# Refineries — company-by-company sector analysis

> Refineries: Reliance Industries Ltd owns the largest revenue base; Chennai Petroleum Corporation Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Refineries has outperformed NIFTY 500 by 22.7% over 52 weeks and 11.8% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. Reliance Industries Ltd leads with revenue of ₹11,23,055 crore, based on 7 of 7 comparable companies through Jun 2026.

### Is the Refineries sector outperforming NIFTY 500?

Refineries has outperformed NIFTY 500 by 22.7% over 52 weeks and 11.8% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### Which Refineries company is largest by revenue?

Reliance Industries Ltd leads with revenue of ₹11,23,055 crore, based on 7 of 7 comparable companies through Jun 2026.

### Which Refineries company is growing fastest?

Chennai Petroleum Corporation Ltd has the fastest current revenue growth at 33.5%, across 7 of 7 comparable companies.

### Which Refineries company has the strongest 4-Factor Sector Score?

Gandhar Oil Refinery (India) Ltd ranks first at 74/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Refineries company reports the most CAPEX?

Gandhar Oil Refinery (India) Ltd reports the largest latest CAPEX at ₹10 crore, with 1 of 7 companies comparable.

### Which Refineries company has the least gross debt?

Gandhar Oil Refinery (India) Ltd has the lowest comparable gross debt at ₹315 crore. Reliance Industries Ltd has the highest at ₹3,98,000 crore.

### Which Refineries company has the lowest comparable PEG?

Hindustan Petroleum Corporation Ltd has the lowest comparable Guarded PEG at 0.12, among 4 of 7 companies that pass the metric’s comparability rules.

### How much history does this Refineries comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Refineries has outperformed NIFTY 500 by 22.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.8%. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Gandhar Oil Refinery (India) Ltd is the strongest against the sector itself at +63.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 12%
52-week sector return versus NIFTY 500: 23%
Stocks leading NIFTY: 3/7
Stocks leading sector: 2/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹21.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 74/100 — Favorable setup; evidence 87%
   - Growth & earnings 30.7/35 | Capital efficiency 14.0/25 | Valuation 9.3/20 | Relative strength 20.0/20
   - Exact sum: 30.7 + 14 + 9.3 + 20 = 74
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): 72/100 — Favorable setup; evidence 74%
   - Growth & earnings 28.6/35 | Capital efficiency 19.0/25 | Valuation 11.5/20 | Relative strength 12.5/20
   - Exact sum: 28.6 + 19 + 11.5 + 12.5 = 71.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Indian Oil Corporation Ltd (IOC): 54/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 21.6/35 | Capital efficiency 14.0/25 | Valuation 13.3/20 | Relative strength 5.5/20
   - Exact sum: 21.6 + 14 + 13.3 + 5.5 = 54.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Bharat Petroleum Corporation Ltd (BPCL): 51/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 12.0/35 | Capital efficiency 14.3/25 | Valuation 18.8/20 | Relative strength 5.6/20
   - Exact sum: 12 + 14.3 + 18.8 + 5.6 = 50.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): 50/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 22.8/35 | Capital efficiency 7.7/25 | Valuation 12.2/20 | Relative strength 6.8/20
   - Exact sum: 22.8 + 7.7 + 12.2 + 6.8 = 49.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.8% and the one-year return is 13.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6. Hindustan Petroleum Corporation Ltd (HINDPETRO): 38/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 8.2/35 | Capital efficiency 11.4/25 | Valuation 14.5/20 | Relative strength 4.1/20
   - Exact sum: 8.2 + 11.4 + 14.5 + 4.1 = 38.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Reliance Industries Ltd (RELIANCE): 33/100 — Adverse evidence; evidence 94%
   - Growth & earnings 10.9/35 | Capital efficiency 11.3/25 | Valuation 3.3/20 | Relative strength 7.5/20
   - Exact sum: 10.9 + 11.3 + 3.3 + 7.5 = 33
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Reliance Industries Ltd is the scale leader at ₹11,23,055 crore, 43.2% ahead of Indian Oil Corporation Ltd. Chennai Petroleum Corporation Ltd's growth is 33.5% from a ₹76,196 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Reliance Industries Ltd is the scale benchmark; Chennai Petroleum Corporation Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Reliance Industries Ltd's growth falls below Chennai Petroleum Corporation Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Reliance Industries Ltd · ₹11,23,055 crore | 43.2% versus #2 · Indian Oil Corporation Ltd | 7/8 recent comparable periods | 7/7 companies · 128 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Reliance Industries Ltd (RELIANCE): ₹11.2 L Cr
2. Indian Oil Corporation Ltd (IOC): ₹7.8 L Cr
3. Bharat Petroleum Corporation Ltd (BPCL): ₹4.9 L Cr
4. Hindustan Petroleum Corporation Ltd (HINDPETRO): ₹4.7 L Cr
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): ₹1.1 L Cr

### Revenue growth — fastest growers
1. Chennai Petroleum Corporation Ltd (CHENNPETRO): 34%
2. Gandhar Oil Refinery (India) Ltd (GANDHAR): 33%
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): 23%
4. Reliance Industries Ltd (RELIANCE): 15%
5. Bharat Petroleum Corporation Ltd (BPCL): 12%

