Sector Alpha Week of 2026-08-05
20-quarter listed-company comparison

Refineries Stocks in India

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

01 · the index people search for

Nifty Refineries Index — Constituents & Performance

The Refineries companies below are the listed Indian Refineries universe this page tracks — the same constituent set people search for as the Nifty Refineries index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Refineries moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 2% behind NIFTY 500. Earnings across its companies grew 91% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 5 weeks running.

FADING · −1 in 4w~Moving with the index2 of 7 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑5w · 3/7 >200d (+1) · 2/7 lead (−1) · EPS 4/7↑

20050020262025202420232022 597333 TRAILING 12-MONTH EPS · 100 AT THE START0100116Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Mar 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 49, against 100 at the start · up 73.7% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · down 18.0% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 2.7% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 90, against 100 at the start · up 19.9% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 76, against 100 at the start · up 18.4% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 47, against 100 at the start · down 54.6% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 28, against 100 at the start · down 64.4% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 36, against 100 at the start · down 57.9% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 43, against 100 at the start · down 44.2% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 53, against 100 at the start · up 41.9% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 61, against 100 at the start · up 155.4% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 88, against 100 at the start · up 168.0% on a year ago · 5 reportingJun 2026 · trailing 12-month earnings per share at 116, against 100 at the start · down 1.2% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or two116No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20050020262025202420232022 597333 TRAILING 12-MONTH EPS · 100 AT THE START0100116Jun 23Jun 24Jun 25Jun 26Mar 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 49, against 100 at the start · up 73.7% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · down 18.0% on a year ago · 5 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 2.7% on a year ago · 5 reportingMar 2024 · trailing 12-month earnings per share at 90, against 100 at the start · up 19.9% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 76, against 100 at the start · up 18.4% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 47, against 100 at the start · down 54.6% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 28, against 100 at the start · down 64.4% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 36, against 100 at the start · down 57.9% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 43, against 100 at the start · down 44.2% on a year ago · 5 reportingSep 2025 · trailing 12-month earnings per share at 53, against 100 at the start · up 41.9% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 61, against 100 at the start · up 155.4% on a year ago · 5 reportingMar 2026 · trailing 12-month earnings per share at 88, against 100 at the start · up 168.0% on a year ago · 5 reportingJun 2026 · trailing 12-month earnings per share at 116, against 100 at the start · down 1.2% on a year ago · 5 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings do
Refineries, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole 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 rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Refineries outperforming NIFTY 500?

Refineries has outperformed NIFTY 500 by 22.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.2%. 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 +30.4%. Readings are as of 2026-07-19.

+9.2%Sector vs NIFTY 500 · 13 weeks
+22.2%Sector vs NIFTY 500 · 52 weeks
3/7Stocks leading NIFTY 500
2/7Stocks leading sector

Sector metric: 26.0 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Refineries has outperformed NIFTY 500 by 22.2% over 52 weeks and 9.2% 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.

