Top Oil Refining and Marketing Stocks Compared: Reliance Industries vs HPCL vs MRPL vs Chennai Petroleum vs Indian Oil on Price, Valuation, Q2 FY27 Results and Risks

Oil refining and marketing stocks compared here means Reliance Industries, HPCL, MRPL, Chennai Petroleum and Indian Oil on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes a conglomerate with a giant refining complex, two state-run fuel marketers with retail networks, a coastal refiner and a southern refinery operator, so each name earns from a different mix of refining and marketing, which is exactly why a side-by-side look helps.

All five companies have filed their September 2026 quarter, so every result below is Q2 FY27. Refiners and marketers follow crude prices, refining margins and fuel demand, so a glance at the Nifty 50 page and the Sensex page before you read the tables gives useful backdrop.

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Oil Refining and Marketing Stocks Compared: Five Fuel Names

The oil refining and marketing stocks compared here are Reliance Industries, HPCL, MRPL, Chennai Petroleum and Indian Oil. Reliance Industries is the largest by market capitalisation at Rs 18,04,428 crore. Previous closes run from Rs 148.38 for Indian Oil to Rs 1,464.30 for Chennai Petroleum, which is why a side-by-side look at value rather than price is more useful. This oil refining and marketing stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
Reliance Industries	1,335.40	18,04,428
HPCL	400.15	84,900
MRPL	178.99	31,372
Chennai Petroleum	1,464.30	21,806
Indian Oil	148.38	2,08,994

A quick look at the business behind each ticker puts the numbers in context. Reliance Industries runs refining, petrochemicals, retail and telecom businesses, while HPCL refines crude oil and sells fuels and lubricants through a large retail network. MRPL runs a large coastal refinery and supplies petroleum products, and Chennai Petroleum runs a refinery in Tamil Nadu and supplies fuels and speciality products. To compare oil refining and marketing stocks properly, line up dividend yield, price to earnings and return on equity before forming a view.

Rounding out the group, Indian Oil is India's largest refiner and fuel marketer with a pan India network. A fair oil refining and marketing stock comparison looks at what each company actually earns from, not only at the share price. Diversified groups, fuel marketers and standalone refiners belong in separate mental boxes whenever you compare oil refining and marketing stocks fairly.

Oil Refining and Marketing Stocks Valuation: Multiples, Returns and Payouts

Chennai Petroleum trades at the lowest price to earnings ratio in this group at 3.82. It also reports the highest return on equity at 41.95%. Indian Oil has the lowest price to book value at 0.89. These oil refining and marketing stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this oil refining and marketing stocks compared table: dividend yield and price to earnings sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)	Debt to equity
Reliance Industries	18.87	1.91	8.69	0.45	0.43
HPCL	59.11	1.61	2.73	6.08	1.40
MRPL	7.11	1.84	25.91	2.23	0.60
Chennai Petroleum	3.82	1.60	41.95	4.23	0.16
Indian Oil	4.18	0.89	20.25	5.44	0.60

Oil refining and marketing stocks often trade at modest price to earnings multiples because earnings move with crude and margins. Price to book, return on equity and dividend yield help you judge how the market values each company and how much it pays back. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple oil refining and marketing stock comparison like this one is only as useful as the context behind it, which is why return on equity is worth checking as well.

In this group, price to earnings runs from 3.82 for Chennai Petroleum to 59.11 for HPCL. HPCL offers the highest dividend yield at 6.08%. Against an industry price to earnings of 14.65, each multiple in the table tells you whether the market is paying more or less than the sector norm. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built oil refining and marketing stock comparison also notes that crude prices and refining margins can move results between quarters. Run the same oil refining and marketing stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare oil refining and marketing stocks, note whether a premium is backed by returns or only by size.

Oil Refining and Marketing Stocks Q2 FY27 Results: Revenue and Profit Check

All of the five oil refining and marketing stocks compared have filed Q2 FY27 numbers. MRPL posted the fastest revenue growth at 37.0% year on year. Chennai Petroleum showed the sharpest rise in net profit at 212.4%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. Treat the Q2 FY27 numbers in this oil refining and marketing stocks compared review as a snapshot of one quarter, not a verdict on any refiner.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
Reliance Industries	3,68,061	2,88,030	29,250	22,146
HPCL	1,39,575	1,10,919
MRPL	35,640	26,015	1,901	627.4
Chennai Petroleum	22,074	20,040	2,247	719.2
Indian Oil	2,68,713	2,07,091	22,503	8,191

Reliance Industries Results Snapshot

Reliance Industries reported Q2 FY27 revenue of Rs 3,68,061 crore, compared with Rs 2,88,030 crore a year earlier, a rise of 27.8%. Net profit rose 32.1% to Rs 29,250 crore from Rs 22,146 crore. Net profit margin improved to 7.0% from 6.4%. Earnings per share for the quarter rose to Rs 18.88 from Rs 13.42.

