20240325_国泰君安_石油行业：印度信实工业（500325.BO）Reliance首次覆盖及印度原油市场展望石化为基多元发展的印度民营巨头_38页.pdf

Table_MainInfo Table_Title 500325.BO Reliance()()()021-38677369 021-38032022 021-38031035 S0880517090003 S0880522080005 S0880123070130 Reliance Table_Summary 65 2030 120/660/37.5%2030 60/46/OALP 88.7%3%38%126/KG-D6 23%2025 59.8%4125 2 6820/27.15%3.07/Growth is Life 24 34%5G 24-26 2500 Table_Invest 2901.30 2024.03.25 Table_Market 52 2172.33-3024.90 6766.00 19630.2 Table_Report FY 2020 FY 2021 FY 2022 FY 2023 6600 4669 6960 8778(+/-)%5.5 6%-2 9.2 5%4 9.0 5%2 6.1 3%920 886 1187 1442 399 537 678 741(+/-)%0.1 1%3 4.7 5%2 6.2 5%9.2 0%PE 40.11 29.81 23.61 21.60 PB 3.71 2.76 2.19 2.00 Table_industryInf o 500325.BO 2 of 38 1.Reliance.5 1.1.Ambani.5 1.2.7 2.9 2.1.10 2.1.1.“”.10 2.1.2.12 2.1.3.LPG/.13 2.1.4.2023-30 120/37.5%.14 2.2.15 2.2.1.15 2.2.2.2P 25.17 2.2.3.OALP.19 2.3.20 2.3.1.20 2.3.2.21 2.3.3.22 3.Reliance.23 3.1.70%RIL.23 3.2.RIL KG-D6.25 3.3.25 4.26 4.1.26 4.2.28 4.3.30 5.32 5.1.Reliance.32 5.2.33 6.36 1 Reliance 65.5 2.6 3 Ambani Reliance.6 4 18 14.27%.7 5 18 12.85%.7 6 55.07%.7 7 EBITDA 43%.7 WUAZuNnQnOnMtNmPmRsNnMaQcM9PnPpPpNtPeRpPmPiNpNpRaQqQvNMYtPzQuOpOqP 500325.BO 3 of 38 8.8 9 23 EBITDA.8 10.9 11 EBITDA.9 12.9 13.9 14.10 15.10 16 GDP 2023-30.11 17.11 18.11 19.12 20/.12 21 2030 60/.13 22 23-30 42%.13 23 2023-30 6.9%.13 24 LPG/2023-30 3.2%.13 25 LPG/.14 26 23 100.15 27.15 28 60/.15 29 2030 16 30.17 31 80%2P.18 32.19 33 89%.20 34 2030 590/.21 35.22 36.22 37.22 38 2030 50/.23 39 2030 77/.23 40 99.7%.24 41.24 42 92%2P.24 43 KG-D6 Reliance.25 44 Reliance.25 45.27 46 2030 685/.28 47 Reliance 27.15%.28 48 Reliance.29 49 Reliance.29 50 Reliance.30 51 Reliance.30 52 Reliance.31 53 Reliance.32 500325.BO 4 of 38 54 ARPU.32 55 GB.32 56 2023.33 57 2024.33 58 Reliance.33 59 9 37.78%.34 60 2023.34 61 Reliance.34 62 2023 18.7%.34 63 2023 57.7%.34 64.35 65 2500.35 66 2035.35 1 Reliance.5 2.15 3 26 2P 25.17 4 3056.6.20 5 25121/571/.26 6.28 uz0/rvzHIQJLpIvxx1ClubzkDSe1RnSOm2svFrHBRVm2ahh5D6xrHniPqfFu8Aay 500325.BO 5 of 38 1.Reliance 1.1.Ambani Reliance Reliance Industries Ltd.RIL 1958 65 Growth is Life 2000 3300/2002 30 Krishna Godavari 7 2006 Reliance Retail 2016 Jio 2020 100 Reliance 65 2024 2 19 197647 2382 1 Reliance 65 Bloomberg WIKI Growth is Life 65 2023 87783 1058 30.5%PE PB EV/EBITDA 29.8 2.7 15.8 1 Reliance 500325.BO 6 of 38-1 PP HDPE LDPE LLDPE PX PTA PET FDY POT Jio JioMart 4G/5G 2 Bloomberg T