Companies
7
complete canonical membership
Combined market value
₹22.4 L Cr
Reliance Industries Ltd
Revenue growing
7/7
positive TTM year-on-year growth
Beating NIFTY 500
3/7
positive Mansfield relative strength
Comparing 5 of 7
04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Gandhar Oil Refinery (India) Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 87% evidence confidence.
Bharat Petroleum Corporation Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Gandhar Oil Refinery (India) LtdGANDHAR 73.1/100Favorable setup87% evidence LEADER 30.7/35 Revenue 32.8% · PAT 100% · OPM change 11 pp 95% evidence 11.9/25 ROCE 13.2% · OPM 16% 95% evidence 10.5/20 P/E 7.3× · PEG — 50% evidence 20.0/20 RS sector 30.4% · RS bench 44.5% · 1Y 33.3%12 of 12 weeks ahead 100% evidence
Exact sum: 30.7 + 11.9 + 10.5 + 20 = 73.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Chennai Petroleum Corporation LtdCHENNPETRO 71.2/100Favorable setup74% evidence BREAKING OUT 28.9/35 Revenue 33.5% · PAT 100% · OPM change 5.3 pp 74% evidence 18.3/25 ROCE 35.1% · OPM 6% 100% evidence 11.5/20 P/E 4.5× · PEG — 15% evidence 12.5/20 RS sector 20% · RS bench 32.2% · 1Y 83.3%9 of 12 weeks ahead 100% evidence
Exact sum: 28.9 + 18.3 + 11.5 + 12.5 = 71.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Indian Oil Corporation LtdIOC 52.1/100Mixed-positive evidence76% evidence ASLEEP 20.6/35 Revenue 13.5% · PAT 100% · OPM change -5.5 pp 95% evidence 12.8/25 ROCE 18.8% · OPM 1.5% 76% evidence 13.8/20 P/E 5.9× · PEG — 50% evidence 4.9/20 RS sector -6.7% · RS bench -8.9% · 1Y -4.6%0 of 10 weeks ahead 70% evidence
Exact sum: 20.6 + 12.8 + 13.8 + 4.9 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Mangalore Refinery And Petrochemicals LtdMRPL 52.0/100Mixed-positive evidence91% evidence ASLEEP 23.7/35 Revenue 23.4% · PAT 100% · OPM change 2.4 pp 74% evidence 9.2/25 ROCE 18% · OPM 3.4% 100% evidence 12.2/20 P/E 10.7× · PEG 0.55 100% evidence 6.9/20 RS sector -4.7% · RS bench 5.4% · 1Y 20.7%0 of 12 weeks ahead 100% evidence
Exact sum: 23.7 + 9.2 + 12.2 + 6.9 = 52 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.7% and the one-year return is 20.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5Bharat Petroleum Corporation LtdBPCL 45.2/100Mixed-negative evidence94% evidence TURNING 7.3/35 Revenue 12.3% · PAT -1.2% · OPM change -11.7 pp 100% evidence 14.4/25 ROCE 25.7% · OPM -2.7% 100% evidence 17.8/20 P/E 8.9× · PEG 0.17 100% evidence 5.7/20 RS sector -13.3% · RS bench -4.7% · 1Y -4%0 of 10 weeks ahead 70% evidence
Exact sum: 7.3 + 14.4 + 17.8 + 5.7 = 45.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6Hindustan Petroleum Corporation LtdHINDPETRO 38.8/100Mixed-negative evidence94% evidence TURNING 7.5/35 Revenue 9.4% · PAT -80% · OPM change -18 pp 100% evidence 12.7/25 ROCE 22.2% · OPM -11% 100% evidence 14.5/20 P/E 49.6× · PEG 0.12 100% evidence 4.1/20 RS sector -17% · RS bench -7.3% · 1Y -7.6%3 of 10 weeks ahead 70% evidence
Exact sum: 7.5 + 12.7 + 14.5 + 4.1 = 38.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7Reliance Industries LtdRELIANCE 32.6/100Adverse evidence94% evidence ASLEEP 12.6/35 Revenue 15% · PAT -6.8% · OPM change -3 pp 100% evidence 9.2/25 ROCE 10.3% · OPM 15% 100% evidence 2.8/20 P/E 23.7× · PEG 3.28 100% evidence 8.0/20 RS sector -3.1% · RS bench -8.3% · 1Y -6%0 of 10 weeks ahead 70% evidence
Exact sum: 12.6 + 9.2 + 2.8 + 8 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
05 · what price has already done

Market action

Chennai Petroleum Corporation Ltd has the strongest one-year price move in Refineries at +83.3%. Gandhar Oil Refinery (India) Ltd leads on Mansfield relative strength against NIFTY at +44.5%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

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.

06 · compare level, then change

Revenue Scale & Growth Durability

Reliance Industries Ltd has the highest Revenue among the 7 Refineries companies compared here, at ₹11,23,055 crore. Indian Oil Corporation Ltd is next at ₹8,58,481 crore. Chennai Petroleum Corporation Ltd has the highest Revenue growth at 33.5%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Reliance Industries Ltd is the scale leader at ₹11,23,055 crore, 30.8% 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.

LeaderReliance Industries Ltd · ₹11,23,055 crore
Gap30.8% versus #2 · Indian Oil Corporation Ltd
Persistence7/8 recent comparable periods
Coverage7/7 companies · 129 observations

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.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Reliance Industries Ltd RELIANCE₹11.2 L Cr
2Indian Oil Corporation Ltd IOC₹8.6 L Cr
3Bharat Petroleum Corporation Ltd BPCL₹4.9 L Cr
4Hindustan Petroleum Corporation Ltd HINDPETRO₹4.7 L Cr
5Mangalore Refinery And Petrochemicals Ltd MRPL₹1.1 L Cr
Revenue growthfastest growers
1Chennai Petroleum Corporation Ltd CHENNPETRO34%
2Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified33%
3Mangalore Refinery And Petrochemicals Ltd MRPL23%
4Reliance Industries Ltd RELIANCE15%
5Indian Oil Corporation Ltd IOC14%
Revenue · company comparison
7/7 level · 7/7 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

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.

