Bharat Petroleum Corporation Ltd.
NSE: BPCLBharat Petroleum Corporation Ltd.: A 30-second snapshot
Bharat Petroleum Corporation Ltd. (BPCL) is an Indian state-owned oil marketing company (OMC) trading at ₹296.85, below both its 50-DMA (₹297.27) and 200-DMA (₹329.32) and 24.2% off its 52-week high. The company reported Q4 FY26 consolidated PAT of ₹5,625 crore, up 28% YoY, on revenue growth of 6%, while carrying a debt-to-equity ratio of 54.33 — a leverage structure characteristic of large OMCs but sensitive to crude price and policy risk. At a trailing PE of 4.91 and dividend yield of 6.71%, BPCL ranks 2nd on both PE and quality score among its 6 Energy sector peers.
P/E
4.9
Forward P/E
7.5
ROE
+28.5%
Debt / Equity
54.33
Profit Margin
+5.7%
Div. Yield
+6.7%
5Y ROE > 15%
3/5
5Y FCF > 0
4/5
Quality
60/100
News
8 headlines · 5 positive · 0 negative
India's BPCL posts quarterly profit rise on improved demand - Reuters
Reuters
BPCL Q4 Results: Cons PAT jumps 28% YoY to Rs 5,625 crore; revenue rises 6% - The Economic Times
The Economic Times
BPCL's Mozambique LNG project hits 42% completion after force majeure lifted - BusinessLine
BusinessLine
BPCL Assures Citizens of Efforts to Ensure Smooth LPG Imports Amid Geopolitical Blockade - News On AIR
News On AIR
Bharat Petroleum appoints Pushp Kumar Nayar as Director HR - People Matters Media
People Matters Media
Recent context
- ·Q4 FY26 results (reported ~19 May 2026): consolidated PAT of ₹5,625 crore, up 28% YoY; revenue up 6% YoY — the headline growth was partially offset by a ₹4,349 crore impairment charge reported alongside the results.
- ·Mozambique LNG project has reached 42% completion after the force majeure was lifted, representing a long-dated capex commitment that will influence future leverage and cash flows.
- ·BPCL reassured on LPG import continuity amid geopolitical disruptions (30 May 2026), a reminder that the company's supply chain is exposed to global energy trade disruptions.
Strengths
- +Highest ROE among 6 Energy peers at 28.47%, ahead of Coal India (28.12%), ONGC (12.70%), Reliance (9.14%), GAIL (8.69%), and IOC (20.97%).
- +5-year earnings CAGR of 28% and free cash flow positive in 4 of the available persistence years, alongside a falling debt trend.
- +Dividend yield of 6.71% is among the most significant income distributions in the large-cap Energy space, supported by Q4 FY26 profitability.
- +Second-lowest trailing PE (4.91) in the 6-stock Energy peer group, with only IOC (4.54) trading cheaper on this metric; forward PE of 7.48 reflects a modest step-up from trailing earnings.
Weaknesses
- −Debt-to-equity of 54.33 is exceptionally high for a non-financial company; interest cost exposure and capex obligations (including the Mozambique LNG project at 42% completion) add to balance sheet risk.
- −Trailing profit margin of 5.68% leaves limited buffer against crude price swings or government-mandated retail price caps — a margin structure that has historically compressed sharply in adverse policy environments.
- −ROE has exceeded 15% in only 3 of the persistence window years, indicating the current 28.47% ROE may not represent a durable baseline; earnings consistency score stands at 61.
- −Price has declined 23.1% over 3 months and 1.69% over 1 year, trading below both key moving averages (50-DMA ₹297.27, 200-DMA ₹329.32) with no identified near-term technical catalyst.
Open questions
- ?Does the 5-year earnings CAGR of 28% reflect structural improvements in refining margins and operational efficiency, or is it primarily driven by a cyclical crude-price and government-pricing tailwind that may not persist?
- ?How does the debt-to-equity of 54.33 compare to BPCL's own 5-year historical range, and what is the trajectory of net debt given the Mozambique LNG capex pipeline?
- ?Given that ROE has held above 15% in only 3 of the measured years, what are the specific years and conditions under which it fell below that threshold?
- ?How sensitive is BPCL's reported profit margin to a 10% move in the Brent crude price, and does the government's retail fuel pricing policy provide a floor or a ceiling on that sensitivity?
Peer comparison: Energy
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| BPCL | Bharat Petroleum Corporation Ltd.You're viewing | 4.9 | +28.5% | 55 |
| Industry avg | across 5 peers | 11.6 | +15.9% | 46 |
| COALINDIA | Coal India Ltd. | 9.4 | +28.1% | 77 |
| ONGC | Oil & Natural Gas Corporation Ltd. | 8.0 | +12.7% | 53 |
| IOC | Indian Oil Corporation Ltd. | 4.5 | +21.0% | 49 |
| RELIANCE | Reliance Industries Ltd. | 22.1 | +9.1% | 32 |
| GAIL | GAIL (India) Ltd. | 14.2 | +8.7% | 19 |
Technical state
Current price
₹296.85
SMA 50
₹297.27
SMA 200
₹329.32
RSI (14)
47.4 (neutral)
From 52w high
-24.2%
1Y return
-1.7%
3M return
-23.1%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 54.33 is exceptionally elevated for a non-financial energy company. While common in OMC capital structures, sustained crude price volatility or EBITDA compression could stress debt-servicing capacity materially.
- mediumPrice at ₹296.85 is below both the 50-DMA (₹297.27) and 200-DMA (₹329.32). The stock has declined 23.1% over 3 months and sits 24.21% below its 52-week high.
- mediumTrailing profit margin of 5.68% and forward PE of 7.48 vs trailing PE of 4.91 imply analysts expect earnings to normalise lower. ROE has held above 15% in only 3 of the persistence window years, signalling earnings are not uniformly high-quality.
- low1-year price-change data is null for all 5 sector peers, limiting the reliability of relative price-performance comparisons within the Energy sector peer set.
Cross-section contradictions
- ROE of 28.47% ranks first among 6 Energy peers and 5-year earnings CAGR is 28%, yet the trailing PE of 4.91 is the second-lowest in the peer set — either a cyclical earnings spike is temporarily suppressing the multiple, or the market is persistently discounting reported earnings quality given leverage and margin fragility.
- News sentiment over the recent window is net positive (5 positive, 0 negative of 8 articles, including a Q4 PAT +28% YoY print) yet the stock is down 23.1% over 3 months, suggesting the market is weighting factors — leverage, impairment charges, or policy-pricing risk — not reflected in headline news sentiment.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days