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BPCL

Bharat Petroleum Corporation Ltd

BPCL NSE
₹304.70 No trade today
P/E
8.37
View as Markdown
MCP
Close 4 Nov 2026 ₹304.70 −63.25 −17.2% 1Y
Start ₹367.95

Key Fundamentals

LargecapPetroleum ProductsEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
25.60%
Debt to Equity
0.62
EPS (TTM)
₹36.42
Book Value
₹234.02
Market Cap
—
P/E (TTM)
8.37
P/B
1.30
ROE
28.80%
Dividend Yield
5.89%
EBITDA
₹44,501 Cr
52W High
₹391.65
52W Low
₹266.60
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

60 Good

Data confidence 100/100

Category scores

Quality
72
Strong
Returns, margins, earnings quality 22% weight
Valuation
81
Strong
Cheap vs sector & own history 24% weight
Growth
67
Strong
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Stock is providing a good dividend yield of 6.21%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
  • Company has been maintaining a healthy dividend payout of 31.5%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
58.09
Neutral
MACD (12,26,9)
−1.65
Bullish
SMA (50)
302.12
Bullish
SMA (200)
316.23
Bearish

As of

Analyst Rating

Based on 31 analysts
BUY58%

18 of 31 analysts rate Buy, 6 Hold, 7 Sell.

As of

BUY
18
58%
HOLD
6
19%
SELL
7
23%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.26%
5Y+14.61%
3Y−1.28%
1Y+3.40%
TTM+21.77%

Net profit

Net profit growth by window
10Y+12.32%
5Y+8.33%
3Y+129.75%
1Y+93.77%
TTM−25.56%

Operating cash flow

Operating cash flow growth by window
10Y+16.40%
5Y+16.70%
3Y+59.69%
1Y+114.41%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.14 pp
5Y−0.07 pp
3Y+6.75 pp
1Y+3.28 pp
TTM−2.96 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,01,251 Cr
Mar 2018₹2,35,895 Cr
Mar 2019₹2,98,226 Cr
Mar 2020₹2,84,572 Cr
Mar 2021₹2,30,171 Cr
Mar 2022₹3,46,791 Cr
Mar 2023₹4,73,187 Cr
Mar 2024₹4,48,083 Cr
Mar 2025₹4,40,272 Cr
Mar 2026₹4,55,228 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹9,507 Cr
Mar 2018₹9,792 Cr
Mar 2019₹8,528 Cr
Mar 2020₹3,666 Cr
Mar 2021₹17,320 Cr
Mar 2022₹11,682 Cr
Mar 2023₹2,131 Cr
Mar 2024₹26,859 Cr
Mar 2025₹13,337 Cr
Mar 2026₹25,843 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹15,669 Cr −64.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-03, Bharat Petroleum Corporation Ltd trades at ₹296.9 with a PE of 8.15x and a dividend yield of 5.97%, sitting 24.2% below its 52-week high of ₹391.65. The company has delivered a strong 3-year ROE of 29% and 10-year compounded profit growth of 12%, though TTM profit has declined 35%.

