Companies
Indian oil & gas listed majors, their subsidiaries, and joint ventures. 16 entities profiled with shareholding, major projects, operations snapshot, and five-year financials where available.
Downstream OMCs – parents
The three Maharatna fuel-retail majors. IOC alone holds 43.5% of pump share; the three together are 93%.
Parent · listed
Indian Oil Corporation · IOC
India's largest downstream OMC. Maharatna PSU. Nine own refineries + CPCL subsidiary; 37,800+ retail outlets.
FY2025 revenue ₹7,54,568 Cr · net margin 1.80%
NSE last
₹ 145.82
Parent · listed
Bharat Petroleum Corporation · BPCL
Maharatna downstream OMC. Three refineries (Mumbai, Kochi, Bina) totalling 35.3 MMTPA; 21,400+ retail outlets.
FY2025 revenue ₹4,38,738 Cr · net margin 3.04%
NSE last
₹ 313.00
Subsidiary · ONGC 54.9%
Hindustan Petroleum Corporation · HPCL
Downstream OMC. ONGC subsidiary since 2018. Two own refineries + HMEL JV; 21,500+ retail outlets.
FY2025 revenue ₹4,31,994 Cr · net margin 1.56%
NSE last
₹ 382.05
Upstream E&P
India's crude and gas producers. ONGC is the Maharatna; OIL is Navaratna with a Northeast anchor.
Parent · listed
Oil and Natural Gas Corporation · ONGC
India's largest upstream E&P. Maharatna. Owns MRPL and majority of HPCL. Major offshore and onshore producer.
FY2025 revenue ₹6,08,951 Cr · net margin 5.95%
NSE last
₹ 285.25
Parent · listed
Oil India Limited · OIL
India's second-largest upstream E&P. Navaratna. Anchored in the Northeast; owns majority of Numaligarh Refinery.
FY2025 revenue ₹32,510 Cr · net margin 20.15%
NSE last
₹ 474.50
Gas utility
The national gas transmission utility, sponsor of multiple CGD JVs, long-term LNG offtaker.
Private integrated
Reliance operates the world's largest single-site refining complex at Jamnagar.
Listed subsidiaries
Parent-controlled refiners listed separately on NSE / BSE.
Subsidiary · IOC 51.89%
Chennai Petroleum Corporation · CPCL
IOC-controlled refining subsidiary. Two refineries in Tamil Nadu — Manali + Narimanam, 11.5 MMTPA total.
NSE last
₹ 999.00
Subsidiary · ONGC 71.63%
Mangalore Refinery & Petrochemicals · MRPL
ONGC-controlled refining subsidiary. Single complex at Mangalore — 15 MMTPA, high Nelson complexity.
NSE last
₹ 173.70
Unlisted subsidiaries
Wholly- or majority-owned, not yet listed.
Joint ventures – listed
CGD distributors and the national LNG importer. Owned jointly by the PSU majors.
Joint venture
Indraprastha Gas Limited · IGL
CGD utility for Delhi NCR — CNG + piped PNG. Largest by volume in India.
Listed
Joint venture
Mahanagar Gas Limited · MGL
CGD utility for Mumbai + adjoining areas — CNG + piped PNG. GAIL/BPCL JV.
Listed
Joint venture
Petronet LNG · PETRONET
India's largest LNG importer. Operates Dahej (17.5 MMTPA) and Kochi (5 MMTPA) re-gas terminals.
NSE last
₹ 278.51
Joint venture
Adani Total Gas · ATGL
India's largest CGD player by authorised Geographical Areas. JV between Adani group and TotalEnergies.
Listed
Joint ventures – unlisted
JVs at the refining and CGD boundary, not separately listed.
Joint venture
HPCL-Mittal Energy (Bathinda) · HMEL
Single-site 11.3 MMTPA refiner + petrochem integrated complex at Bathinda, Punjab. HPCL + Mittal Energy JV.
Unlisted
Joint venture
IndianOil Adani Ventures · IOAGPL
CGD + LNG-mobility JV between IOC and Adani Total Gas. 19 Geographical Areas across India.
Unlisted