Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,164.90 last close on 30 Oct 2026 −0.21%
Research updated
Bharat Petroleum Corporation Limited
NSE: BPCLEnergyOil & Gas Refining & Marketing
- Last close
- ₹284.90
- Day change
- −₹4.30 (−1.49%)vs
- Market cap
- ₹1.22 lakh crIndian rupees
- Research updated
- 2 reports
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About Bharat Petroleum Corporation
Bharat Petroleum Corporation Limited is an Indian public sector energy company focused on refining crude oil and marketing a broad range of petroleum products. Headquartered in Mumbai, it operates large refineries in Bina, Kochi and Mumbai, giving it a significant share of India’s total refining capacity. The company plays an integrated role across the oil and gas value chain, from import of crude oil to distribution of fuels through an extensive nationwide network of thousands of fuel stations and LPG distributorships. Bharat Petroleum Corporation Limited supplies petrol, diesel, automotive and industrial fuels, aviation turbine fuel, LPG, lubricants, bitumen, petrochemicals and various specialty products to retail consumers, commercial users and infrastructure sectors. As one of India’s largest oil marketing companies and a Fortune Global 500 Maharatna enterprise, it is a key pillar of the country’s energy logistics, contributing to transportation, industrial activity and energy security across domestic and international markets. Founded in 1976 and based in Mumbai, it operates today as a major state-backed integrated energy provider.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: BPCL
- Employees
- 8,747
- Headquarters
- Mumbai, India
- ISIN
- INE029A01011
- Website
- bharatpetroleum.in
Public research · Report of
Business model & financial foundation
BPCL (NSE: BPCL), Refineries & Marketing (integrated oil refining and fuel marketing): revenue of ₹5,22,820 crore in FY26 (+4.5% on FY25), an EBITDA margin of 7.9%, net profit of ₹25,843 crore and net debt of ₹23,313 crore.
- Revenue, FY26 (₹ crore)
- 5,22,820
- consolidated
- Revenue growth, FY26
- +4.5%
- on FY25
- EBITDA margin, FY26
- 7.9%
- EBITDA (revenue less opex excl. D&A, finance cost) / revenue
- Net profit, FY26 (₹ crore)
- 25,843
- to owners
- Return on equity, FY26
- 28.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 23,313
- Net debt (borrowings less cash, other bank balances and current investments)
- Market capitalisation (₹ crore)
- 1,28,434
- at the close of 23 Oct 2026
Company profile
BPCL is India's second-largest state-owned oil refiner and fuel marketer, majority owned by the Government of India. It runs three refineries (Mumbai 15, Kochi ~12.5 and Bina 7.8 MMTPA; 35.3 MMTPA in all, about 13% of India's capacity) and sold 55.72 MMT of products in FY26 through about 25,300 retail outlets and an LPG network serving 9.6 crore households. Earnings are the sum of refining margins, regulated-price marketing margins on petrol, diesel and LPG, inventory effects and associates' income; upstream exposure is held through BPRL.
| Item | Value |
|---|---|
| Legal name | Bharat Petroleum Corporation Limited (formerly Burmah Shell Refineries Limited) |
| Exchange and ticker | NSE: BPCL; BSE: 500547 |
| ISIN | INE029A01011 |
| CIN | L23220MH1952GOI008931 |
| Sector | Energy |
| Industry | Refineries & Marketing (integrated oil refining and fuel marketing) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M M Nissim & Co LLP and Manohar Chowdhry & Associates (joint statutory auditors appointed by the C&AG) |
| Market capitalisation | ₹1,28,434 crore (23 Oct 2026) |
| Shares outstanding | 427.26 crore shares (FY26) |
| Price | ₹282.0 (close, 23 Oct 2026) |
| 52-week range | ₹266.6 - ₹391.6 (to 23 Oct 2026) |
| Website | https://www.bharatpetroleum.in |
Corporate structure and shareholding
Parent: President of India (Government of India, Ministry of Petroleum and Natural Gas) 52.98%.
| Entity | Holding | Business |
|---|---|---|
| Bharat PetroResources Limited (BPRL) | 100% | Upstream exploration and production: Mozambique Area 1 LNG, Brazil (IBV Brasil JV), Indian blocks, Russian assets |
| BPCL-KIAL Fuel Farm Private Limited | 74% | Aviation fuel farm at Kannur airport |
| Bharat Petroleum Global Energy Services Pte Ltd (Singapore) | 100% | Trading arm incorporated in FY26 |
| Petronet LNG Limited | 12.5% | Associate: LNG regasification (Dahej, Kochi) |
| Indraprastha Gas Limited | 22.5% | Associate: Delhi city gas distribution |
| Maharashtra Natural Gas Limited | 22.5% | JV: city gas distribution |
| Sabarmati Gas Limited | 49.94% | JV: city gas distribution, Gujarat |
| Central UP Gas Limited | 25% | JV: city gas distribution |
Bharat Oman Refineries (Bina) and Bharat Gas Resources were merged into BPCL. 3 subsidiaries and 25 JVs/associates at Mar 2026. On 23 Oct 2026 the board approved a wholly owned project subsidiary for the 10 MMTPA Ramayapatnam (Andhra Pradesh) refinery-petrochemical complex.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.98% | 52.98% | 52.98% | 52.98% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 18.46% | 19.58% | 16.84% | 16.66% |
| Domestic institutions | 19.56% | 18.53% | 21.07% | 21.58% |
| of which mutual funds | 9.38% | 8.14% | 9.56% | 9.13% |
| Retail | 4.98% | 5.05% | 5.21% | 4.94% |
| Other | 4.02% | 3.87% | 3.90% | 3.85% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BPCL is a state-controlled (GoI 52.98%) integrated refiner and fuel marketer. It runs 35.3 MMTPA of refining at Mumbai, Kochi and Bina, at about 116% utilisation in FY26 (41.15 MMT of crude), and sold 55.72 MMT of products in FY26 through about 25,300 retail outlets and an LPG network of 9.6 crore customers. Earnings come from three pools:
- Refining: throughput times GRM, set by Singapore cracks less the export levies in force since 27 Mar 2026.