Bull Case 8
  • Attractive dividend yield of 5.97% as of 2026-11-03, supported by a consistent dividend payout ratio of 31.5%, offering meaningful income to shareholders
  • PE ratio of 8.15x suggests a low earnings multiple, which is well below broader market averages, indicating the stock is not pricing in excessive optimism
  • Return on equity of 25.8% and ROCE of 26.36% demonstrate efficient capital deployment and strong profitability relative to the capital base
  • 3-year compounded profit growth of 107% reflects a dramatic earnings recovery cycle, underscoring the company's operating leverage during favourable periods
  • 10-year ROE averaging 24% shows the business has consistently generated above-average returns on shareholder equity across commodity cycles
  • Debt-to-equity ratio of 0.54 is moderate for a capital-intensive petroleum refining and marketing operation, keeping balance sheet risk in check
  • TTM revenue growth of 22% indicates top-line momentum is intact even as profitability has come under pressure
  • Price-to-book ratio of 1.27x means the stock trades at a modest premium to book value, leaving room for re-rating if earnings stabilise
Bear Case 7
  • TTM profit has declined 35%, signalling a sharp earnings contraction that may continue if refining margins or marketing margins remain under pressure
  • 1-year stock CAGR of -15% shows meaningful capital erosion for recent investors despite attractive dividend income
  • 3-year compounded sales growth of -1% reveals stagnant revenue over a medium-term horizon, raising questions about volume and pricing growth sustainability
  • 10-year stock CAGR of just 2% indicates the stock has barely outpaced inflation over a decade, suggesting limited long-term wealth creation
  • As a government-controlled petroleum marketer, BPCL remains exposed to policy decisions on fuel pricing, subsidy burdens, and disinvestment timelines that are outside management's control
  • 5-year compounded profit growth of 16% is modest when set against the cyclical volatility visible in the TTM -35% decline, highlighting earnings unpredictability
  • Market capitalisation of ₹1,29,873 crore with a PE of 8.15x partly reflects the market discounting cyclical peak earnings rather than assigning a structurally low multiple

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: BPCL delivered a strong Q4FY27 profit recovery to ₹5,625 crore and maintains solid refinery utilization above 118%, but elevated Brent crude above $110/bbl is creating severe marketing margin losses and ballooning LPG under-recoveries now at ₹17,334 crore. The stock is down ~26% in 2026 as near-term earnings remain hostage to crude prices and government pricing policy. Strategic initiatives including the 37% capacity expansion, Andhra Pradesh greenfield project, and diversification into petrochemicals and partnerships are long-term positives, but the near-term outlook depends heavily on crude oil trajectory and whether retail fuel price adjustments materialize.

Headwinds 5
  • Brent above $110, margins crushed Oct 27

    With Brent crude above $110/bbl, oil marketing companies face losses of ~₹26/litre. Nomura expects FY27 earnings almost wiped out factoring in retailing losses and LPG under-recoveries of ₹300/cylinder.

  • LPG under-recoveries ballooning Oct 24

    Cumulative LPG under-recoveries surged to ₹17,334 crore by September 30, up from ₹12,319 crore in March. Marketing margins were roughly -₹5/litre on petrol and -₹23/litre on diesel in September.

  • Q2 profit down 21.5% YoY Oct 24

    Consolidated net profit fell 21.5% YoY to ₹4,863 crore in Q2 FY27. Total expenses rose 32.5% YoY, outpacing 29.8% revenue growth, compressing operating margins to 3.94% from 6.09%.

Positives 4
  • Q4 profit surges 28% QoQ Oct 23

    Q4FY27 net profit reached ₹5,625 crore, up 28.07% QoQ from ₹4,420 crore. Revenue grew 6.33% YoY to ₹1,35,000 crore with EBITDA of ₹8,963 crore and margin of 6.67%.

  • Major capacity expansion pipeline Oct 27

    BPCL targets ~37% refining capacity expansion by 2030 from 35.3 MTPA. Bina refinery expanding by 3.2 MT, Mumbai refinery upgrade scheduled for July 2028, and a 10 MT Andhra Pradesh greenfield complex in final feasibility stage.

  • Fuel-retailing losses narrowing Oct 27

    Fuel-retailing losses narrowed to ₹11.7/litre in Q2 from ₹27.2/litre in Q1, reflecting lower average crude prices and the full-quarter impact of petrol and diesel price hikes.

Neutral 6
  • 1M barrels US WTI purchased Nov 3

    BPCL bought 1 million barrels of US WTI crude at ~$18/bbl premium to dated Brent for late December to early January delivery at Mumbai port.

  • Shifting from Russian to ME crude Oct 26

    Russian crude purchases significantly reduced for November due to higher freight costs. Russian crude premium narrowed from $12–13/bbl to $1–2, with Middle Eastern grades becoming more commercially viable.

