Exploration & production, oilfield services, fuel & gas distribution, diversified groups, listed and more: the companies building oil & gas upstream in India, with their founders, funding, team size and business models.
Recent oil & gas upstream business events in India
Funding, M&A, contract wins and launches involving 98 oil & gas upstream companies in India, last 24 months: 107 Contracts · 8 M&A deals · 3 funding rounds. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.
ContractService
Power mech projects · client: Adani Infrastructure Management Services Limited
Power Mech Projects Limited has secured a new order worth ₹266.26 crore from Adani Infrastructure Management Services Limited for operations and maintenance services at a thermal power…
Power Mech Projects Ltd. on Friday, April 10, said it has secured a ₹296 crore operations and maintenance contract from Maha Mumbai Metro Operation Corporation Ltd. for the Mumbai…
This marks the company’s second order win, after it secured a ₹148 crore contract from Oil India in February for the hiring of a 1,000 HP mobile drilling rig package in Assam and…
The order strengthens the company’s operations and maintenance portfolio in the power sector, following a ₹709.56 crore contract secured in March from Adani Infrastructure Management…
Vedanta's acquisition of Meenakshi Energy faced prolonged litigation and delays, with the transaction eventually closing in 2023 after several revisions.
The largest order, valued at around ₹227.99 crore, has been awarded by Oil India Ltd. The contract involves the construction of an executive housing complex at Duliajan in Assam on a…
Desco Infratech Limited has received a Letter of Intent (LOI) from Bharat Petroleum Corporation Limited (BPCL) for the execution of critical pipeline infrastructure works across multiple…
HCL has signed multiple agreements with PSUs like Oil India Ltd and Coal India Ltd to explore, mine, and develop critical minerals (copper, nickel, cobalt) and rare earth elements.
New Delhi State-run Bharat Petroleum Corporation (BPCL) has signed a crude oil supply agreement with Trafigura to supply Iraqi Basrah and Oman crude oil to the oil marketing company…
Hindustan Petroleum Corporation Limited and Oil India Limited have signed a memorandum of understanding at India Energy Week 2026 to collaborate on the development of a compressed…
Goa, January 27, 2026: Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 company and a Maharatna PSU, has taken another significant step towards strengthening India’s…
India’s state‑owned refiner Bharat Petroleum Corporation Limited (BPCL) is set to sign next week an oil supply deal with Brazilian state giant Petrobras for the delivery of 12 million…
state-owned upstream major Oil India along with their Navaratna subsidiary Numaligarh Refinery would be inking a memorandum of understanding with French major TotalEnergies for LNG sourcing.
VA Tech WABAG has secured a large order from Bharat Petroleum Corporation (BPCL) for water treatment facilities for a refinery project in Madhya Pradesh.
Oil & Gas
ContractGovernment
Oil india · client: Arunachal Pradesh State Government
OIL India Limited has signed a Deed of Agreement for Composite Licence of Phop Graphite and Vanadium block at Yazali circle in Arunachal Pradesh, an official statement said.
Larsen & Toubro’s Hydrocarbon Onshore business vertical (L&T Onshore) has secured a major order worth up to ₹10,000 crore from Bharat Petroleum Corporation Ltd (BPCL) to build a linear…
Larsen & Toubro (L&T) has secured a significant contract valued between ₹5,000 crore and ₹10,000 crore from Bharat Petroleum Corporation Ltd (BPCL), reinforcing its leadership in India’s…
New Delhi, December 23, 2025: L&T’s Hydrocarbon Onshore business vertical (L&T Onshore) has won a major order from Bharat Petroleum Corporation Ltd (BPCL).
Oil India Limited (OIL) and TotalEnergies inked a ‘Technology Service Agreement’ on 19th November 2025 in New Delhi to strengthen strategic collaboration for exploration activities in…
The Cochin Port Authority and Bharat Petroleum Corporation Limited have signed a Memorandum of Understanding to establish LNG bunkering facilities for LNG-powered and dual-fuel vessels…
SK Minerals and Additives, through a stock exchange filing, announced that it has been awarded a significant order valued at Rs 56.71 crore by Bharat Petroleum Corporation Limited (BPCL)…
Last month, OIL signed a MoU with GAIL (India) to strengthen cooperation across the natural gas value chain and unlock synergies for expanding access to cleaner energy across the country.
State-run Oil India (OIL) has signed a memorandum of understanding (MoU) with Mahanagar Gas (MGL) to explore opportunities in liquefied natural gas (LNG) segment.
