Bharat Petroleum Corporation Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
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.
PROS
- Company has a healthy return on capital (ROCE) of 30.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.5%
- Operating margins have improved to 7.9% from 2.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.69x)
- Company has been maintaining a healthy dividend payout of 32.1%
CONS
- Recent results are weak - TTM profit is down 33.4% versus prior year
- Company has delivered a poor profit growth of 4.1% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Valuation is stretched - P/E of 10.0 is well above its own 5-year median (5.2)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,28,257 | 1,16,594 | 1,29,947 | 1,32,057 | 1,28,073 | 1,17,917 | 1,27,520 | 1,26,865 | 1,29,578 | 1,21,571 | 1,36,623 | 1,34,896 | 1,59,479 | |
| 1,12,447 | 1,03,686 | 1,23,749 | 1,22,872 | 1,22,453 | 1,13,405 | 1,19,940 | 1,19,100 | 1,19,915 | 1,11,794 | 1,24,946 | 1,24,836 | 1,66,038 | |
| Operating Profit | 15,810 | 12,908 | 6,198 | 9,185 | 5,620 | 4,512 | 7,580 | 7,765 | 9,663 | 9,777 | 11,677 | 10,061 | -6,559 |
| OPM % | 12.33% | 11.07% | 4.77% | 6.96% | 4.39% | 3.83% | 5.94% | 6.12% | 7.46% | 8.04% | 8.55% | 7.46% | -4.11% |
| 492 | 771 | 709 | -1,301 | 536 | 924 | 829 | -981 | 749 | 1,191 | 750 | -3,285 | 1,253 | |
| Interest | 679 | 768 | 502 | 524 | 443 | 470 | 429 | 547 | 374 | 421 | 361 | 479 | 415 |
| Depreciation | 1,609 | 1,600 | 1,824 | 1,717 | 1,681 | 1,773 | 1,804 | 1,975 | 1,882 | 1,952 | 1,972 | 2,038 | 2,066 |
| Profit before Tax | 14,013 | 11,312 | 4,580 | 5,643 | 4,032 | 3,194 | 6,176 | 4,263 | 8,156 | 8,596 | 10,094 | 4,258 | -5,305 |
| Tax % | 24.71% | 24.85% | 25.83% | 25.15% | 25.23% | 24.94% | 24.72% | 24.60% | 24.92% | 25.05% | 25.25% | 25.05% | 25.32% |
| Net Profit | 10,551 | 8,501 | 3,397 | 4,224 | 3,015 | 2,397 | 4,649 | 3,214 | 6,124 | 6,443 | 7,545 | 3,191 | -3,962 |
| 24.77 | 19.96 | 7.98 | 9.90 | 7.06 | 5.61 | 10.88 | 7.52 | 14.33 | 15.08 | 17.66 | 7.47 | -9.27 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,02,211 | 2,36,421 | 2,97,275 | 2,84,383 | 2,32,553 | 3,46,644 | 4,73,125 | 4,47,908 | 4,40,132 | 4,55,076 | 5,52,570 | |
| 1,91,476 | 2,24,704 | 2,85,311 | 2,77,929 | 2,15,422 | 3,27,620 | 4,62,169 | 4,03,857 | 4,14,659 | 4,13,938 | 5,27,613 | |
| Operating Profit | 10,735 | 11,717 | 11,964 | 6,454 | 17,131 | 19,023 | 10,956 | 44,051 | 25,473 | 41,138 | 24,956 |
| OPM % | 5.31% | 4.96% | 4.02% | 2.27% | 7.37% | 5.49% | 2.32% | 9.83% | 5.79% | 9.04% | 4.52% |
| 2,695 | 3,055 | 2,984 | 2,186 | 11,044 | 4,275 | 825 | 721 | 1,312 | -556 | -91 | |
| Interest | 496 | 833 | 1,319 | 2,182 | 1,580 | 2,209 | 3,216 | 2,473 | 1,888 | 1,634 | 1,676 |
| Depreciation | 1,891 | 2,653 | 3,189 | 3,787 | 3,978 | 5,418 | 6,347 | 6,750 | 7,232 | 7,844 | 8,028 |
| Profit before Tax | 11,043 | 11,286 | 10,440 | 2,671 | 22,618 | 15,672 | 2,217 | 35,548 | 17,664 | 31,104 | 17,642 |
| Tax % | 27.20% | 29.33% | 31.68% | -0.45% | 15.81% | 27.49% | 15.64% | 24.97% | 24.85% | 25.08% | 25.08% |
| Net Profit | 8,039 | 7,976 | 7,132 | 2,683 | 19,042 | 11,363 | 1,870 | 26,674 | 13,275 | 23,303 | 13,217 |
