Refines crude oil into transportation fuels and other petroleum products and markets them through a retail outlet network, bulk channels and LPG distribution. Downstream Petroleum accounts for essentially all segment revenue (₹5,22,668.25 cr in FY26) while Exploration & Production of Hydrocarbons contributes negligibly (₹152.16 cr) and ran at an EBIT loss. Q1 FY27 refining throughput was 10.15 MMT with a gross GRM of $41.41/bbl and total sales of 14.13 MMT; retail productivity was 1,570 KL per outlet per month. Materials — primarily crude oil — are the dominant cost at 40.9% of revenue, with other operating expenses adding 18.9%. Capital projects are expanding petrochemical capacity: Bina Petrochemical at 30.7% complete, PFCC Mumbai at 7% (commissioning September 2029), and Polypropylene Kochi at 40% (commissioning May 2028), with FY27 capex guidance of ₹25,000 crore. Crude sourcing has been diversified — spot share rose to 69% in Q1 FY27 (from 44% YoY) with Russian crude at 38% of procurement. An accumulated LPG under-recovery buffer of ₹15,804 crore awaits government disbursement. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Downstream Petroleum (100%), Exploration & Production of Hydrocarbons (0%). Cyclical, asset-heavy refining and marketing of petroleum products with growing petrochemical and upstream exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,32,570 | 5,33,547 | 5,06,993 | 5,00,517 | 5,22,820 |
| EBITDA (ex other income) | 20,272 | 9,245 | 43,814 | 25,023 | 40,791 |
| margin % | 4.7 | 1.7 | 8.6 | 5.0 | 7.8 |
| Owners' profit | 11,682 | 2,131 | 26,859 | 13,337 | 25,843 |
| EPS, as reported (₹) | 54.91 | 10.01 | 126.08 | 31.21 | 60.49 |
| ROE % · ROCE % | 22.5 · 16.4 | 4.0 · 3.9 | 35.5 · 32.3 | 16.4 · 16.0 | 25.8 · 25.3 |
| Debt / equity (x) | 1.08 | 1.13 | 0.60 | 0.63 | 0.43 |
| Cash from operations | 20,336 | 12,466 | 35,936 | 23,678 | 50,769 |
| Capex | (7,410) | (7,444) | (8,839) | (13,343) | (15,956) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,17,949 | 1,27,551 | 1,26,916 | 1,29,615 | 1,21,605 | 1,36,653 | 1,34,948 | 1,59,527 |
| Profit before tax | 2,438 | 5,403 | 5,539 | 7,714 | 7,757 | 9,530 | 8,281 | (3,617) |
| Net profit | 2,297 | 3,806 | 4,392 | 6,839 | 6,191 | 7,188 | 5,625 | (1,873) |
| EPS (₹) | 5.38 | 8.91 | 10.28 | 16.01 | 14.49 | 16.82 | 13.16 | (4.38) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Downstream Petroleum | 5,22,668 | 100.0 |
| Exploration & Production of Hydrocarbons | 152 | 0.0 |
| Total, before eliminations | 5,22,820 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 17,01,775 | 22.8 | 1.57 | 9.3 | 8.8 | 7.5 | 17.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Stamp duty orders worth about Rs 46 lakh from Gujarat authority; BPCL plans to appeal | regulatory legal | high | — | — |
| 10 Sept 2026 · BPCL appoints statutory auditors for FY 2026-27 | management changes | medium | — | — |
| 8 Sept 2026 · BPCL to meet investors at UBS India Summit 2026 on 10 Sept | board shareholder meetings | low | — | — |
| 3 Sept 2026 · BPCL to meet investors in Dubai, London, Singapore and Hong Kong | board shareholder meetings | low | — | — |
| 1 Sept 2026 · BPCL Director (Finance) tenure extended till June 2031 | management changes | high | — | — |
| 28 Aug 2026 · BPCL amends MOA to enter digital payment business including UPI and e-wallets | corporate actions | medium | — | — |
| 28 Aug 2026 · BPCL 73rd AGM: All 8 resolutions passed, notable institutional dissent on director appointments | board shareholder meetings | low | — | — |
| 27 Aug 2026 · BPCL 73rd AGM: 8 Resolutions Tabled Including Dividend Confirmation | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · BPCL AGM: record FY26 profit followed by Rs 3,962 crore Q1 loss | investor communications | medium | — | — |
| 26 Aug 2026 · BPCL fined by BSE and NSE for missing Independent Directors on Board | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| 17.3 |
| INDIAN OIL CORP LTD | 1,90,792 | 5.5 | 0.85 | 4.0 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT ◆ | 1,30,100 | 7.6 | 1.30 | 3.9 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 74,899 | 44.8 | 1.14 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,741 | 9.8 | 2.17 | 6.9 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 23,379 | 5.6 | 2.10 | 5.1 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 791 | 178.9 | 20.48 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 445 | 3.5 | 3.80 | — | 69.3 | 88.6 | — | 119.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 7.6 | 7 of 13 | 50% |
| P/B | 1.3 | 1.8 | 5 of 12 | 64% |
| ROCE | 23.3 | 16.4 | 3 of 12 | 82% |
| ROE | 25.8 | 13.6 | 4 of 11 | 70% |
| Debt / Equity | 0.4 | 0.4 | 8 of 12 | 36% |
| EBITDA margin | (0.6) | 5.4 | 9 of 11 | 20% |
| Revenue growth | 23.1 | 24.2 | 5 of 8 | 43% |
| Profit growth | (127.4) | 4.3 | 8 of 9 | 13% |
| Market cap | 130100 | 791 | 3 of 13 | 83% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
