Oil & gas: upstream, refining, marketing & city gas.

Oil and gas is the largest revenue pool in India's listed market but only a mid-sized value-added pool: listed companies report ₹38.7 lakh crore of revenue (11% of GDP) yet the industry's estimated GVA is ₹7.0 lakh crore (2.2% of national GVA), because crude oil is mostly a pass-through cost - a refiner adds a gross refining margin of just US$6-12 to an $80-107 barrel. India imports 88.5% of the crude it refines (US$198 bn of crude, products and LNG in FY26) and exports US$70.9 bn of refined products, making it both the largest merchandise import line and the second-largest export line; it is now the world's fourth-largest refiner and largest net diesel exporter to Europe. The chapter spans three distinct sub-chains with different growth paths: upstream (crude and gas production, ₹1.5 LC GVA), refining/marketing/petrochemicals (₹5.0 LC, the bulk of the envelope) and gas distribution (₹0.5 LC, the fastest-growing segment on LNG imports and city-gas expansion). Unusually for Part V, every major link of the chain is listed (Reliance, ONGC, IOC, BPCL, HPCL, GAIL, Oil India, Petronet, city-gas players), and the sector is over-represented in the equity market (ERR 1.5-2.5x) relative to its GVA weight, a legacy of PSU listings and the Jamnagar refinery complex.

Estimated GVA

7.0 ₹ lakh crore · FY26

Listed revenue

38.7 ₹ lakh crore · FY26

Listed PAT

2.36 ₹ lakh crore · FY26

Crude, products & LNG imports

198 US$ bn · FY26

Product exports

70.9 US$ bn · FY26

Market cap

26.5 ₹ lakh crore · Sep-2026

Crude import dependence

88.5 % · FY26

Refining capacity

257 mtpa · FY26