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Model Note · BHARAT PETROLEUM CORP LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT PETROLEUM CORP LT Discounted cash flow · base FY26
BHARAT PETROLEUM CORP LT
Value per share, this model₹749
CMP 2026-09-10₹304.50
Difference145.8%
Growth the CMP implies(14.5)%/yr
This note states the assumptions and the arithmetic of one model of BHARAT PETROLEUM CORP LT, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
4.5% a year
FY26 4.5% · 5-yr CAGR 11.4%
EBITDA margin
7.8%
FY26 7.8% · 5-yr average 5.6%
Depreciation · capex, % of revenue
1.5% · 3.1%, fading to 1.2× depreciation
FY26 1.5% · 3.1%
Working capital, % of added revenue · tax
3% · 26.9%
11 working-capital days · effective 26.9%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹43,162 · ₹0 · ₹0 cr
FY26 net debt ₹43,162 cr
Shares
427.26 crore
427.26 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
5,22,820
5,46,347
5,70,933
5,96,625
6,23,473
6,51,529
growth %
4.5
4.5
4.5
4.5
4.5
4.5
EBITDA
40,791
42,615
44,533
46,537
48,631
50,819
Depreciation
(7,856)
(8,195)
(8,564)
(8,949)
(9,352)
(9,773)
NOPAT
24,076
25,161
26,293
27,476
28,713
30,005
less capex
(15,956)
(16,937)
(15,843)
(14,617)
(13,249)
(11,728)
less working-capital build
—
(706)
(738)
(771)
(805)
(842)
Free cash flow to firm
—
15,714
18,276
21,038
24,011
27,209
Present value
14,915
15,628
16,207
16,664
17,012
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BHARAT PETROLEUM CORP LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
80,425
PV of the terminal value (78% of EV)
2,82,572
Enterprise value
3,62,997
less net debt
(43,162)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,19,835
÷ 427.26 crore shares
₹749
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
777
843
922
1,019
1,139
10.5%
708
763
827
905
1,000
11.0%
649
695
749
812
888
11.5%
597
637
682
735
797
12.0%
553
586
625
669
721
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