HPCL Results Snapshot

In the September 2026 quarter, HPCL booked revenue of Rs 1,39,575 crore against Rs 1,10,919 crore in the same quarter last year, a rise of 25.8%.

MRPL Results Snapshot

MRPL's Q2 FY27 top line stood at Rs 35,640 crore, versus Rs 26,015 crore in Q2 FY26, a rise of 37.0%. Net profit rose 203.0% to Rs 1,901 crore from Rs 627.4 crore. Operating margin expanded to 9.1% from 6.0% a year ago. Earnings per share for the quarter rose to Rs 10.85 from Rs 3.58.

Chennai Petroleum Results Snapshot

Chennai Petroleum reported Q2 FY27 revenue of Rs 22,074 crore, compared with Rs 20,040 crore a year earlier, a rise of 10.2%. Net profit rose 212.4% to Rs 2,247 crore from Rs 719.2 crore. Operating margin expanded to 14.7% from 5.8% a year ago. Earnings per share for the quarter rose to Rs 150.90 from Rs 48.30.

Indian Oil Results Snapshot

In the September 2026 quarter, Indian Oil booked revenue of Rs 2,68,713 crore against Rs 2,07,091 crore in the same quarter last year, a rise of 29.8%. Net profit rose 174.7% to Rs 22,503 crore from Rs 8,191 crore. Operating margin expanded to 13.1% from 8.5% a year ago. Earnings per share for the quarter rose to Rs 15.54 from Rs 5.68.

Refining and marketing results depend on refining margins, throughput, crude costs and marketing margins, so profit can look different from revenue in a single quarter. That is why an oil refining and marketing stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, an oil refining and marketing stocks compared review becomes a map of the sector rather than a price list. When you compare oil refining and marketing stocks after each result season, track how return on equity changes from one quarter to the next. An oil refining and marketing stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

Oil Refining and Marketing Stocks Compared Two at a Time: Three Pairings

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare oil refining and marketing stocks two at a time.

Reliance Industries vs Indian Oil

Reliance Industries runs refining, petrochemicals, retail and telecom, while Indian Oil is the largest refiner and fuel marketer in the country. Reliance Industries is about 8.6 times the size of Indian Oil by market capitalisation, at Rs 18,04,428 crore against Rs 2,08,994 crore. On price to earnings, Indian Oil carries the lower multiple at 4.18 against 18.87 for Reliance Industries. Indian Oil reports the higher return on equity, at 20.25% against 8.69% for Reliance Industries. A diversified conglomerate and a pure fuel major are priced differently, so read the business mix before you read the ratio.

HPCL vs Indian Oil

HPCL and Indian Oil both refine crude and sell fuels through large retail networks, so they are the closest pair on the list. On price to earnings, Indian Oil carries the lower multiple at 4.18 against 59.11 for HPCL. Indian Oil reports the higher return on equity, at 20.25% against 2.73% for HPCL. For dividend income, HPCL offers 6.08% against 5.44% at Indian Oil. Both depend on margins and fuel demand, so read growth next to valuation before you judge either multiple.

MRPL vs Chennai Petroleum

MRPL and Chennai Petroleum each run a single large refinery and supply fuels and speciality products. Chennai Petroleum reports the higher return on equity, at 41.95% against 25.91% for MRPL. For dividend income, Chennai Petroleum offers 4.23% against 2.23% at MRPL. In Q2 FY27, MRPL grew revenue faster, at 37.0% year on year against 10.2% for Chennai Petroleum. Both depend on refinery throughput, so read returns and valuation side by side.

Best Oil Refining and Marketing Stocks for Each Type of Investor

Searching for the best oil refining and marketing stocks usually means different things to different readers. The table below shows who leads on each measure today, so you can pick the row that matches your goal. Any oil refining and marketing stocks compared table can mislead if you stop at one row, because each refiner leads on a different measure.

If you care most about	Start your research with	The number
Lowest price to earnings	Chennai Petroleum	3.82
Highest return on equity	Chennai Petroleum	41.95%
Highest dividend yield	HPCL	6.08%
Lowest price to book value	Indian Oil	0.89
Largest by market capitalisation	Reliance Industries	Rs 18,04,428 crore
Fastest Q2 FY27 revenue growth	MRPL	37.0%
Sharpest Q2 FY27 net profit rise	Chennai Petroleum	212.4%

No single name tops every row, which is exactly why an oil refining and marketing stock comparison helps. Scale, returns, payouts and valuation each point to a different company, so decide what matters most to you before you rank the numbers.

What Is Driving Demand for Fuels and Petrochemicals Right Now?

Fuel demand, petrochemicals and retail networks keep refiners and marketers busy. Large integrated players earn from refining, marketing and other businesses together. Knowing what moves crude prices and refining margins helps you compare oil refining and marketing stocks with the right questions in mind.

