BPCL

Bharat Petroleum Corporation Limited

State-owned refiner and fuel retailer — refining, pumps, LPG and downstream petroleum

Energy›Oil, Gas & Consumable Fuels›Petroleum Products›Refineries & Marketing

bharatpetroleum.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹293.50
Market cap
1,25,488 Cr
Stock P/E
7.3
P/B
1.25
Dividend yield
7.6%
ROE (FY26)
25.8%
ROCE (FY26)
26.3%
Operating margin (FY26)
6.4%
Debt / equity (FY26)
0.43
OCF / EBITDA (FY26)
123.2%
OCF / EBITDA (3Y)
99.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

BPCL (Bharat Petroleum) refines crude oil and sells petrol, diesel, LPG, aviation fuel and other petroleum products across India through its own network of fuel stations and depots, and it describes itself as the second largest Indian oil marketing company (March 2026 press release).

Company snapshot

3rdBy market cap

Ranked among 7 companies in Refineries & Marketing.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Downstream Petroleum
100.0%
1,17,917 Cr3,030 Cr1,64,394 Cr
Exploration & Production of Hydrocarbons
0.0%
32 Cr289 Cr25,653 Cr

What we see

Positives
  • ✓100% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,16,657 Cr1,29,985 Cr1,32,087 Cr1,28,106 Cr1,17,949 Cr1,27,551 Cr1,26,916 Cr1,29,615 Cr1,21,605 Cr1,36,653 Cr1,34,948 Cr1,59,527 Cr
Operating expenses (approx.)1,03,717 Cr1,23,786 Cr1,22,929 Cr1,22,480 Cr1,13,432 Cr1,20,025 Cr1,19,180 Cr1,19,937 Cr1,11,844 Cr1,24,967 Cr1,24,871 Cr1,63,582 Cr
EBITDA12,941 Cr6,199 Cr9,158 Cr5,627 Cr4,517 Cr7,526 Cr7,737 Cr9,678 Cr9,761 Cr11,687 Cr10,076 Cr-4,055 Cr
OPM %11.1%4.8%6.9%4.4%3.8%5.9%6.1%7.5%8.0%8.6%7.5%-2.5%
Other income676 Cr491 Cr507 Cr570 Cr697 Cr608 Cr805 Cr750 Cr953 Cr646 Cr951 Cr1,249 Cr
Interest973 Cr700 Cr967 Cr889 Cr923 Cr861 Cr919 Cr758 Cr833 Cr657 Cr705 Cr627 Cr
Depreciation1,605 Cr1,830 Cr1,722 Cr1,686 Cr1,779 Cr1,810 Cr1,982 Cr1,889 Cr1,958 Cr1,979 Cr2,031 Cr2,069 Cr
Profit before tax11,056 Cr4,367 Cr6,669 Cr3,859 Cr3,094 Cr5,333 Cr5,897 Cr8,872 Cr8,345 Cr9,737 Cr7,838 Cr-3,216 Cr
Tax %25.4%27.1%28.2%26.4%25.7%28.6%25.5%22.9%25.8%26.2%28.2%41.8%
Net profit8,244 Cr3,181 Cr4,790 Cr2,842 Cr2,297 Cr3,806 Cr4,392 Cr6,839 Cr6,191 Cr7,188 Cr5,625 Cr-1,873 Cr
EPS (₹)₹38.71₹14.94₹22.46₹6.65₹5.38₹8.91₹10.28₹16.01₹14.49₹16.82₹13.16₹-4.38