### 20-quarter Revenue history
- RELIANCE: Sep 2021 ₹1.7 L Cr | Dec 2021 ₹1.9 L Cr | Mar 2022 — | Jun 2022 ₹2.2 L Cr | Sep 2022 ₹2.3 L Cr | Dec 2022 ₹2.2 L Cr | Mar 2023 ₹2.1 L Cr | Jun 2023 ₹2.1 L Cr | Sep 2023 ₹2.3 L Cr | Dec 2023 ₹2.3 L Cr | Mar 2024 ₹2.4 L Cr | Jun 2024 ₹2.3 L Cr | Sep 2024 ₹2.3 L Cr | Dec 2024 ₹2.4 L Cr | Mar 2025 ₹2.6 L Cr | Jun 2025 ₹2.4 L Cr | Sep 2025 ₹2.5 L Cr | Dec 2025 ₹2.6 L Cr | Mar 2026 ₹2.9 L Cr | Jun 2026 ₹3.1 L Cr
- IOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.1 L Cr | Mar 2023 ₹2.0 L Cr | Jun 2023 ₹2.0 L Cr | Sep 2023 ₹1.8 L Cr | Dec 2023 ₹2.0 L Cr | Mar 2024 ₹2.0 L Cr | Jun 2024 ₹1.9 L Cr | Sep 2024 ₹1.7 L Cr | Dec 2024 ₹1.9 L Cr | Mar 2025 ₹2.0 L Cr | Jun 2025 ₹1.9 L Cr | Sep 2025 ₹1.8 L Cr | Dec 2025 ₹2.1 L Cr | Mar 2026 ₹2.1 L Cr | Jun 2026 —
- BPCL: Sep 2021 ₹76.4K Cr | Dec 2021 ₹95.3K Cr | Mar 2022 ₹1.0 L Cr | Jun 2022 ₹1.2 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.2 L Cr | Mar 2023 ₹1.2 L Cr | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹1.0 L Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹1.0 L Cr | Dec 2024 ₹1.1 L Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.2 L Cr | Jun 2026 ₹1.5 L Cr
- HINDPETRO: Sep 2021 ₹82.8K Cr | Dec 2021 ₹96.3K Cr | Mar 2022 ₹97.3K Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹1.1 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹95.8K Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.1 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹100.0K Cr | Dec 2024 ₹1.1 L Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 ₹1.4 L Cr
- MRPL: Sep 2021 ₹13.3K Cr | Dec 2021 ₹20.4K Cr | Mar 2022 ₹24.8K Cr | Jun 2022 ₹32.3K Cr | Sep 2022 ₹24.6K Cr | Dec 2022 ₹26.6K Cr | Mar 2023 ₹25.4K Cr | Jun 2023 ₹21.1K Cr | Sep 2023 ₹19.4K Cr | Dec 2023 ₹24.7K Cr | Mar 2024 ₹25.3K Cr | Jun 2024 ₹23.2K Cr | Sep 2024 ₹25.0K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹24.6K Cr | Jun 2025 ₹17.4K Cr | Sep 2025 ₹22.6K Cr | Dec 2025 ₹24.7K Cr | Mar 2026 ₹24.0K Cr | Jun 2026 ₹38.3K Cr
- CHENNPETRO: Sep 2021 ₹8.9K Cr | Dec 2021 ₹9.9K Cr | Mar 2022 ₹16.2K Cr | Jun 2022 ₹23.2K Cr | Sep 2022 ₹19.5K Cr | Dec 2022 ₹16.1K Cr | Mar 2023 ₹18.0K Cr | Jun 2023 ₹14.7K Cr | Sep 2023 ₹16.5K Cr | Dec 2023 ₹17.4K Cr | Mar 2024 ₹17.7K Cr | Jun 2024 ₹17.1K Cr | Sep 2024 ₹12.1K Cr | Dec 2024 ₹12.9K Cr | Mar 2025 ₹17.2K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹16.3K Cr | Dec 2025 ₹15.7K Cr | Mar 2026 ₹16.8K Cr | Jun 2026 ₹27.4K Cr
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.1K Cr | Mar 2023 ₹987 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹939 Cr | Jun 2024 ₹995 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹962 Cr | Jun 2025 ₹903 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.7K Cr

### 20-quarter Revenue growth history
- RELIANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 37% | Dec 2022 17% | Mar 2023 — | Jun 2023 -5.4% | Sep 2023 0.8% | Dec 2023 3.9% | Mar 2024 11% | Jun 2024 12% | Sep 2024 -0.2% | Dec 2024 6.6% | Mar 2025 11% | Jun 2025 5.1% | Sep 2025 10.0% | Dec 2025 10% | Mar 2026 13% | Jun 2026 27%
- IOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.8% | Mar 2024 -2.6% | Jun 2024 -2.4% | Sep 2024 -2.4% | Dec 2024 -3.0% | Mar 2025 -1.7% | Jun 2025 -0.8% | Sep 2025 2.1% | Dec 2025 5.7% | Mar 2026 6.7% | Jun 2026 —
- BPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 50% | Dec 2022 25% | Mar 2023 13% | Jun 2023 -6.7% | Sep 2023 -10% | Dec 2023 -3.1% | Mar 2024 -1.3% | Jun 2024 0.1% | Sep 2024 -0.3% | Dec 2024 -2.0% | Mar 2025 -4.6% | Jun 2025 -0.5% | Sep 2025 2.1% | Dec 2025 5.2% | Mar 2026 6.7% | Jun 2026 34%
- HINDPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 31% | Dec 2022 14% | Mar 2023 11% | Jun 2023 -2.1% | Sep 2023 -11% | Dec 2023 1.5% | Mar 2024 6.1% | Jun 2024 1.6% | Sep 2024 4.4% | Dec 2024 -0.7% | Mar 2025 -4.4% | Jun 2025 -2.7% | Sep 2025 0.9% | Dec 2025 4.1% | Mar 2026 4.8% | Jun 2026 27%
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 85% | Dec 2022 30% | Mar 2023 2.2% | Jun 2023 -35% | Sep 2023 -21% | Dec 2023 -7.1% | Mar 2024 -0.1% | Jun 2024 10% | Sep 2024 29% | Dec 2024 -11% | Mar 2025 -2.9% | Jun 2025 -25% | Sep 2025 -9.3% | Dec 2025 13% | Mar 2026 -2.6% | Jun 2026 120%
- CHENNPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 184% | Sep 2022 120% | Dec 2022 62% | Mar 2023 11% | Jun 2023 -36% | Sep 2023 -15% | Dec 2023 8.2% | Mar 2024 -1.6% | Jun 2024 16% | Sep 2024 -27% | Dec 2024 -26% | Mar 2025 -2.7% | Jun 2025 -13% | Sep 2025 35% | Dec 2025 21% | Mar 2026 -2.5% | Jun 2026 85%
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5% | Mar 2024 -4.9% | Jun 2024 -7.0% | Sep 2024 -6.6% | Dec 2024 -8.9% | Mar 2025 2.5% | Jun 2025 -9.3% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14% | Jun 2026 92%

## Operating Economics & Margin Trend

What the numbers say: Gandhar Oil Refinery (India) Ltd leads both opm at 16% and margin change at +11 percentage points.

Investor read: Gandhar Oil Refinery (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Gandhar Oil Refinery (India) Ltd · 16% | 6.7% versus #2 · Reliance Industries Ltd | 4/8 recent comparable periods | 7/7 companies · 135 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 16%
2. Reliance Industries Ltd (RELIANCE): 15%
3. Indian Oil Corporation Ltd (IOC): 12%
4. Chennai Petroleum Corporation Ltd (CHENNPETRO): 6.0%
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): 3.0%

### Margin change — fastest expanders
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): +11.0 pp
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): +5.0 pp
3. Indian Oil Corporation Ltd (IOC): +4.0 pp
4. Mangalore Refinery And Petrochemicals Ltd (MRPL): +2.0 pp
5. Reliance Industries Ltd (RELIANCE): −3.0 pp

