Bharat Petroleum Corporation Limited (BPCL)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 15 July 2026

₹309.6 ↓ 11.05% (1Y)

🎯 Key Takeaways

BPCL is transitioning from a traditional oil marketing company to a more diversified energy player with strategic acquisitions in Brazil and bitumen value-added products, while advancing its Mozambique LNG project through shareholder-approved financing measures. The company is actively expanding its portfolio beyond core refining and marketing to capture higher-margin infrastructure-linked opportunities.
Revenue grew 12.4% QoQ to ₹1.37 L Cr in Q3FY26.
⚠️ 1) The Mozambique LNG project financing requires shareholder approval by July 5, 2026, creating execution risk if voting outcomes are unfavorable. 2)

Market Cap

₹1.23 L Cr

P/E Ratio

4.9

P/B Ratio

1.52

ROE

30.2%

ROCE

25.4%

Debt/Equity

0.63

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About BPCL 📊 Interactive Charts

📖 The Story

BPCL is transitioning from a traditional oil marketing company to a more diversified energy player with strategic acquisitions in Brazil and bitumen value-added products, while advancing its Mozambique LNG project through shareholder-approved financing measures. The company is actively expanding its portfolio beyond core refining and marketing to capture higher-margin infrastructure-linked opportunities.

📰 What's Happening

BPCL completed the acquisition of IBV Brasil Petroleo Limitada in July 2026, increasing its stake from 60.86% to 100% for Rs. 2,312 crores to secure Brazilian oil and gas assets for energy security. It also signed an agreement in June 2026 to acquire a 40% stake in Tiki Tar and Shell India Private Limited for Rs. 85 crores to enter the bitumen value-added market, with DIPAM approval required and a 90-day completion timeline. Additionally, BPCL sought shareholder approval in June 2026 for two material related party transactions related to its Mozambique LNG project, including the transfer of Golfinho-Atum assets and an extension of debt service undertaking guarantees until 2033.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	1.32 L Cr	1.28 L Cr	1.18 L Cr	1.28 L Cr	1.27 L Cr	1.30 L Cr	1.22 L Cr	1.37 L Cr
Operating Profit	9,561	6,055	5,139	8,074	8,440	10,360	10,548	12,166
OPM %	6.9%	4.4%	3.8%	5.9%	6.1%	7.5%	8.0%	8.6%
Net Profit	4,790	2,842	2,297	3,806	4,392	6,839	6,191	7,188
EPS	₹22.46	₹6.65	₹5.38	₹8.91	₹10.28	₹16.01	₹14.49	₹16.82

Operating performance shows a clear upward trajectory with revenue growth from Rs. 1.18 L Cr in Q2FY25 to Rs. 1.37 L Cr in Q3FY26, accompanied by expanding operating margins from 3.8% to 8.6% and net profit growth from Rs. 2,297 Cr to Rs. 7,188 Cr over the same period. This improvement is consistent with management's strategic focus on value-added products and international acquisitions, though margin expansion appears to be accelerating in the most recent quarter.

🔮 Management Outlook & What's Next

Management has articulated a clear strategic direction through its recent acquisitions and stakeholder engagements, with specific focus on expanding into bitumen value-added products and securing international oil and gas assets in Brazil and Mozambique. The company emphasized that these moves are designed to strengthen its infrastructure-linked portfolio and enhance India's energy security through strategic global partnerships.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2023-2024	2023-2024	2024-2025	2024-2025	2025-2026
Equity Capital	2,129	2,136	4,273	4,273	4,273
Reserves	68,853	73,499	72,835	77,112	89,663
Borrowings	56,335	45,485	49,187	51,061	43,073
Total Liabilities	1.40 L Cr	1.27 L Cr	1.34 L Cr	1.37 L Cr	1.34 L Cr
Fixed Assets	83,498	84,718	85,634	86,594	85,662
Investments	7,137	6,069	5,911	5,440	5,572
Total Assets	2.11 L Cr	2.02 L Cr	2.11 L Cr	2.18 L Cr	2.28 L Cr

The balance sheet reflects a deliberate capital allocation strategy with equity remaining stable at Rs. 4,273 Crores while reserves have grown from Rs. 72,835 Crores to Rs. 89,663 Crores over the past two years, indicating retained earnings growth. Borrowings have decreased from Rs. 51,061 Crores to Rs. 43,073 Crores, suggesting active deleveraging, while total assets have increased from Rs. 2.11 L Cr to Rs. 2.28 L Cr, demonstrating successful asset acquisition and integration.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	+18,419	+23,554
Investing	-4,310	-2,573
Financing	-13,145	-13,981
Net Cash Flow	—	—

⚖️ Peer Comparison — Petroleum Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Reliance Industries Limited	18.08 L Cr	21.7	11.2%	9.9%	0.41
Indian Oil Corporation Limited	1.90 L Cr	17.4	—	—	—
Bharat Petroleum Corporation Limited	1.23 L Cr	4.9	25.4%	30.2%	0.63
Hindustan Petroleum Corporation Limited	77,963	12.9	—	—	—
Mangalore Refinery and Petrochemicals Limited	26,345	32.0	—	—	—
Castrol India Limited	17,947	18.7	—	—	—
Chennai Petroleum Corporation Limited	15,025	40.4	—	—	—
Gulf Oil Lubricants India Limited	4,665	13.1	—	—	—
Savita Oil Technologies Limited	2,805	24.7	—	—	—
Veedol Corporation Limited	2,497	16.0	—	—	—

🔗 Peer Stock Analyses

RELIANCE IOC HINDPETRO MRPL CASTROLIND

⚠️ Risk Factors

1) The Mozambique LNG project financing requires shareholder approval by July 5, 2026, creating execution risk if voting outcomes are unfavorable. 2) The Brazil acquisition involves a significant cash outflow of Rs. 2,312 crores that may strain liquidity despite the company's asset growth. 3) Integration of TTSIPL and IBV assets into BPCL's core operations may present operational and cultural challenges. 4) Global oil price volatility continues to impact the core refining and marketing business, which remains central to cash flow generation.

📋 Recent Filings

🧠 Analyst's Read

BPCL is executing a clear transformation strategy through international acquisitions and portfolio diversification into bitumen and LNG, supported by improving operational margins and balance sheet strengthening. Investors should monitor the Mozambique LNG shareholder vote outcome and the pace of integration for newly acquired assets as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on BPCL

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when BPCL files new disclosures

Track BPCL filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track BPCL — Free

Free account · 2 AI queries/day