BPCL
BPCL
Petroleum Products F&OKey Fundamentals
LargecapRefineries & MarketingPetroleum ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is providing a good dividend yield of 5.82%.
- 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%
Growth Rate
AI Analysis — Bull vs Bear
Bharat Petroleum Corporation Ltd (BPCL) has a market cap of about ₹1,31,543 crore and trades at a P/E of 7.8 and a P/B of 1.33, with a dividend yield of 5.67%. ROE has held up well at 29% last year and 24% over both 5 and 10 years. However, TTM profit is down 12% even as TTM sales grew 12%, and 3-year sales growth is -1%. The stock has returned 21% CAGR over 3 years but only 4% over 10 years, which shows how cyclical and policy-driven returns in oil marketing have been.
- The dividend yield is 5.67% on a payout ratio of about 31.5%, so the distribution uses less than a third of earnings. That leaves room for reinvestment and gives some cushion if earnings dip.
- ROE has been high and steady: 28.6% over 3 years, 29% last year and 24% over both 5 and 10 years. That points to efficient use of equity across multiple refining and marketing cycles.
- At a P/E of 7.8, the implied earnings yield is about 12.8%. That's a low multiple next to broader Indian large-cap averages.
- A P/B of 1.33 against 29% ROE means the market values the company's equity close to book value, even though that equity is earning high returns.
- 3-year compounded profit growth is 107%, showing strong earnings recovery and operating leverage when marketing margins and refining spreads are favourable.
- TTM sales grew 12%, a pickup from the -1% 3-year sales CAGR. This suggests volumes or realisations are recovering.
- 5-year sales CAGR is 15% and 10-year profit CAGR is 12%, showing the business has grown over the long term alongside India's fuel demand.
- The stock's 21% 3-year CAGR shows that returns can be strong during periods of healthy marketing margins.
- TTM profit fell 12% while TTM sales rose 12%, which means margins shrank. Earnings depend on refining spreads and marketing margins that the company doesn't control.
- The 3-year profit CAGR of 107% is inflated by a weak starting year. The 5-year (16%) and 10-year (12%) figures better reflect sustainable growth.
- Over 10 years the stock has compounded at only 4%, and over 5 years at 7%. Long-term holders have earned little beyond dividends despite ROE above 20%.
- 3-year sales CAGR is -1%, so the top line has barely moved over that period. Revenue largely tracks crude prices rather than structural growth.
- The stock has fallen 5% over the last year, showing the market's concern about earnings volatility and pricing policy risk even at a 7.8x P/E.
- The low P/E of 7.8 may reflect peak-cycle earnings. If margins return to normal, the effective multiple on normalised earnings would be higher than it looks.
- The 5.67% dividend yield depends on earnings holding up. With TTM profit already down 12%, a 31.5% payout on a shrinking profit base means dividends in absolute terms could fall.
- Debt-to-equity isn't available in the data provided, so balance-sheet leverage and capex funding risk can't be assessed from these numbers.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Gujarat stamp duty penalty orders Sep 11
BPCL received two stamp duty orders from Gujarat authorities demanding ₹48 lakh in duties and penalties. The company plans to appeal and says there is no material financial impact.
- CBG plant push via ORSL Sep 8
BPCL awarded three EPCOM contracts worth ₹259.71 crore in total to ORSL for municipal solid waste-based compressed biogas plants in Mysuru (Sep 3), Raipur (Sep 4) and Kozhikode (Sep 8, ₹92.41 crore). The plants add about 14.8 TPD of combined capacity, are due for completion within 15 months, and each carries a 5-year O&M mandate, which supports BPCL's renewable gas build-out.
- Heavy institutional investor engagement Sep 18
BPCL held or scheduled several investor meets. The UBS India Summit session was moved to Sep 10 in Mumbai, J.P. Morgan and Morgan Stanley meets are set for Sep 21-22 in Mumbai, and a UBS meet is planned in Kochi on Sep 24, 2026 at 2:30 pm.
- ₹75 crore NSE block trade Sep 22
About 2,413,410 BPCL shares changed hands in a block trade on the NSE at ₹311.75 per share. The total value was roughly ₹75.24 crore.
