Bharat Petroleum Corporation Limited (IN:BPCL)
:BPCL
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Bharat Petroleum Corporation Limited
(BPCL)
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Rating:68Neutral
Price Target:
₹320.00
▲(2.55% 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
₹1.27T
Dividend Yield4.73%
Average Volume (3M)327.79K
Price to Earnings (P/E)5.7
Beta (1Y)1.22
Revenue Growth3.40%
EPS Growth93.77%
CountryIN
Employees8,506
SectorEnergy
Sector Strength52
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
₹392.50Price Target Upside25.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)24.75
Revenue Forecast (FY)₹5.12T
Bharat Petroleum Corporation Limited Business Overview & Revenue Model
Company Description
Bharat Petroleum Corporation Limited refines crude oil and markets petroleum products in India. The company operates through two segments, Downstream Petroleum; and Exploration and Production of Hydrocarbons. It operates fuel stations that sell pe...
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 | 428.48B | 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 Technical Analysis
Negative
312.05
Price Trends
303.17
Negative
333.81
Negative
329.47
Negative
Market Momentum
-5.71
Positive
41.32
Neutral
12.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BPCL, the sentiment is Negative. The current price of 312.05 is above the 20-day moving average (MA) of 301.38, above the 50-day MA of 303.17, and below the 200-day MA of 329.47, indicating a bearish trend. The MACD of -5.71 indicates Positive momentum. The RSI at 41.32 is Neutral, neither overbought nor oversold. The STOCH value of 12.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BPCL.
Bharat Petroleum Corporation Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹150.64B | 2.67 | ― | 0.55% | 7.22% | 1349.42% | |
73 Outperform | ₹1.95T | 4.43 | ― | 4.90% | 3.47% | 209.60% | |
68 Neutral | ₹1.27T | 5.71 | ― | 4.73% | 3.40% | 93.77% | |
67 Neutral | ₹814.21B | 3.95 | ― | 3.26% | 1.77% | 167.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | ₹18.40T | 26.79 | ― | 0.35% | 9.59% | 15.97% | |
51 Neutral | ₹259.82B | 67.10 | ― | 2.04% | -6.35% | 3324.95% |
* Energy Sector Average
IN:BPCL
Bharat Petroleum Corporation Limited
293.70
-2.89
-0.97%
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IN:HINDPETRO
Hindustan Petroleum Corporation Limited
382.65
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IN:IOC
Indian Oil Corp. Ltd.
138.05
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IN:MRPL
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148.25
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IN:RELIANCE
Reliance Industries Limited
1,359.75
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-4.46%
Bharat Petroleum Corporation Limited Corporate Events
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...
BPCL Sets Up Singapore Subsidiary to Boost Global Energy Trading
Feb 26, 2026
Bharat Petroleum Corporation Limited has incorporated a wholly owned subsidiary in Singapore, Bharat Petroleum Global Energy Services (Singapore) Pte. Ltd., with an issued share capital of USD 2 million. The new entity will operate as a trading de...
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.