  • Lanxess lubricant tech partnership Oct 31

    BPCL signed a non-exclusive MoU with Lanxess to explore advanced industrial lubricants, EV fluids, bio-based lubricants, hydrogen economy applications and immersion cooling solutions.

Quarterly Results

₹ Cr
BPCL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,03,044
1,15,499
1,16,555
1,13,095
1,02,785
1,13,166
1,11,230
1,12,551
1,04,946
1,19,029
1,18,701
1,51,277
1,49,080
Expenses
90,104
1,09,300
1,07,600
1,07,468
98,268
1,05,710
1,03,494
1,02,874
95,185
1,07,343
1,09,067
1,55,332
1,40,108
Operating Profit
12,941
6,199
8,955
5,627
4,517
7,456
7,737
9,678
9,761
11,687
9,634
−4,055
8,973
OPM %
13%
5%
8%
5%
4.4%
7%
7%
9%
9%
10%
8%
−2.7%
6%
Other Income
911
919
403
807
1,278
548
1,061
1,840
1,375
687
940
3,535
675
Interest
1,190
920
967
889
923
861
919
758
833
657
705
627
991
Depreciation
1,605
1,830
1,722
1,686
1,779
1,810
1,982
1,889
1,958
1,979
2,031
2,069
2,097
PBT
11,056
4,367
6,669
3,859
3,094
5,333
5,897
8,872
8,345
9,737
7,838
−3,216
6,560
Tax %
25%
27%
28%
26%
26%
29%
26%
23%
26%
26%
28%
−42%
26%
Net Profit
8,244
3,181
4,790
2,842
2,297
3,806
4,392
6,839
6,191
7,188
5,625
−1,873
4,863
EPS (₹)
19
7.33
11.04
6.55
5.29
8.77
10.12
15.76
14.27
16.57
12.96
−4.32
11.21

Profit & Loss

₹ Cr
BPCL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,42,598
1,87,815
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
5,38,088
Expenses
2,32,818
1,74,844
1,87,468
2,20,578
2,83,113
2,75,597
2,09,170
3,27,654
4,62,288
4,04,001
4,14,870
4,14,026
5,11,849
Operating Profit
9,780
12,971
13,783
15,317
15,112
8,975
21,001
19,137
10,899
44,082
25,401
41,202
26,238
OPM %
4%
7%
7%
6%
5%
3.1%
9%
6%
2.3%
10%
6%
9%
4.9%
Other Income
2,117
1,913
2,721
2,927
2,975
1,393
7,489
4,939
2,554
3,032
3,629
4,399
5,836
Interest
1,180
680
696
1,186
1,764
2,637
1,723
2,606
4,263
4,149
3,591
2,953
2,980
Depreciation
3,027
2,072
2,108
2,885
3,418
4,080
4,334
5,434
6,369
6,771
7,257
7,856
8,175
PBT
7,690
12,132
13,700
14,174
12,905
3,652
22,432
16,037
2,821
36,194
18,182
34,791
20,919
Tax %
34%
33%
31%
31%
34%
0%
23%
27%
24%
26%
27%
26%
—
Net Profit
5,082
8,089
9,507
9,792
8,528
3,666
17,320
11,682
2,131
26,859
13,337
25,843
15,803
EPS (₹)
11.08
18.64
20.1
20.76
17.98
7.04
37.26
26.93
4.91
61.91
30.74
59.57
36.42
Div. Payout %
34%
25%
49%
46%
48%
106%
102%
29%
40%
33%
32%
29%
—