- Marketing: petrol, diesel and LPG margins under administered pricing. Pump prices were frozen until 15 May 2026, raised about Rs7.4-7.5/l by 25 May and unchanged since.
- Associates and other income: Petronet LNG, IGL, CGD JVs and treasury income.
Upstream sits in BPRL (Mozambique LNG, Brazil), which carries about Rs33,000 cr of group debt.
The company does not control retail prices. It also does not control LPG compensation, which is discretionary government policy.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Downstream Petroleum (refining and marketing) | 5,22,668 | 100.0% | 34,596 | 100.4% |
| Exploration & Production of Hydrocarbons (BPRL) | 152.2 | 0.0% | -149.6 | -0.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indian Oil Corporation (IOC) | Largest state-owned refiner-marketer; same regulated pricing, LPG under-recovery and government ownership |
| Hindustan Petroleum Corporation (HINDPETRO) | State-owned refiner-marketer with higher marketing-to-refining ratio; closest policy peer |
| Reliance Industries (RELIANCE) | Largest private refiner; export-oriented complex refinery GRM benchmark, unregulated marketing |
| Mangalore Refinery and Petrochemicals (MRPL) | Standalone PSU refiner; pure GRM exposure without marketing |
| Chennai Petroleum Corporation (CHENNPETRO) | IOC-controlled standalone refiner; GRM benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. excise duty) | 5,33,547 | 5,06,993 | 5,00,517 | 5,22,820 | |
| Cost of revenue (vendor classification) * | 3,13,979 | 4,45,883 | 3,89,137 | 3,99,793 | 3,94,321 |
| Other operating costs (vendor classification) * | 14,202 | 16,236 | 17,125 | 17,598 | 19,050 |
| EBITDA (vendor classification) * | 23,082 | 15,629 | 47,355 | 29,437 | 48,468 |
| EBIT * | 18,368 | 6,751 | 40,295 | 21,737 | 37,740 |
| Finance costs | 2,331 | 4,263 | 4,149 | 3,591 | 2,953 |
| Profit before tax and before share of associates | 629.2 | 35,129 | 16,860 | 33,280 | |
| Tax expense | 4,355 | 690.1 | 9,336 | 4,846 | 8,948 |
| Profit for the period | 11,682 | 2,131 | 26,859 | 13,337 | 25,843 |
| Diluted EPS (bonus-adjusted) (₹) | 27.46 | 5.01 | 63.04 | 31.21 | 60.49 |
| Other income | 1,498 | 2,235 | 2,685 | 3,299 | |
| Materials + traded goods + inventory change | 4,33,212 | 3,76,096 | 3,85,297 | 3,79,186 | |
| Employee benefits expense | 2,775 | 3,577 | 3,510 | 3,774 | |
| Other expenses incl. excise duty | 86,672 | 83,237 | 86,310 | 98,658 | |
| EBITDA (revenue less opex excl. D&A, finance cost) | 10,888 | 44,082 | 25,401 | 41,202 | |
| Depreciation and amortisation | 6,369 | 6,771 | 7,257 | 7,856 | |
| Exceptional items (income positive) | -1,126 | -267.7 | -378.4 | -410.7 | |
| Share of profit of equity-accounted investees | 2,192 | 1,066 | 1,323 | 1,511 | |
| Profit attributable to owners | 2,131 | 26,859 | 13,337 | 25,843 | |
| Basic EPS (₹) | 31.21 | 60.49 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 51,906 | 53,522 | 75,635 | 81,384 | 1,00,170 |
| Borrowings (non-current and current) | 51,061 | 43,482 | |||
| Cash and cash equivalents | 2,159 | 2,313 | 2,301 | 557.9 | 320.0 |
| Trade receivables (current) | 9,707 | 6,724 | 8,342 | 9,339 | 4,980 |
| Inventories | 42,179 | 38,069 | 42,836 | 45,265 | 53,304 |
| Trade payables (current) | 30,348 | 24,024 | 28,306 | 30,634 | 42,654 |
| Property, plant and equipment | 86,594 | 91,701 | |||
| Capital work in progress | 13,240 | 16,394 | |||
| Total assets | 1,87,529 | 1,88,138 | 2,02,418 | 2,18,382 | 2,48,616 |
| Net debt (borrowings less cash, other bank balances and current investments) | 36,988 | 23,313 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 23,678 | 50,769 | |||