### 20-quarter OPM history
- RELIANCE: Sep 2021 16% | Dec 2021 16% | Mar 2022 15% | Jun 2022 17% | Sep 2022 14% | Dec 2022 16% | Mar 2023 18% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 17% | Sep 2024 17% | Dec 2024 18% | Mar 2025 17% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 15% | Jun 2026 15%
- IOC: Sep 2021 8.4% | Dec 2021 6.5% | Mar 2022 8.1% | Jun 2022 2.4% | Sep 2022 1.6% | Dec 2022 2.0% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 13% | Dec 2023 8.0% | Mar 2024 6.0% | Jun 2024 5.0% | Sep 2024 2.0% | Dec 2024 4.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- BPCL: Sep 2021 6.5% | Dec 2021 5.4% | Mar 2022 5.7% | Jun 2022 -4.8% | Sep 2022 1.2% | Dec 2022 4.0% | Mar 2023 9.0% | Jun 2023 14% | Sep 2023 13% | Dec 2023 5.0% | Mar 2024 8.0% | Jun 2024 5.0% | Sep 2024 4.0% | Dec 2024 7.0% | Mar 2025 7.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 8.0% | Jun 2026 -3.0%
- HINDPETRO: Sep 2021 3.4% | Dec 2021 1.7% | Mar 2022 2.9% | Jun 2022 -11% | Sep 2022 -1.6% | Dec 2022 2.0% | Mar 2023 5.0% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 2.0% | Mar 2024 4.0% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 8.0% | Jun 2026 -11%
- MRPL: Sep 2021 -0.1% | Dec 2021 8.4% | Mar 2022 12% | Jun 2022 15% | Sep 2022 -8.1% | Dec 2022 1.0% | Mar 2023 14% | Jun 2023 10% | Sep 2023 11% | Dec 2023 5.0% | Mar 2024 9.0% | Jun 2024 3.0% | Sep 2024 -2.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 1.0% | Sep 2025 7.0% | Dec 2025 11% | Mar 2026 7.0% | Jun 2026 3.0%
- CHENNPETRO: Sep 2021 3.5% | Dec 2021 5.5% | Mar 2022 9.7% | Jun 2022 15% | Sep 2022 1.2% | Dec 2022 3.0% | Mar 2023 9.0% | Jun 2023 6.0% | Sep 2023 11% | Dec 2023 4.0% | Mar 2024 6.0% | Jun 2024 4.0% | Sep 2024 -6.0% | Dec 2024 2.0% | Mar 2025 5.0% | Jun 2025 1.0% | Sep 2025 7.0% | Dec 2025 9.0% | Mar 2026 12% | Jun 2026 6.0%
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 — | Dec 2022 6.0% | Mar 2023 5.0% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 3.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 5.0% | Mar 2026 6.0% | Jun 2026 16%

### 20-quarter Margin change history
- RELIANCE: Sep 2021 −1.5 pp | Dec 2021 −2.3 pp | Mar 2022 −0.5 pp | Jun 2022 +0.6 pp | Sep 2022 −2.0 pp | Dec 2022 −0.1 pp | Mar 2023 +2.9 pp | Jun 2023 +0.8 pp | Sep 2023 +4.5 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 −3.0 pp
- IOC: Sep 2021 −4.1 pp | Dec 2021 −3.1 pp | Mar 2022 −3.8 pp | Jun 2022 −7.5 pp | Sep 2022 −6.8 pp | Dec 2022 −4.5 pp | Mar 2023 +0.9 pp | Jun 2023 +9.6 pp | Sep 2023 +11.4 pp | Dec 2023 +6.0 pp | Mar 2024 −3.0 pp | Jun 2024 −7.0 pp | Sep 2024 −11.0 pp | Dec 2024 −4.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +7.0 pp | Dec 2025 +7.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- BPCL: Sep 2021 −4.0 pp | Dec 2021 −1.8 pp | Mar 2022 −2.5 pp | Jun 2022 −9.2 pp | Sep 2022 −5.3 pp | Dec 2022 −1.4 pp | Mar 2023 +3.3 pp | Jun 2023 +18.8 pp | Sep 2023 +11.8 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −9.0 pp | Sep 2024 −9.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +4.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 −12.0 pp
- HINDPETRO: Sep 2021 −3.6 pp | Dec 2021 −3.1 pp | Mar 2022 −3.5 pp | Jun 2022 −15.3 pp | Sep 2022 −5.0 pp | Dec 2022 +0.3 pp | Mar 2023 +2.1 pp | Jun 2023 +19.9 pp | Sep 2023 +10.6 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −7.0 pp | Sep 2024 −7.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 −18.0 pp
- MRPL: Sep 2021 −5.5 pp | Dec 2021 +7.8 pp | Mar 2022 +5.2 pp | Jun 2022 +12.1 pp | Sep 2022 −8.0 pp | Dec 2022 −7.4 pp | Mar 2023 +2.2 pp | Jun 2023 −4.6 pp | Sep 2023 +19.1 pp | Dec 2023 +4.0 pp | Mar 2024 −5.0 pp | Jun 2024 −7.0 pp | Sep 2024 −13.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −2.0 pp | Sep 2025 +9.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 +2.0 pp
- CHENNPETRO: Sep 2021 −9.3 pp | Dec 2021 +1.9 pp | Mar 2022 +3.7 pp | Jun 2022 +11.1 pp | Sep 2022 −2.3 pp | Dec 2022 −2.5 pp | Mar 2023 −0.7 pp | Jun 2023 −8.7 pp | Sep 2023 +9.9 pp | Dec 2023 +1.0 pp | Mar 2024 −3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −17.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −3.0 pp | Sep 2025 +13.0 pp | Dec 2025 +7.0 pp | Mar 2026 +7.0 pp | Jun 2026 +5.0 pp
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −2.7 pp | Sep 2023 — | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 +11.0 pp

## Profit Scale & Acceleration

What the numbers say: Reliance Industries Ltd leads with ₹88,167 crore of TTM profit, 101.9% above Indian Oil Corporation Ltd. Gandhar Oil Refinery (India) Ltd shows ≥100% on the scoring scale (317.1% uncapped) growth from a ₹317 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Reliance Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Reliance Industries Ltd · ₹88,167 crore | 101.9% versus #2 · Indian Oil Corporation Ltd | 5/8 recent comparable periods | 7/7 companies · 128 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Reliance Industries Ltd (RELIANCE): ₹88.2K Cr
2. Indian Oil Corporation Ltd (IOC): ₹43.7K Cr
3. Bharat Petroleum Corporation Ltd (BPCL): ₹17.1K Cr
4. Chennai Petroleum Corporation Ltd (CHENNPETRO): ₹4.2K Cr
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): ₹3.1K Cr

### Profit growth — fastest growers
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 100%
2. Indian Oil Corporation Ltd (IOC): 100%
3. Bharat Petroleum Corporation Ltd (BPCL): -1.2%
4. Reliance Industries Ltd (RELIANCE): -6.9%
5. Hindustan Petroleum Corporation Ltd (HINDPETRO): -80%

### 20-quarter Net profit history
- RELIANCE: Sep 2021 ₹15.5K Cr | Dec 2021 ₹20.5K Cr | Mar 2022 — | Jun 2022 ₹19.4K Cr | Sep 2022 ₹15.5K Cr | Dec 2022 ₹17.8K Cr | Mar 2023 ₹21.3K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹19.6K Cr | Mar 2024 ₹21.2K Cr | Jun 2024 ₹17.4K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹22.6K Cr | Jun 2025 ₹30.8K Cr | Sep 2025 ₹22.1K Cr | Dec 2025 ₹22.3K Cr | Mar 2026 ₹20.6K Cr | Jun 2026 ₹23.2K Cr
- IOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹890 Cr | Mar 2023 ₹10.8K Cr | Jun 2023 ₹14.7K Cr | Sep 2023 ₹13.7K Cr | Dec 2023 ₹9.2K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹-449 Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹15.2K Cr | Jun 2026 —
- BPCL: Sep 2021 ₹3.2K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹-6.1K Cr | Sep 2022 ₹-338 Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹10.6K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹-1.9K Cr
- HINDPETRO: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹-8.6K Cr | Sep 2022 ₹-2.5K Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 ₹-12.3K Cr
- MRPL: Sep 2021 ₹-410 Cr | Dec 2021 ₹589 Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-195 Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹392 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹-697 Cr | Dec 2024 ₹309 Cr | Mar 2025 ₹371 Cr | Jun 2025 ₹-271 Cr | Sep 2025 ₹627 Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹117 Cr | Jun 2026 ₹946 Cr
- CHENNPETRO: Sep 2021 ₹61 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹556 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹628 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹-634 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.0K Cr
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹49 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹37 Cr | Jun 2026 ₹206 Cr

### 20-quarter Profit growth history
- RELIANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2% | Dec 2022 -13% | Mar 2023 — | Jun 2023 -6.1% | Sep 2023 28% | Dec 2023 10% | Mar 2024 -0.4% | Jun 2024 -4.5% | Sep 2024 -2.8% | Dec 2024 12% | Mar 2025 6.4% | Jun 2025 76% | Sep 2025 14% | Dec 2025 1.6% | Mar 2026 -8.9% | Jun 2026 -25%
- IOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 937% | Mar 2024 -49% | Jun 2024 -75% | Sep 2024 -103% | Dec 2024 -77% | Mar 2025 52% | Jun 2025 83% | Sep 2025 — | Dec 2025 529% | Mar 2026 81% | Jun 2026 —
- BPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -314% | Sep 2022 -111% | Dec 2022 -38% | Mar 2023 145% | Jun 2023 — | Sep 2023 — | Dec 2023 82% | Mar 2024 -30% | Jun 2024 -73% | Sep 2024 -72% | Dec 2024 20% | Mar 2025 -8.3% | Jun 2025 141% | Sep 2025 170% | Dec 2025 89% | Mar 2026 28% | Jun 2026 -127%
- HINDPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -527% | Sep 2022 -229% | Dec 2022 -67% | Mar 2023 79% | Jun 2023 — | Sep 2023 — | Dec 2023 61% | Mar 2024 -25% | Jun 2024 -91% | Sep 2024 -98% | Dec 2024 257% | Mar 2025 26% | Jun 2025 548% | Sep 2025 2,599% | Dec 2025 58% | Mar 2026 78% | Jun 2026 -398%
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -133% | Mar 2023 -36% | Jun 2023 -63% | Sep 2023 — | Dec 2023 — | Mar 2024 -41% | Jun 2024 -93% | Sep 2024 -166% | Dec 2024 -21% | Mar 2025 -67% | Jun 2025 -471% | Sep 2025 — | Dec 2025 370% | Mar 2026 -68% | Jun 2026 —
- CHENNPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4,037% | Sep 2022 -72% | Dec 2022 -38% | Mar 2023 1.1% | Jun 2023 -76% | Sep 2023 6,929% | Dec 2023 153% | Mar 2024 -38% | Jun 2024 -36% | Sep 2024 -153% | Dec 2024 -94% | Mar 2025 -25% | Jun 2025 -111% | Sep 2025 — | Dec 2025 4,671% | Mar 2026 203% | Jun 2026 —
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1% | Mar 2024 -57% | Jun 2024 -39% | Sep 2024 -63% | Dec 2024 -61% | Mar 2025 0.0% | Jun 2025 -21% | Sep 2025 122% | Dec 2025 70% | Mar 2026 208% | Jun 2026 692%

## Capacity Spending & Returns On It

What the numbers say: Gandhar Oil Refinery (India) Ltd reports ₹10 crore of CAPEX; Gandhar Oil Refinery (India) Ltd has the highest covered intensity at 1%. Coverage is only 1 of 7 companies and 3 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Gandhar Oil Refinery (India) Ltd · ₹10 crore | Not enough peers | 2/2 recent comparable periods | 1/7 companies · 3 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): ₹10 Cr

### CAPEX intensity — highest reinvestment intensity
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 1.0%

### 20-quarter CAPEX history
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹10 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Gandhar Oil Refinery (India) Ltd has the clearest covered balance-sheet capacity with ₹183 crore and gross debt of ₹315 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Gandhar Oil Refinery (India) Ltd · ₹315 crore | 84% versus #2 · Chennai Petroleum Corporation Ltd | 0/8 recent comparable periods | 7/7 companies · 117 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): ₹315 Cr
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): ₹2.0K Cr
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): ₹15.3K Cr
4. Bharat Petroleum Corporation Ltd (BPCL): ₹54.4K Cr
5. Hindustan Petroleum Corporation Ltd (HINDPETRO): ₹56.0K Cr

### Net debt — lowest net debt
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): ₹183 Cr
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): ₹622 Cr
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): ₹14.7K Cr
4. Bharat Petroleum Corporation Ltd (BPCL): ₹34.3K Cr
5. Hindustan Petroleum Corporation Ltd (HINDPETRO): ₹52.7K Cr

### 20-quarter Gross debt history
- RELIANCE: Sep 2021 ₹2.6 L Cr | Dec 2021 ₹2.6 L Cr | Mar 2022 ₹3.2 L Cr | Jun 2022 ₹2.8 L Cr | Sep 2022 ₹3.2 L Cr | Dec 2022 ₹3.2 L Cr | Mar 2023 ₹4.5 L Cr | Jun 2023 ₹3.4 L Cr | Sep 2023 ₹3.2 L Cr | Dec 2023 ₹3.2 L Cr | Mar 2024 ₹3.5 L Cr | Jun 2024 ₹3.5 L Cr | Sep 2024 ₹3.6 L Cr | Dec 2024 ₹3.6 L Cr | Mar 2025 ₹3.7 L Cr | Jun 2025 ₹3.7 L Cr | Sep 2025 ₹3.7 L Cr | Dec 2025 ₹3.7 L Cr | Mar 2026 ₹4.0 L Cr | Jun 2026 ₹4.0 L Cr
- IOC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.3 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.5 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.3 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5 L Cr | Jun 2025 — | Sep 2025 ₹1.5 L Cr | Dec 2025 — | Mar 2026 ₹1.3 L Cr | Jun 2026 —
- BPCL: Sep 2021 ₹58.3K Cr | Dec 2021 ₹58.3K Cr | Mar 2022 ₹64.5K Cr | Jun 2022 ₹64.5K Cr | Sep 2022 ₹81.0K Cr | Dec 2022 ₹81.0K Cr | Mar 2023 ₹69.4K Cr | Jun 2023 ₹69.4K Cr | Sep 2023 ₹56.3K Cr | Dec 2023 ₹56.3K Cr | Mar 2024 ₹54.6K Cr | Jun 2024 ₹54.6K Cr | Sep 2024 ₹58.9K Cr | Dec 2024 ₹58.9K Cr | Mar 2025 ₹61.1K Cr | Jun 2025 ₹61.1K Cr | Sep 2025 ₹53.0K Cr | Dec 2025 ₹53.0K Cr | Mar 2026 ₹54.4K Cr | Jun 2026 —
- HINDPETRO: Sep 2021 ₹42.1K Cr | Dec 2021 ₹42.1K Cr | Mar 2022 ₹48.5K Cr | Jun 2022 ₹48.5K Cr | Sep 2022 ₹74.3K Cr | Dec 2022 ₹74.3K Cr | Mar 2023 ₹70.7K Cr | Jun 2023 ₹70.7K Cr | Sep 2023 ₹58.0K Cr | Dec 2023 ₹58.0K Cr | Mar 2024 ₹66.7K Cr | Jun 2024 ₹66.7K Cr | Sep 2024 ₹72.5K Cr | Dec 2024 ₹72.5K Cr | Mar 2025 ₹70.6K Cr | Jun 2025 ₹70.6K Cr | Sep 2025 ₹63.1K Cr | Dec 2025 ₹63.1K Cr | Mar 2026 ₹56.0K Cr | Jun 2026 —
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹21.3K Cr | Jun 2022 ₹21.3K Cr | Sep 2022 ₹18.4K Cr | Dec 2022 ₹18.4K Cr | Mar 2023 ₹16.9K Cr | Jun 2023 ₹16.9K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.7K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹10.8K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 ₹15.3K Cr
- CHENNPETRO: Sep 2021 ₹10.5K Cr | Dec 2021 ₹10.5K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹191 Cr | Jun 2022 ₹304 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹220 Cr | Jun 2023 ₹385 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹391 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹271 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹305 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹331 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹315 Cr | Jun 2026 ₹315 Cr

### 20-quarter Net debt history
- RELIANCE: Sep 2021 ₹44.2K Cr | Dec 2021 ₹44.2K Cr | Mar 2022 ₹1.3 L Cr | Jun 2022 ₹1.1 L Cr | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.0 L Cr | Mar 2023 ₹1.4 L Cr | Jun 2023 ₹1.3 L Cr | Sep 2023 ₹1.4 L Cr | Dec 2023 ₹1.4 L Cr | Mar 2024 ₹1.3 L Cr | Jun 2024 ₹1.4 L Cr | Sep 2024 ₹1.4 L Cr | Dec 2024 ₹1.4 L Cr | Mar 2025 ₹1.4 L Cr | Jun 2025 ₹1.4 L Cr | Sep 2025 ₹1.5 L Cr | Dec 2025 ₹1.5 L Cr | Mar 2026 ₹1.4 L Cr | Jun 2026 ₹1.4 L Cr
- BPCL: Sep 2021 ₹41.2K Cr | Dec 2021 ₹41.2K Cr | Mar 2022 ₹59.2K Cr | Jun 2022 ₹59.2K Cr | Sep 2022 ₹74.9K Cr | Dec 2022 ₹74.9K Cr | Mar 2023 ₹63.2K Cr | Jun 2023 ₹62.5K Cr | Sep 2023 ₹33.0K Cr | Dec 2023 ₹33.0K Cr | Mar 2024 ₹48.6K Cr | Jun 2024 ₹44.0K Cr | Sep 2024 ₹45.1K Cr | Dec 2024 ₹45.1K Cr | Mar 2025 ₹50.9K Cr | Jun 2025 ₹50.9K Cr | Sep 2025 ₹35.5K Cr | Dec 2025 ₹35.5K Cr | Mar 2026 ₹34.3K Cr | Jun 2026 —
- HINDPETRO: Sep 2021 ₹36.3K Cr | Dec 2021 ₹36.3K Cr | Mar 2022 ₹42.9K Cr | Jun 2022 ₹42.9K Cr | Sep 2022 ₹68.9K Cr | Dec 2022 ₹68.9K Cr | Mar 2023 ₹65.0K Cr | Jun 2023 ₹65.0K Cr | Sep 2023 ₹52.3K Cr | Dec 2023 ₹52.3K Cr | Mar 2024 ₹61.2K Cr | Jun 2024 ₹61.2K Cr | Sep 2024 ₹66.9K Cr | Dec 2024 ₹66.9K Cr | Mar 2025 ₹67.1K Cr | Jun 2025 ₹67.1K Cr | Sep 2025 ₹58.9K Cr | Dec 2025 ₹58.9K Cr | Mar 2026 ₹52.7K Cr | Jun 2026 —
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹21.3K Cr | Jun 2022 ₹21.3K Cr | Sep 2022 ₹18.4K Cr | Dec 2022 ₹18.4K Cr | Mar 2023 ₹16.9K Cr | Jun 2023 ₹16.9K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.6K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹10.0K Cr | Mar 2026 ₹14.7K Cr | Jun 2026 ₹14.7K Cr
- CHENNPETRO: Sep 2021 ₹10.5K Cr | Dec 2021 ₹10.5K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹622 Cr | Jun 2026 —
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹279 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹173 Cr | Jun 2023 ₹326 Cr | Sep 2023 ₹250 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹254 Cr | Jun 2025 ₹254 Cr | Sep 2025 ₹207 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹183 Cr | Jun 2026 ₹183 Cr

## Return On Capital Employed

What the numbers say: Chennai Petroleum Corporation Ltd leads ROCE at 35.1%, 9.4 percentage points above Bharat Petroleum Corporation Ltd. Chennai Petroleum Corporation Ltd has the strongest latest improvement at +27.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Chennai Petroleum Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Chennai Petroleum Corporation Ltd · 35.1% | 36.6% versus #2 · Bharat Petroleum Corporation Ltd | 3/8 recent comparable periods | 7/7 companies · 89 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Chennai Petroleum Corporation Ltd (CHENNPETRO): 35%
2. Bharat Petroleum Corporation Ltd (BPCL): 26%
3. Hindustan Petroleum Corporation Ltd (HINDPETRO): 22%
4. Indian Oil Corporation Ltd (IOC): 19%
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): 18%

