Indian refineries are under increasing pressure to curb carbon emissions, with a US$50/ton carbon price potentially reducing net cash margins by up to US$3 per barrel. This report explores how energy efficiency is becoming a strategic imperative to safeguard profitability in a low-carbon future. Leveraging our proprietary PetroPlan models, we benchmark refinery energy performance across India, normalising for crude throughput and Energy Complexity Index (ECI). Nearly 50% of Indian refineries fall below the national average. The report also highlights the growing adoption of Advanced Process Control (APC), Real-Time Optimisation (RTO), and participation in the Bureau of Energy Efficiency’s PAT scheme—demonstrating how refiners are driving energy optimisation and emissions reduction. These actions mark a critical first step in India’s long-term pathway to net-zero refining.