Bharat Petroleum Corporation Ltd

₹ 318 -0.52%

29 Jul 10:11 a.m.

bharatpetroleum.in BSE: 500547 NSE: BPCL

About

Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining of crude oil and marketing of petroleum products.^[1]

Key Points

Refining and Marketing Scale:^[1]

BPCL operates the Mumbai, Kochi and Bina refineries with combined capacity of 35.3 MMTPA, around 14% of India's refining capacity. FY26 refinery throughput reached 41.15 MMT, implying sustained operation above nameplate capacity, while distillate yield improved to 84.54%.^[1]^[2]
Domestic petroleum-product sales rose to 54.18 MMT in FY26, giving BPCL a 27.27% market share; the network expanded to 25,323 retail outlets.^[1]
In LPG, BPCL had a 27.53% market share, 57 bottling plants, over 6,278 distributors
and approximately 8.6 crore customer connections in FY26.^[1]
The wider network also includes industrial customers, aviation stations, lubricant-blending plants and city-gas geographical areas, keeping BPCL present across refining, logistics and multiple fuel-distribution channels.^[3]

Website BSE NSE

Market Cap ₹ 1,38,007 Cr.
Current Price ₹ 318
High / Low ₹ 392 / 267
Stock P/E 9.14
Book Value ₹ 220
Dividend Yield 5.52 %
ROCE 32.1 %
ROE 29.9 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has a good return on equity (ROE) track record: 3 Years ROE 30.0%
Company has been maintaining a healthy dividend payout of 26.5%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Energy Oil, Gas & Consumable Fuels Petroleum Products Refineries & Marketing

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 BSE PSU Nifty Next 50 Nifty 500 BSE Oil & Gas Nifty Energy Nifty 100 BSE Dollex 100 Nifty Infrastructure Nifty PSE Nifty 200 Nifty Commodities Nifty Dividend Opportunities 50 BSE CPSE Nifty 100 Equal Weight BSE Energy BSE SENSEX Next 50 BSE Bharat 22 Index BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Enhanced Value Index BSE Momentum Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Oil & Gas Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty500 Shariah Nifty500 Multicap Infrastructure 50:30:20 Nifty500 Value 50 Nifty100 Enhanced ESG Nifty Alpha Quality Value Low-Volatility 30 BSE 200 Equal Weight BSE Power & Energy BSE Sensex Sixty 65:35 Nifty 100 Alpha 30 Index NIFTY Mobility Nifty200 Value 30 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multifactor MQVLv50 BSE India 150 BSE 1000 BSE 500 Momentum 50 BSE 500 Dividend Leaders 50 Nifty India Railways PSU Nifty India FPI 150

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Detailed Comparison with:

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
	112,978	102,986	115,466	116,527	113,096	102,756	113,136	111,179	112,515	104,912	118,999	118,649	151,229
	97,168	90,078	109,268	107,342	107,446	98,244	105,555	103,414	102,852	95,135	107,323	108,589	155,307
Operating Profit	15,810	12,908	6,198	9,185	5,650	4,512	7,580	7,765	9,663	9,777	11,677	10,061	-4,077
OPM %	14%	13%	5%	8%	5%	4.4%	7%	7%	9%	9%	10%	8%	-2.7%
	492	771	709	-1,301	506	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 %	25%	25%	26%	25%	25%	25%	25%	25%	25%	25%	25%	25%	-25%
	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
EPS in Rs	24.32	19.59	7.83	9.74	6.95	5.53	10.72	7.41	14.12	14.85	17.39	7.36	-9.13
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	238,087	188,405	202,211	236,421	297,275	284,383	232,553	346,644	473,125	447,908	440,132	455,076	493,790
	229,772	177,259	191,345	224,480	285,311	277,702	215,393	327,618	462,157	403,856	414,659	413,898	466,353
Operating Profit	8,315	11,146	10,866	11,941	11,964	6,680	17,160	19,026	10,967	44,052	25,473	41,178	27,437
OPM %	3.5%	6%	5%	5%	4.0%	2.4%	7%	5%	2.3%	10%	6%	9%	6%
	2,200	1,655	2,564	2,831	2,984	1,959	10,764	4,272	813	720	1,312	-596	-91
Interest	583	565	496	833	1,319	2,182	1,328	2,209	3,216	2,473	1,888	1,634	1,676
Depreciation	2,516	1,845	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	7,416	10,391	11,043	11,286	10,440	2,671	22,618	15,672	2,217	35,548	17,664	31,104	17,642
Tax %	31%	32%	27%	29%	32%	-0%	16%	27%	16%	25%	25%	25%
	5,085	7,056	8,039	7,976	7,132	2,683	19,042	11,363	1,870	26,674	13,275	23,303	13,217
EPS in Rs	11.72	16.26	18.53	18.38	16.44	6.18	43.89	26.19	4.31	61.48	30.60	53.71	30.47
Dividend Payout %	32%	29%	53%	52%	52%	121%	87%	30%	46%	34%	32%	14%

