Industry research
India is one of the world's largest consumers of crude oil and imports most of what it refines, so the industry runs from exploration and refining through fuel marketing, pipelines and city gas networks. This page measures the whole industry, listed and private companies together, from statutory filings and exchange prices, and sets it against related industries, buyer searches, geography, deals, news and the wider oil and gas ecosystem.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Indian Oil Corporation | Listed · IOC | 7,58,106 | 5.2 | Maharashtra |
| 2 | Oil and Natural Gas Corporation | Listed · ONGC | 6,63,262 | 15.3 | Delhi |
| 3 | Bharat Petroleum Corporation | Listed · BPCL | 4,40,132 | 6.5 | Maharashtra |
| 4 | GAIL (India) | Listed · GAIL | 1,41,903 | 11.8 | Delhi |
| 5 | Nayara Energy | Private | 1,28,620 | 9.6 | Gujarat |
| 6 | HPCL-Mittal Energy (HMEL) | Private | 81,350 | 5.0 | Punjab |
| 7 | Petronet LNG | Listed · PETRONET | 50,982 | 12.4 | Delhi |
| 8 | Oil India | Listed · OIL | 36,164 | 35.6 | Assam |
| 9 | Gujarat Gas | Listed | 16,487 | 12.7 | Gujarat |
| 10 | Indraprastha Gas | Listed · IGL | 14,928 | 15.5 | Delhi |
| 11 | Mahanagar Gas | Listed · MGL | 7,979 | 21.8 | Maharashtra |
| 12 | Aegis Logistics | Listed · AEGISLOG | 6,764 | 19.3 | Gujarat |
| 13 | Adani Total Gas | Listed · ATGL | 5,412 | 21.5 | Gujarat |
| 14 | Gandhar Oil Refinery (India) | Listed · GANDHAR | 3,897 | 4.8 | Maharashtra |
| 15 | Pipeline Infrastructure (PIL) | Private | 3,893 | 30.2 | Maharashtra |
| 16 | Savita Oil Technologies | Listed · SOTL | 3,814 | 5.4 | Maharashtra |
| 17 | Maharashtra Natural Gas (MNGL) | Private | 3,592 | 29.7 | Maharashtra |
| 18 | India Gas Solutions | Private | 2,940 | 6.2 | Maharashtra |
| 19 | Panama Petrochem | Listed · PANAMAPET | 2,793 | 9.3 | Gujarat |
| 20 | Sabarmati Gas | Private | 2,383 | 17.9 | Gujarat |
| 21 | Raj Petro Specialities | Private | 2,293 | 3.0 | Maharashtra |
| 22 | Adani Bunkering | Private | 1,387 | 5.6 | Gujarat |
| 23 | Adani Total (Dhamra LNG terminal) | Private | 1,360 | 32.8 | Gujarat |
| 24 | Essar Oil and Gas | Private | 867 | 70.7 | Gujarat |
| 25 | Green Gas | Private | 845 | 11.1 | Uttar Pradesh |
| 26 | Bhagyanagar Gas | Private | 714 | 21.5 | Telangana |
| 27 | Nandan Petrochem | Private | 690 | 5.8 | Maharashtra |
| 28 | GP Petroleums | Listed · GULFPETRO | 648 | 6.4 | Maharashtra |
| 29 | Central U.P. Gas (CUGL) | Private | 632 | 20.2 | Uttar Pradesh |
| 30 | IndianOil Adani Ventures | Private | 550 | 77.2 | Maharashtra |
120 oil and gas companies with statutory filings (20 listed, 100 private) reported combined revenue of ₹23.95 lakh crore in FY2025, −0.9% on the same companies, and aggregate EBITDA of ₹2.37 lakh crore. As filed each year, combined revenue was ₹11.94 lakh crore in FY2018, peaked at ₹25.29 lakh crore in FY2023 and was ₹23.95 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 21 listed companies with an exchange price are worth ₹10.31 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of oil and gas companies was 9.9% in FY2025, 3.3 pts below FY2024, against a peak of 13.5% in FY2021. The low since the peak was 8.2% in FY2023. Profit after tax margin was 4.1% (−2.7 pts on FY2024). Aggregate EBITDA of listed and private oil and gas companies moved +8% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹2.37 lakh crore (−25.8% on FY2024).
By FY2025 revenue the largest oil and gas companies are Indian Oil Corporation (₹7.58 lakh crore, 5.2% EBITDA margin); Oil and Natural Gas Corporation (₹6.63 lakh crore, 15.3% EBITDA margin); Bharat Petroleum Corporation (₹4.40 lakh crore, 6.5% EBITDA margin); GAIL (India) (₹1.42 lakh crore, 11.8% EBITDA margin); Nayara Energy (₹1.29 lakh crore, 9.6% EBITDA margin, private). Among the ten largest, Oil India (35.6%) and Indraprastha Gas (15.5%) earn the widest EBITDA margins and HPCL-Mittal Energy (HMEL) (5.0%) the thinnest. 11 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Net tone of LNG infrastructure stories fell from +52 to -6 (-58 pts) over 1,546 stories, the largest drop of any theme. In buyer searches: Search interest in crude oil & natural gas prices queries (brent crude price, natural gas price, crude oil price today) was +405% in the 12 months to 2026-09 vs the prior 12, led by “brent crude price” (+614%), followed by lpg cylinders (+96%); cng & piped gas (png) moved -19%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of LNG infrastructure turned more negative (Oil and Gas in the news). Oil and Gas EBITDA grew 8% since FY2022 (Industry financials). 7 private oil and gas companies pass an IPO-readiness screen (Top oil and gas companies in India). Crude oil & natural gas prices searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 9.0× and median P/E 14.4× across 21 priced oil and gas companies. (Market capitalisation & valuation).
The median trailing P/E is 14.4× and the median EV/EBITDA 9.0× across 21 priced companies.
The oil and gas industry finds and produces crude oil and natural gas, refines crude into petrol, diesel, LPG, aviation fuel, bitumen and lubricants, moves it through pipelines and terminals, and sells it through fuel stations, cylinder distributors and city gas networks to vehicles, homes, factories, power plants and fertiliser plants.
Listed and private companies whose registered industry code is crude oil and gas extraction, services to oil and gas extraction, refined petroleum products, gas distribution or pipeline transport, plus well-known listed oil and gas companies confirmed by name, reviewed by hand. A company that reports inside a listed parent's consolidated accounts (Hindustan Petroleum and Mangalore Refinery inside ONGC, Chennai Petroleum inside Indian Oil, Numaligarh Refinery inside Oil India, GAIL Gas inside GAIL) is counted only inside the parent. Reliance Industries is left out of the company totals because its group accounts also hold large retail and telecom businesses that this page does not cover. Petrochemical makers, edible-oil and industrial-gas names caught by catch-all activity codes and fuel-equipment makers are left out of the totals as well; the ecosystem section maps lubricant, bitumen, fuel and gas suppliers by sub-sector.
Research information, not investment advice.
Industry research