### ROCE change — fastest improvers
1. Chennai Petroleum Corporation Ltd (CHENNPETRO): +27.2 pp
2. Mangalore Refinery And Petrochemicals Ltd (MRPL): +24.6 pp
3. Gandhar Oil Refinery (India) Ltd (GANDHAR): +19.4 pp
4. Indian Oil Corporation Ltd (IOC): +12.0 pp
5. Hindustan Petroleum Corporation Ltd (HINDPETRO): +11.9 pp

### 20-quarter ROCE history
- RELIANCE: Sep 2021 5.9% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.7% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.1% | Dec 2023 9.6% | Mar 2024 8.2% | Jun 2024 9.8% | Sep 2024 7.9% | Dec 2024 9.6% | Mar 2025 7.5% | Jun 2025 10% | Sep 2025 7.7% | Dec 2025 10% | Mar 2026 7.4% | Jun 2026 9.3%
- BPCL: Sep 2021 16% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 1.7% | Dec 2022 — | Mar 2023 4.7% | Jun 2023 — | Sep 2023 31% | Dec 2023 37% | Mar 2024 31% | Jun 2024 26% | Sep 2024 15% | Dec 2024 19% | Mar 2025 15% | Jun 2025 21% | Sep 2025 20% | Dec 2025 28% | Mar 2026 24% | Jun 2026 —
- HINDPETRO: Sep 2021 14% | Dec 2021 — | Mar 2022 8.4% | Jun 2022 — | Sep 2022 -17% | Dec 2022 — | Mar 2023 -12% | Jun 2023 — | Sep 2023 20% | Dec 2023 28% | Mar 2024 20% | Jun 2024 16% | Sep 2024 6.3% | Dec 2024 12% | Mar 2025 11% | Jun 2025 18% | Sep 2025 19% | Dec 2025 24% | Mar 2026 22% | Jun 2026 —
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 32% | Jun 2023 — | Sep 2023 35% | Dec 2023 35% | Mar 2024 29% | Jun 2024 22% | Sep 2024 12% | Dec 2024 10% | Mar 2025 5.3% | Jun 2025 2.9% | Sep 2025 12% | Dec 2025 19% | Mar 2026 21% | Jun 2026 28%
- CHENNPETRO: Sep 2021 17% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 61% | Dec 2022 — | Mar 2023 60% | Jun 2023 — | Sep 2023 47% | Dec 2023 48% | Mar 2024 36% | Jun 2024 36% | Sep 2024 14% | Dec 2024 7.8% | Mar 2025 5.2% | Jun 2025 -0.6% | Sep 2025 17% | Dec 2025 32% | Mar 2026 32% | Jun 2026 —
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 — | Dec 2022 — | Mar 2023 25% | Jun 2023 34% | Sep 2023 29% | Dec 2023 35% | Mar 2024 19% | Jun 2024 23% | Sep 2024 14% | Dec 2024 14% | Mar 2025 10% | Jun 2025 11% | Sep 2025 10% | Dec 2025 13% | Mar 2026 13% | Jun 2026 30%

### 20-quarter ROCE change history
- RELIANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 0.0 pp | Mar 2025 −0.7 pp | Jun 2025 +0.4 pp | Sep 2025 −0.2 pp | Dec 2025 +0.7 pp | Mar 2026 −0.1 pp | Jun 2026 −0.9 pp
- BPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.9 pp | Dec 2022 — | Mar 2023 −8.8 pp | Jun 2023 — | Sep 2023 +28.9 pp | Dec 2023 — | Mar 2024 +26.1 pp | Jun 2024 — | Sep 2024 −15.4 pp | Dec 2024 −18.7 pp | Mar 2025 −16.2 pp | Jun 2025 −4.1 pp | Sep 2025 +4.5 pp | Dec 2025 +9.0 pp | Mar 2026 +9.8 pp | Jun 2026 —
- HINDPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −30.9 pp | Dec 2022 — | Mar 2023 −20.7 pp | Jun 2023 — | Sep 2023 +36.9 pp | Dec 2023 — | Mar 2024 +32.4 pp | Jun 2024 — | Sep 2024 −13.7 pp | Dec 2024 −16.6 pp | Mar 2025 −9.6 pp | Jun 2025 +1.3 pp | Sep 2025 +13.1 pp | Dec 2025 +12.4 pp | Mar 2026 +11.9 pp | Jun 2026 —
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +13.4 pp | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 — | Mar 2024 −2.9 pp | Jun 2024 — | Sep 2024 −22.9 pp | Dec 2024 −24.3 pp | Mar 2025 −23.8 pp | Jun 2025 −19.3 pp | Sep 2025 −0.1 pp | Dec 2025 +9.2 pp | Mar 2026 +15.7 pp | Jun 2026 +24.6 pp
- CHENNPETRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +44.9 pp | Dec 2022 — | Mar 2023 +20.8 pp | Jun 2023 — | Sep 2023 −14.8 pp | Dec 2023 — | Mar 2024 −24.0 pp | Jun 2024 — | Sep 2024 −32.9 pp | Dec 2024 −39.7 pp | Mar 2025 −30.6 pp | Jun 2025 −36.1 pp | Sep 2025 +3.5 pp | Dec 2025 +24.3 pp | Mar 2026 +27.2 pp | Jun 2026 —
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +19.3 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −5.9 pp | Jun 2024 −11.1 pp | Sep 2024 −14.5 pp | Dec 2024 −20.4 pp | Mar 2025 −9.2 pp | Jun 2025 −12.0 pp | Sep 2025 −3.9 pp | Dec 2025 −1.3 pp | Mar 2026 +2.8 pp | Jun 2026 +19.4 pp

## Valuation Against Growth & Quality

What the numbers say: Hindustan Petroleum Corporation Ltd has the lowest comparable Guarded PEG at 0.12×, 29.4% below Bharat Petroleum Corporation Ltd. Only 4 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Hindustan Petroleum Corporation Ltd · 0.12× | 29.4% versus #2 · Bharat Petroleum Corporation Ltd | 0/8 recent comparable periods | 4/7 companies · 12 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Hindustan Petroleum Corporation Ltd (HINDPETRO): 0.1
2. Bharat Petroleum Corporation Ltd (BPCL): 0.2
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): 0.6
4. Reliance Industries Ltd (RELIANCE): 3.3

### P/E — lowest P/E
1. Chennai Petroleum Corporation Ltd (CHENNPETRO): 4.3
2. Indian Oil Corporation Ltd (IOC): 4.6
3. Bharat Petroleum Corporation Ltd (BPCL): 8.7
4. Gandhar Oil Refinery (India) Ltd (GANDHAR): 9.2
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): 10.7

### 20-quarter Guarded PEG history
- RELIANCE: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BPCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —
- HINDPETRO: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 — | Jun 2026 —
- MRPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- RELIANCE: Sep 2021 30.3 | Dec 2021 26.6 | Mar 2022 28.0 | Jun 2022 25.7 | Sep 2022 22.6 | Dec 2022 24.7 | Mar 2023 22.9 | Jun 2023 23.9 | Sep 2023 24.6 | Dec 2023 25.6 | Mar 2024 28.8 | Jun 2024 30.4 | Sep 2024 30.0 | Dec 2024 24.3 | Mar 2025 24.9 | Jun 2025 29.4 | Sep 2025 24.8 | Dec 2025 27.5 | Mar 2026 23.8 | Jun 2026 22.9
- IOC: Sep 2021 4.3 | Dec 2021 4.1 | Mar 2022 4.1 | Jun 2022 4.1 | Sep 2022 5.0 | Dec 2022 9.4 | Mar 2023 17.9 | Jun 2023 13.2 | Sep 2023 5.2 | Dec 2023 4.8 | Mar 2024 5.0 | Jun 2024 5.6 | Sep 2024 8.2 | Dec 2024 11.2 | Mar 2025 18.6 | Jun 2025 16.4 | Sep 2025 12.8 | Dec 2025 9.3 | Mar 2026 5.4 | Jun 2026 —
- BPCL: Sep 2021 7.8 | Dec 2021 6.8 | Mar 2022 5.7 | Jun 2022 6.2 | Sep 2022 23.0 | Dec 2022 22.7 | Mar 2023 35.1 | Jun 2023 23.6 | Sep 2023 3.8 | Dec 2023 3.4 | Mar 2024 4.4 | Jun 2024 4.9 | Sep 2024 8.2 | Dec 2024 9.5 | Mar 2025 8.6 | Jun 2025 10.6 | Sep 2025 8.0 | Dec 2025 7.4 | Mar 2026 4.9 | Jun 2026 5.1
- HINDPETRO: Sep 2021 3.9 | Dec 2021 4.5 | Mar 2022 4.7 | Jun 2022 4.3 | Sep 2022 4.9 | Dec 2022 -3.9 | Mar 2023 -4.8 | Jun 2023 4.7 | Sep 2023 4.3 | Dec 2023 3.4 | Mar 2024 4.0 | Jun 2024 4.4 | Sep 2024 9.4 | Dec 2024 20.8 | Mar 2025 12.7 | Jun 2025 13.9 | Sep 2025 8.8 | Dec 2025 7.1 | Mar 2026 4.7 | Jun 2026 4.8
- MRPL: Sep 2021 — | Dec 2021 1,145.3 | Mar 2022 33.3 | Jun 2022 4.9 | Sep 2022 1.8 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 5.1 | Sep 2023 17.6 | Dec 2023 6.2 | Mar 2024 8.8 | Jun 2024 10.4 | Sep 2024 11.8 | Dec 2024 27.9 | Mar 2025 28.4 | Jun 2025 29.0 | Sep 2025 22.5 | Dec 2025 24.5 | Mar 2026 14.2 | Jun 2026 14.0
- CHENNPETRO: Sep 2021 7.8 | Dec 2021 2.6 | Mar 2022 3.4 | Jun 2022 3.3 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 1.6 | Sep 2023 4.4 | Dec 2023 3.6 | Mar 2024 4.3 | Jun 2024 5.3 | Sep 2024 5.4 | Dec 2024 12.6 | Mar 2025 24.6 | Jun 2025 24.9 | Sep 2025 9.7 | Dec 2025 10.5 | Mar 2026 6.7 | Jun 2026 5.3
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.4 | Mar 2024 8.4 | Jun 2024 12.8 | Sep 2024 15.3 | Dec 2024 20.0 | Mar 2025 17.9 | Jun 2025 21.3 | Sep 2025 18.2 | Dec 2025 15.8 | Mar 2026 11.4 | Jun 2026 12.7

## Enterprise Value & Book Value

What the numbers say: Chennai Petroleum Corporation Ltd leads ev/ebitda at 3.5×; Indian Oil Corporation Ltd leads p/bv at 0.89×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Chennai Petroleum Corporation Ltd · 3.5× | 5.4% versus #2 · Bharat Petroleum Corporation Ltd | 0/8 recent comparable periods | 7/7 companies · 128 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Chennai Petroleum Corporation Ltd (CHENNPETRO): 3.5
2. Bharat Petroleum Corporation Ltd (BPCL): 3.7
3. Hindustan Petroleum Corporation Ltd (HINDPETRO): 4.2
4. Indian Oil Corporation Ltd (IOC): 4.6
5. Mangalore Refinery And Petrochemicals Ltd (MRPL): 6.2

### P/BV — lowest P/BV
1. Indian Oil Corporation Ltd (IOC): 0.9
2. Hindustan Petroleum Corporation Ltd (HINDPETRO): 1.2
3. Bharat Petroleum Corporation Ltd (BPCL): 1.3
4. Chennai Petroleum Corporation Ltd (CHENNPETRO): 1.6
5. Reliance Industries Ltd (RELIANCE): 1.9

### 20-quarter EV/EBITDA history
- RELIANCE: Sep 2021 16.5 | Dec 2021 15.5 | Mar 2022 15.7 | Jun 2022 14.4 | Sep 2022 12.6 | Dec 2022 13.0 | Mar 2023 11.8 | Jun 2023 12.1 | Sep 2023 12.6 | Dec 2023 12.0 | Mar 2024 13.1 | Jun 2024 14.0 | Sep 2024 12.9 | Dec 2024 10.8 | Mar 2025 11.0 | Jun 2025 12.6 | Sep 2025 11.2 | Dec 2025 12.1 | Mar 2026 10.5 | Jun 2026 9.9
- IOC: Sep 2021 4.5 | Dec 2021 4.1 | Mar 2022 4.2 | Jun 2022 4.2 | Sep 2022 5.5 | Dec 2022 7.0 | Mar 2023 7.6 | Jun 2023 7.2 | Sep 2023 5.1 | Dec 2023 4.0 | Mar 2024 4.1 | Jun 2024 4.7 | Sep 2024 5.7 | Dec 2024 7.3 | Mar 2025 8.9 | Jun 2025 8.2 | Sep 2025 7.8 | Dec 2025 6.4 | Mar 2026 4.6 | Jun 2026 —
- BPCL: Sep 2021 6.2 | Dec 2021 5.7 | Mar 2022 5.3 | Jun 2022 4.9 | Sep 2022 10.3 | Dec 2022 14.8 | Mar 2023 15.4 | Jun 2023 9.7 | Sep 2023 3.9 | Dec 2023 2.8 | Mar 2024 3.4 | Jun 2024 4.2 | Sep 2024 5.6 | Dec 2024 6.0 | Mar 2025 5.7 | Jun 2025 6.6 | Sep 2025 5.6 | Dec 2025 5.0 | Mar 2026 3.6 | Jun 2026 3.7
- HINDPETRO: Sep 2021 4.5 | Dec 2021 5.0 | Mar 2022 5.2 | Jun 2022 5.3 | Sep 2022 5.6 | Dec 2022 — | Mar 2023 — | Jun 2023 7.2 | Sep 2023 5.8 | Dec 2023 3.9 | Mar 2024 4.2 | Jun 2024 4.9 | Sep 2024 7.7 | Dec 2024 11.2 | Mar 2025 8.6 | Jun 2025 8.6 | Sep 2025 6.8 | Dec 2025 5.7 | Mar 2026 4.5 | Jun 2026 4.2
- MRPL: Sep 2021 19.1 | Dec 2021 24.1 | Mar 2022 10.6 | Jun 2022 7.7 | Sep 2022 3.0 | Dec 2022 3.8 | Mar 2023 5.0 | Jun 2023 5.2 | Sep 2023 8.2 | Dec 2023 4.5 | Mar 2024 5.8 | Jun 2024 6.9 | Sep 2024 6.9 | Dec 2024 10.2 | Mar 2025 10.1 | Jun 2025 15.3 | Sep 2025 17.4 | Dec 2025 8.8 | Mar 2026 7.1 | Jun 2026 6.2
- CHENNPETRO: Sep 2021 6.2 | Dec 2021 8.4 | Mar 2022 7.3 | Jun 2022 4.9 | Sep 2022 1.9 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.6 | Sep 2023 3.6 | Dec 2023 2.8 | Mar 2024 3.3 | Jun 2024 4.2 | Sep 2024 3.9 | Dec 2024 8.4 | Mar 2025 11.2 | Jun 2025 11.2 | Sep 2025 26.0 | Dec 2025 6.0 | Mar 2026 4.4 | Jun 2026 3.5
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.6 | Mar 2024 6.5 | Jun 2024 7.5 | Sep 2024 7.7 | Dec 2024 9.2 | Mar 2025 7.5 | Jun 2025 9.0 | Sep 2025 8.9 | Dec 2025 8.4 | Mar 2026 6.5 | Jun 2026 7.7

