NSE: BPCL · BSE: 500547
BHARAT PETROLEUM CORP LT
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 15,67,121 | 21.0 | 1.44 | 8.6 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,82,983 | 5.3 | 0.81 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT ◆ | 1,22,623 | 7.2 | 1.22 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 73,867 | 44.2 | 1.13 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,294 | 9.6 | 2.13 | 6.8 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 22,631 | 5.4 | 2.04 | 4.9 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 726 | 382.7 | 18.78 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 464 | 5.7 | 3.97 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.2 | 8.0 | 6 of 13 | 58% |
| P/B | 1.2 | 1.7 | 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 | 122623 | 726 | 3 of 13 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Crisil reaffirms BPCL's top-tier credit ratings | credit debt | medium | — | — |
| 26 Oct 2026 · BPCL posts conference call recording for September 2026 quarter | investor communications | low | — | — |
| 23 Oct 2026 · BPCL Q2 FY27 profit falls despite stronger refining margins | investor communications | medium | — | — |
| 23 Oct 2026 · BPCL reschedules Q2 FY27 results conference call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · BPCL forms subsidiary for proposed Ramayapatnam greenfield complex | capex operations | high | — | — |
| 23 Oct 2026 · First-half revenue rises 26%, but standalone profit falls 92% | results | high | — | — |
| 23 Oct 2026 · Q2 profit falls despite 26% revenue growth; six-month cash flow turns negative | results | high | — | — |
| 20 Oct 2026 · BPCL to hold 2Q FY27 post-results conference call on 24 Oct 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · BPCL board to consider Q2 FY27 unaudited results on 23 October 2026 | results | low | — | — |
| 9 Oct 2026 · BPCL notifies special window for old physical share dematerialisation | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| 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 |
Sources, method and disclosures
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.