On September 2, the Sensex fell 374 points and the Nifty slipped below 24,000 as crude oil prices surged on escalating West Asia tensions. Markets broadly sold off — but crude doesn't hurt every company equally. Some have fuel costs baked into 40% of their operating expenses. Others see every dollar rise in Brent flow straight to their bottom line.

We searched company filings to find where the real exposure sits.

The losers: companies whose filings flag crude as a direct threat

IndiGo (INDIGO) — fuel is the single largest cost line

IndiGo's FY26 annual report states it plainly: "Aircraft fuel expenses are one of the largest components of IndiGo's operating cost. The Company is exposed to fluctuations in global oil prices and geopolitical disruptions which directly impacts aviation turbine fuel (ATF) prices and supplies."

The numbers back that up. Per their Q3 FY26 earnings call, when global benchmark Singapore Jet fuel prices rose approximately 2%, IndiGo's fuel CASK (cost per available seat kilometre) fell 3% — but only because the airline had locked in negotiated rates and shifted fleet mix. In the prior year, when global fuel prices dropped 20%, fuel CASK dropped 16%. The relationship is direct and large.

IndiGo's mitigation strategy is fleet efficiency: 79% of its fleet are A320neo aircraft, which are roughly 15% more fuel efficient than the older ceo variant. The average fleet age is 4.9 years as of March 2026. But efficiency gains only blunt the blow — they don't eliminate it. A sustained crude spike flows through to ATF prices with a short lag, and IndiGo's CASK ex-fuel ex-forex was INR 2.96 in Q3 FY26, meaning fuel remains the swing factor for profitability.

Apollo Tyres (APOLLOTYRE) — crude-based raw materials hit margins

Tyre companies rarely get mentioned in crude oil discussions, but they should be. Apollo Tyres' FY25 annual report states: "The year overall witnessed ~11% increase in the Raw Material cost. The Raw Material cost push was contributed due to increase in Natural Rubber prices and rise in Crude based materials especially Synthetic Rubber."

The filing spells out the linkage: "Crude based raw materials — Carbon Black, Synthetic Rubber, Fabric and Chemicals also experienced high input cost inflation during the fiscal." These aren't minor inputs. Carbon black and synthetic rubber are core components of every tyre manufactured, and both are petroleum derivatives.

Even in FY25, when Brent crude actually softened from USD 82/bbl to USD 78/bbl, Apollo still reported 11% raw material inflation because of lag effects and natural rubber spikes. If crude reverses course and rises, the double hit — crude derivatives plus a weaker rupee — compresses margins from both sides.

The winners: upstream producers ride the wave

Oil India (OIL) — every dollar of crude goes straight to revenue

Oil India is the clearest beneficiary when crude rises. Its Q1 FY25 earnings transcript shows the mechanism in real time: the average crude oil price realization rose from USD 76.85 per barrel in Q1 FY24 to USD 84.89 per barrel in Q1 FY25 — an increase of 10.46%. That single factor drove turnover up 25.73% to INR 5,840 crore for the quarter.

For full-year FY25, Oil India reported standalone revenue of INR 23,987 crore, EBITDA of INR 10,636 crore, and profit after tax of INR 6,114 crore — a 10% growth in PAT. Total hydrocarbon production reached 6.7 million tonnes of oil and oil equivalent. The company paid a 115% dividend per share, funded by robust earnings per share of INR 37.59.

The sensitivity is straightforward: FY25's average crude realization was USD 78.09 per barrel versus FY24's USD 83.03 per barrel. Despite that decline, Oil India still grew PAT by 10% through production increases. If crude moves back above USD 85, the revenue uplift compounds — higher price on a growing production base.

BPCL (BPCL) — refining margins are the real story

Bharat Petroleum's relationship with crude oil is more nuanced than a simple win or loss. Higher crude can compress marketing margins on regulated products, but it often expands gross refining margins (GRM) — the spread between crude input cost and refined product value.

BPCL's FY23 quarterly results showed a GRM of USD 20.24 per barrel, more than double the FY22 figure of USD 9.66 per barrel, during a period of elevated crude prices. The company noted that "suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM" — confirming that refining gains and marketing losses partially cancel out.

More recently, in H1 FY26 (April-September 2025), BPCL reported profit before tax of INR 16,752 crore, more than double the INR 7,226 crore from H1 FY25. For Q2 FY26 alone, PBT reached INR 8,596 crore. These results came during a period of moderate crude prices — suggesting that a further crude spike would boost refining margins, provided the government doesn't fully suppress retail price pass-through.

Castrol India (CASTROLIND) — caught in the middle

Castrol India's FY23 annual report highlighted the "impact of foreign exchange, crude oil, and raw material prices" as a key risk factor. As a lubricant maker, Castrol buys base oil — a direct crude derivative — as its primary input. Higher crude raises Castrol's raw material costs, but the company has historically demonstrated pricing power in its premium segment. Investors should watch for whether margin compression appears in coming quarters if crude sustains above current levels.

What retail investors should do

The crude oil surge is a reminder that commodity exposure hides in unexpected places. Don't just watch the Nifty — check your portfolio for indirect crude sensitivity. Airlines and tyre companies have structurally high fuel and raw material cost ratios that can't be hedged away completely. Upstream E&P companies like Oil India see direct revenue uplift from every dollar of crude price increase. OMCs like BPCL sit in between, with refining margins partially offsetting marketing pressure. Before making any moves, read the risk factors section of your holdings' annual reports — that's where companies are legally required to disclose exactly this kind of exposure.

Data sourced from company filings on NSE via Xaro.