### 20-quarter P/BV history
- RELIANCE: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 2.7 | Jun 2024 3.0 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 2.1 | Jun 2025 2.6 | Sep 2025 2.2 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 2.0
- IOC: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- BPCL: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 1.2 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.8 | Jun 2024 2.5 | Sep 2024 2.1 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.3 | Jun 2026 1.3
- HINDPETRO: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 2.2 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 1.7 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 1.3
- MRPL: Sep 2021 1.8 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 3.5 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.9 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 3.2 | Jun 2024 3.8 | Sep 2024 2.4 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 2.3 | Jun 2026 2.1
- CHENNPETRO: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 2.8 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 1.2 | Jun 2023 1.9 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 2.3 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 1.5
- GANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.1 | Mar 2024 2.4 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.8 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 1.3

## Market action

Gandhar Oil Refinery (India) Ltd has the strongest one-year price move in Refineries at +67.2%. It also leads on Mansfield relative strength against NIFTY at +88.4%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 67%
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): 56%
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): 14%
4. Indian Oil Corporation Ltd (IOC): -7.7%
5. Bharat Petroleum Corporation Ltd (BPCL): -9.7%

### Strongest relative strength versus NIFTY 500
1. Gandhar Oil Refinery (India) Ltd (GANDHAR): 88%
2. Chennai Petroleum Corporation Ltd (CHENNPETRO): 32%
3. Mangalore Refinery And Petrochemicals Ltd (MRPL): 8.3%
4. Bharat Petroleum Corporation Ltd (BPCL): -5.4%
5. Hindustan Petroleum Corporation Ltd (HINDPETRO): -7.3%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Reliance Industries Ltd (RELIANCE) — market value ₹17.3 L Cr; latest fundamentals Jun 2026
- Indian Oil Corporation Ltd (IOC) — market value ₹2.0 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Bharat Petroleum Corporation Ltd (BPCL) — market value ₹1.3 L Cr; latest fundamentals Jun 2026
- Hindustan Petroleum Corporation Ltd (HINDPETRO) — market value ₹81.1K Cr; latest fundamentals Jun 2026
- Mangalore Refinery And Petrochemicals Ltd (MRPL) — market value ₹29.8K Cr; latest fundamentals Jun 2026
- Chennai Petroleum Corporation Ltd (CHENNPETRO) — market value ₹18.1K Cr; latest fundamentals Jun 2026
- Gandhar Oil Refinery (India) Ltd (GANDHAR) — market value ₹2.8K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 1. Withheld: 1. Graded companies: 7.

1 of 7 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 7 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Indian Oil Corporation Ltd (IOC) — its two data sources disagree by up to 62% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | IOC | Indian Oil Corporation Ltd | diff_gt_2pct | disagreement up to 62.12% over 14 comparable periods

- UNVERIFIED | GANDHAR | Gandhar Oil Refinery (India) Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Refineries index?

The Nifty Refineries index tracks India's listed Refineries companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Refineries sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Refineries stocks in India?

Ranked by this page's four-factor score, Gandhar Oil Refinery (India) Ltd places first among 7 listed Refineries companies, followed by Chennai Petroleum Corporation Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Refineries stocks are listed in India?

This comparison covers 7 listed Refineries companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Refineries company is the biggest?

Reliance Industries Ltd is the largest, with trailing-twelve-month revenue of ₹11,23,055 crore, ahead of Indian Oil Corporation Ltd at ₹7,84,415 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

### Which Refineries company is growing fastest?

Chennai Petroleum Corporation Ltd has the fastest revenue growth at 33.5% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Refineries company has the best profit margins?

Gandhar Oil Refinery (India) Ltd has the highest operating margin at 16%, from 7 of 7 comparable companies. Gandhar Oil Refinery (India) Ltd shows the biggest recent improvement, at +11 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Refineries company makes the most profit?

Reliance Industries Ltd earns the most, at ₹88,167 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Gandhar Oil Refinery (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Refineries company earns the highest return on capital?

Chennai Petroleum Corporation Ltd leads on return on capital employed at 35.1%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Refineries stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hindustan Petroleum Corporation Ltd screens cheapest at 0.12×. Only 4 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Refineries company has the strongest balance sheet?

Gandhar Oil Refinery (India) Ltd carries the lowest comparable gross debt at ₹315 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Refineries sector beating the market?

Refineries has outperformed NIFTY 500 by 22.7% over the last 52 weeks and 11.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Refineries stock has the strongest price momentum?

Gandhar Oil Refinery (India) Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Refineries company scores highest for research priority?

Gandhar Oil Refinery (India) Ltd scores 74 out of 100 with 87% evidence confidence, from 30.7 points on growth and earnings, 14 on capital efficiency, 9.3 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Refineries companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Refineries sector?

The 7 Refineries companies on this page carry ₹21,91,250 crore of combined market value. Reliance Industries Ltd is the largest at ₹17,29,458 crore, about 79% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Refineries sector's P/E ratio?

The median price-to-earnings ratio across the 7 Refineries companies on this page is 9.2×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Refineries sector performing?

3 of the 7 covered Refineries companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 22.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/refineries