Bharat Petroleum Corporation Ltd.

•

bharatpetroleum.inBSE: 500547NSE: BPCL

Market Cap₹ 1,32,107 Cr.

Current Price

High / Low₹ 392 / 267

Stock P/E7.7

Book Value₹ 226

Price to Book1.20

Dividend Yield5.75 %

ROCE27.1 %

ROE28.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Downstream Petroleum: 100.0% • E&P: 0.0%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 29.0%
Company has a healthy return on capital (ROCE) of 26.1%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 7.9% from 2.3%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.67x)

CONS

Recent results are weak - TTM profit is down 23.7% versus prior year
Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor profit growth of 8.3% over past five years
Valuation is stretched - P/E of 7.7 is well above its own 5-year median (4.6)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsCrude OilRefineries

Part ofNIFTY NEXT 50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	RELIANCE	1258.00	22.78	1702393.37	0.48	23196.00	-24.65	311850.00	25.41	12.17	15.30
2.	IOC	135.25	5.68	190989.75	5.18	-1141.09	-116.76	281933.07	27.08	19.69	1.69
3.	BPCL	304.50	7.71	132107.49	5.75	-1872.70	-127.38	159527.05	23.08	27.09	-2.29
4.	HINDPETRO	351.00	44.69	74686.57	6.91	-12264.67	-398.34	145225.11	21.39	23.10	-11.08
5.	MRPL	175.90	9.81	30828.21	2.27	945.68	449.40	41608.96	98.25	18.12	3.24
6.	CHENNPETRO	1573.70	5.61	23434.19	3.94	1031.35	2671.95	29358.75	57.14	35.15	5.35

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,28,264	1,16,657	1,29,985	1,32,087	1,28,106	1,17,949	1,27,551	1,26,916	1,29,615	1,21,605	1,36,653	1,34,948	1,59,527
	1,12,478	1,03,717	1,23,786	1,22,929	1,22,480	1,13,432	1,20,025	1,19,180	1,19,937	1,11,844	1,24,967	1,24,871	1,66,278
Operating Profit	15,785	12,941	6,199	9,158	5,627	4,517	7,526	7,737	9,678	9,761	11,687	10,076	-6,751
OPM %	12.31%	11.09%	4.77%	6.93%	4.39%	3.83%	5.90%	6.10%	7.47%	8.03%	8.55%	7.47%	-4.23%
	526	611	427	403	428	622	548	703	682	787	479	940	-635
Interest	1,071	1,190	920	967	889	923	861	919	758	833	657	705	627
Depreciation	1,614	1,605	1,830	1,722	1,686	1,779	1,810	1,982	1,889	1,958	1,979	2,031	2,069
Profit before Tax	13,626	10,756	3,876	6,872	3,480	2,438	5,403	5,539	7,714	7,757	9,530	8,281	-3,216
Tax %	25.38%	26.15%	30.59%	27.35%	29.24%	32.67%	28.26%	27.17%	26.35%	27.76%	26.75%	26.73%	41.76%
Net Profit	10,644	8,244	0	0	2,842	2,297	3,806	4,392	6,839	6,191	7,188	5,625	-1,873
	24.99	19.36	7.47	11.23	6.65	5.38	8.91	10.28	16.01	14.49	16.82	13.16	-4.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,01,251	2,35,895	2,98,226	2,84,572	2,30,171	3,46,791	4,73,187	4,48,083	4,40,272	4,55,228	5,52,733
	1,87,600	2,20,758	2,83,113	2,75,826	2,08,874	3,27,656	4,62,300	4,04,002	4,14,870	4,14,066	5,27,959
Operating Profit	13,651	15,137	15,112	8,746	21,297	19,135	10,887	44,081	25,401	41,162	24,774
OPM %	6.78%	6.42%	5.07%	3.07%	9.25%	5.52%	2.30%	9.84%	5.77%	9.04%	4.48%
	1,909	1,819	2,038	222	7,770	3,406	373	1,968	2,306	2,928	1,570
Interest	696	1,186	1,764	2,637	1,975	2,606	4,263	4,149	3,591	2,953	2,823
Depreciation	2,108	2,885	3,418	4,080	4,334	5,434	6,369	6,771	7,257	7,856	8,036
Profit before Tax	13,700	14,174	12,905	3,652	22,432	16,037	2,821	36,194	18,182	34,791	22,351
Tax %	30.60%	30.91%	33.92%	-0.39%	22.79%	27.16%	24.46%	25.79%	26.65%	25.72%	24.93%
Net Profit	9,507	9,792	8,528	3,666	17,320	11,682	2,131	26,859	13,337	25,843	16,779
EPS	44.34	45.80	39.67	15.53	81.60	54.91	10.01	125.73	31.21	60.49	—
Dividend Payout %	48.87%	45.85%	47.90%	106.22%	102.28%	29.17%	39.97%	25.05%	32.04%	28.93%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 15%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 10%
3 Years:: 130%

