Nayara Energy Ltd
Rosneft-backed owner of the 20 MMTPA Vadinar refinery and 6,500-plus fuel stations, earning ₹6,000 Cr-plus a year but shadowed by EU sanctions.
Market cap
₹1.71 Lakh Cr
149.06 Cr shares
P/E ratio
28.20
Sector average 12
Book value
₹335.50
P/B 3.43
1-year return
+5.60%
52w ₹999 – ₹1,775
Currently 19% of the way through its 52-week range.
Indicative price history
1Y change
+6.13% ₹1,084 → ₹1,150
52-week band in this window: ₹923.42 – ₹1,179.27. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 20 MMTPA Vadinar refinery with a 6,500-plus retail network; second-largest single-site refinery in India.
- FY25 revenue ₹1,50,324 Cr, PAT ₹6,079 Cr, net worth ₹50,010 Cr, debt-equity 0.18.
- Rosneft and the Kesani (Trafigura/UCP) consortium hold 49.13% each; public float ~1.7%.
About Nayara Energy
Nayara Energy Ltd (formerly Essar Oil) was incorporated on 12 September 1989 and operates India's second-largest single-site refinery at Vadinar, Gujarat (about 20 million tonnes a year, Nelson complexity 11.8), a captive port and power plant, and one of the country's largest private fuel-retail networks with more than 6,500 outlets. In 2017 a consortium of Rosneft (49.13%) and Kesani Enterprises — a vehicle of Trafigura and UCP — (49.13%) bought the company from the Essar group for about US$12.9 billion; the remaining ~1.7% sits with public shareholders from the Essar Oil delisting era, which is the float that trades in the unlisted market.
FY25 revenue was ₹1,50,324 Cr with a net profit of ₹6,079 Cr, down 50.7% from the record ₹12,300 Cr-plus of FY24 as refining margins normalised. Total equity stood at ₹50,010 Cr and total assets at ₹85,447 Cr, with a debt-equity ratio of just 0.18. The company is completing a 450 KTPA polypropylene plant and expanding retail, and is chaired by Prasad K. Panicker with Teymur Abasguliyev as CEO; Naina Lal Kidwai, Andrey Bogatenkov and Abhimanyu Bhandari are among the directors.
In July 2025 the European Union included Nayara in its 18th sanctions package against Russia, prompting the exit of the then CEO, difficulties with some banks, shippers and software vendors, and a sharp fall in the unlisted quote from a high of ₹1,775 to below ₹1,000. The company has contested the designation and continues to operate with Indian government support, but export and financing options have narrowed.
FY25 totals are from published results; FY23 and FY24 profit, and balance-sheet line items, are reconstructed around reported totals and growth rates; treat them as approximate.
Where the revenue comes from
- Refining & wholesale fuels62%
Diesel, petrol, ATF, LPG and other products from the Vadinar refinery sold to OMCs, bulk buyers and exports
- Retail fuel network30%
Sales through 6,500-plus Nayara-branded outlets
- Petrochemicals & other8%
Polypropylene (new plant), sulphur, petcoke and port/power services
Products & services
Transportation fuels
Petrol, diesel, ATF and LPG supplied to OMCs, bulk consumers and exports.
Nayara retail outlets
Fuel stations across India, with growing non-fuel retail.
Petrochemicals
New 450 KTPA polypropylene unit plus sulphur, petcoke and bitumen.
What works
- • World-scale, high-complexity refinery with captive port, power and a 6,500-plus retail network.
- • Robust balance sheet: net worth ₹50,010 Cr, debt-equity 0.18 and profits of ₹6,000–12,000 Cr a year through the cycle.
- • Access to discounted Russian crude through Rosneft has supported margins since 2022.
What to watch
- • EU sanctions (July 2025) restrict banking, shipping, technology and export channels; secondary-sanction risk could widen.
- • Earnings are hostage to gross refining margins — FY25 profit halved from FY24.
- • Only ~1.7% of shares are publicly held; no IPO is planned and Rosneft has explored a sale, so minority holders have little influence.