A fast-read primer on India's oil exploration and production sector — the backdrop against which we benchmark every company's cost structure in this category.
Crude consumption is on a clear multi-decade growth path, backed by expanding refining capacity.
FY24 → FY40 forecast
FY24 → FY25
Global scale, rapid capacity expansion, and supportive policy define the sector.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian Oil companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of net revenue. No company is named here.
Ranked from biggest to smallest.
Miscellaneous & Others dominates at 14.7% of revenue — more than four times the next largest category, Manpower Supply/Contract Labour (3.3%) — reflecting how different the businesses inside this sector really are.
This is the widest spread we've measured in any sector — the sector code covers national upstream explorers, oilfield service contractors, storage and terminal operators, and small exploration-stage companies, four genuinely different businesses sharing one label. That mix, not inconsistent cost control, drives the 28.6x gap.
One company's standalone filing doesn't let us separate its employee costs from its other costs, so it can't be compared to the rest on the same basis — it's left out of this benchmark, though its other figures are kept on file for reference.
This is the free, sector-wide view. It tells you where Oil stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.