ata Aditya Birla Ambani Adani Bharti Airtel Tata Aditya Birla Ambani Adani Bharti Airtel Bharti Airtel Limited 1991 10%2021 18%Reliance Ambani 2023 Ambani Reliance 50.3%6.3%Reliance Jio 3 Ambani Reliance 0510152025303540455005001,0001,5002,0002,5003,0003,500Reliance 收盘价（卢比/股）PE（右轴）PB（右轴）EV/EBITDA（右 轴）500325.BO 7 of 38 1.2.Reliance 2023 87783 7408 26.13%9.20%2006-2023 14.27%12.85%2011 12 4 18 14.27%5 18 12.85%Bloomberg Bloomberg 55.07%43.06%2023 59465 55.07%24.12%11.09%1.53%2023 EBITDA 6207 43.06%12.47%34.88%9.43%6 55.07%7 EBITDA 43%-40%-30%-20%-10%0%10%20%30%40%50%60%010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023营业收 入（亿卢 比）增 速（右 轴）18年 复合 增速（右 轴）-25%-15%-5%5%15%25%35%45%01,0002,0003,0004,0005,0006,0007,0008,000FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023净利润（亿 卢比）增速（右轴）18 年 复合 增速（右 轴）500325.BO 8 of 38 Bloomberg Bloomberg 2016 Dahej 230/PTA PTA 465/4%2018 1 ROGC 150/360/2019 6 VLEC 2022 ADNOC 94 110 36 2022-2023 56.53%18.72%EBITDA 38.12%17.74%2021 EBITDA 29.10%29.06%EBITDA 29.71%45.77%2022 2023 250.09%120.34%EBITDA 2015.12%149.02%8 9 23 EBITDA Bloomberg Bloomberg 55.07%24.12%11.09%1.53%8.19%石油化工 零售 电信服务 油气生产 其他43.06%12.47%34.88%9.43%0.16%石油化工 零售 电信服务 油气生产 其他010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023石油化工 零售 电信服务 油气生产 其他02,0004,0006,0008,00010,00012,00014,00016,000FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023()500325.BO 9 of 38 EBITDA 16%-19%7%-10%2006 EBITDA 15.19%8.57%2023 EBITDA 10.44%6.90%41.98%82.32%EBITDA EBITDA 10%-12%10 11 EBITDA Bloomberg Bloomberg 2023 14180 42.56%2006 15.53%2018 6/2023 9/5 0.35%12 13 Bloomberg Bloomberg 2.0%5%10%15%20%25%FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023EBITDA 利润 率 净利润 率平均EBITDA 利润 率 平 均 净 利 润 率0%10%20%30%40%50%60%70%80%90%0%2%4%6%8%10%12%14%FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023石油化 工 零售电信服 务（右轴）油 气 生 产(右轴)-100%-50%0%50%100%150%200%250%02,0004,0006,0008,00010,00012,00014,00016,000FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023资 本 支 出（亿 卢 比）增 速（右 轴）18 年 复合 增速（右 轴）0%2%4%6%8%10%12%14%024681012FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023每 股 股 利（卢 比/股）股 利 支 付 率（%，右 轴）股 息 率（%，右 轴）500325.BO 10 of 38 550/5.4%60/0.6%2030 2.1.2.1.1.2014 9 25 Make in India”2025 GDP 15%25%25 2011-2020 GDP 6.8%21-22 2024 16%2024 2013-2022 1.06%2022 14.17 28.7 38.8 2024-2030 6.5%14 15 2022 2022,2023 GDP 2500 GDP 12700 20%GDP 2000 10000 GDP 2000 10000 28.7 500325.BO 