India's largest private company vs the state-owned upstream major — refining margins, oil realisations and Brent at $95.
| Metric | Reliance (RELIANCE) | ONGC (ONGC) |
|---|---|---|
| Business model | Integrated: refining + petchem + Jio + retail | Pure upstream E&P (largely) |
| Brent exposure | Margin compression at high Brent | Direct revenue lift at high Brent |
| Refining capacity | 1.4 mbd at Jamnagar (world's largest) | ~0.4 mbd (via subsidiaries) |
| Crude production | ~0.05 mbd | ~1.0 mbd |
| Government windfall tax | Limited impact | Direct hit at Brent > $75 |
| Diversification | Telecom, retail, green energy | Limited — gas via HPCL/MRPL |
| Cycle correlation to Brent | Negative at high prices | Strongly positive |