CompanyRevenueRevenue growthReported
Reliance Industries Ltd RELIANCE₹3.1 L Cr27%Jun 2026
Indian Oil Corporation Ltd IOC₹2.7 L Cr39%Jun 2026
Bharat Petroleum Corporation Ltd BPCL₹1.5 L Cr34%Jun 2026
Hindustan Petroleum Corporation Ltd HINDPETRO₹1.4 L Cr27%Jun 2026
Mangalore Refinery And Petrochemicals Ltd MRPL₹38.3K Cr120%Jun 2026
Chennai Petroleum Corporation Ltd CHENNPETRO₹27.4K Cr85%Jun 2026
Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified₹1.7K Cr92%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

₹76.4K Cr
₹95.3K Cr
₹1.0 L Cr
₹1.2 L Cr
₹1.1 L Cr
₹1.2 L Cr
₹1.2 L Cr
₹1.1 L Cr
₹1.0 L Cr
₹1.2 L Cr
₹1.2 L Cr
₹1.1 L Cr
₹1.0 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.0 L Cr
₹1.2 L Cr
₹1.2 L Cr
₹1.5 L Cr

Chennai Petroleum Corporation Ltd · CHENNPETRO

₹8.9K Cr
₹9.9K Cr
₹16.2K Cr
₹23.2K Cr
₹19.5K Cr
₹16.1K Cr
₹18.0K Cr
₹14.7K Cr
₹16.5K Cr
₹17.4K Cr
₹17.7K Cr
₹17.1K Cr
₹12.1K Cr
₹12.9K Cr
₹17.2K Cr
₹14.8K Cr
₹16.3K Cr
₹15.7K Cr
₹16.8K Cr
₹27.4K Cr

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
₹1.1K Cr
₹987 Cr
₹1.1K Cr
₹1.0K Cr
₹1.1K Cr
₹939 Cr
₹995 Cr
₹935 Cr
₹1.0K Cr
₹962 Cr
₹903 Cr
₹1.1K Cr
₹1.2K Cr
₹1.1K Cr
₹1.7K Cr

Hindustan Petroleum Corporation Ltd · HINDPETRO

₹82.8K Cr
₹96.3K Cr
₹97.3K Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹95.8K Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹100.0K Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.1 L Cr
₹1.0 L Cr
₹1.2 L Cr
₹1.1 L Cr
₹1.4 L Cr

Indian Oil Corporation Ltd · IOC

—
—
—
—
—
₹2.1 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹1.8 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹1.9 L Cr
₹1.7 L Cr
₹1.9 L Cr
₹2.0 L Cr
₹1.9 L Cr
₹1.8 L Cr
₹2.1 L Cr
₹2.1 L Cr
₹2.7 L Cr

Mangalore Refinery And Petrochemicals Ltd · MRPL

₹13.3K Cr
₹20.4K Cr
₹24.8K Cr
₹32.3K Cr
₹24.6K Cr
₹26.6K Cr
₹25.4K Cr
₹21.1K Cr
₹19.4K Cr
₹24.7K Cr
₹25.3K Cr
₹23.2K Cr
₹25.0K Cr
₹21.9K Cr
₹24.6K Cr
₹17.4K Cr
₹22.6K Cr
₹24.7K Cr
₹24.0K Cr
₹38.3K Cr

Reliance Industries Ltd · RELIANCE

₹1.7 L Cr
₹1.9 L Cr
—
₹2.2 L Cr
₹2.3 L Cr
₹2.2 L Cr
₹2.1 L Cr
₹2.1 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.4 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.4 L Cr
₹2.6 L Cr
₹2.4 L Cr
₹2.5 L Cr
₹2.6 L Cr
₹2.9 L Cr
₹3.1 L Cr

Revenue growth · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

—
—
—
71%
50%
25%
13%
-6.7%
-10%
-3.1%
-1.3%
0.1%
-0.3%
-2.0%
-4.6%
-0.5%
2.1%
5.2%
6.7%
34%

Chennai Petroleum Corporation Ltd · CHENNPETRO

—
—
—
184%
120%
62%
11%
-36%
-15%
8.2%
-1.6%
16%
-27%
-26%
-2.7%
-13%
35%
21%
-2.5%
85%

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
—
—
—
—
0.5%
-4.9%
-7.0%
-6.6%
-8.9%
2.5%
-9.3%
13%
16%
14%
92%

Hindustan Petroleum Corporation Ltd · HINDPETRO

—
—
—
59%
31%
14%
11%
-2.1%
-11%
1.5%
6.1%
1.6%
4.4%
-0.7%
-4.4%
-2.7%
0.9%
4.1%
4.8%
27%

Indian Oil Corporation Ltd · IOC

—
—
—
—
—
—
—
—
—
-2.8%
-2.6%
-2.4%
-2.4%
-3.0%
-1.7%
-0.8%
2.1%
5.7%
6.7%
39%

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
—
—
—
85%
30%
2.2%
-35%
-21%
-7.1%
-0.1%
10%
29%
-11%
-2.9%
-25%
-9.3%
13%
-2.6%
120%

Reliance Industries Ltd · RELIANCE

—
—
—
—
37%
17%
—
-5.4%
0.8%
3.9%
11%
12%
-0.2%
6.6%
11%
5.1%
10.0%
10%
13%
27%
07 · compare level, then change

