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State-run Indian oil refiner and fuel retailer running refineries and petrol pumps nationwide.
State-run Indian oil refiner and fuel retailer running refineries and petrol pumps nationwide.
Earns refining margin from crude processed at its refineries and marketing margin from its retail outlets and LPG sales, with petrochemicals a growing third line. The Government of India holds the majority, and a planned privatization was dropped in 2022.
In one line: India's Valero Energy for refining and retail.
Moat: narrow (scale, distribution, regulatory licence). Large refining capacity and a wide fuel-retail network, though margins are regulated and cyclical.
Headquarters: Mumbai, India · Founded: 1952 · Employees: 41,513
Size Bharat Petroleum (BPCL.NS) is an India Energy company (Oil Refining/Marketing) with a market value of $14.7B, the 73rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹319.90 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against -5.0% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 16 in its peer set.
Growth Revenue grew 21.8% over the last twelve months (peer median +14.9%); the operating margin is 3.5% (peer median 9.4%).
Valuation It trades at 23.1× forward earnings against a peer median of 5.9× (2nd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points below its cost of capital (14.3% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹5.38T | ₹4.52T | ₹4.40T | ₹4.48T | ₹4.68T |
| Revenue growth | — | +3% | -2% | -4% | — |
| Gross profit | ₹526B | ₹539B | ₹370B | ₹553B | ₹189B |
| EBITDA | ₹267B | ₹425B | ₹261B | ₹445B | ₹82.8B |
| Net income | ₹158B | ₹258B | ₹133B | ₹269B | ₹21.3B |
| Free cash flow | n/a | ₹340B | ₹91.5B | ₹257B | ₹30.1B |
| Capital expenditure | n/a | ₹194B | ₹151B | ₹95.8B | ₹85.5B |
| Total debt | ₹631B | ₹544B | ₹611B | ₹546B | ₹694B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bharat Petroleum BPCL.NS | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% |
| Indian Oil IOC.NS | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% |
| Hindustan Petroleum HINDPETRO.NS | $8.67B | -2% | +17% | 0% | n/a | 24.7% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BPCL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | -17.6% | 2nd highest of 16 |
| 6-month return | +4.0% | -5.0% | 7th highest of 16 |
| Distance from 52-week high | -18.3% | -24.9% | highest of 16 |
| Revenue growth (TTM) | +21.8% | +14.9% | 5th highest of 16 |
| Operating margin | 3.5% | 9.4% | 3rd lowest of 16 |
| Forward P/E | 23.1× | 5.9× | 2nd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | -10.6% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +14.5% | +12.2% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -8.7 pp | -22.2 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -5.4 pp | +10.8 pp | 2nd lowest of 16 |
| Net debt / EBITDA | 2.0× | 0.7× | 4th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Sinopec Shanghai Petrochemical 600688.SS | China | $3.75B | -5% | -4% | 0% | 59.0× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |