Which Companies Refine Crude Oil in India?

#2 Bharat Petroleum Corporation (BPCL)

Next on our list is BPCL.

The company is one of the top crude oil refinery companies and a major public sector undertaking (PSU) under the Ministry of Petroleum and Natural Gas. The company is headquartered in Mumbai and is primarily engaged in refining crude oil and marketing petroleum products across India.

BPCL operates a large downstream energy business. It refines crude oil in its major refineries located in Mumbai, Kochi, and Bina, which together process millions of tonnes of crude oil every year. These refineries convert crude oil into products such as petrol, diesel, LPG, aviation turbine fuel (ATF), lubricants, and petrochemicals.

BPCL Financial Snapshot (FY23 to FY25)

On the financial front, BPCL reported revenues of Rs 1,366,531 m in Q3 FY26, against Rs 1,275,506 m in the corresponding period of last year. The net profits of the company surged to Rs 69,808 m in Q3 FY26, from Rs 38,758 m YoY.

Moving ahead, Bharat Petroleum Corporation has directed large investments toward the Ethylene Cracker Project at Bina. This Rs 490 billion (bn) project includes the brownfield expansion of the Bina Refinery from 7.8 MMTPA to 11 MMTPA, primarily to meet the feedstock requirements of the proposed petrochemical units. The project is on track for completion by May 2028.

The company is rapidly expanding beyond refining. Bharat Petroleum Corporation and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) have entered into a joint venture to explore renewable energy and green hydrogen projects across India.

The JV will explore renewable energy projects and green hydrogen production. It will also consider projects in green ammonia production & bunkering, emissions reduction for port operations and other emerging green fuel technologies.

On the international front, Bharat Petroleum Corporation has made steady progress in Mozambique's Offshore Area 1, where the company , through its step-down subsidiary, holds a 10% participating interest.

With regulatory clearances in place and critical infrastructure in good condition, the partners are optimistic about recommencing full-scale development soon. The 2-train LNG project, once operational, is poised to significantly enhance BPCL's upstream footprint and contribute to the global energy transition.

The company has strong prospects due to steady demand for petroleum products in India and its expanding refining and marketing network. The company benefits from its large fuel retail presence and growing LPG distribution under the Bharatgas brand.

BPCL is also investing in petrochemicals, natural gas infrastructure, and cleaner energy projects such as biofuels and green hydrogen to adapt to the energy transition. Rising energy consumption in India is likely to support long-term growth.

To know more check the Bharat Petroleum Corporation fact sheet and latest quarterly results.

#3 Hindustan Petroleum Corporation (HPCL)

Next on our list is HPCL.

The company operates major refineries at Mumbai and Visakhapatnam, with a combined refining capacity of over 20 million tonnes per year. HPCL is also expanding its refining and petrochemical capacity through projects like the HPCL Rajasthan Refinery Limited refinery at Barmer.

Apart from refining and fuel marketing, HPCL is involved in LPG distribution, natural gas, lubricants, and renewable energy initiatives. With India's growing demand for energy, expanding infrastructure, and government support for fuel distribution, HPCL is an important player in the country's downstream oil and gas sector.

Hindustan Petroleum Corporation Financial Snapshot (FY23 to FY25)

On the financial front, Hindustan Petroleum Corporation reported revenues of Rs 1,245,827 m in Q3 FY26, against Rs 1,190,405 m in the corresponding period of last year. The net profits of the company surged to Rs 38,904 m in Q3 FY26, from Rs 30,082 m YoY.

Moving ahead, HPCL is constructing a 9 MMTPA integrated refinery and petrochemical complex at Pachpadra in Rajasthan through a joint venture called HPCL Rajasthan Refinery Limited. The project will significantly increase refining capacity and produce petrochemicals along with fuels.

The refinery is expected to start operations around 2026 and will process heavy crude oil and convert it into high-value petroleum products. The project cost is near Rs 730 bn.

On the petrochemicals front, the company will be expanding the capacity to 4.6 MMTPA by 2027-28.

HPCL has started green hydrogen initiatives, including commissioning a green hydrogen plant at the Visakh refinery, and plans further investments in renewable energy and biofuels as part of its transition strategy.

The overall prospects of Hindustan Petroleum Corporation are generally considered positive over the medium to long term, mainly due to rising fuel demand in India, refinery expansions, and improving refining efficiency. However, profitability can remain volatile because it depends heavily on crude oil prices and government fuel pricing policies.

To know more check the Hindustan Petroleum Corporation fact sheet and latest quarterly results.

#4 Mangalore Refinery and Petrochemicals Ltd (MRPL)

Next on our list is MRPL.

Mangalore Refinery and Petrochemicals is a major Indian oil refining and petrochemical company headquartered in Mangaluru, Karnataka. It is a subsidiary of Oil and Natural Gas Corporation (ONGC) and operates under the Ministry of Petroleum and Natural Gas, Government of India.

MRPL has logistics infrastructure such as captive jetties at New Mangalore Port, pipelines, and product distribution depots across South India.

Mangalore Refinery and Petrochemicals Financial Snapshot (FY23 to FY25)

On the financial front, MRPL reported revenues of Rs 297,201 m in Q3 FY26, against Rs 256,008 m in the corresponding period of last year. The net profits of the company surged to Rs 14,452 m in Q3 FY26, from Rs 3,042 m YoY.

MRPL is transforming from a refinery-focused company into a refining + fuel marketing player by rapidly expanding its HiQ petrol pump network, targeting hundreds of outlets across South India and eventually about 1,000 stations by 2027, supported by new logistics and marketing infrastructure.

Initially MRPL focused on Karnataka and North Kerala, but the company is expanding into:

• Tamil Nadu (first outlets already commissioned)
• Andhra Pradesh (dealer selection initiated)
• Potential expansion into Telangana and other southern markets.

Mangalore Refinery and Petrochemicals is strategically positioned as one of India's major coastal refineries, capable of processing complex crude grades, which gives it flexibility in sourcing cheaper or heavier crude.

Its integration with ONGC ensures steady crude supply, while its logistics infrastructure-including pipelines, jetties, and storage-supports both domestic distribution and exports. The company's retail expansion through HiQ petrol pumps is a significant growth driver, moving MRPL into higher-margin downstream operations, reducing dependency on volatile refining margins.

To know more check the Mangalore Refinery and Petrochemicals fact sheet and latest quarterly results.

#5 Chennai Petroleum Corporation (CPCL)

Next on the list is the stock of Chennai Petroleum Corporation. CPCL is a prominent public sector undertaking under the Ministry of Petroleum and Natural Gas, operates as a group company of Indian Oil Corporation Limited (IOCL). Established in 1965, the company began its journey as a joint venture between the Government of India, AMOCO (USA), and the National Iranian Oil Company.

From its modest beginning with a refining capacity of 2.5 million metric tonnes per annum (MMTPA), Chennai Petroleum has grown steadily over the past 60 years, now operating at a capacity of 10.5 MMTPA.

The company produces a wide range of petroleum products, including LPG, petrol, diesel, kerosene, naphtha, and petrochemical feedstock.

Chennai Petroleum Corporation Financial Snapshot (FY23 to FY25)

The company's financial results represent a robust performance and improved refining margins. For the quarter ended December 2025, revenue from operations stood at Rs 194.38 bn, compared to Rs 156.83 bn in the corresponding period last year.

The company reported a profit after tax of Rs 9,872 m vs Rs 105 m YoY.

The Gross Refining Margin (GRM) for the quarter improved to US$ 10.97 per barrel, as against a US$ 4.29 per barrel in the same period last year.

Chennai Petroleum Corporation's recent move towards forward integration into retail fuel marketing and its collaboration with Indian Oil Corporation to set up a 9 MMTPA new grassroots refinery with integrated petrochemical capabilities at Nagapattinam, reflects its strategic ambition to become a vertically integrated energy player.

To know more check the Chennai Petroleum Corporation fact sheet and latest quarterly results.

#6 Other Unlisted Players

Here are two unlisted players with significant crude oil refining capacities.

• Nyara Energy

  Nyara Energy contributes 8% of India's refining output. It is not a listed company on the exchanges.

  Nayara Energy's Vadinar refinery started commercial production in May 2008 and is India's second-largest single-site refinery, with a capacity of 20 MMTPA. It's capable of handling a diverse range of crude - from sweet to sour and light to ultra-heavy., boasting a complexity index of 12.17.

  Vadinar refinery is capable of processing some of the toughest crudes and yet produces high quality Euro IV and Euro VI grade products that meet international standards and Euro VI equivalent Bharat Stage (BS VI) compliant fuels for the domestic market. This brings us closer to the global emission standards.

  It produces a wide range of petroleum and petrochemical products:

  • LPG, Naphtha, MS, MTO, ULSD, HSD, VGO, Sulphur, Petcoke, and Polypropylene.

  • Product mix is optimized for light and middle distillates, contributing to high Gross Refining Margins (GRM).

  • Ethanol-blended MS (EBMS) introduced ahead of schedule, with 20% blending initiated in Feb 2025.

• HPCL Mittal Energy Limited

  HPCL Mittal Energy is a private petroleum refining and petrochemical company - a joint venture between Hindustan Petroleum Corporation Ltd (a PSU) and Mittal Energy Investments.

  It operates the Guru Gobind Singh Refinery (Bathinda) in Punjab (11.3 MMTPA), processing crude and producing transportation fuels and petrochemicals. Although partly public (HPCL is a PSU), the joint venture itself is not separately listed on stock exchanges.

Conclusion

The prospects of oil refineries in India look robust, driven by both domestic demand growth and strategic policy initiatives. India is the third-largest oil consumer globally, and with rising industrialisation, urbanisation, and vehicle ownership, the demand for petroleum products is expected to grow steadily.

Refineries are increasingly investing in upgrading capacities, adopting greener technologies, and producing higher-value products like petrochemicals and lubricants.

The government's push for energy security, such as expanding domestic crude processing, promoting biofuels, and reducing import dependence, supports refinery growth.

Additionally, export opportunities for refined products, particularly to neighbouring Asian markets, offer revenue potential.

However, refineries must manage volatility in crude oil prices, regulatory changes, and global shifts toward renewable energy, which will shape profitability and investment strategies over the next decade.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...