List of Refinery Stocks in India

Refinery stocks in India represent shares of companies involved in refining crude oil into petroleum products.

Best Refinery Stocks in India for 2025

Monday, 20 October, 2025

symbol Company ticker slug Sector Market Price 52W High 52W Low Market Cap (Cr.) PE Ratio Industry PE PB Ratio Div. Yield (%) ROE (%) 1YReturns 3YReturns 5YReturns Market Cap Label Industry Group Industry Sub Industry percentageChange
BPCL Bharat Petroleum Corporation Ltd BPCL /stocks/bharat-petroleum-corporation-BPCL Oil & Gas - Refining & Marketing 335.85 358.65 234.01 145,708.71 10.93 18.92 1.79 2.93 16.99 -2.00 126.50 93.77 Largecap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing -0.01
CHPC Chennai Petroleum Corporation Ltd CHENNPETRO /stocks/chennai-petroleum-corporation-CHPC Oil & Gas - Refining & Marketing 723.60 999.00 433.10 10,775.23 50.33 18.92 1.31 0.69 2.44 -23.30 226.02 1,020.99 Smallcap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing -1.62
GAND Gandhar Oil Refinery (INDIA) Ltd GANDHAR /stocks/gandhar-oil-refinery-india-GAND Oil & Gas - Refining & Marketing 135.67 248.70 128.48 1,327.93 16.59 18.92 1.03 0.37 6.37 -44.05 -54.99 -54.99 Smallcap Materials Oil, Gas & Consumable Fuels Commodity Chemicals 0.07
HPCL Hindustan Petroleum Corp Ltd HINDPETRO /stocks/hindustan-petroleum-corp-HPCL Oil & Gas - Refining & Marketing 448.60 465.20 287.55 95,454.12 14.17 18.92 1.87 2.34 13.74 3.52 232.71 282.66 Midcap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing -0.74
IOC Indian Oil Corporation Ltd IOC /stocks/indian-oil-corporation-IOC Oil & Gas - Refining & Marketing 152.91 168.60 110.72 215,927.86 15.88 18.92 1.13 1.96 7.17 -6.92 131.51 198.65 Largecap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing -0.49
MRPL Mangalore Refinery and Petrochemicals Ltd MRPL /stocks/mangalore-refinery-and-petrochemicals-MRPL Oil & Gas - Refining & Marketing 140.87 176.65 98.92 24,688.86 439.30 18.92 1.90 0.00 0.43 -16.54 152.23 439.73 Smallcap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing -1.89
RELI Reliance Industries Ltd RELIANCE /stocks/reliance-industries-RELI Oil & Gas - Refining & Marketing 1,416.80 1,551.00 1,114.85 1,917,280.72 27.53 18.92 1.90 0.39 7.20 4.45 29.58 43.42 Largecap Energy Oil, Gas & Consumable Fuels Oil & Gas Refining & Marketing 1.32

500+ readymade portfolios of Stocks & ETFs

Connect your existing broker account

Explore smallcases

Find stocks that are perfect for you on Tickertape

Choose from over 120 filters

iconExplore screens

About Refinery Stocks in India

Refinery stocks play a crucial role in the energy sector by providing investors with access to companies that convert crude oil into valuable products, such as gasoline, diesel, and jet fuel. Many investors in India explore oil and refinery companies because they strengthen the country’s energy infrastructure.

What Are Refinery Stocks?

Refinery shares in India represent companies that process crude oil into finished petroleum products such as petrol, diesel, aviation fuel, and LPG. These stocks hold a key position in the energy sector, and their performance depends on crude oil prices, refining margins, and global demand trends. Investors consider refinery stocks cyclical assets that move with economic activity and energy consumption patterns.

Overview of Top Refinery Stocks in India

  1. Reliance Industries Ltd: Reliance Industries Ltd operates one of the world’s largest refining complexes and produces a wide range of petroleum products. It operates integrated refineries, petrochemicals, and energy facilities, making it a significant force in India’s industrial and energy sector.
  2. Indian Oil Corporation Ltd: Indian Oil Corporation Ltd is India’s largest public sector refiner, managing refining, pipeline transportation, and fuel marketing. It produces key petroleum products for industries, transport, and households to support the country’s energy needs.
  3. Bharat Petroleum Corporation Ltd: Bharat Petroleum Corporation Ltd refines and markets petroleum products through a strong retail and industrial network. It ensures fuel availability across India and upgrades its refineries to deliver cleaner energy output.
  4. Hindustan Petroleum Corp Ltd: Hindustan Petroleum Corporation Ltd refines crude oil and markets petroleum products through a wide distribution network. Its focus on efficiency and energy diversification strengthens its role in India’s refining and downstream industry.
  5. Mangalore Refinery and Petrochemicals Ltd: Mangalore Refinery and Petrochemicals Ltd refines crude oil into value-added products such as petrol, diesel, and petrochemicals. Its advanced refining systems and export-driven operations make it an essential part of India’s energy infrastructure

How to Invest in Refinery Stocks in India?