Liquefied Natural Gas (LNG)
ContractService
Alphageo Offshore Services Private Limited · client: Oil india
Alphageo (India) Ltd’s subsidiary Alphageo Offshore Services Private Limited has secured a domestic order worth Rs. 34.98 crore (plus applicable taxes) from Oil India Limited for 2D and…
The block was originally acquired as part of Cairn India’s portfolio when Anil Agarwal’s Vedanta Group took over the company in 2011 in a USD 8.67 billion deal.
the shares of the Oil Equipment & Services provider plummeted up to 14 percent in today’s trading session after the company’s board approved a merger by absorption of Oilmax Energy…
BGR Tech, in partnership with Collabrah India, a strategic JV, has been awarded a ₹53.5 crore contract by Oil India Limited (OIL) for the deployment of six Surface Production Facilities…
Oil & Gas
Oil & Gas Upstream companies in India, by revenue
Browse oil & gas upstream companies in India by reported revenue, one-year revenue growth, revenue model, age and stage. The 34 companies below are the largest by their most recent reported revenue among 34 oil & gas upstream 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 34
Company & businessRevenueRevenue growthHeadcount & growthAgeJobs · last 3 months
Bachelor's of engineering in petroleum engineering · Maharashtra Academy Of Engineering And Educational Research Maharashtra Institute Of Technology, Kothrud, Pune 38
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Producer of renewable energy fuels, primarily ethanol, derived from corn and other plant materials, aiming to reduce carbon footprint and offer a cleaner alternative to traditional fossil fuels
Every company, not just 50All 85 oil & gas upstream companies in India, filterable by stage, funding, team size, revenue model and age.
Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
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Explore oil & gas upstream companies in India by what you are looking for
Browse oil & gas upstream companies in India, from exploration and production operators to oilfield services providers. Find a list of oil and gas exploration companies in India and listed upstream oil companies.
7 ways to explore oil & gas upstream in India
Oil & gas exploration and production companiesOilfield services & equipment providersFuel, LPG & gas distribution companiesDiversified energy & conglomerate groupsListed oil & gas upstream companies in IndiaOil & gas startups in India
Oil & gas exploration and production companies
Operators that explore for and produce crude oil and natural gas.
Permian Resources
Provider of oil & gas exploration and production services
Producer of renewable energy fuels, primarily ethanol, derived from corn and other plant materials, aiming to reduce carbon footprint and offer a cleaner alternative to traditional fossil fuels
Jaihind Projects Ltd is an engineering, procurement, and construction company. The business activity of the group is primarily conducted through Laying of pipes segment. It engages in the provision of planning, designing, engineering, procurement, fabrication, and construction services for refineries, processes, power plants, and construction of city gas distribution projects for the supply of piped natural gas and compressed natural gas, as well as laying of cross-country pipelines. It also involved in oil and gas pipeline construction, city gas distribution, horizontal directional drilling,
Producer of renewable energy fuels, primarily ethanol, derived from corn and other plant materials, aiming to reduce carbon footprint and offer a cleaner alternative to traditional fossil fuels
The most-installed Android apps published by oil & gas upstream companies headquartered in India — 98K installs between them. 4 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.
Revenue, profit and growth from the filed annual accounts of 38 oil & gas upstream companies in India for FY24-25 — 40 of the 85 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 99% of the revenue, so medians describe the typical company better than totals.
combined revenue, FY24-25₹282,328.57 cr
38 companies filing accounts
combined net profit₹41,918.94 cr
14.8% aggregate margin
are profitable79%
30 of 38 companies
median revenue~₹47.9 cr
the typical company
median revenue growth+2%
into FY24-25
earned by the top five99%
revenue concentration
Six-year view
Combined revenue of filing companies
₹180,968.10 crFY19-2032 filers
₹143,866.45 crFY20-2136 filers
₹230,866.05 crFY21-2237 filers
₹294,015.21 crFY22-2337 filers
₹275,950.12 crFY23-2437 filers
₹282,328.57 crFY24-2538 filers
The number of companies filing changes each year; the three-year cohort below compares like with like.
Like-for-like
The same 33 companies over three years
-4%
FY22-23₹293,733.39 cr₹52,727.10 cr net
FY23-24₹275,673.02 cr₹48,615.67 cr net
FY24-25₹282,167.62 cr₹41,910.03 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 cr425% profitable
₹1–10 cr786% profitable
₹10–100 cr1191% profitable
₹100–1,000 cr1182% profitable
Over ₹1,000 cr580% profitable
Companies by FY24-25 revenue. Bars show how many companies sit in each band.
Momentum
How fast revenue moved into FY24-25
Shrinking17
0–20%9
20–50%4
50–100%2
Doubled+3
35 companies with accounts for both years; median growth +2%.
