Who refines and sells India's fuel
9 listed companies earned ₹2,292,305 crore from refining and selling fuel in FY25. Indian Oil Corporation Ltd earned the most, 35.5% of it. Oil India Ltd earned the most on each rupee of sales: 10.9%.
Almost all the petrol, diesel and LPG India buys passes through a few refiners and fuel marketers. In FY25, the listed companies on this page reported ₹22,92,305 crore of revenue from refining and selling fuel. Indian Oil was the largest at ₹8,12,949 crore, or 35.5% of the listed total. BPCL had ₹5,00,371 crore (21.8%) and HPCL ₹4,66,227 crore (20.3%). Reliance's fuel figure of ₹3,49,618 crore is an estimate. About half of Reliance's sales in this business went abroad.
Sales barely moved. In FY26, Indian Oil grew 4.9%, BPCL 4.5% and HPCL 2.6%, while Reliance (estimated) and MRPL shrank slightly. Profit moved far more. Indian Oil's margin rose from 2.3% in FY25 to 7.3% in FY26, BPCL's from 3.9% to 6.6% and HPCL's from 2.4% to 5.0%. In this business, revenue tracks the price of crude oil, and profit depends on the gap between crude costs and what fuel sells for.
Across India, consumption of petroleum products rose from 234.26 million tonnes in FY24 to 243.22 million tonnes in FY25, according to the statistics ministry's (MoSPI's) energy statistics, which use data from the oil ministry's planning and analysis cell (PPAC). That is about 3.8% growth.
The brands, and who owns them
Futur-X, HP Lubricants, Neo Synth, poWer95 and others are Hindustan Petroleum Corporation Ltd's; HiQ is Mangalore Refinery And Petrochemicals Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Indian Oil Corporation Ltd had 35.5% of the listed companies' revenue from refining and selling fuel here, 1.6 times as much as Bharat Petroleum Corporation Ltd, the next largest. The two together sold 57%; the other 7 the rest.
What the figures show
BPCL earns far more than its size
BPCL had 21.8% of the listed sales but 35.0% of the listed profit, more than Indian Oil's 33.4%, even though Indian Oil sold about 1.6 times as much. BPCL's margin of 3.9% and return on assets of 11.3% were the highest of the three state marketers in FY25.
A thin-margin business whose profit swings from year to year
In FY25, the three state marketers earned only 2.3% to 3.9% on sales. In FY26, Indian Oil's margin more than tripled to 7.3% while its sales rose just 4.9%. MRPL's record shows how much margins swing: 11.0% in FY17, -10.7% in FY20, and 1.0% in FY25 before recovering to 4.7% in FY26.
The market is highly concentrated
Indian Oil, BPCL and HPCL together had 77.6% of the listed sales (35.5 + 21.8 + 20.3). Add Reliance's estimated 15.3% and four companies account for nearly 93%. The other five listed sellers together have about 7%.
Exporters and domestic sellers
About 51% of Reliance's sales went abroad, and 28.4% of MRPL's. Indian Oil exported 3.6%, HPCL 2.3% and BPCL 1.2%. The state marketers mainly serve India's own pumps, while Reliance and MRPL also sell into world markets.
Oil producers earn wider margins
Oil India makes most of its money from extracting crude, and its refining and fuel line earned a 10.9% margin in FY25 and 19.4% in FY26. But its revenue here fell 46.6% in FY26, to ₹20,612 crore. GAIL's line went from an 8.4% margin to a loss of 9.7% in FY26.
What it is made of
Of the sales reported by product line, fuel retail is the largest at ₹7.86 lakh Cr, then refining at ₹4.94 lakh Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹23.35 lakh Cr from refining and selling fuel in FY26. Counting only the companies with figures in both years, sales went from ₹63,600 Cr in FY19 to ₹1.05 lakh Cr, 1.7 times as much. The biggest rise was in FY22 (+118%) and the weakest year FY21 (-36%). Indian Oil Corporation Ltd's part of the total went from 35% in FY25 to 37% in FY26. Over three years Mangalore Refinery And Petrochemicals Ltd grew fastest, -1.3% a year. Some companies are counted only from a later year (Indian Oil Corporation Ltd from FY25; Bharat Petroleum Corporation Ltd from FY25; Hindustan Petroleum Corporation Ltd from FY25; Reliance Industries Ltd from FY23; Oil India Ltd from FY25; GAIL (India) Ltd from FY25; Adani Enterprises Ltd from FY25; Fertilizers & Chemicals Travancore Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from refining and selling fuel. Indian Oil Corporation Ltd earned 7.3% on its sales in FY26, against 2.3% in FY25. Bharat Petroleum Corporation Ltd earned 6.6% on its sales in FY26, against 3.9% in FY25. Hindustan Petroleum Corporation Ltd earned 5.0% on its sales in FY26, against 2.4% in FY25. Mangalore Refinery And Petrochemicals Ltd earned 4.7% on its sales in FY26, against 11.0% in FY17. Oil India Ltd earned 19.4% on its sales in FY26, against 10.9% in FY25.
The whole market, and what is changing
India consumed 243.22 million tonnes of petroleum products in FY25, up from 234.26 million tonnes in FY24, according to MoSPI's Energy Statistics India 2026, which uses PPAC data. India's refining capacity was 258,116 thousand tonnes a year (about 258 million tonnes) on 31 March 2025, spread across 23 refineries: 19 public sector and 4 private or joint venture. These figures are in tonnes, not rupees, so they cannot be compared directly with the listed sales of ₹22.9 lakh crore. Some of that revenue also comes from exports. (source)
- Refining capacity is set to grow. In a written reply to the Rajya Sabha, the petroleum ministry said capacity of 258.1 million tonnes a year is projected to reach 309.5 million tonnes by 2030. (source)
- Diesel is the biggest fuel by far. MoSPI's figures show diesel was about 38% of petroleum product consumption in FY24, petrol 16% and LPG 13%. (source)
- Capacity grew from 215 million tonnes a year in April 2014 to 256.8 million tonnes in April 2024, according to PPAC data cited by the government. (source)
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Indian Oil Corporation Ltd India's largest fuel seller here, with ₹8,12,949 crore (35.5% of listed sales) in FY25. This business is 95% of the company, and 97% of its sales here are fuel retail. Its margin rose from 2.3% to 7.3% in FY26. Sells in 36 states and 48 countries; exports 3.57% of turnover |
₹812,949 Cr | +4.9% | — | — | 2.3% | 33.4% | 4.6% | 5.2 | 19.2% | -17.4% |
| Bharat Petroleum Corporation Ltd The second-largest seller at ₹5,00,371 crore, and the most profitable of the state marketers: 35.0% of listed profit, with an 11.3% return on assets in FY25. Sells in 28 states and 7 countries; exports 1.23% of turnover |
₹500,371 Cr | +4.5% | — | — | 3.9% | 35.0% | 11.3% | 7.2 | 29.9% | -13.6% |
| Hindustan Petroleum Corporation Ltd HPCL sold ₹4,66,227 crore (20.3%) and earned a 2.4% margin, rising to 5.0% in FY26. It sells fuel under names such as poWer95 and lubricants under HP Lubricants. Futur-X, HP Lubricants, Neo Synth, poWer95, Drive Track Plus, Liquid Gun Sells in 35 states and 30 countries; exports 2.32% of turnover |
₹466,227 Cr | +2.6% | — | — | 2.4% | 20.1% | 5.9% | 41.9 | 32.5% | -25.7% |
