May 2026
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Largest Energy Services Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Reliance Industries, Siemens Energy India, GE Vernova T&D India, Adani Total Gas and Aegis Logistics.
 | Reliance Industries Ltd is engaged in hydrocarbon exploration and production, refining and marketing, petrochemicals, financial services, retail, and communications. The Group has five principal operating and reporting segments: Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and other services. Reliance's refineries produce a range of petroleum products that find use as fuel variants, feedstock, and fuel for power and cement plants. Fuels produced in refineries are exported to several countries and can be processed into any grade of gasoline or diesel. The Oil to Chemicals segment, which derives the majority of revenue, includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel, and bulk wholesale marketing. | $14 | -11% | $186B | $196B | 1.8x | 9.1x | ||
| Siemens Energy India Ltd is engaged in energy sector. The company offers fully integrated products, solutions and services across the energy value chain of oil and gas production, power generation and transmission for various customers such as utilities, independent power producers and engineering, procurement and construction (EPC) companies comprising of the entire part of the business. | $33 | -- | $12B | $11B | 13.1x | 67.6x | ||
| GE Vernova T&D India Ltd is engaged in the business relating to products, projects, and services for electricity transmission and related activities, which has been defined as one business segment. Its businesses are Power, Wind, Electrification, and Accelerators. | $46 | +88% | $12B | $12B | 17.8x | 64.7x | ||
| Adani Total Gas Ltd is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential), and Compressed Natural Gas (CNG) to the transport sector. It has a single operating segment that is the Sale of Natural Gas. Geographically, the group has set up gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh. | $6 | -13% | $7B | $7B | 11.9x | 55.7x | ||
| Aegis Logistics Ltd. is an oil, gas, and petrochemical logistics company based out of India. It operates a network of bulk liquid handling terminals, liquefied petroleum gas (LPG) terminals, filling plants, pipelines, and gas stations to deliver products and services. Clients consist mainly of Indian industrial companies and retail customers that utilize gas stations. The majority of revenue is derived from gas terminal operations. Gas logistics encompasses complete supply chain management and delivers both pressurized and refrigerated cargoes to several ports on the coastline of India, including its own LPG terminals. Terminals include tank farm installations and are connected by pipelines at various sites. The pipelines handle exportation and importation of various products. | $7 | -16% | $3B | $3B | 3.2x | 18.5x | ||
| Indraprastha Gas Ltd is an Indian utility company engaged in the business of city gas distribution. It operates in a single segment of the natural gas business, and its products include the Compressed Natural Gas Business provides a fossil fuel substitute for other auto fuels such as petrol, diesel, LPG, etc, and the Piped Natural Gas Business is mainly methane-CH4 with a small percentage of other higher hydrocarbons. The group generates the majority of its revenue from the Compressed Natural Gas Business. | $2 | -27% | $2B | $2B | 1.1x | 7.0x | ||
| Mahanagar Gas Ltd is an India-based natural gas distribution company. It distributes natural gas through the City Gas Distribution network of pipelines. It distributes compressed natural gas (CNG) for use in vehicles and piped natural gas (PNG) for domestic household, commercial, and industrial use, and to transport sector customers as well. The company operates under the business segment of the sale of natural gas. Its business operations are principally carried out in India. The company generates revenue by selling natural gas, of which the sale of CNG accounts majorly for the total gas sales revenue. | $11 | -23% | $1B | $976M | 1.1x | 6.0x | ||
| Transrail Lighting Ltd is an Indian engineering, procurement and construction business (EPC) relating to infrastructure inter alia relating to products, projects and engineerings. The Company focuses on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. Besides the power transmission and distribution business, It has other business verticals, such as civil construction, poles and lighting Railways, and Solar EPC. | $5 | -22% | $693M | $719M | 1.2x | 9.1x | ||
| Solarium Green Energy Ltd provides Turnkey Solar Solutions which involves design, engineering, procurement & supply, construction & erection, testing, commissioning, associated transmission system and comprehensive Operation & Maintenance (O&M) of solar power plants. Its projects, includes Residential rooftop projects, Commercial and Industrial (C&I) roof top and Ground Mounted projects, as well as Government Projects. The company is engaged in Residential Rooftop & Government EPC as well as C & I and Ground mount Solar Project as key segment. | $2 | -53% | $41M | $44M | 1.9x | 16.1x | ||
| Median | $7 | -19% | $3B | $3B | 1.9x | 16.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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