AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - BPCL announced a 24 Sept 2026 investor meeting in Kochi with UBS Securities.
Source: Bse
Bharat Petroleum Corporation Limited (BPCL)
Large CapEnergy stocks · Large cap · NSE
Bharat Petroleum Corporation Limited (BPCL) is an Indian state-owned oil marketing company engaged in refining, marketing, and infrastructure. It is committed to India's energy security, ensuring uninterrupted fuel availability, and expanding into petrochemicals, renewables, and upstream exploration & production.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result22 Jul, 08:08 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -4.3% / mo · MACD + · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BPCLD candles · FIT view-4.5%Latest close ₹294.30 on 2026-10-19
Bar
+0.8%
RSI
44
MACD hist
0.13
52W pos
22%
2026-10-19O ₹292.00H ₹298.00L ₹292.00C ₹294.30Vol 24.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BPCLNifty EnergyNifty 500
- BPCL
- -7.3%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- -1.8 pp
Chart stats
19 Oct 2026- From 52W high
- -24.9%
- 52W range position
- 22%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹136 Cr
- 20D price channel
- ₹283 - ₹318.2
₹391.7
₹266.6 - ₹391.7
₹7.1
Latest completed session
20-session average
21.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE88
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +34.4% · PAT -127.4% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+56.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -127% YoY · margin compression · Rev +34% YoY · +27% QoQ
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,51,277 Cr | +34.4% | +27.4% |
| EBITDA | ₹-4,055 Cr | -141.9% | -142.1% |
| Operating margin | -2.7% | -1170 bps | -1070 bps |
| PAT | ₹-1,873 Cr | -127.4% | -133.3% |
| PAT margin | -1.2% | -732 bps | -598 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.10
- P/B
- 1.25
- EV/EBITDA
- 5.14
- Market Cap
- 125732.00Cr
Profitability
- ROE
- 28.80%
- ROCE
- 25.60%
- ROA
- 6.89%
- Dividend Y
- 6.07%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- 9.57×
- Altman Z
- 3.54
- Book Value
- 231.00
Cash Flow
- FCF Yield
- 19.65%
- FCF Positive Y
- 9/5
- OCF
- 50769.00 Cr
- EPS TTM
- 39.48
Shareholding
- Promoter Hold
- 52.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 455.2k+3.4% vs prev
Net Profit
₹ CrLatest: 25.8k+93.8% vs prev
Return on Equity
%Latest: 26.9+55.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
45
RS percentile
Stage 1 Base / Transition
1M return
-6.3%
3M return
-7.3%
6M return
-6.4%
1Y return
-13.6%
RS 1D
+6
RS 20D
0
Sector rank
#6
Industry rank
#10
Stage evidence
- Price is within 3.2% of the 30-week proxy.
- The 30-week proxy changed -2.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 93.5+1.31%
RS vs Nifty 50094
Valuation & peers
U-Score 88 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 88 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation26/30
Growth18/25
Quality17/20
Balance Sheet11/15
Cash Flow10/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
88
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
88/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 19.6%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 56.4%.
Main drags
- Growth is weaker at 18/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Quality is weaker at 17/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.1
PB
1.3
EV/EBITDA
5.1
ROE
28.8%
ROCE
25.6%
FCF Yield
19.6%
Debt/Equity
0.5
MoS
+56.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.1, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
88
Previous: 88
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+56.4%
Previous: +56.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
89
89
89
89
89
90
90
88
88
88
88
88
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹452.99
+35.0% MoS
Growth-justified P/E
17.1
Growth-justified Value
₹675.11
+56.4% MoS
PEG
0.32
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IOC
Large
Indian Oil Corporation Limited
Oil Refining & Marketing
match 97
90
5.4
20.5%
+68%
DEEP VALUE
CHENNPETRO
Large
Chennai Petroleum Corporation Limited
Oil Refining & Marketing
match 93
97
5.0
31.8%
+70%
DEEP VALUE
HINDPETRO
Mid
Hindustan Petroleum Corporation Limited
Oil Refining & Marketing
match 89
54
44.4
30.9%
-116%
FAIR VALUE
MRPL
Small
Mangalore Refinery and Petrochemicals Limited
Oil Refining & Marketing
match 60
81
6.8
14.5%
+60%
DEEP VALUE
KIOCL
Small
KIOCL Limited
Oil Refining & Marketing
match 40
18
502.0
0.9%
-55570%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T15:10:53.184Z
Management commentary snapshot
BPCL reported Q4 FY26 standalone PAT of INR3,191 crores and consolidated PAT of INR5,625 crores. FY26 saw record refinery throughput at 116% utilization, GRM of USD11.74/barrel, and domestic sales volume growth of 3.5% YoY, despite geopolitical volatility and supply chain disruptions.