| Reliance Industries Ltd Its figures here are estimates and cover about 36% of the company. About 51% of these sales were exports, the highest share of any company on the page. The estimate fell from ₹5,99,689 crore in FY23 to ₹3,49,618 crore in FY25. Part of that drop may come from how the estimate is made, so be careful comparing years. Sells in 35 states and 112 countries; exports 50.98% of turnover |
₹349,618 Cr estimate |
-1.5% | -16.9% | — | — | — | — | 21.1 | 7.9% | -15.2% |
| Mangalore Refinery And Petrochemicals Ltd A refiner majority-owned by ONGC. It sold ₹1,09,277 crore in FY25, about 3.4 times its FY21 level, and exported 28.4%. Its margins have swung widely, from -10.7% in FY20 to 4.7% in FY26. HiQ Sells in 22 states and 22 countries; exports 28.43% of turnover |
₹109,277 Cr | -3.8% | -1.3% | +26.8% | 1.0% | 2.0% | — | 9.8 | 14.2% | +24.7% |
| Oil India Ltd Mainly an oil and gas producer. Its refining line earned wide margins (10.9% in FY25, 19.4% in FY26), but revenue fell 46.6% in FY26. |
₹38,618 Cr | -46.6% | — | — | 10.9% | 7.6% | 5.9% | 8.7 | 9.5% | +7.5% |
| GAIL (India) Ltd A gas company. This line, mostly petrochemicals plus LPG, is 9% of its business and went from an 8.4% margin to a loss in FY26. Sells in 26 states and 7 countries; exports 0.01% of turnover |
₹13,268 Cr | -28.4% | — | — | 8.4% | 2.0% | 4.5% | 11.2 | 9.6% | -4.0% |
| Adani Enterprises Ltd Tiny here, with an estimated ₹1,958 crore, 2% of the company. Sells in 19 states and 7 countries; exports 17.97% of turnover |
₹1,958 Cr estimate |
-39.0% | — | — | — | — | — | 42.4 | 5.3% | +7.1% |
| Fertilizers & Chemicals Travancore Ltd Negligible: ₹17 crore, at a loss. Sells in 7 states; exports 0.0% of turnover |
₹17 Cr | — | — | — | -282.9% | -0.1% | -25.2% | -448.9 | -2.9% | -15.6% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who refines and sells India's fuel?
9 listed companies report their revenue from refining and selling fuel: Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HINDPETRO), Reliance Industries Ltd (RELIANCE), Mangalore Refinery And Petrochemicals Ltd (MRPL), Oil India Ltd (OIL), GAIL (India) Ltd (GAIL), Adani Enterprises Ltd (ADANIENT). 2 more sell them but report them together with other products.
Which listed company earns the most from refining and selling fuel in India?
Indian Oil Corporation Ltd, with revenue from refining and selling fuel of ₹812,949 crore in FY25: 35.5% of the listed companies' total here.
How much do listed companies earn from refining and selling fuel?
The listed companies here earned ₹2,292,305 crore from refining and selling fuel in FY25. Private makers are not included.
Which listed company makes the most profit from refining and selling fuel?
Oil India Ltd: its operating profit was 10.9% of its revenue from refining and selling fuel in FY25.
How much petrol and diesel does India use?
India consumed 243.22 million tonnes of petroleum products in FY25, according to MoSPI. In FY24, diesel was about 38% of the total and petrol about 16%.
How much oil can India refine?
About 258 million tonnes a year as of 31 March 2025, across 23 refineries, per MoSPI. The government projects 309.5 million tonnes by 2030.
Why are fuel companies' margins so low?
Their revenue includes the full cost of crude oil, so a small gap between crude costs and fuel prices still adds up to huge sales. In FY25, Indian Oil earned 2.3% and HPCL 2.4% on sales. That gap widened in FY26, when margins rose to 7.3% and 5.0%.
Does India export fuel?
Yes. About 51% of Reliance's estimated fuel sales and 28% of MRPL's went abroad in FY25. The state marketers mostly sell within India.
Who owns Futur-X?
Futur-X is a brand of Hindustan Petroleum Corporation Ltd, listed on the NSE as HINDPETRO.
Who owns HP Lubricants?
HP Lubricants is a brand of Hindustan Petroleum Corporation Ltd, listed on the NSE as HINDPETRO.
Who owns HiQ?
HiQ is a brand of Mangalore Refinery And Petrochemicals Ltd, listed on the NSE as MRPL.