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Bharat Petroleum Corporation Limited
(BPCL)
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Rating:68Neutral
Price Target:
₹320.00
▲(3.16% Upside)
Action:Downgraded
Date:05/21/26
The score is driven mainly by improving financial performance (recovered profitability, stronger cash flow, and lower leverage) and very attractive valuation (low P/E and high dividend yield). These positives are tempered by weak technicals, with the stock trading below key moving averages and negative momentum indicators.
Positive Factors
Integrated downstream model & retail network
BPCL’s integrated refining-to-retail model and extensive fuel-station network enable capture of refining spreads and retail margins, diversify revenue across product lines and channels, and provide durable distribution reach that supports volume resilience and market share over economic cycles.
Negative Factors
Cyclical volatility in margins and cash conversion
BPCL’s earnings and cash conversion remain sensitive to crude-product spreads and refining cycles; persistent margin swings can quickly erode profitability and cash flows, complicating multi-year planning, capital allocation and exposing returns to commodity price moves.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated downstream model & retail network
BPCL’s integrated refining-to-retail model and extensive fuel-station network enable capture of refining spreads and retail margins, diversify revenue across product lines and channels, and provide durable distribution reach that supports volume resilience and market share over economic cycles.
Read all positive factors
Bharat Petroleum Corporation Limited (BPCL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.38T
Dividend Yield7.07%
Average Volume (3M)327.79K
Price to Earnings (P/E)8.0
Beta (1Y)1.28
Revenue Growth12.33%
EPS Growth-1.17%
CountryIN
Employees8,945
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)49.69
Shares Outstanding4,338,469,000
10 Day Avg. Volume205,514
30 Day Avg. Volume327,792
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.20
Price to Sales (P/S)0.26
P/FCF Ratio3.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹365.00Price Target Upside17.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)20.1
Revenue Forecast (FY)₹5.42T
Bharat Petroleum Corporation Limited Business Overview & Revenue Model
Company Description
Bharat Petroleum Corporation Limited (BPCL), an Indian energy conglomerate headquartered in Mumbai, traces its origins to 1952, operating initially as Bharat Refineries Limited before adopting its current name in August 1977. At its core, the comp...
How the Company Makes Money
BPCL primarily makes money through an integrated downstream model spanning refining and fuel marketing. (1) Refining: BPCL purchases crude oil and processes it at its refineries into high-value petroleum products (e.g., petrol, diesel, ATF, LPG, n...
Bharat Petroleum Corporation Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.42T | 4.55T | 4.40T | 4.48T | 4.68T | 3.47T |
| Gross Profit | 551.45B | 644.11B | 442.09B | 553.47B | 189.01B | 292.91B |
| EBITDA | 374.22B | 456.01B | 277.08B | 460.11B | 109.57B | 223.05B |
| Net Income | 212.28B | 258.43B | 133.37B | 268.59B | 21.31B | 116.81B |
Balance Sheet | ||||||
| Total Assets | 2.28T | 2.49T | 2.18T | 2.02T | 1.88T | 1.88T |
| Cash, Cash Equivalents and Short-Term Investments | 174.30B | 201.69B | 141.39B | 102.66B | 68.52B | 66.01B |
| Total Debt | 529.67B | 544.24B | 611.01B | 545.99B | 693.76B | 645.34B |
| Total Liabilities | 1.34T | 1.48T | 1.37T | 1.27T | 1.35T | 1.36T |
| Stockholders Equity | 939.35B | 1.00T | 813.84B | 756.35B | 535.22B | 519.06B |
Cash Flow | ||||||
| Free Cash Flow | 176.23B | 305.44B | 85.35B | 263.57B | 39.17B | 125.85B |
| Operating Cash Flow | 213.13B | 499.69B | 236.78B | 359.36B | 124.66B | 203.36B |
| Investing Cash Flow | -80.41B | -278.39B | -191.80B | -105.21B | -78.06B | -81.38B |
| Financing Cash Flow | -134.00B | -223.69B | -62.41B | -254.27B | -44.02B | -176.72B |
Bharat Petroleum Corporation Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹196.91B | 4.72 | ― | 0.55% | 33.51% | ― | |
73 Outperform | ₹1.97T | 5.70 | ― | 7.22% | 13.47% | 99.32% | |
68 Neutral | ₹1.38T | 7.97 | ― | 7.25% | 12.33% | -1.17% | |
67 Neutral | ₹793.68B | 47.58 | ― | 4.07% | 9.39% | -83.64% | |
65 Neutral | ₹298.91B | 9.51 | ― | 2.36% | 23.40% | ― | |
62 Neutral | ₹17.70T | 23.72 | ― | 0.47% | 15.00% | -8.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:BPCL
Bharat Petroleum Corporation Limited
318.25
19.10
6.39%
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IN:HINDPETRO
Hindustan Petroleum Corporation Limited
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IN:IOC
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IN:MRPL
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IN:RELIANCE
Reliance Industries Limited
1,308.00
-66.60
-4.84%
Bharat Petroleum Corporation Limited Corporate Events
CARE Reaffirms Top Short-Term Ratings on BPCL Commercial Paper
Jul 25, 2026
Bharat Petroleum Corporation Limited has announced that CARE Ratings Limited has reaffirmed its highest short-term credit rating of CARE A1+ for existing commercial paper programmes totaling ₹6,500 crore. The rating agency has also assigned ...
BPCL arm takes full control of Brazil oil and gas venture for Rs 2,312 crore
Jul 2, 2026
Bharat Petroleum Corporation Limited has completed the acquisition of full control of IBV Brasil Petroleo Limitada through its indirect wholly owned subsidiary, BPRL Ventures BV. BPRL Ventures BV increased its stake in IBV from 60.86% to 100% by p...
BPCL to Acquire 40% Stake in Tiki Tar and Shell India for Value-Added Bitumen Push
Jun 29, 2026
Bharat Petroleum Corporation Limited has signed an agreement to acquire a 40% equity stake in Tiki Tar and Shell India Private Limited, a private oil and gas company formed as a joint venture between Tiki Tar Group and Shell Gas B.V. The deal, str...
BPCL Opens Special Window for Transfer and Demat of Legacy Physical Shares
Jun 5, 2026
Bharat Petroleum Corporation Limited has announced the opening of a special window for the transfer and dematerialisation of physical securities that were bought or sold before April 1, 2019, in line with a recent SEBI circular. The company has no...
BPCL Seeks Shareholder Nod for Major Mozambique LNG Related Party Deals
Jun 5, 2026
Bharat Petroleum has launched a postal ballot to seek shareholder approval for material related party transactions linked to its participation in the Area-1 Offshore Mozambique LNG project. The vote will be conducted via electronic means in line w...
BPCL Shareholders Approve Ordinary Resolution via Remote E‑Voting Postal Ballot
Apr 30, 2026
Bharat Petroleum Corporation Limited informed the stock exchanges that its shareholders have approved an ordinary resolution via a postal ballot conducted exclusively through remote e-voting. The scrutinizer, Dholakia Associates LLP, confirmed th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.