STOCK PRICE CAGR

10 Years:: 5%
5 Years:: 4%
3 Years:: 20%
1 Year:: -5%

RETURN ON EQUITY

10 Years:: 25%
5 Years:: 23%
3 Years:: 29%
Last Year:: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,311	1,967	1,967	1,967	2,093	2,129	2,129	2,136	4,273	4,273
Minority Interest	1,958	1,905	2,070	2,056	0	0	0	0	0	0
	29,508	34,652	36,798	34,565	50,606	49,776	51,393	73,499	77,112	95,898
	34,185	37,862	43,789	62,486	49,537	53,929	59,428	45,374	55,276	44,015
Trade Payables	11,382	15,198	17,834	13,108	16,270	30,348	24,024	28,306	30,634	42,654
	30,741	28,773	34,468	36,677	42,473	51,346	51,163	53,102	51,088	61,776
Total Liabilities	1,09,086	1,20,356	1,36,926	1,50,860	1,60,978	1,87,529	1,88,138	2,02,418	2,18,382	2,48,616
	33,684	45,539	49,315	60,142	64,098	83,901	86,675	86,798	88,628	93,624
Capital Work in Progress	11,763	4,486	7,293	9,949	7,537	4,980	5,645	8,680	13,240	16,394
	21,327	23,725	24,907	27,029	26,768	23,616	26,778	26,631	26,531	30,136
	21,197	22,531	22,935	22,243	26,707	42,179	38,069	42,836	45,265	53,304
	97	52	61	67	72	49	58	8,342	9,339	4,980
Cash & Bank	1,885	1,354	663	1,165	8,110	2,237	2,574	6,286	10,476	17,761
	19,134	22,669	31,753	30,266	27,686	30,567	28,338	22,845	24,904	32,417
Total Assets	1,09,086	1,20,356	1,36,926	1,50,860	1,60,978	1,87,529	1,88,138	2,02,418	2,18,382	2,48,616

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13,058	14,514	13,163	10,106	27,290	22,183	13,267	35,970	23,678	50,769
Cash from Investing	-15,274	-7,066	-10,451	-11,135	-2,474	-8,138	-7,806	-10,554	-19,180	-26,067
Cash from Financing	4,804	-4,218	207	3,583	-13,981	-17,672	-4,402	-25,427	-6,241	-24,940
	-1,429	-215	-87	329	7,000	-5,474	257	-12	-1,743	-238

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
52.98	52.98	52.98	52.98	52.98	52.98	52.98	52.98	52.98
15.04	15.39	14.71	14.58	15.45	16.53	18.46	19.57	16.84
21.29	22.04	22.25	22.21	22.16	21.29	19.56	18.52	21.07
0.94	0.94	0.94	0.94	0.94	0.94	0.43	0.43	0.86
9.74	8.63	9.10	9.26	8.46	8.25	8.57	8.49	8.25

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Action(s) initiated or orders passed

2026-09-11 - Bharat Petroleum Corporation Limited has informed the Exchange about Action(s) initiated or orders passed

2026-09-10

Change in Auditors

2026-09-10 - Bharat Petroleum Corporation Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - Bharat Petroleum Corporation Limited has informed the Exchange about Schedule of meet

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Bharat Petroleum Corporation Limited has informed the Exchange about Schedule of meet

2026-09-01

Updates

2026-09-01 - Bharat Petroleum Corporation Limited has informed the Exchange regarding 'Tenure of Director (Finance)'.

2026-08-28

Amendment to AOA/MOA

2026-08-28 - Bharat Petroleum Corporation Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.

2026-08-28

Shareholders meeting

2026-08-28 - Bharat Petroleum Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-27

Shareholders meeting

2026-08-27 - Bharat Petroleum Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026

2026-08-27

Updates

2026-08-27 - Bharat Petroleum Corporation Limited has informed the Exchange regarding 'Chairman's Statement delivered at the 73rd Annual General Meeting of the Company.'.

News

Recent coverage and analyst commentary for BPCL

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Bharat Petroleum Corporation Ltd.