11 of 38 IEA 2030 GDP 46%31%16 GDP 2023-30 IEA OPEC 2023 12 551/2013 367/149.18%2013 4.12%2023 5.34%33.58%17.97%14.88%6.90%49%17 OPEC 18 2%3%4%5%6%01234562013-022013-052013-082013-112014-022014-052014-082014-112015-022015-052015-082015-112016-022016-052016-082016-112017-022017-052017-082017-112018-022018-052018-082018-112019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-11印 度 石油产 品需求（百万 桶/天）占 全 球比重（%，右 轴）500325.BO 12 of 38 OPEC 2.1.2.90%70%2023 4800 2000 800%2023 3.36 14.3%/75%4.8 2023/2.3 IEA 2030 30%-40%19 20/IEA IEA 2023-2030 60/330/50%2023 270/33.58%17.97%14.88%6.90%3.45%2.18%21.05%柴油 液化石油气 汽油 石脑油 航空煤油 燃料油 其他产品 500325.BO 13 of 38 2030 60/330/22.2%2023 550/2030 120/LPG/42%17%8%8%7%2%50%21 2030 60/22 23-30 42%IEA OPEC IEA 2.1.3.LPG/2030 10/2023 19/3.45%7.3%2023-2030 6.9%2030 LPG 2030 LPG/11/2016 Pradhan Mantri Uiiwala Y ojana(PMUY)5000 2015 2023 5.3%34%2023-2030 LPG/20/3.2%11/55%PDH 9/45%23 2023-30 6.9%24 LPG/2023-30 3.2%0.00.20.40.60.81.01.21.40.00.51.01.52.02.53.03.52019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E印 度 汽油 需求（百 万桶/天）印 度 柴 油 需 求（百 万 桶/天）汽 柴 油需 求较 23年增长（右 轴）石 油 总需 求较 23 年 增 长（右 轴）42%17%8%8%7%2%17%柴油 LPG/乙烷 石脑油 航空煤油汽油 残渣燃料油 其他产品 500325.BO 14 of 38 IEA IEA 2030 LPG/21/HPCL-Mittal Energy Ltd HMEL 2022 Bathinda Guru Gobind Singh 120/Hindustan Petroleum Corp.Ltd HPCL 2024 Barmer 82/OIL IOCL Panipat GAIL 2025 50/PDH Bharat Petroleum Corp.Ltd BCPL Uran Petronet 75/PDH IEA 2030 LPG/21/12/9/LPG/PDH 25 LPG/IEA 2.1.4.2023-30 120/37.5%2023-2030 120/660/37.5%21%3.4%102/5.5/5.3%16.4/16.1%0%1%2%3%4%5%6%7%8%0.000.050.100.150.200.250.300.352021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E印 度 航空 煤油 需求（百 万桶/天）2023-30 年 复 合 增 速（右 轴）0%1%1%2%2%3%3%4%0.00.20.40.60.81.01.21.42021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E印度LPG/乙 烷 需 求（百 万 桶/天）2023-30年复合 增速（右 轴）500325.BO 15 of 38 IEA 2030 320/120/37.5%,6.3%2023-2030 3.14%OECD 21%6%-6%26 23 100 27 IEA IEA 2/2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2023-30 2023-30 LPG/0.8 0.9 0.9 0.9 0.9 1 1 1 1 1.1 1.1 1.1 3.20%0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 5.90%0.1 0.7 0.7 0.8 0.9 0.9 0.9 1 1 1 1 1 1 0.70%0.1 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 6.90%0.1 1.6 1.5 1.5 1.7 1.8 1.8 1.9 2 2.1 2.2 2.2 2.3 4.50%0.5 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1.30%0.1 1.1 1 1 1.1 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.3 2.10%0.2 5 4.6 4.9 