- FY27 statutory auditors appointed Sep 10
M M Nissim & Co LLP and Manohar Chowdhry & Associates were appointed as statutory auditors for FY27, following a C&AG directive under the Companies Act.
TL;DR: BPCL's recent news flow is mostly routine, with no major operating triggers. The main positive is a ₹259.71 crore set of compressed biogas plant contracts that adds about 14.8 TPD of renewable gas capacity. The only headwind is a minor ₹48 lakh stamp duty dispute, which the company says is immaterial and plans to appeal. A dense run of investor meetings with UBS, J.P. Morgan and Morgan Stanley, plus a ₹75 crore block trade at ₹311.75, points to steady institutional interest. The trend looks stable, and the next drivers are likely to be marketing margins, crude prices and management commentary from these investor meets.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,12,985 | 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 |
| Expenses | 97,200 | 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 |
| Operating Profit | 15,785 | 12,941 | 6,199 | 8,955 | 5,627 | 4,517 | 7,456 | 7,737 | 9,678 | 9,761 | 11,687 | 9,634 | -4,055 |
| OPM % | 14% | 13% | 5% | 8% | 5% | 4.4% | 7% | 7% | 9% | 9% | 10% | 8% | -2.7% |
| Other Income | 1,003 | 911 | 919 | 403 | 807 | 1,278 | 548 | 1,061 | 1,840 | 1,375 | 687 | 940 | 3,535 |
| Interest | 1,071 | 1,190 | 920 | 967 | 889 | 923 | 861 | 919 | 758 | 833 | 657 | 705 | 627 |
| Depreciation | 1,614 | 1,605 | 1,830 | 1,722 | 1,686 | 1,779 | 1,810 | 1,982 | 1,889 | 1,958 | 1,979 | 2,031 | 2,069 |
| PBT | 14,103 | 11,056 | 4,367 | 6,669 | 3,859 | 3,094 | 5,333 | 5,897 | 8,872 | 8,345 | 9,737 | 7,838 | -3,216 |
| Tax % | 25% | 25% | 27% | 28% | 26% | 26% | 29% | 26% | 23% | 26% | 26% | 28% | -42% |
| Net Profit | 10,644 | 8,244 | 3,181 | 4,790 | 2,842 | 2,297 | 3,806 | 4,392 | 6,839 | 6,191 | 7,188 | 5,625 | -1,873 |
| EPS in Rs | 24.53 | 19 | 7.33 | 11.04 | 6.55 | 5.29 | 8.77 | 10.12 | 15.76 | 14.27 | 16.57 | 12.96 | -4.32 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4,93,954 |
| 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 | 4,66,927 |
| 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 | 27,027 |
| OPM % | 4% | 7% | 7% | 6% | 5% | 3.1% | 9% | 6% | 2.3% | 10% | 6% | 9% | 5% |
| 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 | 6,536 |
| Interest | 1,180 | 680 | 696 | 1,186 | 1,764 | 2,637 | 1,723 | 2,606 | 4,263 | 4,149 | 3,591 | 2,953 | 2,823 |
| 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 | 8,036 |
| 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 | 22,704 |
| 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 | 17,132 |
| EPS in Rs | 11.08 | 18.64 | 20.1 | 20.76 | 17.98 | 7.04 | 37.26 | 26.93 | 4.91 | 61.91 | 30.74 | 59.57 | 39.48 |
| Div. Payout % | 34% | 25% | 49% | 46% | 48% | 106% | 102% | 29% | 40% | 33% | 32% | 29% | — |
Balance Sheet
| Particulars | 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 | 21,839 | 27,138 | 29,508 | 34,652 | 36,798 | 34,565 | 51,462 | 49,776 | 51,393 | 73,499 | 77,112 | 95,898 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 240 | 111 | 94 | 93 | 86 | 108 | 129 | 115 | 121 | 101 | 109 | 143 |
Ratios
| Particulars | 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 | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY06–FY27.
Documents
Frequently Asked Questions about BPCL
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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.[1]
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