The investment thesis is under stress due to ongoing geopolitical tensions, significant crude and product price volatility, and supply chain disruptions. Management acknowledges short-term challenges with cash flow mismatch from pricing restrictions, but maintains confidence in long-term strategy and project execution, assuming market normalization.
Growth engines
Petrochemical Integration
Major capital allocation towards petrochemicals to integrate with refinery intermediaries for value addition and meet import-driven demand.
Upstream E&P
Investing in development-stage projects (Mozambique, Brazil) and new discoveries (UAE) to achieve 6.5-7 MMT crude capacity in group balance sheet.
Retail Network Expansion
Commissioned 1,691 new retail outlets in FY26, taking total to 25,323, aiming for 32% retail market share.
Green Energy Push
Advancing renewables with 251 MW installed capacity and 100 MW additional wind and solar projects under execution.
Capacity and execution
Dearomatized Solvent Project
200 TMT/year capacity project at Mumbai refinery commissioned in Q4 FY26, for import substitution in specialty products.
Krishnapatnam Hyderabad Pipeline
425-kilometer, 2.6 MMTPA multiproduct pipeline commissioned in Q4 FY26, strengthening logistics infrastructure.
Ethanol Plants
1G and 2G ethanol plants (100 KLPD each) commissioned at Bargarh, Odisha, in Oct 2025 and March 2026 respectively.
Bina Petrochemical & Refinery Expansion
Achieved 23% progress against a planned 32% schedule, with INR4,700 crores incurred and INR25,400 crores committed.
Tailwinds
Diversified Crude Sourcing
Increased Russian crude procurement to 31% in Q4 FY26 (40-41% recently) and diversified to 8 new crude grades from 4 regions.
Strong Domestic Demand
Overall domestic sales volume grew 3.5% in FY26, with petrol sales up 5.7% and ATF up 11.4%.
Government Support for LPG
Received 5 installments from Government of India against announced compensation for LPG under-recoveries.
Retail Productivity
Maintained leadership in throughput per retail outlet among PSU peers at 143 KL/month in Q4 FY26.
Headwinds
Geopolitical Developments
Ongoing tension in West Asia, disruptions in global energy supply chains, and Strait of Hormuz flow disruptions.
Crude and Product Price Volatility
Witnessed heightened volatility towards the end of FY26, with crude landing costs reaching $120-122/barrel.
Forex Fluctuations
Forex fluctuations continue to remain a key driver for energy markets.
Project Schedule Variance
Bina Petrochemical project progress is 23% against a planned 32%, primarily due to geopolitical developments and supply chain challenges.
Risk radar
Geopolitical Instability
Ongoing tensions and disruptions could further impact crude supply, pricing, and project execution timelines.
Pricing Restrictions & Under-recoveries
Current environment poses 'short-term challenges' with cash flow mismatch due to unrecovered costs on fuels, potentially stressing the balance sheet if prolonged.
Project Execution Delays
Bina project faces schedule variance due to supply chain issues; Brazil upstream project delayed by 1.5-2 years, leading to impairment.
Forex and Commodity Price Volatility
Crude, product, and freight prices, along with forex, are highly volatile, making forward-looking guidance difficult.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 FY26 results are presented, but many key operational metrics like refinery utilization, GRM, and sales volumes are reported for the full FY26, making YoY comparisons essential for annual performance. QoQ is relevant for assessing sequential momentum in a volatile market.
Sector KPIs management disclosed
Refinery Utilization
Refineries operated at 116% of utilization during FY26.
Refinery Throughput
Refinery throughput was 41.15 MMT in FY26, highest ever.
Gross Refining Margin (GRM)
GRM for FY26 stood at USD11.74 per barrel.
Domestic Sales Volume
Overall domestic sales volume was 54.18 MMT in FY26, registering 3.5% growth YoY.
Management forward view
Operational Resilience
Continued to demonstrate operational resilience across refining, marketing, and infrastructure businesses despite turbulent times.