5.3 5.5 5.7 5.9 6 6.2 6.3 6.5 6.6 3.20%1.2 99 92 96 99 102 103 103 104 104 105 105 106 0.44%3.2 IEA OPEC 2.2.2.2.1.12 60/2011 81/12 2023 60/0.6%2018 2023 4%7%28 60/808590951001051101151201251302019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E印度 中国 OECD 全球5.2%5.4%5.6%5.8%6.0%6.2%6.4%-0.50.00.51.01.52.02.52023 2024E 2025E 2026E 2027E 2028E 2029E 2030E全 球 需求 年增 长（百万 桶/天）印 度 需 求 年 增 长（百 万 桶/天）印 度 石 油 需 求 占 全 球 比 重 500325.BO 16 of 38 EIA 2030 20%60%20%2021 29 2023 41 41.4%2024 Mumbai Offshore 43 2030 33 2030 2023 IEA 2030 KG-D5 2030 4.5 5/FID 2030 2030 46/60/Mumbai Offshore 50%-55%Rajasthan 15-20%11%2016 2030 2030 46/29 2030 0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%01020304050607080902010-012010-062010-112011-042011-092012-022012-072012-122013-052013-102014-032014-082015-012015-062015-112016-042016-092017-022017-072017-122018-052018-102019-032019-082020-012020-062020-112021-042021-092022-022022-072022-122023-052023-10印 度 原油 产量（万 桶/天）占 全 球比 重（%，右 轴）500325.BO 17 of 38 IEA 2.2.2.2P 25 7 29.66%26 336 163 48.5%400 41 12.2%400 132 39.3%7 5 14 29.66%23.21%47.13%3 26 2P 25 km 7 998,325 29.66%Assam Shelf,Assam Arakan Fold Belt,Cambay,Cauvery,Krishna Godavari,Mumbai Offshore,Rajasthan 5 780,974 23.21%Andaman,Kutch,Mahanadi,Saurashtra,V indhyan 14 1,586,150 47.13%Himalayan Foreland,Ganga-Punjab,Kerala-Konkan,Bengal-Purnea,Karewa,Spiti-Zanskar,Satpura South Rewa-Damodar,Narmada,Deccan Syneclise,Bhima-Kaladgi,Cuddapah,Pranhita-Godavari,Bastar,Chhattisgarh 26 3,365,449 100%2P 25 30 500325.BO 18 of 38 2P 25 80%26 25 2P Probable Reserves 50%Mumbai Offshore Rajasthan Basin Assam Shelf 80%2P DGH 2P 166 30%31 80%2P IEA Rystad Energy Assam Assam Shelf Assam Arakan Fold Belt KG Krishna Godavari Mahanadi Bengal-Purnea Cauvery 2004 Rajasthan Mangala 800 02004006008001,0001,2001,400Mumbai Rajasthan Assam Cambay KG 其他P1 储量（百万桶）P2 储量（百万桶）500325.BO 19 of 38 2000-2023 2,000 Rajasthan RJ-ON-90/1 10,000 40,000 IOC IOC 2000 21%2023 9%32 IEA Rystad Energy UCube 2004 Rajasthan Mangala 800 2.2.3.OALP OALP 2016 OALP 2%12.5%100%2023 OALP-1 2017 41 OALP-8 144 OALP-9 28 OALP-9 OALP-10 100 OALP 3056.6 2P 122 OALP-9 99%Kutch Saurashtra Andaman Krishan Godavari Kutch Saurashtra 5000 Andaman 97%Krishan Godavari 60%3056.6 IEA Rystad Energy UCube 1-2 2P 25 122 500325.BO 20 of 38 6-10 4 3056.6 1 Assam Arakan Fold Belt 11919 3.90%2 Assam Shelf 43809 14.33%3 Cambay 18875 6.18%4 Cauvery 14340 4.69%5 Krishna