Refining margins, crude costs and marketing margins decide earnings. Plants running at high rates and firms with strong retail reach can earn more from each barrel. A good oil refining and marketing stocks compared routine therefore tracks refining margins, throughput and marketing. The sector backdrop helps every name here, but an oil refining and marketing stock comparison shows it does not help them equally.

Risks to Weigh When You Compare Oil Refining and Marketing Stocks

Refining and marketing stocks depend on crude prices, refining margins, fuel pricing policy and currency moves. Earnings can swing between quarters, so read each filing for margin, throughput and inventory commentary before you compare them. Every oil refining and marketing stock comparison has blind spots, and for this group the biggest is crude prices and refining margins. A thoughtful oil refining and marketing stocks compared review keeps these risks next to the numbers instead of in a footnote.

Because refining margins, throughput and marketing drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this oil refining and marketing stocks compared guide a balanced starting point.

How to Compare Oil Refining and Marketing Stocks and Build a Shortlist

Start by deciding whether you want a diversified group, a fuel marketer with a retail network or a standalone refiner, because each responds to different triggers. Marketers reward readers who track fuel sales, while standalone refiners reward those who track refining margins. Done step by step, this oil refining and marketing stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and returns, because earnings can move with crude prices and margins. Spreading your attention across one marketer and one standalone refiner is a simple way to see both sides of the sector. Keep the shortlist of best oil refining and marketing stocks short enough that you can actually follow each company's quarterly results. When you compare oil refining and marketing stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter oil refining and marketing stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this oil refining and marketing stocks compared page after the next set of results to see which numbers have moved.

Check the Univest Screener for live oil refining and marketing stock data

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Conclusion: Oil Refining and Marketing Stocks Compared at a Glance

This oil refining and marketing stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Reliance Industries leads on size and Chennai Petroleum leads on return on equity, while the others bring their own strengths. Treat the oil refining and marketing stocks Q2 FY27 results and oil refining and marketing stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare oil refining and marketing stocks again next quarter, the same checklist of dividend yield, price to earnings and return on equity will work.

Frequently Asked Questions on Oil Refining and Marketing Stocks Compared

Which are the top oil refining and marketing stocks compared in this article?

Ans. The oil refining and marketing stocks compared in this article are Reliance Industries, HPCL, MRPL, Chennai Petroleum and Indian Oil. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, which gives you one tidy table to work from before you read any filing in detail.

Which oil refining and marketing stock has the highest market capitalisation?

Ans. Among the five names, Reliance Industries has the highest market capitalisation at Rs 18,04,428 crore. Indian Oil follows at Rs 2,08,994 crore. Because market capitalisation is simply share price multiplied by shares outstanding, it shifts daily, so confirm the live number before using it.

Which of these oil refining and marketing stocks has the lowest price to earnings ratio?

Ans. On oil refining and marketing stocks valuation, Chennai Petroleum has the lowest price to earnings ratio among these oil refining and marketing stocks at 3.82, based on the latest reported earnings. HPCL sits at the other end at 59.11. A low multiple can reflect slower growth or higher risk as easily as a bargain, so read it next to growth and margins.

Which oil refining and marketing stock has the highest return on equity?

Ans. Chennai Petroleum reports the highest return on equity in this group at 41.95%. The ratio measures profit earned for every rupee of shareholder money, which makes it a quick test of capital efficiency. One year can mislead, so look at several, and remember that borrowing can push the figure up.

How did oil refining and marketing stocks perform in Q2 FY27 results?

Ans. All of the five names have filed Q2 FY27 numbers in our data. MRPL recorded the fastest revenue growth at 37.0% year on year. Chennai Petroleum showed the sharpest net profit rise at 212.4%. For oil refining and marketing stocks Q2 FY27 results, each filing on the exchange website carries the full detail behind these figures.

What are the main risks when you compare oil refining and marketing stocks?

Ans. Refining and marketing stocks depend on crude prices, refining margins, fuel pricing policy and currency moves. Earnings can swing between quarters, so read each filing for margin, throughput and inventory commentary before you compare them. Keep an eye on refining margins, throughput and marketing.

Which metrics matter most when you compare oil refining and marketing stocks?

Ans. Refining margins, throughput, marketing margins and inventory gains matter most for operating performance. Price to earnings, price to book, return on equity and dividend yield show how the market values each company. Read each company's filing for these along with the numbers in this article.

Which is the best oil refining and marketing stock to buy among these five?

Ans. The best oil refining and marketing stock depends on whether you value a diversified group, a fuel marketer or a standalone refiner, because the five names differ on all three. On the numbers in this article, Reliance Industries has the largest market capitalisation; Chennai Petroleum has the lowest price to earnings as well as the highest return on equity; HPCL has the highest dividend yield. Each name wins on a different row, and this is educational content rather than advice. Build a shortlist from the tables, read the latest filings, and talk to a SEBI-registered advisor, because your own goals and risk appetite decide the right fit.