Operating Economics & Margin Trend

Gandhar Oil Refinery (India) Ltd has the highest OPM among the 7 Refineries companies compared here, at 16%. Reliance Industries Ltd is next at 15%. The same company also holds the highest Margin change, at +11 percentage points. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

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

LeaderGandhar Oil Refinery (India) Ltd · 16%
Gap6.7% versus #2 · Reliance Industries Ltd
Persistence4/8 recent comparable periods
Coverage7/7 companies · 136 observations

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.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified16%
2Reliance Industries Ltd RELIANCE15%
3Chennai Petroleum Corporation Ltd CHENNPETRO6.0%
4Mangalore Refinery And Petrochemicals Ltd MRPL3.4%
5Indian Oil Corporation Ltd IOC1.5%
Margin changefastest expanders
1Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified+11.0 pp
2Chennai Petroleum Corporation Ltd CHENNPETRO+5.3 pp
3Mangalore Refinery And Petrochemicals Ltd MRPL+2.4 pp
4Reliance Industries Ltd RELIANCE−3.0 pp
5Indian Oil Corporation Ltd IOC−5.5 pp
Operating margin · company comparison
7/7 level · 7/7 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified16%+11.0 ppJun 2026
Reliance Industries Ltd RELIANCE15%−3.0 ppJun 2026
Chennai Petroleum Corporation Ltd CHENNPETRO6.0%+5.3 ppJun 2026
Mangalore Refinery And Petrochemicals Ltd MRPL3.4%+2.4 ppJun 2026
Indian Oil Corporation Ltd IOC1.5%−5.5 ppJun 2026
Bharat Petroleum Corporation Ltd BPCL-2.7%−11.7 ppJun 2026
Hindustan Petroleum Corporation Ltd HINDPETRO-11%−18.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

6.5%
5.4%
5.7%
-4.8%
1.2%
4.0%
9.0%
14%
13%
5.0%
8.0%
5.0%
4.4%
7.0%
7.0%
9.0%
9.0%
10%
8.0%
-2.7%

Chennai Petroleum Corporation Ltd · CHENNPETRO

3.5%
5.5%
9.7%
15%
1.2%
3.0%
9.0%
6.0%
11%
3.9%
6.0%
3.9%
-6.0%
1.9%
4.5%
0.7%
7.0%
9.0%
12%
6.0%

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
11%
—
6.0%
5.0%
8.0%
8.0%
8.0%
3.6%
6.0%
4.3%
4.1%
3.5%
5.0%
6.0%
5.0%
6.0%
16%

Hindustan Petroleum Corporation Ltd · HINDPETRO

3.4%
1.7%
2.9%
-11%
-1.6%
2.0%
5.0%
9.0%
9.0%
1.9%
4.3%
1.8%
2.3%
5.0%
5.0%
7.0%
7.0%
6.0%
8.0%
-11%

Indian Oil Corporation Ltd · IOC

8.4%
6.5%
8.1%
2.4%
1.6%
2.0%
9.0%
12%
13%
8.0%
6.0%
5.0%
2.0%
3.9%
8.0%
7.0%
9.0%
11%
12%
1.5%

Mangalore Refinery And Petrochemicals Ltd · MRPL

-0.1%
8.4%
12%
15%
-8.1%
1.0%
14%
10%
11%
4.7%
9.0%
2.6%
-1.9%
4.7%
4.6%
1.0%
7.0%
11%
7.0%
3.4%

Reliance Industries Ltd · RELIANCE

16%
16%
15%
17%
14%
16%
18%
18%
18%
18%
18%
17%
17%
18%
17%
18%
18%
17%
15%
15%

Margin change · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

−4.0 pp
−1.8 pp
−2.5 pp
−9.2 pp
−5.3 pp
−1.4 pp
+3.3 pp
+18.8 pp
+11.8 pp
+1.0 pp
−1.0 pp
−9.0 pp
−8.6 pp
+2.0 pp
−1.0 pp
+4.0 pp
+4.6 pp
+3.0 pp
+1.0 pp
−11.7 pp

Chennai Petroleum Corporation Ltd · CHENNPETRO

−9.3 pp
+1.9 pp
+3.7 pp
+11.1 pp
−2.3 pp
−2.5 pp
−0.7 pp
−8.7 pp
+9.9 pp
+0.9 pp
−3.0 pp
−2.1 pp
−17.0 pp
−2.0 pp
−1.5 pp
−3.2 pp
+13.0 pp
+7.1 pp
+7.5 pp
+5.3 pp

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
—
—
−2.7 pp
—
+2.0 pp
−1.4 pp
−2.0 pp
−3.7 pp
−3.9 pp
−0.1 pp
−1.0 pp
+1.7 pp
+0.9 pp
+2.5 pp
+11.0 pp