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Free 5nance Account

Name

RELIANCE

1258.00

22.78

1702393.37

0.48

23196.00

-24.65

311850.00

25.41

12.17

15.30

IOC

135.25

5.68

190989.75

5.18

-1141.09

-116.76

281933.07

27.08

19.69

1.69

BPCL

304.50

7.71

132107.49

5.75

-1872.70

-127.38

159527.05

23.08

27.09

-2.29

HINDPETRO

351.00

44.69

74686.57

6.91

-12264.67

-398.34

145225.11

21.39

23.10

-11.08

MRPL

175.90

9.81

30828.21

2.27

945.68

449.40

41608.96

98.25

18.12

3.24

CHENNPETRO

1573.70

5.61

23434.19

3.94

1031.35

2671.95

29358.75

57.14

35.15

5.35

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,28,264

1,16,657

1,29,985

1,32,087

1,28,106

1,17,949

1,27,551

1,26,916

1,29,615

1,21,605

1,36,653

1,34,948

1,59,527

1,12,478

1,03,717

1,23,786

1,22,929

1,22,480

1,13,432

1,20,025

1,19,180

1,19,937

1,11,844

1,24,967

1,24,871

1,66,278

Operating Profit

15,785

12,941

6,199

9,158

5,627

4,517

7,526

7,737

9,678

9,761

11,687

10,076

-6,751

OPM %

12.31%

11.09%

4.77%

6.93%

4.39%

3.83%

5.90%

6.10%

7.47%

8.03%

8.55%

7.47%

-4.23%

526

611

427

403

428

622

548

703

682

787

479

940

-635

Interest

1,071

1,190

920

967

889

923

861

919

758

833

657

705

627

Depreciation

1,614

1,605

1,830

1,722

1,686

1,779

1,810

1,982

1,889

1,958

1,979

2,031

2,069

Profit before Tax

13,626

10,756

3,876

6,872

3,480

2,438

5,403

5,539

7,714

7,757

9,530

8,281

-3,216

Tax %

25.38%

26.15%

30.59%

27.35%

29.24%

32.67%

28.26%

27.17%

26.35%

27.76%

26.75%

26.73%

41.76%

Net Profit

10,644

8,244

2,842

2,297

3,806

4,392

6,839

6,191

7,188

5,625

-1,873

24.99

19.36

7.47

11.23

6.65

5.38

8.91

10.28

16.01

14.49

16.82

13.16

-4.38

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,01,251

2,35,895

2,98,226

2,84,572

2,30,171

3,46,791

4,73,187

4,48,083

4,40,272

4,55,228

5,52,733

1,87,600

2,20,758

2,83,113

2,75,826

2,08,874

3,27,656

4,62,300

4,04,002

4,14,870

4,14,066

5,27,959

Operating Profit

13,651

15,137

15,112

8,746

21,297

19,135

10,887

44,081

25,401

41,162

24,774

OPM %

6.78%

6.42%

5.07%

3.07%

9.25%

5.52%

2.30%

9.84%

5.77%

9.04%

4.48%

1,909

1,819

2,038

222

7,770

3,406

373

1,968

2,306

2,928

1,570

Interest

696

1,186

1,764

2,637

1,975

2,606

4,263

4,149

3,591

2,953

2,823

Depreciation

2,108

2,885

3,418

4,080

4,334

5,434

6,369

6,771

7,257

7,856

8,036

Profit before Tax

13,700

14,174

12,905

3,652

22,432

16,037

2,821

36,194

18,182

34,791

22,351

Tax %

30.60%

30.91%

33.92%

-0.39%

22.79%

27.16%

24.46%

25.79%

26.65%

25.72%

24.93%

Net Profit

9,507

9,792

8,528

3,666

17,320

11,682

2,131

26,859

13,337

25,843

16,779

EPS

44.34

45.80

39.67

15.53

81.60

54.91

10.01

125.73

31.21

60.49

—

Dividend Payout %

48.87%

45.85%

47.90%

106.22%

102.28%

29.17%

39.97%

25.05%

32.04%

28.93%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,311

1,967

2,093

2,129

2,136

4,273

Minority Interest

1,958

1,905

2,070

2,056

29,508

34,652

36,798

34,565

50,606

49,776

51,393

73,499

77,112

95,898

34,185

37,862

43,789

62,486

49,537

53,929

59,428

45,374

55,276

44,015

Trade Payables

11,382

15,198

17,834

13,108

16,270

30,348

24,024

28,306

30,634

42,654

30,741

28,773

34,468

36,677

42,473

51,346

51,163

53,102

51,088

61,776

Total Liabilities

1,09,086

1,20,356

1,36,926

1,50,860

1,60,978

1,87,529

1,88,138

2,02,418

2,18,382

2,48,616

33,684

45,539

49,315

60,142

64,098

83,901

86,675

86,798

88,628

93,624

Capital Work in Progress

11,763

4,486

7,293

9,949

7,537

4,980

5,645

8,680

13,240

16,394

21,327

23,725

24,907

27,029

26,768

23,616

26,778

26,631

26,531

30,136

21,197

22,531

22,935

22,243

26,707

42,179

38,069

42,836

45,265

53,304

8,342

9,339

4,980

Cash & Bank

1,885

1,354

663

1,165

8,110

2,237

2,574

6,286

10,476

17,761

19,134

22,669

31,753

30,266

27,686

30,567

28,338

22,845

24,904

32,417

Total Assets

1,09,086

1,20,356

1,36,926

1,50,860

1,60,978

1,87,529

1,88,138

2,02,418

2,18,382

2,48,616

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

13,058

14,514

13,163

10,106

27,290

22,183

13,267

35,970

23,678

50,769

Cash from Investing

-15,274

-7,066

-10,451

-11,135

-2,474

-8,138

-7,806

-10,554

-19,180

-26,067

Cash from Financing

4,804

-4,218

207

3,583

-13,981

-17,672

-4,402

-25,427

-6,241

-24,940

-1,429

-215

-87

329

7,000

-5,474

257

-12

-1,743

-238

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.98

15.04

15.39

14.71

14.58

15.45

16.53

18.46

19.57

16.84

21.29

22.04

22.25

22.21

22.16

21.29

19.56

18.52

21.07

0.94

0.43

0.86

9.74

8.63

9.10

9.26

8.46

8.25

8.57

8.49

8.25

Bharat Petroleum Corporation Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Bharat Petroleum Corporation Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI