Oil Refinery Stocks and Companies in India

The largest Oil Refinery stocks in India by market value are Reliance (₹17.7 lakh crore), Indian Oil (₹2.01 lakh crore) and BPCL (₹1.32 lakh crore), at prices of 4 Nov 2026.

• Reliance: ₹1,311 | market value ₹17.7 lakh crore | P/E 21.6
• Indian Oil: ₹142.03 | market value ₹2.01 lakh crore | P/E 4.3
• BPCL: ₹304.70 | market value ₹1.32 lakh crore | P/E 9.4
• HPCL: ₹366.35 | market value ₹77,953 crore | P/E 54.2
• MRPL: ₹187.13 | market value ₹32,796 crore | P/E 7.9
• CPCL: ₹1,511.50 | market value ₹21,141 crore | P/E 3.7
• Gandhar Oil Refinery (India): ₹269.81 | market value ₹2,641 crore | P/E 5.8

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Refineries companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Refineries index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Reliance Industries Ltd₹15.8 lakh cr
2. Indian Oil Corporation Ltd₹1.8 lakh cr
3. Bharat Petroleum Corporation Ltd₹1.2 lakh cr
4. Hindustan Petroleum Corporation Ltd₹72,500 cr
5. Mangalore Refinery And Petrochemicals Ltd₹30,300 cr
6. Chennai Petroleum Corporation Ltd₹21,100 cr
7. Gandhar Oil Refinery (India) Ltd₹2,440 cr

7 Oil Refinery companies in the Refineries industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is Reliance Industries (₹15.8 lakh crore) and the smallest with a market value is Gandhar Oil Refinery (India).

Download all 7 Oil Refinery companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 22% ahead of NIFTY 500. Earnings across its companies grew 103% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 18 weeks running.

Price and the fundamentals both up. 2 of 7 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 18 weeks running; 3 of the 7 companies in the industry index above their 200-day average (1 more than four weeks earlier); 2 of those 7 pass the momentum test (no change from four weeks earlier); earnings rising at 4 of the 7 that report earnings.

Ahead of NIFTY 500 for 18 weeks running, participation steady at 2 → 2 of 7. Earnings mixed, 4 of 7 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Refineries has done better than the NIFTY 500 by 14.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.4%. Gandhar Oil Refinery (India) Ltd is the strongest against the sector itself at +31.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 10.9 as of 30 October 2026 (consolidation, falling).

Refineries has done better than the NIFTY 500 by 14.4% over 52 weeks and by 7.4% over 13 weeks. 2 of 7 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of 7 are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Chennai Petroleum Corporation Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 83% evidence confidence.

Hindustan Petroleum Corporation Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Gandhar Oil Refinery (India) Ltd has the strongest one-year price move in Refineries at +86.6%. Chennai Petroleum Corporation Ltd leads on relative strength against the NIFTY, at +42.9%. 3 of 7 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Refineries itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

5 of 7 Refineries companies held a results call for July to September 2026. Indian Oil Corporation guided: Capital spending goal ₹32,700 crore for this FY across all verticals.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹1,63,204 crore in the last 12 months, 19% less than a year before.
• Projects still being built shrank 5% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 7 Refineries companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Refineries figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 5 themes are live here, 2 of them rated high severity.

The refining sector is currently in a peak cycle, characterized by maximum utilization, aggressive deleveraging, and planned pivots toward higher-margin retail operations. While commodity volatility remains an ever-present risk, the reduced debt loads and operational efficiencies provide a measurable buffer, making the near-term outlook highly constructive.

The Indian refining sector is experiencing a peak quarter of profitability, driven by exceptional capacity utilization and margin recovery. CHENNPETRO delivered a 4,719% YoY surge in PAT to ₹1,001.59 crore, while MRPL posted a 165.4% YoY jump in EBITDA to Rs.2,824 crores.

How old this read is: OLD: this read comes from our Refineries sector brief dated 17 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Refineries sector brief, 17 Apr 2026 · company earnings-call transcripts.

Reliance Industries Ltd has the highest Revenue among the 7 Refineries companies compared here, at ₹11,99,033 crore. Indian Oil Corporation Ltd is next at ₹9,33,820 crore. Gandhar Oil Refinery (India) Ltd has the highest Revenue growth at 48.3%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Reliance Industries Ltd is the largest at ₹11,99,033 crore, 28.4% ahead of Indian Oil Corporation Ltd. Gandhar Oil Refinery (India) Ltd's growth is 48.3% from a ₹5,839 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Reliance Industries Ltd is the size to compare against; Gandhar Oil Refinery (India) Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Reliance Industries Ltd's growth falls below Gandhar Oil Refinery (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Reliance Industries Ltd has the highest OPM among the 7 Refineries companies compared here, at 17%. Chennai Petroleum Corporation Ltd is next at 16%. Gandhar Oil Refinery (India) Ltd has the highest Margin change at +10 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Reliance Industries Ltd leads opm at 17%; Gandhar Oil Refinery (India) Ltd leads margin change at +10 percentage points.

What this means: Reliance Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Reliance Industries Ltd has the highest Net profit among the 7 Refineries companies compared here, at ₹95,625 crore. Indian Oil Corporation Ltd is next at ₹50,040 crore. Chennai Petroleum Corporation Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Reliance Industries Ltd earns the most, ₹95,625 crore of profit over the last 12 months, 91.1% above Indian Oil Corporation Ltd. Chennai Petroleum Corporation Ltd shows at least 100% on the scoring scale (387.4% in full) growth from a profit base of ₹5,702 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Reliance Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Chennai Petroleum Corporation Ltd has the highest ROCE among the 7 Refineries companies compared here, at 34.9%. Bharat Petroleum Corporation Ltd is next at 25.6%. The same company also has the highest ROCE change, at +33.6 percentage points. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Chennai Petroleum Corporation Ltd leads ROCE at 34.9%, 9.3 percentage points above Bharat Petroleum Corporation Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Chennai Petroleum Corporation Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Indian Oil Corporation Ltd (IOC): its two data sources disagree by up to 62% on reported income across 15 comparable periods, so its derived ratios are withheld; Gandhar Oil Refinery (India) Ltd (GANDHAR): its two data sources disagree by up to 20% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Hindustan Petroleum Corporation Ltd has the lowest PEG among the 7 Refineries companies compared here, at 0.51×. Mangalore Refinery And Petrochemicals Ltd is next at 0.55×. Chennai Petroleum Corporation Ltd has the lowest P/E at 3.71×, so level and change sit with different companies. 3 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Hindustan Petroleum Corporation Ltd has the lowest comparable PEG at 0.51×, 7.3% below Mangalore Refinery And Petrochemicals Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Refineries companies show up on 7 of our India lists. The most are on the oil & gas stocks list (7 companies).

This Refineries comparison names 5 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 7 Refineries companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

2 of 7 companies have 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 15 comparable periods, so its derived ratios are withheld; Gandhar Oil Refinery (India) Ltd (GANDHAR): its two data sources disagree by up to 20% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Refineries comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.