| Free cash flow (vendor definition) * | 11,790 | 3,917 | 26,357 | 8,535 | 31,344 |
| Dividends paid (an outflow is negative) | -14,483 | -1,282 | -5,329 | -6,561 | -9,525 |
| Capital expenditure (an outflow is negative) | -15,143 | -16,030 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 425.50 | 425.90 | 426.06 | 427.26 | 427.26 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,26,916 | 1,29,615 | 1,21,605 | 1,36,653 | 1,34,948 | 1,59,527 | 1,57,818 | |
| Cost of revenue (vendor classification) * | 99,738 | 1,04,649 | 97,694 | 1,01,387 | 98,879 | 1,49,637 | ||
| Other operating costs (vendor classification) * | 6,505 | -2,315 | 6,161 | 7,069 | 10,649 | 6,925 | ||
| EBITDA (vendor classification) * | 6,254 | 6,945 | 9,697 | 10,561 | 8,554 | -4,473 | ||
| EBIT * | 6,194 | 6,779 | 9,629 | 10,395 | 8,543 | -2,589 | ||
| Finance cost | 861.3 | 918.5 | 757.7 | 833.3 | 657.4 | 705.1 | 626.9 | 991.1 |
| Profit before tax | 5,539 | 7,714 | 7,757 | 9,530 | 8,281 | -3,617 | 6,235 | |
| Tax expense | 1,527 | 1,505 | 2,033 | 2,153 | 2,549 | 2,213 | -1,343 | 1,697 |
| Profit after tax | 3,806 | 4,392 | 6,839 | 6,191 | 7,188 | 5,625 | -1,873 | 4,863 |
| Diluted EPS (₹) | 8.91 | 10.28 | 16.01 | 14.49 | 16.82 | 13.16 | -4.38 | 11.38 |
| Other income | 804.6 | 749.7 | 952.8 | 645.7 | 950.6 | 1,249 | 349.4 | |
| Cost of materials (consumed, traded goods bought, inventory change) | 95,427 | 95,805 | 87,125 | 99,408 | 96,848 | 1,47,568 | 1,29,855 | |
| Employee benefit expense | 743.4 | 907.4 | 874.4 | 865.6 | 1,127 | 838.9 | 789.1 | |
| Other expenses | 23,009 | 23,224 | 23,844 | 24,693 | 26,896 | 15,175 | 18,201 | |
| EBITDA (revenue less operating expenses) | 7,737 | 9,678 | 9,761 | 11,687 | 10,076 | -4,055 | 8,973 | |
| Depreciation and amortisation | 1,982 | 1,889 | 1,958 | 1,979 | 2,031 | 2,069 | 2,097 | |
| Exceptional items (a charge is negative) | -101.1 | -67.4 | -165.9 | -166.7 | -10.8 | 1,885 | 0.00 | |
| Share of associates and joint ventures | 357.4 | 1,158 | 587.9 | 207.6 | -442.8 | 401.1 | 325.2 | |
| Profit attributable to owners | 4,392 | 6,839 | 6,191 | 7,188 | 5,625 | -1,873 | 4,863 | |
| Basic EPS (₹) | 10.28 | 16.01 | 14.49 | 16.82 | 13.16 | -4.38 | 11.38 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -5.0% | -1.3% | 4.5% | ||
| EBITDA margin | 2.0% | 8.7% | 5.1% | 7.9% | |
| Net margin | 0.4% | 5.3% | 2.7% | 4.9% | |
| Return on equity | 4.0% | 41.6% | 17.0% | 28.5% | |
| Return on capital employed | 16.4% | 27.3% | |||
| Return on assets | 1.1% | 13.8% | 6.3% | 11.1% | |
| Net debt (₹ crore) | 36,988 | 23,313 | |||
| Net debt / EBITDA | 1.46x | 0.57x | |||
| Interest cover | 7.88x | 1.58x | 9.71x | 6.05x | 12.8x |
| Asset turnover | 2.84x | 2.60x | 2.38x | 2.24x | |
| Receivable days | 5 | 6 | 7 | 3 | |
| Inventory days (on revenue) | 26 | 31 | 33 | 37 | |
| Payable days (on revenue) | 16 | 20 | 22 | 30 | |
| Cash conversion | 1.78x | 1.96x | |||
| Capex intensity | 3.0% | 3.1% | |||
| Free cash flow (₹ crore) | 8,535 | 34,739 | |||
| Dividend payout | 60.1% | 19.8% | 49.2% | 36.9% | |
| EPS, diluted (₹) | 27.46 | 5.01 | 63.04 | 31.21 | 60.49 |
| Book value per share (₹) | 122.0 | 125.7 | 177.5 | 190.5 | 234.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less opex excl. D&A, finance cost) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, other bank balances and current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less opex excl. D&A, finance cost).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bharat Petroleum Corporation
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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