India’s energy sector is powered by a mix of listed giants and large unlisted companies. While listed public sector enterprises often dominate headlines, several unlisted businesses play a critical role in refining crude oil, distributing fuel, expanding natural gas infrastructure, and securing energy supplies.
This report highlights the largest unlisted companies operating in India’s Oil, Gas & Consumable Fuels sector based on FY2025 revenue.
Industry Overview
The Oil, Gas & Consumable Fuels sector is one of the most important pillars of India’s economy. It provides the energy required to support transportation, manufacturing, infrastructure development, and household consumption.
The industry covers a broad range of activities, including oil and gas exploration, refining, fuel marketing, natural gas distribution, LNG infrastructure, and energy trading. Together, these businesses form a critical part of India’s energy value chain.
India is the world’s third-largest oil consumer and one of the fastest-growing energy markets. Rising urbanization, industrial growth, and increasing vehicle ownership continue to drive demand for petroleum products and natural gas.
At the same time, the sector is evolving. Natural gas is gaining importance as a cleaner fuel, while investments in LNG terminals, city gas distribution networks, and EV charging infrastructure are creating new opportunities across the energy landscape.
The companies featured in this ranking represent some of the largest unlisted participants in India’s energy ecosystem.
Top 10 Unlisted Oil, Gas & Consumable Fuels Companies by Revenue
1. Nayara Energy Limited
Revenue: ₹150,324.40 Cr
Nayara Energy is India’s largest unlisted oil and gas company by revenue. The company operates one of the country’s largest private refineries and a growing fuel retail network. Its operations span refining, fuel marketing, petrochemicals, and retail fuel distribution.
2. HPCL-Mittal Energy Limited (HMEL)
Revenue: ₹99,720.40 Cr
HMEL is a joint venture between Hindustan Petroleum Corporation Limited and Mittal Energy Investments. The company operates the Guru Gobind Singh Refinery in Punjab and produces a wide range of petroleum products. It is one of India’s largest refining businesses.
3. Reliance BP Mobility Limited (Jio-bp)
Revenue: ₹51,067.48 Cr
Reliance BP Mobility is a joint venture between Reliance Industries and BP. The company focuses on fuel retailing, mobility services, convenience retail, and EV charging solutions. Its expanding network continues to strengthen its position in the transportation energy market.
4. Gujarat State Petroleum Corporation Limited (GSPC)
Revenue: ₹29,514.91 Cr
GSPC is a government-owned energy company engaged in exploration, production, gas trading, transmission, and energy infrastructure. The company has played an important role in developing Gujarat’s natural gas ecosystem.
5. Numaligarh Refinery Limited (NRL)
Revenue: ₹25,404.82 Cr
Based in Assam, Numaligarh Refinery is a major producer of petroleum products for northeastern India. The company is expanding its refining capacity while also investing in biofuel initiatives.
6. Shell India Markets Private Limited
Revenue: ₹19,495.85 Cr
Shell India Markets manages Shell’s fuel and lubricant business in India. The company serves retail, commercial, and industrial customers through a wide range of fuel and energy solutions.
7. ONGC Videsh Limited
Revenue: ₹14,418.09 Cr
ONGC Videsh is the overseas exploration and production arm of ONGC. The company holds interests in oil and gas assets across several countries and supports India’s long-term energy security strategy.
8. GAIL Gas Limited
Revenue: ₹12,280.05 Cr
GAIL Gas is one of India’s leading city gas distribution companies. It supplies compressed natural gas (CNG) and piped natural gas (PNG) to residential, commercial, and industrial consumers.
9. Torrent Gas Limited
Revenue: ₹4,428.83 Cr
Torrent Gas develops and operates city gas distribution networks across multiple regions. The company focuses on expanding access to natural gas for households, businesses, and transportation.
10. Maharashtra Natural Gas Limited (MNGL)
Revenue: ₹3,603.70 Cr
MNGL supplies CNG and PNG across key markets in Maharashtra. The company benefits from growing adoption of cleaner fuels and increasing demand for city gas distribution services.
Key Takeaways
Refining Companies Lead the Sector
Refining remains the largest revenue-generating segment within the industry. Nayara Energy, HMEL, and Numaligarh Refinery collectively account for a significant share of the revenue generated by the top 10 companies.
Fuel Retail Continues to Expand
Companies such as Reliance BP Mobility are expanding beyond traditional fuel stations by integrating convenience retail and EV charging infrastructure into their networks.
Natural Gas Is Becoming More Important
City gas distribution companies including GAIL Gas, Torrent Gas, and MNGL are benefiting from India’s push toward cleaner energy sources. Government policies supporting natural gas adoption are expected to drive future growth.
Government-Owned Companies Remain Key Players
Several government-owned but unlisted companies continue to occupy leading positions in the sector. Their presence highlights the strategic importance of energy infrastructure and resource security.
Energy Transition Is Creating New Opportunities
The industry is gradually diversifying beyond conventional fuels. Investments in LNG infrastructure, biofuels, cleaner mobility solutions, and gas distribution networks are reshaping the future of the sector.
Industry Outlook
India’s energy demand is expected to remain strong over the coming years. Economic growth, industrial expansion, and infrastructure development will continue to support consumption of petroleum products and natural gas.
Refining companies are investing in capacity expansion to meet rising demand, while city gas distributors are extending their networks into new markets. At the same time, energy companies are increasing investments in cleaner fuels and low-carbon technologies.
Although renewable energy adoption is accelerating, oil and gas will remain critical components of India’s energy mix for the foreseeable future. Companies that successfully balance traditional energy operations with emerging opportunities are likely to be best positioned for long-term growth.
Conclusion
India’s unlisted Oil, Gas & Consumable Fuels sector remains a vital part of the country’s energy ecosystem. From large-scale refiners and fuel retailers to exploration companies and city gas distributors, these businesses support economic activity across multiple industries.
The sector continues to evolve as companies invest in refining capacity, gas infrastructure, and cleaner energy solutions. As India’s energy needs grow, these unlisted companies are expected to play an increasingly important role in ensuring energy security and supporting economic development.
Looking beyond listed companies? PrivateCircle provides access to financial statements, annual filings, shareholding data, director networks, and industry intelligence for millions of Indian companies. Explore India’s private markets with data-driven insights and uncover opportunities beyond the listed universe.