Hindustan Petroleum Corporation Ltd · HINDPETRO

−3.6 pp
−3.1 pp
−3.5 pp
−15.3 pp
−5.0 pp
+0.3 pp
+2.1 pp
+19.9 pp
+10.6 pp
−0.1 pp
−0.7 pp
−7.2 pp
−6.7 pp
+3.1 pp
+0.7 pp
+5.2 pp
+4.7 pp
+1.0 pp
+3.0 pp
−18.0 pp

Indian Oil Corporation Ltd · IOC

−4.1 pp
−3.1 pp
−3.8 pp
−7.5 pp
−6.8 pp
−4.5 pp
+0.9 pp
+9.6 pp
+11.4 pp
+6.0 pp
−3.0 pp
−7.0 pp
−11.0 pp
−4.1 pp
+2.0 pp
+2.0 pp
+7.0 pp
+7.1 pp
+4.0 pp
−5.5 pp

Mangalore Refinery And Petrochemicals Ltd · MRPL

−5.5 pp
+7.8 pp
+5.2 pp
+12.1 pp
−8.0 pp
−7.4 pp
+2.2 pp
−4.6 pp
+19.1 pp
+3.7 pp
−5.0 pp
−7.4 pp
−12.9 pp
0.0 pp
−4.4 pp
−1.6 pp
+8.9 pp
+6.3 pp
+2.4 pp
+2.4 pp

Reliance Industries Ltd · RELIANCE

−1.5 pp
−2.3 pp
−0.5 pp
+0.6 pp
−2.0 pp
−0.1 pp
+2.9 pp
+0.8 pp
+4.5 pp
+2.0 pp
0.0 pp
−1.0 pp
−1.0 pp
0.0 pp
−1.0 pp
+1.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
−3.0 pp
08 · compare level, then change

Profit Scale & Acceleration

Reliance Industries Ltd has the highest Net profit among the 7 Refineries companies compared here, at ₹88,167 crore. Indian Oil Corporation Ltd is next at ₹35,728 crore. Gandhar Oil Refinery (India) 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 leads with ₹88,167 crore of TTM profit, 146.8% 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.

LeaderReliance Industries Ltd · ₹88,167 crore
Gap146.8% versus #2 · Indian Oil Corporation Ltd
Persistence5/8 recent comparable periods
Coverage7/7 companies · 129 observations

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.

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 profitlargest
1Reliance Industries Ltd RELIANCE₹88.2K Cr
2Indian Oil Corporation Ltd IOC₹35.7K Cr
3Bharat Petroleum Corporation Ltd BPCL₹17.1K Cr
4Chennai Petroleum Corporation Ltd CHENNPETRO₹4.2K Cr
5Mangalore Refinery And Petrochemicals Ltd MRPL₹3.1K Cr
Profit growthfastest growers
1Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified100%
2Indian Oil Corporation Ltd IOC100%
3Bharat Petroleum Corporation Ltd BPCL-1.2%
4Reliance Industries Ltd RELIANCE-6.9%
5Hindustan Petroleum Corporation Ltd HINDPETRO-80%
Net profit · company comparison
7/7 level · 5/7 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Reliance Industries Ltd RELIANCE₹23.2K Cr-25%Jun 2026
Chennai Petroleum Corporation Ltd CHENNPETRO₹1.0K Cr203%Jun 2026
Mangalore Refinery And Petrochemicals Ltd MRPL₹946 Cr-68%Jun 2026
Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified₹206 Cr692%Jun 2026
Indian Oil Corporation Ltd IOC₹-1.1K Cr-117%Jun 2026
Bharat Petroleum Corporation Ltd BPCL₹-1.9K Cr-127%Jun 2026
Hindustan Petroleum Corporation Ltd HINDPETRO₹-12.3K Cr-398%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

₹3.2K Cr
₹2.8K Cr
₹2.8K Cr
₹-6.1K Cr
₹-338 Cr
₹1.7K Cr
₹6.9K Cr
₹10.6K Cr
₹8.2K Cr
₹3.2K Cr
₹4.8K Cr
₹2.8K Cr
₹2.3K Cr
₹3.8K Cr
₹4.4K Cr
₹6.8K Cr
₹6.2K Cr
₹7.2K Cr
₹5.6K Cr
₹-1.9K Cr

Chennai Petroleum Corporation Ltd · CHENNPETRO

₹61 Cr
₹232 Cr
₹1.0K Cr
₹2.4K Cr
₹17 Cr
₹144 Cr
₹1.0K Cr
₹556 Cr
₹1.2K Cr
₹365 Cr
₹628 Cr
₹357 Cr
₹-634 Cr
₹21 Cr
₹470 Cr
₹-40 Cr
₹719 Cr
₹1.0K Cr
₹1.4K Cr
₹1.0K Cr

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
₹49 Cr
₹28 Cr
₹54 Cr
₹48 Cr
₹51 Cr
₹12 Cr
₹33 Cr
₹18 Cr
₹20 Cr
₹12 Cr
₹26 Cr
₹40 Cr
₹34 Cr
₹37 Cr
₹206 Cr

Hindustan Petroleum Corporation Ltd · HINDPETRO

₹1.9K Cr
₹1.4K Cr
₹2.0K Cr
₹-8.6K Cr
₹-2.5K Cr
₹444 Cr
₹3.6K Cr
₹6.8K Cr
₹5.8K Cr
₹713 Cr
₹2.7K Cr
₹634 Cr
₹143 Cr
₹2.5K Cr
₹3.4K Cr
₹4.1K Cr
₹3.9K Cr
₹4.0K Cr
₹6.1K Cr
₹-12.3K Cr

Indian Oil Corporation Ltd · IOC

—
—
—
—
—
₹890 Cr
₹10.8K Cr
₹14.7K Cr
₹13.7K Cr
₹9.2K Cr
₹5.5K Cr
₹3.7K Cr
₹-449 Cr
₹2.1K Cr
₹8.4K Cr
₹6.8K Cr
₹8.2K Cr
₹13.5K Cr
₹15.2K Cr
₹-1.1K Cr

Mangalore Refinery And Petrochemicals Ltd · MRPL

₹-410 Cr
₹589 Cr
₹3.0K Cr
₹2.7K Cr
₹-1.8K Cr
₹-195 Cr
₹1.9K Cr
₹1.0K Cr
₹1.1K Cr
₹392 Cr
₹1.1K Cr
₹73 Cr
₹-697 Cr
₹309 Cr
₹371 Cr
₹-271 Cr
₹627 Cr
₹1.5K Cr
₹117 Cr
₹946 Cr

Reliance Industries Ltd · RELIANCE

₹15.5K Cr
₹20.5K Cr
—
₹19.4K Cr
₹15.5K Cr
₹17.8K Cr
₹21.3K Cr
₹18.3K Cr
₹19.9K Cr
₹19.6K Cr
₹21.2K Cr
₹17.4K Cr
₹19.3K Cr
₹21.9K Cr
₹22.6K Cr
₹30.8K Cr
₹22.1K Cr
₹22.3K Cr
₹20.6K Cr
₹23.2K Cr

Profit growth · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

—
—
—
-314%
-111%
-38%
145%
—
—
82%
-30%
-73%
-72%
20%
-8.3%
141%
170%
89%
28%
-127%

Chennai Petroleum Corporation Ltd · CHENNPETRO

—
—
—
4,037%
-72%
-38%
1.1%
-76%
6,929%
153%
-38%
-36%
-153%
-94%
-25%
-111%
—
4,671%
203%
—

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
—
—
—
—
4.1%
-57%
-39%
-63%
-61%
0.0%
-21%
122%
70%
208%
692%

Hindustan Petroleum Corporation Ltd · HINDPETRO

—
—
—
-527%
-229%
-67%
79%
—
—
61%
-25%
-91%
-98%
257%
26%
548%
2,599%
58%
78%
-398%

Indian Oil Corporation Ltd · IOC

—
—
—
—
—
—
—
—
—
937%
-49%
-75%
-103%
-77%
52%
83%
—
529%
81%
-117%

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
—
—
—
—
-133%
-36%
-63%
—
—
-41%
-93%
-166%
-21%
-67%
-471%
—
370%
-68%
—

Reliance Industries Ltd · RELIANCE

—
—
—
—
0.2%
-13%
—
-6.1%
28%
10%
-0.4%
-4.5%
-2.8%
12%
6.4%
76%
14%
1.6%
-8.9%
-25%
09 · compare level, then change

Return On Capital Employed

Chennai Petroleum Corporation Ltd has the highest ROCE among the 7 Refineries companies compared here, at 35.1%. Bharat Petroleum Corporation Ltd is next at 25.7%. The same company also holds the highest ROCE change, at +27.2 percentage points. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

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.

LeaderChennai Petroleum Corporation Ltd · 35.1%
Gap36.6% versus #2 · Bharat Petroleum Corporation Ltd
Persistence3/8 recent comparable periods
Coverage7/7 companies · 90 observations

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.

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.
ROCEhighest
1Chennai Petroleum Corporation Ltd CHENNPETRO35%
2Bharat Petroleum Corporation Ltd BPCL26%
3Hindustan Petroleum Corporation Ltd HINDPETRO22%
4Indian Oil Corporation Ltd IOC19%
5Mangalore Refinery And Petrochemicals Ltd MRPL18%
ROCE changefastest improvers
1Chennai Petroleum Corporation Ltd CHENNPETRO+27.2 pp
2Mangalore Refinery And Petrochemicals Ltd MRPL+24.6 pp
3Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified+19.4 pp
4Indian Oil Corporation Ltd IOC+12.0 pp
5Hindustan Petroleum Corporation Ltd HINDPETRO+11.9 pp
Return on capital · company comparison
7/7 level · 7/7 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROCEROCE changeReported
Chennai Petroleum Corporation Ltd CHENNPETRO32%+27.2 ppJun 2026
Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified30%+19.4 ppJun 2026
Mangalore Refinery And Petrochemicals Ltd MRPL28%+24.6 ppJun 2026
Hindustan Petroleum Corporation Ltd HINDPETRO22%+11.9 ppJun 2026
Bharat Petroleum Corporation Ltd BPCL19%−2.6 ppJun 2026
Reliance Industries Ltd RELIANCE9.3%−0.9 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

16%
—
14%
—
1.7%
—
4.7%
—
31%
37%
31%
26%
15%
19%
15%
21%
20%
28%
24%
19%

Chennai Petroleum Corporation Ltd · CHENNPETRO

17%
—
39%
—
61%
—
60%
—
47%
48%
36%
36%
14%
7.8%
5.2%
-0.6%
17%
32%
32%
—

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
14%
—
—
25%
34%
29%
35%
19%
23%
14%
14%
10%
11%
10%
13%
13%
30%

Hindustan Petroleum Corporation Ltd · HINDPETRO

14%
—
8.4%
—
-17%
—
-12%
—
20%
28%
20%
16%
6.3%
12%
11%
18%
19%
24%
22%
—

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
—
19%
—
33%
—
32%
—
35%
35%
29%
22%
12%
10%
5.3%
2.9%
12%
19%
21%
28%

Reliance Industries Ltd · RELIANCE

5.9%
—
—
—
5.7%
—
—
—
6.1%
9.6%
8.2%
9.8%
7.9%
9.6%
7.5%
10%
7.7%
10%
7.4%
9.3%

ROCE change · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

—
—
—
—
−13.9 pp
—
−8.8 pp
—
+28.9 pp
—
+26.1 pp
—
−15.4 pp
−18.7 pp
−16.2 pp
−4.1 pp
+4.5 pp
+9.0 pp
+9.8 pp
−2.6 pp

Chennai Petroleum Corporation Ltd · CHENNPETRO

—
—
—
—
+44.9 pp
—
+20.8 pp
—
−14.8 pp
—
−24.0 pp
—
−32.9 pp
−39.7 pp
−30.6 pp
−36.1 pp
+3.5 pp
+24.3 pp
+27.2 pp
—

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
—
—
+19.3 pp
—
—
−5.9 pp
−11.1 pp
−14.5 pp
−20.4 pp
−9.2 pp
−12.0 pp
−3.9 pp
−1.3 pp
+2.8 pp
+19.4 pp

Hindustan Petroleum Corporation Ltd · HINDPETRO

—
—
—
—
−30.9 pp
—
−20.7 pp
—
+36.9 pp
—
+32.4 pp
—
−13.7 pp
−16.6 pp
−9.6 pp
+1.3 pp
+13.1 pp
+12.4 pp
+11.9 pp
—

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
—
—
—
—
—
+13.4 pp
—
+2.2 pp
—
−2.9 pp
—
−22.9 pp
−24.3 pp
−23.8 pp
−19.3 pp
−0.1 pp
+9.2 pp
+15.7 pp
+24.6 pp

Reliance Industries Ltd · RELIANCE

—
—
—
—
−0.2 pp
—
—
—
+0.4 pp
—
—
—
+1.8 pp
0.0 pp
−0.7 pp
+0.4 pp
−0.2 pp
+0.7 pp
−0.1 pp
−0.9 pp
10 · compare level, then change

Valuation Against Growth & Quality

Hindustan Petroleum Corporation Ltd has the lowest PEG among the 7 Refineries companies compared here, at 0.12×. Bharat Petroleum Corporation Ltd is next at 0.17×. Chennai Petroleum Corporation Ltd has the lowest P/E at 4.5×, so level and change sit with different companies. 4 of 7 companies report a comparable reading, the latest through Jun 2026.

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

LeaderHindustan Petroleum Corporation Ltd · 0.12×
Gap29.4% versus #2 · Bharat Petroleum Corporation Ltd
Persistence0/8 recent comparable periods
Coverage4/7 companies · 12 observations

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.