Compounded Sales Growth
10 Years:	9%
5 Years:	14%
3 Years:	-1%
TTM:	12%

Compounded Profit Growth
10 Years:	14%
5 Years:	13%
3 Years:	107%
TTM:	-14%

Stock Price CAGR
10 Years:	5%
5 Years:	8%
3 Years:	20%
1 Year:	-4%

Return on Equity
10 Years:	24%
5 Years:	25%
3 Years:	30%
Last Year:	30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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
Reserves	21,744	26,667	28,357	32,165	34,771	31,248	52,452	49,516	49,867	72,539	76,688	90,960
	13,098	15,857	23,159	23,351	29,099	47,819	34,160	42,215	44,775	27,881	33,317	21,422
	34,179	32,177	39,162	42,649	49,790	45,436	51,889	70,324	64,062	70,438	73,718	90,471
Total Liabilities	69,745	75,357	91,990	100,131	115,627	126,469	140,594	164,184	160,833	172,993	187,995	207,126
	20,315	23,207	31,437	43,028	46,488	56,951	63,936	83,806	86,596	86,738	88,580	94,370
CWIP	7,666	12,664	11,623	4,408	7,066	9,505	7,350	4,997	5,673	8,781	13,958	16,394
Investments	12,391	12,811	14,601	15,626	15,992	16,058	17,684	12,632	13,872	14,458	14,417	11,373
	29,373	26,674	34,328	37,069	46,082	43,955	51,624	62,749	54,691	63,016	71,040	84,990
Total Assets	69,745	75,357	91,990	100,131	115,627	126,469	140,594	164,184	160,833	172,993	187,995	207,126

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18,183	10,179	7,897	9,009	7,645	6,265	20,030	20,813	10,664	35,762	23,605	47,703
	-7,909	-7,975	-10,130	-4,741	-7,537	-9,172	2,170	-7,350	-6,397	-11,661	-18,796	-22,455
	-9,121	-1,840	567	-4,423	-87	2,940	-15,622	-18,662	-3,666	-25,466	-4,916	-25,398
Net Cash Flow	1,153	364	-1,666	-155	21	34	6,578	-5,198	601	-1,365	-107	-150
Free Cash Flow	10,045	1,162	-984	2,143	-1,372	-3,075	14,021	13,448	3,330	26,999	9,666	31,737
CFO/OP	247%	114%	100%	93%	80%	112%	133%	118%	104%	101%	108%	135%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	4	4	9	8	8	7	12	10	5	7	8	4
Inventory Days	24	31	41	37	30	29	50	51	32	42	43	51
Days Payable	21	19	24	26	24	18	30	36	20	27	29	41
Cash Conversion Cycle	7	16	26	18	14	18	32	24	17	21	22	14
Working Capital Days	-13	-19	-26	-20	-8	-30	-29	-22	-18	-14	-24	-21
ROCE %	21%	28%	24%	22%	19%	8%	21%	18%	7%	40%	20%	32%

Insights

In beta

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Mar 2023

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Mar 2025

Market Sales
MMT

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Refinery Crude Throughput
MMT

Throughput per Retail Outlet
KL/month

Gross Refining Margin (GRM)
$/barrel

High Speed Diesel (HSD) Market Share
%

Motor Spirit (MS/Petrol) Market Share
%

Retail Outlets
Number

Refinery Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	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%	52.98%	52.98%	52.98%
	13.01%	14.21%	16.79%	15.04%	15.39%	14.71%	14.58%	15.45%	16.53%	18.46%	19.57%	16.84%
	22.53%	22.13%	21.30%	21.31%	22.06%	22.27%	22.23%	22.18%	21.31%	19.56%	18.52%	21.07%
	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%	0.43%	0.43%	0.86%
	10.21%	9.44%	8.00%	9.73%	8.63%	9.09%	9.26%	8.46%	8.25%	8.58%	8.48%	8.25%
	0.32%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	8,17,339	7,49,213	7,23,571	10,39,006	10,18,794	11,24,533	11,93,412	11,07,983	10,59,886	9,87,767	10,33,057	10,50,341

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	54.93%	54.31%	53.29%	52.98%	52.98%	52.98%	52.98%	52.98%	52.98%	52.98%	52.98%
	22.53%	19.81%	15.64%	12.28%	12.42%	13.69%	12.57%	16.79%	14.58%	19.57%	16.84%
	6.74%	10.03%	15.32%	19.61%	23.31%	19.85%	22.59%	21.30%	22.23%	18.52%	21.07%
	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.94%	0.94%	0.94%	0.43%	0.86%
	14.93%	14.99%	14.88%	14.27%	8.43%	12.31%	10.61%	8.00%	9.26%	8.48%	8.25%
	0.00%	0.00%	0.00%	0.00%	2.00%	0.32%	0.32%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	1,25,579	1,56,443	1,78,718	2,23,139	4,68,377	9,30,486	8,58,136	7,23,571	11,93,412	10,33,057	10,50,341

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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