1. What Is Nayara Energy?

Nayara Energy Limited is an integrated oil refining and marketing company headquartered in Mumbai, India. The company owns and operates one of India’s largest single-site refineries at Vadinar, Gujarat, with significant refining capacity and a nationwide retail network of fuel stations.

In 2017, a consortium led by Rosneft and global investors acquired Essar Oil, leading to its rebranding as Nayara Energy. Following the acquisition, the company was delisted from Indian exchanges, and its shares now trade privately as unlisted shares through off-market transactions.

2. Understanding Nayara Unlisted Share Price

Meaning of Nayara Unlisted Share Price

The Nayara unlisted share price represents the current market valuation of its shares traded privately among investors. Because Nayara Energy is not listed on BSE or NSE, this price is determined through private deals and investor demand.

How It’s Determined

The Nayara Energy unlisted share price fluctuates based on several factors, including:

• The company’s financial performance and profitability
• Demand and supply in the unlisted market
• Previous delisting or buyback valuations
• Industry trends and refining margins
• Geopolitical developments and regulatory conditions

3. Historical and Recent Valuation Trends

Delisting and Early Valuation

When Essar Oil was delisted in 2015–16, the final delisting price was around ₹262.82 per share. This served as the initial benchmark for private market transactions once it became Nayara Energy.

Recent Developments

Over the years, the Nayara Energy unlisted share price has appreciated significantly due to its strong refining operations and strategic ownership. In early 2025, Nayara announced a share buyback at ₹731 per share, valuing the company at several thousand crores. This buyback served as an official indicator of the company’s internal valuation.

Some investors, however, believe that the fair value may be higher, depending on the refinery’s output, profitability, and broader energy market trends.

4. Financial Overview and Business Strength

Nayara Energy’s business model revolves around refining, marketing, and distribution of petroleum products. Key strengths include:

• Refining Capacity: One of the most complex and efficient private refineries in India.
• Retail Expansion: A strong network of fuel stations across the country.
• Strategic Crude Sourcing: Access to multiple global crude oil suppliers.
• Diversification: Gradual movement into petrochemical and renewable energy projects.

However, the company also faces volatility due to global crude prices, regulatory shifts, and the impact of geopolitical sanctions related to its Russian-linked ownership.

5. Factors Influencing Nayara Energy Unlisted Share Price

1. Share Buybacks

When Nayara conducts buybacks, the offered price often becomes a reference point for unlisted market valuations. The ₹731 per share buyback in 2025 remains a key benchmark.

2. Refining Margins

The profitability of the refining business is directly tied to the crack spread between crude oil and refined products. Strong margins typically lift the company’s unlisted share price.

3. Stake Sale or Strategic Investment

Any potential sale of stake by major shareholders or new strategic partnerships can trigger a revaluation of Nayara Energy unlisted share price.

4. Regulatory and Geopolitical Factors

As a company with Russian-linked ownership, Nayara’s export-import operations and access to financing are affected by global sanctions, which can impact investor sentiment.

5. Investor Liquidity and Demand

The unlisted market operates on limited liquidity. Hence, the Nayara unlisted share price often depends on investor interest and the availability of sellers.

6. Risk Factors

Investing in Nayara Energy unlisted shares carries certain risks:

• Geopolitical Exposure: Global sanctions can disrupt trade and supply chains.
• Limited Liquidity: Finding buyers or sellers can be difficult.
• Uncertain Exit Timeline: There’s no clarity on a future IPO or listing.
• Valuation Volatility: Prices can vary widely across private deals.
• Sector Cyclicality: The refining business is sensitive to crude oil price fluctuations.

7. Future Outlook

Despite challenges, Nayara Energy holds strong long-term potential due to:

• India’s growing energy demand and fuel consumption
• Large refining capacity and modern infrastructure
• Expansion into retail fuel and petrochemicals
• Potential for strategic investments or new partnerships

If the company continues to strengthen its balance sheet, diversify operations, and maintain refining efficiency, the Nayara Energy unlisted share price could sustain its upward trajectory over the long term.

8. Conclusion

The Nayara Energy unlisted share represents a rare opportunity to invest in one of India’s largest private oil refiners.
While the Nayara unlisted share price has seen fluctuations—from the delisting rate of ₹262 to buyback levels above ₹700—the company’s core fundamentals remain robust.

However, as with any unlisted security, investors must approach cautiously, considering the limited liquidity, geopolitical risks, and uncertain exit options.

In short, Nayara Energy unlisted share is a high-value but high-risk investment—best suited for informed investors with a long-term perspective and an appetite for strategic exposure in India’s energy sector.