream company in Maharashtra, India, with $500M in disclosed equity funding.
How many Oil & Gas Downstream companies in Maharashtra, India are funded?
3 of the 36 Oil & Gas Downstream companies in Maharashtra, India on this list have disclosed at least one equity funding round.
How many Oil & Gas Downstream unicorns are there in Maharashtra, India?
None of the Oil & Gas Downstream companies in Maharashtra, India on this list currently has a disclosed valuation of $1B or more.
Who are the top investors in Maharashtra, India Oil & Gas Downstream companies?
The most active investors in Maharashtra, India Oil & Gas Downstream companies on this list include Alpha TC Holdings, Analah Ventures, BG Group, BIRAC, BP Ventures.
Riya SenguptaFinancials
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.