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,43,747 Cr2,79,313 Cr3,40,879 Cr3,29,797 Cr3,04,266 Cr4,32,570 Cr5,33,547 Cr5,06,993 Cr5,00,517 Cr5,22,820 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,30,002 Cr2,64,140 Cr3,25,767 Cr3,21,448 Cr2,82,970 Cr4,13,432 Cr5,22,659 Cr4,62,911 Cr4,75,116 Cr4,81,618 CrSign in free for the trailing twelve months
EBITDA13,746 Cr15,173 Cr15,112 Cr8,349 Cr21,296 Cr19,137 Cr10,888 Cr44,082 Cr25,401 Cr41,202 CrSign in free for the trailing twelve months
OPM %5.6%5.4%4.4%2.5%7.0%4.4%2.0%8.7%5.1%7.9%Sign in free for the trailing twelve months
Other income1,815 Cr1,783 Cr2,038 Cr1,929 Cr2,253 Cr2,269 Cr1,498 Cr2,235 Cr2,685 Cr3,299 CrSign in free for the trailing twelve months
Interest696 Cr1,186 Cr1,764 Cr2,637 Cr1,723 Cr2,606 Cr3,745 Cr4,149 Cr3,591 Cr2,953 CrSign in free for the trailing twelve months
Depreciation2,108 Cr2,885 Cr3,418 Cr4,080 Cr4,334 Cr5,434 Cr6,369 Cr6,771 Cr7,257 Cr7,856 CrSign in free for the trailing twelve months
Profit before tax13,700 Cr14,174 Cr12,905 Cr3,652 Cr22,432 Cr16,037 Cr2,821 Cr36,194 Cr18,182 Cr34,791 CrSign in free for the trailing twelve months
Tax %30.6%30.9%33.9%-0.4%22.8%27.2%24.5%25.8%26.7%25.7%Sign in free for the trailing twelve months
Net profit9,507 Cr9,792 Cr8,528 Cr3,666 Cr17,320 Cr11,682 Cr2,131 Cr26,859 Cr13,337 Cr25,843 CrSign in free for the trailing twelve months
EPS (₹)₹44.34₹45.80₹39.67₹15.53₹81.87₹54.91₹10.01₹126.08₹31.21₹60.49Sign in free for the trailing twelve months
Dividend payout %————28.4%124.0%60.1%19.8%49.2%36.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,311 Cr1,967 Cr1,967 Cr1,967 Cr2,093 Cr2,129 Cr2,129 Cr2,136 Cr4,273 Cr4,273 Cr
Reserves29,509 Cr34,652 Cr36,798 Cr34,565 Cr51,462 Cr49,776 Cr51,393 Cr73,499 Cr77,112 Cr95,898 Cr
Borrowings31,473 Cr36,997 Cr42,915 Cr61,648 Cr47,588 Cr55,933 Cr60,455 Cr45,485 Cr51,061 Cr43,482 Cr
Other liabilities44,835 Cr44,900 Cr53,181 Cr50,627 Cr59,849 Cr79,690 Cr74,132 Cr81,298 Cr85,937 Cr1,04,964 Cr
Total liabilities1,09,086 Cr1,20,421 Cr1,36,930 Cr1,50,864 Cr1,60,992 Cr1,87,529 Cr1,88,109 Cr2,02,418 Cr2,18,382 Cr2,48,616 Cr
Fixed assets (net)33,439 Cr45,261 Cr48,971 Cr59,761 Cr63,589 Cr81,507 Cr84,465 Cr84,718 Cr86,594 Cr91,701 Cr
CWIP11,763 Cr4,487 Cr7,293 Cr9,949 Cr7,645 Cr4,980 Cr5,645 Cr8,680 Cr13,240 Cr16,394 Cr
Investments21,327 Cr23,725 Cr24,907 Cr27,061 Cr26,768 Cr23,616 Cr26,778 Cr26,631 Cr26,531 Cr30,136 Cr
Loans & advances——1,685 Cr705 Cr138 Cr136 Cr143 Cr137 Cr142 Cr143 Cr
Inventories21,197 Cr22,530 Cr22,935 Cr22,243 Cr26,706 Cr42,179 Cr38,069 Cr42,836 Cr45,265 Cr53,304 Cr
Trade receivables4,804 Cr5,205 Cr6,906 Cr5,378 Cr7,835 Cr9,707 Cr6,724 Cr8,342 Cr9,339 Cr4,980 Cr
Cash & bank608 Cr594 Cr414 Cr800 Cr7,568 Cr2,159 Cr2,313 Cr2,301 Cr558 Cr320 Cr
Other assets15,949 Cr18,620 Cr23,819 Cr24,967 Cr20,744 Cr23,244 Cr23,972 Cr28,773 Cr36,714 Cr51,638 Cr
Total assets1,09,086 Cr1,20,421 Cr1,36,930 Cr1,50,864 Cr1,60,992 Cr1,87,529 Cr1,88,109 Cr2,02,418 Cr2,18,382 Cr2,48,616 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity9,041 Cr11,068 Cr10,157 Cr7,973 Cr23,554 Cr20,336 Cr12,466 Cr35,936 Cr23,678 Cr50,769 Cr
Cash from investing-15,274 Cr-7,066 Cr-10,451 Cr-11,228 Cr-2,573 Cr-8,138 Cr-7,806 Cr-10,521 Cr-19,180 Cr-26,067 Cr
Cash from financing4,804 Cr-4,017 Cr207 Cr3,583 Cr-13,981 Cr-17,672 Cr-4,402 Cr-25,427 Cr-6,241 Cr-24,940 Cr
Net cash flow-1,429 Cr-14 Cr-87 Cr329 Cr7,000 Cr-5,474 Cr257 Cr-12 Cr-1,743 Cr-238 Cr
Free cash flow (OCF − Capex)-432 Cr3,284 Cr-440 Cr-4,245 Cr14,348 Cr12,585 Cr3,839 Cr26,243 Cr8,535 Cr31,344 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %22.4%20.3%17.5%6.3%23.9%17.3%5.8%33.3%16.4%26.3%
ROE %26.6%25.4%19.1%7.9%30.2%22.5%4.0%35.5%16.4%25.8%
Debtor days7776985673
Inventory days1039164671239459737391
Days payable55534839756837494973
Cash conversion cycle55442333583526313022
OCF / EBITDA %65.8%72.9%67.2%n.m.110.6%106.3%n.m.81.5%93.2%123.2%
OCF / EBITDA % (3 years)——68.7%75.6%93.1%106.3%109.8%92.8%89.7%99.7%
Debt / equity1.021.011.111.690.891.081.130.600.630.43
Current ratio0.800.890.920.720.910.750.750.810.800.79
Net debt / EBITDA2.25—2.817.291.882.815.340.981.991.05