Godavari 69748 22.82%6 Mumbai Offshore 70416 23.04%7 Rajasthan 30120 9.85%259227 84.81%8 Andaman 2711 0.89%9 Kutch 6558 2.15%10 Mahanadi 4749 1.55%11 Saurashtra 9674 3.16%12 V indhyan 4617 1.51%28310 9.26%13 Bastar 9 0.00%14 Bengal-Purnea 6047 1.98%15 Bhima-Kaladgi 23 0.01%16 Chhattisgarh 183 0.06%17 Cuddapah 37 0.01%18 Deccan Syneclise 80 0.03%19 Ganga-Punjab 937 0.31%20 Himalayan Foreland 324 0.11%21 Karewa 29 0.01%22 Kerala-Konkan 9086 2.97%23 Narmada 131 0.04%24 Pranhita-Godavari 696 0.23%25 Satpura South Rewa-Damodar 460 0.15%26 Spiti-Zanskar 81 0.03%18124 5.93%305661 100.00%1=7.3 2.3.2.3.1.460/88.7%2013 310/2023 460/2013 79.0%88.7%500325.BO 21 of 38 33 89%EIA OPEC 2030 590/2030 590/34 2030 590/IEA 2.3.2.3%38%460/1060/280/2023 Jamnagar 25%Nayara V adinar 11%2021 61%12%4.5%3%2023 45%4.5%3%38%2023 170/50%55%60%65%70%75%80%85%90%95%01002003004005006007002013-022013-052013-082013-112014-022014-052014-082014-112015-022015-052015-082015-112016-022016-052016-082016-112017-022017-052017-082017-112018-022018-052018-082018-112019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-08印 度 原油 需求（万 桶/天）印 度 原 油 净 进 口 量（万 桶/天）进 口 依 赖 度（右 轴）500325.BO 22 of 38 36%2023 70/130/35 IEA 2021 49%2023 62%2021 77%2023 85%5%24%8%15%36 IEA 2.3.3.126/2022 126/25%41/500325.BO 23 of 38 37 1=7.3 2030 50/77/2023 34/73/2030 50/77/38 2030 50/IEA 39 2030 77/IEA 0204060801001201401602018 2019 2020 2021 2022/500325.BO 24 of 38 3.Reliance 3.1.70%RIL ONGC OIL 74%Reliance 0.2%ONGC V endanta OIL IOCL Reliance 2023 ONGC 38/73%V endanta 13/25%OIL 6/1%Reliance 2024 1/0.2%ONGC OIL 74%40 99.7%IEA 41 IEA 2P ONGC Vendanta OIL Reliance 65.03%14.54%11.48%0.96%ONGC OIL 1700 380 2P 77%Reliance 25 0.96%73.29%25.07%1.16%0.19%0.29%ONGC（国有企业）Vendanta OIL（国有企业）Reliance 其他 500325.BO 25 of 38 42 92%2P IEA 3.2.RIL KG-D6 Reliance 2023 23%2025 59.8%4125 2002 Reliance Krishna Godavari KG-D6 491.45 2021 Reliance 358 KG-D6 2023 2581 23%KG-D6 2488 CBM 93 2025 Reliance 59.8%4125 43 KG-D6 Reliance 1=35.315 3.3.Reliance 2020 Reliance 310 830 167.8%65.01%14.53%11.47%0.96%8.03%0%10%20%30%40%50%60%70%02004006008001,0001,2001,4001,6001,800ONGC Vendanta OIL Reliance 其他P1 储量（百万桶）P2 储量（百万桶）储量占比（右轴）35.8 234.5 258.1 386.7 412.5 412.5 412.5 050100150200250300350400450FY 2021 FY 2022 FY 2023 FY 2024E FY 2025E FY 2026E FY 2027EKG-D6（十亿立方英尺）CBM（十亿立方英尺）合计（十亿立方英尺）500325.BO 26 of 38 KG-D6 44 Reliance 2016 OALP Reliance-BP OALP-2 KGUDWHP-2018/(KG-UDW1)Reliance