Long-term Strategy Confidence
Confident in long-term strategy, execution capabilities, and ability to deliver sustained value, having navigated multiple industry cycles.
Balance Sheet Strength
Maintained a strong balance sheet with standalone debt-to-equity of 0.11; not foreseeing big jump in debt-to-equity for FY27 capex.
Project Commitment
Not relooking at existing announced projects, assuming market conditions will normalize after some point of time.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LPG Compensation | Cumulative negative buffer of INR12,319 crores as of March 2026. | Further government support or price revisions to address the negative buffer and prevent cash flow stress. |
| Crude and Product Price Stability | Heightened volatility, with crude landing costs around $120-122/barrel. | Normalization of global energy markets and price stability, expected by July-August if geopolitical issues settle. |
| Bina Petrochemical Project Progress | 23% progress against 32% planned, with INR4,700 crores incurred. | Mitigation measures to address schedule variance and ensure timely completion within approved cost limits. |
| Retail Market Share | MS 30.02%, HSD 29.61% in April 2026. | Progress towards the long-term target of 32% retail market share through network expansion and customer initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
BPCL plans disciplined capex execution of INR 1.7 Lakhs Crores.
Timeframe: FY24-FY29Direction: increaseConfidence: plan
"Disciplined capex execution - INR 1.7 Lakhs Crores"
capex timelinenot yet verifiablequantified
BPCL plans disciplined capex execution of INR 1.7 Lakhs Crores.
Timeframe: FY24-FY29Direction: increaseConfidence: plan
"Disciplined capex execution - INR 1.7 Lakhs Crores"
capex timelinenot yet verifiablequantified
BPCL plans to achieve 10 GW of Renewable Energy capacity by 2035.
Timeframe: by 2035Direction: increaseConfidence: target
"10 GW RE by 2035"
capex timelinenot yet verifiablequantified
BPCL plans to achieve 10 GW of Renewable Energy capacity by 2035.
Timeframe: by 2035Direction: increaseConfidence: target
"10 GW RE by 2035"
operational efficiencynot yet verifiablequantified
BPCL targets to achieve Scope 1 and Scope 2 net-zero emissions by 2040.
Timeframe: by 2040Direction: reductionConfidence: target
"Our target is to achieve Scope 1 and Scope 2 net-zero emissions by 2040"
operational efficiencynot yet verifiablequantified
BPCL targets to achieve Scope 1 and Scope 2 net-zero emissions by 2040.
Timeframe: by 2040Direction: reductionConfidence: target
"Our target is to achieve Scope 1 and Scope 2 net-zero emissions by 2040"
revenue outlooknot yet verifiablequantified
BPCL aims for ~3.2 MMT capacity and 8% product portfolio share from Petrochemicals by FY29.
Timeframe: by FY29Direction: increaseConfidence: target
"~3.2 MMT capacity & 8% product portfolio share from Petchem by FY29"
revenue outlookpartially deliveredquantified
BPCL aims for ~3.2 MMT capacity and 8% product portfolio share from Petrochemicals by FY29.
Timeframe: by FY29Direction: increaseConfidence: target
"~3.2 MMT capacity & 8% product portfolio share from Petchem by FY29"
Outcome check: Revenue YoY averaged 3.4% across 4 later quarter(s).
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 93rd percentile of the scored universe and 84th percentile within Energy. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
71 docs text-extracted · 11 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Energy: 84th pctile, median 73 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
71 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 19.7%.
- ▸9 years of positive FCF.
- ▸ROCE is 25.6%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bharat Petroleum Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - BPCL scheduled investor meetings in Dubai, London, Singapore and Hong Kong during 8-18 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation on Schedule of Analysts / Institutional Investors Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 10 Sep - C&AG appointed M.M. Nissim & Co LLP and Manohar Chowdhry & Associates as FY27 statutory auditors.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Intimation on Schedule of Analysts / Institutional Investors Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Raising of Funds 18 Aug - BPCL board approved NCD issuance up to Rs.5,000 crore in up to 10 tranches within one year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Intimation on Schedule of Analysts / Institutional Investors Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Newspaper advertisement on AGM and Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Company Ir
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 2 Jul - BPRL Ventures acquired remaining 39.14% in IBV Brazil for Rs. 2,312 crore on 1 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Intimation of 1Q FY27 Post Results Conference Call
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 2 Jul - BPRL Ventures BV acquired remaining 39.14% in IBV Brazil for Rs 2,312 crore, taking stake to 100%.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.