StrengthTalking point
Profit outpacing revenue
Profit grew 93.8% while revenue grew 4.5%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Bharat Petroleum Corpn. · Research view
Bharat Petroleum Corpn. Ltd.
NSE: BPCLBSE: 500547ISIN INE029A01011Face value ₹10consolidated
₹301
+0.33% · 2026-10-01 · 52-wk ₹271–₹388
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 1.69× over the last 3 profit-making years versus 3.80× before that.
Importance 64 / 95 · cash quality
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹2,131 to ₹26,859) — one year is a weak guide to the earnings power.
Importance 59 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 17.9% a year over 4 years (₹51,906 → ₹1,00,170).
Importance 57 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Petroleum Products › Refineries & Marketing.
- Market cap
- ₹1.29 L cr
- FY2026 revenue
- ₹5,22,820 cr
- FY2026 net profit
- ₹25,843 cr
- Net worth
- ₹1,00,170 cr
- Total debt
- ₹43,482 cr
- EPS (basic)
- ₹60.49
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 refineries & marketing.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 93.8% while revenue grew 4.5%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +4.9%over 4 years
- Revenue growth
- +4.5%vs last year
- Net profit growth
- +93.8%vs last year
- Change in net profit since FY22
- +121%
Profit has swung sharply over 4 years (from ₹2,131 to ₹26,859) — one year is a weak guide to the earnings power.
Over 4 years profit compounded at 22.0% a year while revenue compounded at 4.9% a year — though FY2024 saw a one-off step-change of 1160% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 93.8% year on year (FY2025 → FY2026).
Revenue has compounded at 4.9% a year over 4 years (₹4,32,570 → ₹5,22,820) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹-1,873 cr, down 127.4% from ₹6,839 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 127.4% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+88.9% and +28.1%).
Rule QTR_TREND_REVERSAL
Watch
Q1 FY27 net profit declined 127.4% while revenue grew 23.1% vs the same quarter last year — a gap of 150.5 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,17,949 | — | 2,297 | — | 1.9% |
| Q3 FY25 | 1,27,551 | −1.9% | 3,806 | +19.6% | 3.0% |
| Q4 FY25 | 1,26,916 | −3.9% | 4,392 | −8.3% | 3.5% |
| Q1 FY26 | 1,29,615 | +1.2% | 6,839 | +140.7% | 5.3% |
| Q2 FY26 | 1,21,605 | +3.1% | 6,191 | +169.5% | 5.1% |
| Q3 FY26 | 1,36,653 | +7.1% | 7,188 | +88.9% | 5.3% |
| Q4 FY26 | 1,34,948 | +6.3% | 5,625 | +28.1% | 4.2% |
| Q1 FY27 | 1,59,527 | +23.1% | −1,873 | −127.4% | −1.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹5,52,733 crTTM
- EBITDA
- ₹31,268 crTTM
- EBIT
- ₹23,231 crTTM
- PBT
- ₹21,950 crTTM
- Net profit
- ₹17,132 crTTM
C. Corporate actions
2 Feb 2026DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
7 Nov 2025DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share
31 Jul 2025DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
29 Jan 2025DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
9 Aug 2024DividendFinal Dividend - Rs. - 10.5000 — ₹10.50/share
21 Jun 2024Bonus issueBonus issue 1:1 — 1:2
12 Dec 2023DividendInterim Dividend - Rs. - 21.0000 — ₹21.00/share
11 Aug 2023DividendDividend - Rs. - 4.0000 — ₹4.00/share
19 Aug 2022DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
10 Feb 2022DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
11 Nov 2021DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
16 Sept 2021DividendFinal Dividend - Rs. - 23.0000 — ₹23.00/share
16 Sept 2021DividendSpecial Dividend - Rs. - 35.0000 — ₹35.00/share
25 Mar 2021DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
17 Feb 2021DividendInterim Dividend - Rs. - 16.0000 — ₹16.00/share
23 Mar 2020DividendInterim Dividend - Rs. - 16.5000 — ₹16.50/share
21 Aug 2019DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
21 Feb 2019DividendInterim Dividend - Rs. - 11.0000 — ₹11.00/share
31 Aug 2018DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
22 Feb 2018DividendInterim Dividend - Rs. - 14.0000 — ₹14.00/share
13 Jul 2017Bonus issueBonus issue 1:2 — 2:3
8 Jun 2017DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
24 Mar 2017DividendInterim Dividend - Rs. - 12.0000 — ₹12.00/share
28 Feb 2017DividendInterim Dividend - Rs. - 19.5000 — ₹19.50/share
13 Jul 2016Bonus issueBonus issue 1:1 — 1:2
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 17.0% to 28.5% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 8.5%
- 5-year range
- 2.3–9.1%
- ROE FY2026
- 28.5%
- ROCE FY2026
- 26.5%
EBITDA margin improved from 5.6% to 8.5% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged 1.69× over the last 3 profit-making years versus 3.80× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹43,482 cr
- Operating cash flow ÷ net profit
- 1.96×FY2026
- Free cash flow
- ₹34,946 cr
- Current ratio
- 0.79×
Net worth compounded at 17.9% a year over 4 years (₹51,906 → ₹1,00,170).