OALP Reliance DGH Reliance 2010 BP KG-D6 IOC Reliance 4.4.1.23 25121/571/19 15171/60.39%5 25121/571/（1）1 Digboi 1901 Indian OIL Corporation Ltd.65 2 Guwahati 1962 100 3 Barauni 1964 600 4 Koyali 1965 1370 020406080100120140160180200FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024EFY2025EFY2026EReliance 油 气 业 务 资本 支出（十亿卢 比）500325.BO 27 of 38 5 Bongaigaon 1974 270 6 Haldia 1975 800 7 Mathura 1982 800 8 Panipat 1998 1500 9 Paradip 2016 1500 10 Manali 1965 Chennai Petroleum Corporation Ltd.1050 11 Nagapattinam 1993 0 100 2019 900 OIL IOCL 8055 32.06%12 Mumbai 1954 Hindustan Petroleum Corporation Ltd.950 13 V isakhapatnam 1957 830 HPCL 1780 7.09%14 Mumbai 1955 Bharat Petroleum Corporation Ltd.1200 15 Kochi 1963 1550 16 Bina 2011 780 BPCL 3530 14.05%17 Numaligarh 2000 Numaligarh Refinery Ltd.300 18 Mangalore 1996 Mangalore Refinery&Petrochemicals Ltd.1500 19 Tatipaka 2001 Oil&Natural Gas Corporation Ltd.6.6 15171.6 60.39%（2）印 度民营企业 20 Jamnagar 1999 Reliance Industries Ltd.3300 21 Jamnagar SEZ 2008 3520 RIL 6820 27.15%22 V adinar 2006 Nayara Energy 2000 23 Bhatinda 2012 HPCL Mittal Energy Ltd.1130 9950 39.61%25121.6 100%45 500325.BO 28 of 38 2030 20%685/2022 571/2030 2022 20%685/46 2030 685/IEA 1=7.3 2024-2026 OIL IOCL 5 HPCL Hindustan Numaligarh 1785 900 670 600/6/1 HPCL Rajasthan Refinery Ltd.Barmer,Rajasthan 2025-26 900 2 Indian OIL Corporation Ltd.Guwahati,Assam 2023-24 20 3 Indian OIL Corporation Ltd.Baraunl,Bihar 2024-25 300 4 Indian OIL Corporation Ltd.Digbol,Assam 2025-26 35 5 Indian OIL Corporation Ltd.Koyali,Gujarat 2025-26 430 6 Indian OIL Corporation Ltd.Panipat,Haryana 2025-26 1000 7 Hindustan Petroleum Corporation Ltd.V isakhapatnam,Andhra Pradesh 2023-24 670 8 Numaligarh Refinery Ltd.Numaligarh,Assam 2024-25 600 3955 4.2.Reliance 27.15%Reliance Jamnagar 2 3300 3520/6820/142/Reliance 27.15%OIL 8055/32.06%182 182 182 200 200 200 200 200 200 307 341 341 362 362 366 365 366 371 489 523 523 563 563 567 566 566 571 587 624 678 68501002003004005006007008002014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2026E 2030E民 营 炼厂 产能（万 桶/日）国 有 炼 厂 产 能（万 桶/日）合 计（万 桶/日）500325.BO 29 of 38 47 Reliance 27.15%Reliance 2016 4410 Dahej 230/PTA PTA 465/4%2026 2023 1190 2520 48 Reliance PPAC IEA 2024-2030 IOCL Bharat BPCL Relianc e 2 6820/49 Reliance 32.06%27.15%14.05%7.96%7.09%5.97%4.50%1.19%0.03%印度石油(IOCL)信实工业(RIL)Bharat 石油(BPCL)Nayara 能源 Hindustan 石油(HPCL)Mangal