Balance Sheet

₹ Cr
BPCL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
723
656
1,311
1,967
1,967
1,967
2,093
2,129
2,129
2,136
4,273
4,273
4,273
Reserves
21,839
27,138
29,508
34,652
36,798
34,565
51,462
49,776
51,393
73,499
77,112
95,898
97,191
Borrowings
25,492
23,388
35,725
37,659
44,839
65,476
54,532
64,534
69,376
54,599
61,101
54,424
63,075
Other Liabilities
38,268
35,241
42,541
46,078
53,322
48,852
52,891
71,089
65,240
72,184
75,898
94,021
96,980
Total Liabilities
86,322
86,422
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
2,61,519
Fixed Assets
29,109
25,358
33,684
45,539
49,315
60,175
64,098
83,901
86,675
86,798
88,628
93,624
1,15,148
CWIP
15,787
17,459
16,834
9,875
13,654
17,757
17,037
15,433
16,249
20,204
26,387
32,911
21,385
Investments
7,712
9,401
21,327
23,725
24,907
27,029
26,768
23,616
26,778
26,631
26,531
30,136
34,001
Other Assets
33,714
34,203
37,241
41,217
49,050
45,900
53,075
64,578
58,436
68,785
76,837
91,945
90,986
Total Assets
86,322
86,422
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
2,61,519

Cash Flow

₹ Cr
BPCL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
20,742
11,119
9,041
11,068
10,157
7,881
23,455
20,336
12,466
35,936
23,678
50,769
Investing
−10,536
−9,233
−15,274
−7,066
−10,451
−11,135
−2,474
−8,138
−7,806
−10,521
−19,180
−26,067
Financing
−9,792
−1,332
4,804
−4,218
207
3,583
−13,981
−17,672
−4,402
−25,427
−6,241
−24,940
Net Cash Flow
414
555
−1,429
−215
−87
329
7,000
−5,474
257
−12
−1,743
−238
Free Cash Flow
9,754
947
−417
3,384
−344
−4,289
14,403
12,643
3,960
26,391
8,574
31,476
CFO/EBITDA
240
111
94
93
86
108
129
115
121
101
109
143

Ratios

BPCL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
4
4
9
8
8
7
12
10
5
7
8
4
Inventory Days
29
34
45
41
32
32
52
51
32
42
43
51
Days Payable
22
19
24
27
25
19
32
37
20
27
29
41
Cash Conversion Cycle
12
19
30
21
16
20
33
24
17
21
22
14
Working Capital Days
−19
−18
−31
−19
−13
−30
−33
−29
−20
−21
−27
−34
ROCE %
17%
25%
24%
21%
18%
9%
18%
16%
7%
32%
16%
26%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view BPCL insights

66 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.98%
  • DIIs 21.58%
  • FIIs 16.66%
  • Public 5.61%
  • Others 2.32%
  • Government 0.86%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about BPCL

What does Bharat Petroleum Corporation Ltd do?
Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining of crude oil and marketing of petroleum products.
Where is Bharat Petroleum Corporation Ltd (BPCL) listed?
Bharat Petroleum Corporation Ltd trades as BPCL on the NSE and under code 500547 on the BSE.
Which sector does Bharat Petroleum Corporation Ltd belong to?
Bharat Petroleum Corporation Ltd is classified under the Petroleum Products sector, in the Refineries & Marketing industry.
What is the PE ratio of Bharat Petroleum Corporation Ltd?
Bharat Petroleum Corporation Ltd trades at a PE ratio of 8.37 as of 4 Nov 2026, on earnings per share of ₹36.42, against a book value of ₹234.02 per share.
What is the 52-week high and low of Bharat Petroleum Corporation Ltd?
Over the last 52 weeks Bharat Petroleum Corporation Ltd has traded between ₹266.6 and ₹391.65 as of 4 Nov 2026.
Does Bharat Petroleum Corporation Ltd pay dividends?
Bharat Petroleum Corporation Ltd has a dividend yield of 5.89%.
What is the Return on Equity (ROE) of Bharat Petroleum Corporation Ltd?
Bharat Petroleum Corporation Ltd reported a return on equity of 28.80%. Its debt-to-equity ratio is 0.62.

Company Information

Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining of crude oil and marketing of petroleum products.

Website bharatpetroleum.in
CEO Mr. Sanjay Khanna
Employees 8,747
Listed 13 Sep 1995
Face Value ₹10

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