Here is how one can invest in the best refinery stocks in India:

  1. Open a trading account or demat account. You can open a demat account with smallcase.
  2. Investors can utilise tools like the Tickertape Stocks Screener to explore the refinery stocks in India. Additionally, there are 200+ filters that you can use to create different screeners for comparison of various stocks.
  3. Place a ‘Buy’ order on the stocks in the refinery sector of your choice.

Benefits of Investing in Refinery Stocks in India

  • Stable demand: Petroleum products, such as petrol, diesel, LPG, and jet fuel, are essential for transportation, manufacturing, and energy needs. They ensure steady and long-term demand for refinery companies even when the economy slows down.
  • Strong cash flows: Refineries operate on a large scale, facing continuous demand for their products. This provides consistent cash inflows, allowing them to maintain regular operations and invest in capacity expansion and upgrades.
  • Dividend potential: Many established refinery companies share profits with shareholders through dividends. Investors seeking stable income along with capital growth find refinery shares appealing for reliable returns.
  • Economic linkage: Refinery stocks in India closely follow economic growth. When industrial output, transportation, and trade increase, fuel consumption also rises. This growth boosts refinery sales and profit margins in expanding economies.

Risks of Investing in Refinery Stocks in India

  • Crude oil price volatility: Crude oil is the primary raw material for refineries. Sudden increases in crude prices can compress profit margins if refiners cannot immediately pass on the higher costs to consumers.
  • Regulatory and policy risks: Government policies on fuel pricing, subsidies, or import duties can directly impact refinery profitability. Price caps or taxation changes often reduce flexibility in managing costs.
  • Global market exposure: Refinery exports depend on international demand and trade conditions. Factors such as geopolitical tensions or falling global fuel demand can reduce export margins and revenue stability.
  • Environmental challenges: Growing global emphasis on renewable energy, carbon neutrality, and emission reduction may limit long-term oil demand. Refineries must adapt through cleaner technologies or diversification to remain sustainable.

Factors to Consider Before Investing in Refinery Stocks

  • Gross Refining Margin (GRM): GRM measures the difference between crude oil cost and the price of refined products. Higher margins indicate better profitability; thus, GRM is a key performance metric for refinery shares.
  • Crude oil supply and demand: Global oil production cuts or surpluses affect crude input costs. Any imbalance between supply and demand influences refinery profitability and stock performance.
  • Exchange rates: Since crude oil is traded in U.S. dollars, a weaker local currency increases import costs for refiners. This can squeeze margins and raise working capital requirements.
  • Energy transition trends: The global shift toward electric vehicles, biofuels, and renewable energy is gradually reducing long-term dependence on fossil fuels, potentially impacting the growth prospects of refineries.
  • Government policies: Tax reforms, import-export duties, and emission regulations influence refinery operations and profitability. Supportive policies, however, can boost capacity expansion and infrastructure development in the sector.

Can't decide which stocks to pick?

smallcase offers 500+ readymade stock baskets, created and managed by SEBI-registered investment experts

Try smallcase

Discover ready-made stock baskets on smallcase

smallcase offers simple, quick & delightful investing for you with 200+ readymade stock baskets, created and managed by SEBI-registered investment experts

To Wrap Up...

Refinery oil stocks and gas refinery stocks play a key role in India’s energy ecosystem by turning crude oil into fuels and petrochemical products that drive daily life and industry growth. Investors often select these stocks to capitalise on India’s increasing energy demand and expanding infrastructure. Crude oil prices, refining margins, and policy changes strongly affect performance. Refinery stocks offer steady cash flows and dividends but remain sensitive to global market changes. Tracking company performance, government policies, and energy transition trends helps investors find long-term opportunities in this changing sector.

FAQs About Refinery Stocks

Are refinery stocks a good investment?

Investing in any stocks, including those of oil refineries, is subject to market risk, and investors should conduct their own research before investing. 

What factors should I consider when choosing refinery stocks?

You can look for financial health, refining capacity, and the company’s position in the list of oil refinery stocks in India.

Are there any SEBI-laid regulations concerning refinery stocks in India?