Profitability
Profit is concentrated at the top
30profitable
8loss-making
14.8%aggregate margin
4.6%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
Company
Growth
Revenue
VtaainfraprojectVTAA INFRA PROJECT PRIVATE LIMITED
+61%
₹31.07 cr
Selan Exploration TechnologyANTELOPUS SELAN ENERGY LIMITED
+54%
₹272.88 cr
SWOP EngineeringSWOP ENGINEERING PRIVATE LIMITED
+25%
₹26.86 cr
MOSILMOSIL LUBRICANTS PRIVATE LIMITED
₹68.21 cr
COMACOECOASTAL MARINE CONSTRUCTION AND ENGINEERING LIMITED
+21%
₹633.83 cr
Assam CompanyASSAM COMPANY INDIA LIMITED
Profit leaders · ₹10 cr+ revenue
Highest net margins, FY24-25
Company
Margin
Revenue
HOECHINDUSTAN OIL EXPLORATION COMPANY LIMITED
38.3%
₹384.98 cr
Oilmax EnergyOILMAX ENERGY PRIVATE LIMITED
35.5%
₹136.95 cr
GeoEnpro PetroleumGEOENPRO PETROLEUM LIMITED
30.7%
₹11.25 cr
Selan Exploration TechnologyANTELOPUS SELAN ENERGY LIMITED
27.1%
₹272.88 cr
COMACOECOASTAL MARINE CONSTRUCTION AND ENGINEERING LIMITED
₹633.83 cr
Oil IndiaOIL INDIA LIMITED
25.5%
₹23,987.07 cr
Inside the industry
Sub-sectors compared, FY24-25
Sub-sector
Companies
Revenue
Median revenue
Profitable
Margin
Oil & gas upstream
33
₹277,310.49 cr
~₹31.1 cr
76%
15.0%
Leaders
Largest oil & gas upstream companies by revenue, FY24-25
Company · legal entity
Revenue
Net result
Margin
Growth
Ongc VideshOIL AND NATURAL GAS CORPORATION LIMITED
₹148,325.73 cr
-1%
HMELHPCL-MITTAL ENERGY LIMITED
₹99,191.80 cr
−₹820.50 cr
-0.8%
+8%
Oil IndiaOIL INDIA LIMITED
₹23,987.07 cr
₹6,114.19 cr
25.5%
-2%
Power Mech ProjectsPOWER MECH PROJECTS LIMITED
₹4,501.56 cr
₹300.55 cr
6.7%
+10%
ValvolinecumminsVALVOLINE CUMMINS PRIVATE LIMITED
₹2,361.03 cr
₹200.78 cr
8.5%
+4%
COMACOECOASTAL MARINE CONSTRUCTION AND ENGINEERING LIMITED
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 upstream landscape of India maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.
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 Upstream funding and M&A across India
7 recorded equity rounds have gone to 98 oil & gas upstream 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$1.50m
1 rounds in India
M&A deals, India8
last 24 months
Capital by year
Equity funding into oil & gas upstream in India
amount rounds
$3.9m20181
$1.5m20221
Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2018, with US$3.93m across 1 rounds.
The funding ladder · five years
Rounds and typical cheque by stage
SeedUS$1.50m1 rounds · median US$1.50m
Where the money went · five years
Most-funded sub-sectors
Oil & gas upstreamUS$1.50m1 rounds · 1 companies
India in context
India’s share of India’s oil & gas upstream funding
Rounds100%1 of 1
Capital100%US$1.50m of US$1.50m
Equity rounds over the last five years, 98 oil & gas upstream companies in India among 98 in India.
Corporate activity · last 24 months
M&A in India
7Acquisition
1Merger
Most active acquirers
Ongc videsh4
VEDANTA GROUP1
Asian Energy Services1
Vedanta1
Telangana Power Generation Corporation Limited1
Most acquired or merged
Vankorneft1
Meenakshi Energy1
Oilmax energy1
Bharat Petroleum1
Power mech projects1
Each deal appears in the events strip at the top of the page.
Go deeper in the oil & gas upstream landscape reports:
4 oil & gas upstream companies in India have recorded equity funding, US$60.10m in total. Totals and round dates describe the historical record; they are not current valuations.
Most funded
Largest recorded equity totals, with the latest recorded round.
Oil & gas upstream
Integrated oil and gas company focused on exploration, production, and EPC
Recorded equity fundingUS$38.33mSeries A · Jan 2018
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Founders and momentum in India
Meet the people behind oil & gas upstream companies in India. 29 of 85 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.
Fastest revenue growth
Oil & gas upstream companies in India with the highest one-year revenue growth among those reporting at least ₹5 crore in revenue. Growth is the reported one-year change for the period shown.
Oil & gas upstream
Provider of oil and gas extraction support services
₹297.21 cr in FY24-25 · net ₹11.40 cr · +259% since FY2018
Filed standalone accounts · A G Ashtavinayaka Petrochem Private Limited
Each tile appears only where data is on record. Founder photos and LinkedIn links appear where a profile matches exactly.
Recently founded
Oil & gas upstream companies in India founded in the last four years, newest first.
Oil & gas upstream
Manufacturer and distributor of lubricating products, including engine oils, greases, and gear oils, catering to various industries
Founded2023Unfunded
Founders
Details not available
Oil & gas upstream
Provider of oil and gas exploration and production services
Founded2023Unfunded
Founders
Details not available
Oil & gas upstream
Manufacturer of lubricant oils and greases, offering a range of products catering to various industries and vehicle types
Founded2023Unfunded
Founders
Details not available
Oil & gas upstream
Provider of oil & gas exploration and production services
Founded2022Seed
Founders
Details not available
Oil & gas upstream
Provider of end-to-end solar power solutions for diverse client needs
Founded2022Unfunded
Founders
Details not available
Oil & gas upstream
Manufacturer of lubricants, offering a range of products designed for various applications, including automotive, industrial, and agricultural uses, with a focus on performance, reliability, and longevity
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