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Bharat Petroleum Corporation Limited
(BPCL)
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Rating:71Outperform
Price Target:
₹341.00
▲(9.93% Upside)
Action:Upgraded
Date:08/21/26
The score is driven primarily by improving financial performance (profitability and cash flow recovery plus reduced leverage) and attractive valuation (low P/E and high dividend yield). These positives are partially offset by weak technical momentum (negative MACD, sub-50 RSI, and price below key moving averages), which reduces the near-term setup.
Positive Factors
Profitability Recovery
The sustained recovery in net margins indicates stronger earnings power than during the 2023 trough. If operating conditions remain supportive, improved profitability can strengthen internal funding and resilience over the next several quarters.
Negative Factors
Cyclical Earnings
BPCL’s refining and marketing earnings depend on crude costs, product spreads, demand and pricing conditions. These structural exposures can produce sharp profit swings, making current earnings strength less predictable over a two-to-six-month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The sustained recovery in net margins indicates stronger earnings power than during the 2023 trough. If operating conditions remain supportive, improved profitability can strengthen internal funding and resilience over the next several quarters.
Read all positive factors
Bharat Petroleum Corporation Limited (BPCL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.35T
Dividend Yield7.23%
Average Volume (3M)327.79K
Price to Earnings (P/E)7.8
Beta (1Y)1.29
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
₹385.00Price Target Upside24.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)20.12
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 makes money mainly by converting crude oil into refined products and selling those products through multiple channels. (1) Refining (manufacturing margin): BPCL purchases crude oil and processes it at its refineries to produce a basket of pro...
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 | ₹207.45B | 4.97 | ― | 0.55% | 33.51% | ― | |
71 Outperform | ₹1.35T | 7.76 | ― | 7.25% | 12.33% | -1.17% | |
71 Outperform | ₹309.86B | 9.86 | ― | 2.36% | 23.40% | ― | |
70 Outperform | ₹1.92T | 5.56 | ― | 7.22% | 13.47% | 99.32% | |
62 Neutral | ₹17.78T | 23.83 | ― | 0.47% | 15.00% | -8.32% | |
59 Neutral | ₹772.72B | 46.27 | ― | 4.07% | 9.39% | -83.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:BPCL
Bharat Petroleum Corporation Limited
311.00
10.23
3.40%
IN:CHENNPETRO
Chennai Petroleum Corporation Limited
1,393.10
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IN:HINDPETRO
Hindustan Petroleum Corporation Limited
363.15
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IN:IOC
Indian Oil Corp. Ltd.
136.00
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2.32%
IN:MRPL
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176.80
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45.94%
IN:RELIANCE
Reliance Industries Limited
1,314.00
-92.40
-6.57%
Bharat Petroleum Corporation Limited Corporate Events
Bharat Petroleum Sets August 27, 2026 Virtual AGM With Key Board and Audit Items
Aug 3, 2026
Bharat Petroleum Corporation Limited has scheduled its 73rd Annual General Meeting for August 27, 2026, at 10:30 a.m. IST, to be held via video conferencing or other audio-visual means in compliance with Indian corporate governance regulations. Th...
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...
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.