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.96×).
Free cash flow has been positive in 5 of the last 5 years.
Debt-to-equity fell from 0.63× to 0.43× year on year.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 refineries & marketing (FY2026, consolidated).
Revenue growth
BPCL · 3rd of 4 · set median 4.7%
EBITDA margin
BPCL · 3rd of 4 · set median 8.8%
Return on equity
BPCL · 2nd of 4 · set median 24.7%
P/E ratio
BPCL · 2nd of 4 · set median 12.7×
Context
Trades at 7.51× earnings — 41% below the refineries and marketing median of 12.70×.
Rule PE_BELOW_PEERS
- P / E
- 7.5×TTM to Jun 26
- P / B
- 1.3×latest book
- P / S
- 0.2×TTM sales
- Earnings yield
- 13.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 5.0× · P/S 0.2× · ROE 28.5%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit (22.0% a year) and the stock (20.2% a year) compounded at roughly the same rate.
Rule STOCK_TRACKED_EARNINGS
- 1-year return
- −11.4%
- 3-year return
- +73.7%
- 5-year return
- +39.0%
- From 52-wk high
- −22.5%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹314
- vs 200-day avg
- Below₹325
- RSI (14)
- 37.9neutral
- MACD histogram
- -0.9
- From 52-wk high
- −22.5%
- From 52-wk low
- +10.9%
- 30-day volatility
- 18.4%ann.
- 6-month return
- +6.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 1.69× over the last 3 profit-making years versus 3.80× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹2,131 to ₹26,859) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 59
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,32,570 | 5,33,547 | 5,06,993 | 5,00,517 | 5,22,820 |
| Total income | 4,34,838 | 5,35,046 | 5,09,227 | 5,03,202 | 5,26,119 |
| EBITDA | 21,406 | 12,386 | 46,317 | 28,086 | 44,501 |
| Profit before tax | 14,501 | 629 | 35,129 | 16,860 | 33,280 |
| Net profit | 11,682 | 2,131 | 26,859 | 13,337 | 25,843 |
| EPS (₹) | 54.9 | 10.0 | 126.1 | 31.2 | 60.5 |
| Net worth | 51,906 | 53,522 | 75,635 | 81,384 | 1,00,170 |
| Total debt | 55,933 | 60,455 | 45,485 | 51,061 | 43,482 |
| Operating cash flow | 20,336 | 12,466 | 35,936 | 23,678 | 50,769 |
| Free cash flow | 12,925 | 5,064 | 27,131 | 10,375 | 34,946 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 23.3 | -5.0 | -1.3 | 4.5 |
| Profit growth YoY | — | -81.8 | 1160.4 | -50.3 | 93.8 |
| Profitability | |||||
| EBITDA margin % | 4.9 | 2.3 | 9.1 | 5.6 | 8.5 |
| Net margin % | 2.7 | 0.4 | 5.3 | 2.7 | 4.9 |
| Return on equity % | 22.5 | 4.0 | 41.6 | 17.0 | 28.5 |
| Return on capital % | 14.8 | 5.4 | 33.6 | 16.4 | 26.5 |
| Leverage & cash | |||||
| Debt to equity | 1.08 | 1.13 | 0.60 | 0.63 | 0.43 |
| Cash flow ÷ profit | 1.74 | 5.85 | 1.34 | 1.78 | 1.96 |
| Current ratio | 0.75 | 0.75 | 0.81 | 0.80 | 0.79 |