| EPS | 40.87 | 40.55 | 36.26 | 13.64 | 96.12 | 53.41 | 8.78 | 124.86 | 31.07 | 54.54 | — |
| Dividend Payout % | 53.01% | 51.78% | 52.40% | 120.95% | 86.83% | 29.98% | 45.55% | 25.23% | 32.18% | 32.09% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 14%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 4%
- 3 Years:
- 132%
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 4%
- 3 Years:
- 20%
- 1 Year:
- -5%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 22%
- 3 Years:
- 29%
- Last Year:
- 26%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 28,357 | 32,165 | 34,771 | 31,248 | 51,595 | 49,516 | 49,867 | 72,539 | 76,688 | 90,960 | |
| 21,617 | 23,552 | 28,049 | 44,827 | 30,819 | 38,602 | 37,500 | 26,987 | 35,187 | 23,474 | |
| Trade Payables | 11,520 | 14,990 | 17,688 | 12,510 | 16,256 | 30,330 | 24,011 | 28,293 | 30,622 | 42,634 |
| 29,184 | 27,458 | 33,153 | 35,918 | 39,831 | 43,607 | 47,326 | 43,038 | 41,226 | 45,786 | |
| Total Liabilities | 91,990 | 1,00,131 | 1,15,627 | 1,26,469 | 1,40,594 | 1,64,184 | 1,60,833 | 1,72,993 | 1,87,995 | 2,07,126 |
| 31,437 | 43,028 | 46,488 | 56,951 | 63,936 | 83,806 | 86,596 | 86,737 | 88,580 | 93,582 | |
| Capital Work in Progress | 11,217 | 4,044 | 6,703 | 9,108 | 6,987 | 4,980 | 5,645 | 8,680 | 13,240 | 16,394 |
| 14,601 | 15,626 | 15,992 | 16,058 | 17,684 | 12,632 | 13,872 | 14,458 | 14,417 | 11,373 | |
| 19,798 | 20,875 | 21,545 | 20,421 | 26,757 | 42,176 | 38,065 | 42,835 | 45,263 | 53,303 | |
| 97 | 52 | 61 | 67 | 72 | 49 | 58 | 8,328 | 9,323 | 4,949 | |
| Cash & Bank | 65 | 183 | 95 | 116 | 7,053 | 1,451 | 2,120 | 4,491 | 9,383 | 16,882 |
| 14,775 | 16,324 | 24,744 | 23,748 | 18,104 | 19,089 | 14,476 | 7,464 | 7,789 | 10,643 | |
| Total Assets | 91,990 | 1,00,131 | 1,15,627 | 1,26,469 | 1,40,594 | 1,64,184 | 1,60,833 | 1,72,993 | 1,87,995 | 2,07,126 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10,937 | 11,308 | 9,716 | 7,811 | 22,894 | 22,636 | 11,465 | 35,762 | 23,605 | 47,703 | |
| Cash from Investing | -10,130 | -4,741 | -7,537 | -9,172 | 2,170 | -7,744 | -6,397 | -11,661 | -18,796 | -22,455 |
| Cash from Financing | 567 | -4,423 | -87 | 2,940 | -15,622 | -18,662 | -3,666 | -25,466 | -4,916 | -25,398 |
| -1,666 | -155 | 21 | 34 | 6,578 | -5,592 | 601 | -1,365 | -107 | -150 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Bharat Petroleum Corporation Limited has informed the Exchange about Action(s) initiated or orders passed
2026-09-10 - Bharat Petroleum Corporation Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-08 - Bharat Petroleum Corporation Limited has informed the Exchange about Schedule of meet
2026-09-03 - Bharat Petroleum Corporation Limited has informed the Exchange about Schedule of meet
2026-09-01 - Bharat Petroleum Corporation Limited has informed the Exchange regarding 'Tenure of Director (Finance)'.
2026-08-28 - Bharat Petroleum Corporation Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
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 - Bharat Petroleum Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026
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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