June 2026
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Largest Oil & Gas Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Reliance Industries, ONGC, IndianOil, Bharat Petroleum and Oil India.
 | 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 | -17% | $183B | $196B | 1.7x | 9.2x | ||
| Oil & Natural Gas Corp Ltd is an Indian-based company. It engaged in the exploration, development, and production of crude oil, natural gas, and value-added products. Along with its subsidiaries, the company operates in the following business segments: Refining and Marketing, which derives maximum revenue, Exploration and Production, and Petrochemicals. Geographically, the group derives maximum revenue from India, from its offshore and onshore activities, and is also involved in exploration and production activities outside India. | $3 | +5% | $35B | $48B | 0.7x | 3.9x | ||
| Indian Oil Corp Ltd conducts business across the entire hydrocarbon value chain, from refining, pipeline transportation and marketing, to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources, and globalisation of downstream operations. The group is engaged in the following business segments: Sale of Petroleum Products, Sale of Petrochemicals, Sale of Gas, and the Other operating segment, which includes oil and gas exploration activities, explosives and cryogenic business, and windmill and solar power generation. The majority of its revenue is generated from the sale of petroleum products such as motor spirit, high speed diesel, liquified petroleum gas, aviation turbine fuel, and others. Geographically, it derives key revenue from India. | $1 | -9% | $20B | $32B | 0.4x | 3.7x | ||
| Bharat Petroleum Corp Ltd operates several refineries in India, while also marketing and distributing petroleum by-products. Operations are divided into the following reportable segments: Downstream Petroleum, and Exploration and Production of Hydrocarbons. Downstream Petroleum operations which generate the majority of its revenue, include the refineries that produce liquefied petroleum gas, aromatics, kerosene, fuel oil, furnace oil, and bitumen. Bharat's petroleum by-products are often commanded by consumers in aviation, autos, maritime, and many other industrial segments. The Downstream Petroleum operations also include the network of retail service stations across India. Geographically, the company derives a majority of its revenue from India and the rest from other countries. | $3 | -15% | $13B | $16B | 0.3x | 3.5x | ||
| Oil India Ltd is mainly engaged in exploration, development, and production of products such as crude oil, natural gas, condensate, petroleum products, LPG, and providing services such as pipeline transportation services, City Gas Distribution (CGD), and generation of renewable energy. The group has adopted its products and services (viz. Crude Oil, Natural Gas, Petroleum Products, LPG, Pipeline Transportation, Renewable Energy, and Others) as the primary reporting segments. Maximum revenue for the group is generated from the sale of Refinery Products. | $5 | +8% | $8B | $11B | 3.2x | 8.2x | ||
| Mangalore Refinery and Petrochemicals Ltd are engaged in the manufacturing of Refined Petroleum Products. It generates revenue from High speed Diesel (HSD) and Motor Spirit (MS). Geographically, it derives a majority of revenue from India. It has Petroleum Products as single reportable segment. | $2 | +5% | $3B | $4B | 0.5x | 6.5x | ||
| 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. | $8 | -6% | $3B | $3B | 3.1x | 14.4x | ||
| Aegis Vopak Terminals Ltd is a third-party owner and operator of tank storage terminals for liquified petroleum gas (LPG) and liquid products. It own and operate a network of storage tank terminals having an aggregate storage capacity of approximately 1.50 million cubic meters for liquid products and nearly 70,800 metric tons (MT) of static capacity for LPG. The company's segments include: Liquid Terminal Division; and Gas Terminal Division, of which Liquid Terminal Division derives maximum revenue. | $2 | -25% | $2B | $3B | 26.6x | 33.9x | ||
| Median | $3 | -8% | $11B | $14B | 1.2x | 7.3x |
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