Yes, SEBI regulates refinery companies in India, ensuring transparency and fair practices.

Is it necessary to invest directly in refinery stocks?

No, investors can consider mutual funds or ETFs focused on oil refinery stocks in India for indirect exposure.

Are there any small cap oil refinery stocks in India?

Yes, there are small-cap oil refinery stocks in India, such as Gandhar Oil Refinery (India) Ltd. and Continental Petroleums.

Explore the Popular Stock Collections:

Thematic Stocks:

Keep yourself informed and up-to-date on a variety of thematic sectors by reading the articles below:

Blue Chip Stocks PSU Stocks FMCG Stocks IT Stocks Real Estate Stocks Green Energy Stocks Cement Stocks
Water Management Stocks Auto Sector Stocks Bonus Stocks Energy Stocks Gaming Stocks Shipbuilding Stocks Power Sector Stocks
Renewable Energy Stocks Best Intraday Stocks Railway Stocks Textile Stocks Agriculture Stocks Mid Cap Stocks Ethanol Stocks
Banking Stocks Steel Stocks FII Buying Stocks Metal Stocks Food Stocks Logistics Stocks Healthcare Stocks
AMC Stocks Broking Stocks Wood Stocks Telecom Sector Stocks Hotel Stocks Insurance Stocks Best Stocks in 2025
Laminate Companies in India AC Stocks Coffee Stocks Multibagger Stocks Microcap Stocks Monopoly Stocks Electric Equipment Stocks
Finance Sector Stocks Aluminium Stocks Manufacturing Stocks Large Cap Stocks Copper Stocks PSU Bank Stocks Agro Chemical Stocks
E-Commerce Stocks Shoe Manufacturers Solar Stocks Semiconductor Stocks Oil Shares Pharma Stocks Construction Stocks
Value Stocks Education Sector Stocks Waste Management Stocks Infrastructure Stocks Capital Goods Stocks Gold Stocks 5G Stocks
Chemical Stocks Refinery Stocks Coal Shares Shipping Stocks Paper Stocks Fundamentally Strong Stocks Ceramic Stocks
Silver Stocks Rubber Stocks Sugar Stocks Consumer Durables Stocks Hospital Stocks Green Hydrogen Stocks Plastic Stocks
Halal Stocks Biotech Stocks Aviation Stocks Paint Stocks Engineering Stocks Petrochemical Stocks Cyclical Stocks
Fertilizer Stocks Edible Oil Stocks Leather Stocks MSME Stocks Mining Stocks Carbon Stocks Bearing Stocks
Housing Finance Stocks Tourism Stocks Packaging Stocks Diesel Stocks Tobacco Stocks Cable Stocks Tyre Stocks
Retail Stocks Wind Energy Stocks Liquor Stocks Jewellery Stocks Auto Ancillary Stocks Road Construction Stocks NBFC Stocks
Smallcap Stocks Drone Stocks Defence Stocks Battery Stocks Short Term Stocks Undervalued Stocks AI Stocks

Indices and Market Movers: 

Top Losers Today Nifty Private Bank Top Gainers Today 52-Week Low Stocks All-Time High Stocks Most Active Stocks Nifty 50 Stocks
Bank Nifty Stocks Nifty Media Stocks Nifty IT Stocks Nifty 100 Stocks 52-Week High Stocks Upper Circuit Stocks Lower Circuit Stocks
All Time Low Stocks Bluechip Stocks at 52 Week Low Top Gainers in Nifty 500 200 DMA Breakout Stocks Debt Free Stocks High Volatility Stocks Highest Priced Shares in India
Low PE Ratio Stocks High Beta Stocks Highest Volume Stocks Highest Return Stocks High CAGR Stocks Growth Stocks Liquid Stocks
High Dividend Yield Stocks
Swing Trading Stocks Stocks with RSI Below 30        

Stocks Under Budget:

If you are looking for stocks under a particular price range, here’s the collection of stocks under a specifc budget:

Stocks Under 200 Penny Stocks in India Stocks Under 10 Stocks Under 5 Multibagger Penny Stocks Fundamentally Strong Penny Stocks Debt-Free Penny Stocks
Stocks Under 20 Stocks Under 50 Stocks Under 100

Popular Group of Companies:

Mukesh Ambani Stocks Godrej Group Stocks Hinduja Group Stocks L&T Stocks Mahindra Stocks Miniratna Companies Stocks Navratna Companies
Birla Stocks Murugappa Group Stocks Anil Ambani Group Stocks Bajaj Shares Maharatna Stocks Tata Shares Adani Shares