This report represents the first attempt to understand Indian oil companies from a dual lens, examining both internal capabilities and external pressures that shape the Indian oil and gas companies. The study captures firm-level financial analysis, industry-level competitiveness, and value chain analysis. The analysis presented in this report suggests that the relatively modest market valuation of Indian oil companies is not a reflection of their scale or strategic importance, but rather an opportunity to enhance certain institutional and operational dimensions. Factors such as ownership structures, evolving regulatory mechanisms, emerging ESG practices, and the pace of diversification into renewable energy offer scope for further improvement. These are not limitations, but areas where targeted interventions can unlock greater value and investor confidence. The roadmap outlined here is both future-oriented and practical. It suggests measures to expand market participation, modernise infrastructure, deepen ESG integration, and develop future-ready capabilities through workforce training and innovation. It also emphasises the potential of global listings and consumer engagement as strategic tools to boost visibility and valuation.