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 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.
PEGlowest PEG
1Hindustan Petroleum Corporation Ltd HINDPETRO0.1
2Bharat Petroleum Corporation Ltd BPCL0.2
3Mangalore Refinery And Petrochemicals Ltd MRPL0.6
4Reliance Industries Ltd RELIANCE3.3
P/Elowest P/E
1Chennai Petroleum Corporation Ltd CHENNPETRO4.5
2Indian Oil Corporation Ltd IOC5.9
3Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified7.3
4Bharat Petroleum Corporation Ltd BPCL9.0
5Mangalore Refinery And Petrochemicals Ltd MRPL10.7
Valuation · company comparison
4/7 level · 7/7 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Reliance Industries Ltd RELIANCE3.322.9Jun 2026
Mangalore Refinery And Petrochemicals Ltd MRPL0.614.0Jun 2026
Bharat Petroleum Corporation Ltd BPCL0.25.1Jun 2026
Hindustan Petroleum Corporation Ltd HINDPETRO0.14.8Jun 2026
Indian Oil Corporation Ltd IOC—4.8Jun 2026
Chennai Petroleum Corporation Ltd CHENNPETRO—5.3Jun 2026
Gandhar Oil Refinery (India) Ltd GANDHAR⚠ unverified—12.7Jun 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

—
—
—
—
—
—
—
—
—
—
—
—
—
0.5
—
—
—
—
0.2
—

Hindustan Petroleum Corporation Ltd · HINDPETRO

—
0.1
—
—
—
—
—
—
—
—
—
—
0.5
—
0.5
—
—
0.1
—
—

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
—
—
—
—
—
—
—
—
—
0.6
—
—
—
—
—
—
—
—
—

Reliance Industries Ltd · RELIANCE

0.8
0.7
—
0.6
—
—
—
—
—
2.8
—
—
—
3.3
—
—
—
—
—
—

P/E · reported quarter history

Bharat Petroleum Corporation Ltd · BPCL

7.8
6.8
5.7
6.2
23.0
22.7
35.1
23.6
3.8
3.4
4.4
4.9
8.2
9.5
8.6
10.6
8.0
7.4
4.9
5.1

Chennai Petroleum Corporation Ltd · CHENNPETRO

7.8
2.6
3.4
3.3
1.0
0.8
1.0
1.6
4.4
3.6
4.3
5.3
5.4
12.6
24.6
24.9
9.7
10.5
6.7
5.3

Gandhar Oil Refinery (India) Ltd · GANDHAR⚠ unverified

—
—
—
—
—
—
—
—
—
11.4
8.4
12.8
15.3
20.0
17.9
21.3
18.2
15.8
11.4
12.7

Hindustan Petroleum Corporation Ltd · HINDPETRO

3.9
4.5
4.7
4.3
4.9
-3.9
-4.8
4.7
4.3
3.4
4.0
4.4
9.4
20.8
12.7
13.9
8.8
7.1
4.7
4.8

Indian Oil Corporation Ltd · IOC

4.3
4.1
4.1
4.1
5.0
9.4
17.9
13.2
5.2
4.8
5.0
5.6
8.2
11.2
18.6
16.4
12.8
9.3
5.4
4.8

Mangalore Refinery And Petrochemicals Ltd · MRPL

—
1,145.3
33.3
4.9
1.8
2.2
2.4
5.1
17.6
6.2
8.8
10.4
11.8
27.9
28.4
29.0
22.5
24.5
14.2
14.0

Reliance Industries Ltd · RELIANCE

30.3
26.6
28.0
25.7
22.6
24.7
22.9
23.9
24.6
25.6
28.8
30.4
30.0
24.3
24.9
29.4
24.8
27.5
23.8
22.9
11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Refineries comparison names 6 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. 1 draws at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • 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.
12 · evidence and freshness

How was this comparison built?

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 Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing5 cross-checked · 1 unverified · 1 withheld, of 7 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Refineries company comparison FAQs

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 Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Refineries sector outperforming NIFTY 500?

Refineries has outperformed NIFTY 500 by 22.2% over 52 weeks and 9.2% 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 73.1/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Refineries company has the lowest comparable PEG?

Hindustan Petroleum Corporation Ltd has the lowest comparable PEG at 0.12, among 4 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Refineries comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 ₹8,58,481 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

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 PEG — where a LOWER number is cheaper — Hindustan Petroleum Corporation Ltd screens cheapest at 0.12×. Only 4 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Refineries sector beating the market?

Refineries has outperformed NIFTY 500 by 22.2% over the last 52 weeks and 9.2% 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 73.1 out of 100 with 87% evidence confidence, from 30.7 points on growth and earnings, 11.9 on capital efficiency, 10.5 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, 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 ₹22,40,119 crore of combined market value. Reliance Industries Ltd is the largest at ₹17,69,785 crore, about 79% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 7 Refineries companies on this page is 8.9×, 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 2026-08-05.

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 22.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.

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