IOCL vs BPCL vs HPCL - What Do They Have in Common

IOCL, BPCL, and HPCL play a significant role in India's downstream oil and gas industry. All three companies refine crude oil, manufacture petroleum products, and operate extensive fuel retail networks across the country. They are also government-controlled public sector enterprises that contribute to India's energy security. 

Key takeaways

• IOCL remains India's largest public sector oil company based on refinery throughput, revenue, and retail network.
• All three companies reported lower profits in FY 2024–25 than in FY 2023–24 due to lower refining margins and reduced LPG compensation during part of the year.
• HPCL inaugurated the Barmer refinery-cum-petrochemical complex in July 2026, making it India's second-largest state-owned refiner by capacity.
• Together, IOCL, BPCL, and HPCL continue to operate more than 90% of India's fuel retail network.

Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) are India's three largest public sector downstream oil companies. They refine crude oil, manufacture petroleum products, market fuels, and operate nationwide retail fuel networks. Although each company differs in operational scale, they share similar business models and play an important role in supplying energy across the country.

How is the ownership pattern similar?

The Central Government continues to hold a controlling stake in all three companies, although the ownership structure differs slightly.

• IOCL: The Government of India holds around 51–52% as the promoter.
• BPCL: The Government of India remains the majority shareholder, with the Ministry of Petroleum and Natural Gas serving as the administrative ministry.

• HPCL: HPCL has been a subsidiary of ONGC since 2018, with ONGC holding 54.90% as of 31 March 2025, giving the Government of India indirect majority ownership.

  
  

HPCL continues to attract comparatively higher foreign portfolio investor participation, BPCL has strong mutual fund ownership, and IOCL has the largest public shareholder base among the three companies.

Since all three companies operate in the downstream petroleum industry, their product offerings are largely similar. They manufacture fuels and petroleum products for transportation, industrial, commercial, aviation, and household use.

HPCL's petrochemical portfolio is expected to expand further with the commissioning of the Barmer refinery-cum-petrochemical complex.

India's fuel retail network crossed 1,00,266 outlets by November 2025. Public sector oil companies continue to dominate the market, with IOCL, BPCL, and HPCL together operating more than 90% of the country's fuel stations.

IOCL remains the market leader with around 41–42% of India's retail fuel network. BPCL and HPCL have both expanded their presence by adding thousands of new outlets since FY 2022–23 as part of their retail expansion strategy.

Refinery throughput indicates the volume of crude oil processed into petroleum products, while revenue from operations reflects the company's business scale. Gross Refining Margin (GRM) measures the profitability of refining operations and is influenced by crude oil prices, product demand, and global market conditions.

The table below compares the latest available full-year financial and operational figures for FY 2024–25.

 The rupee values are approximate conversions based on the exchange rate at the time of writing.

Compared with FY 2022–23, refinery throughput remained broadly stable for IOCL, while BPCL and HPCL recorded notable growth. HPCL's throughput increased significantly following the expansion and ramp-up of its Visakh refinery.

Revenue from operations declined for IOCL and remained relatively stable for BPCL and HPCL as crude oil and petroleum product prices moderated from the exceptionally high levels seen after the Russia-Ukraine conflict.

Gross refining margins also declined across all three companies during FY 2024–25. As a result, profits were lower than in the previous financial year, reflecting reduced refining margins and lower government compensation for LPG under-recoveries during part of the year.

Indian Oil Corporation Limited (IOCL)

IOCL is India's largest public sector oil company, with operations spanning crude oil refining, pipeline transportation, petrochemicals, natural gas, and fuel marketing. The company operates 11 of India's 23 refineries and maintains overseas operations in Sri Lanka, Mauritius, and the Middle East through its subsidiaries.

A key operational milestone during FY 2024–25 was IOCL's pipeline network handling more than 10 crore tonnes (100 million tonnes) of petroleum products for the first time, highlighting the scale of its transportation infrastructure.

Bharat Petroleum Corporation Limited (BPCL)

BPCL operates refineries in Mumbai, Kochi, and Bina, with a combined refining capacity of about 3.53 crore tonnes per annum (35.3 MMTPA). The company continues to expand the Bina refinery while developing an integrated petrochemicals complex to strengthen its downstream business.

BPCL has also expanded its retail presence, adding more than 1,800 fuel outlets during FY 2024–25. In addition, it has announced plans to develop a new greenfield refinery near Ramayapatnam in Andhra Pradesh to support future demand growth.

Hindustan Petroleum Corporation Limited (HPCL)

HPCL is a subsidiary of ONGC and operates refineries in Visakhapatnam and Mumbai, along with its interest in HPCL-Mittal Energy Limited's Bathinda refinery.

One of the company's most significant developments came in July 2026, when the Barmer (Pachpadra) refinery-cum-petrochemical complex in Rajasthan was inaugurated. Developed through the HPCL Rajasthan Refinery Limited joint venture at an investment of approximately ₹79,459 crore, the project adds 0.90 crore tonnes per annum (9 MMTPA) of refining capacity and 0.24 crore tonnes per annum (2.4 MMTPA) of petrochemical capacity. With this addition, HPCL is expected to become India's second-largest state-owned refiner by capacity after IOCL.

IOCL, BPCL, and HPCL are key players in India's downstream oil and gas sector, with all three engaged in refining crude oil, manufacturing petroleum products, and operating extensive fuel retail networks. While they share similar business models and government ownership, they differ in refining capacity, revenue, retail presence, and expansion plans. IOCL continues to lead in operational scale, while BPCL and HPCL are strengthening their infrastructure through capacity additions and network expansion, supporting India's growing energy needs.