Bharat Petroleum Corporation Ltd(BPCL)

NSE: BPCLBSE: 500547

₹ 281.25-1.83%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 1.22 L crWebsite: www.bharatpetroleum.inUpdated: 24 Oct 2026

About

Bharat Petroleum Corporation Limited (BPCL) is a state-owned integrated downstream petroleum company that refines crude oil and markets fuels, LPG, lubricants and gas across India. In FY26 the company processed 41.15 MMT of crude - its highest-ever throughput - at 116% utilisation, and sold 54.18 MMT in the domestic market. BPCL operates three refineries and a retail network of 25,323 outlets, making it one of India's largest fuel retailers.^[1]

Business segments

BPCL reports a single segment, Downstream Petroleum, which accounted for 100% of revenue in FY26 and had a 6.6% EBIT margin.^[2]
Under Project Aspire, a five-year framework to FY 2028-29, BPCL aims to become an integrated energy major with petrochemicals, renewables, consumer retailing and biofuels units (FY26 annual report).^[3]

Refinery operations

BPCL operates three refineries (Mumbai, Kochi, Bina). Full-year FY26 crude throughput was 41.15 MMT - the highest ever - at 116% capacity utilisation, with distillate yield of 84.54%.^[1]
Q3 FY26 throughput was 10.51 MMT at 119% utilisation, up from 9.54 MMT in Q3 FY25; distillate yield was 84.02% and high-sulphur crude share was 78%.^[4]
Bina Refinery is currently rated at 7.8 MMTPA and is being expanded to 11 MMTPA to supply captive naphtha feedstock to the adjacent petrochemical complex.^[4]
Russian crude share rose from 25% in Q3 FY26 to 31% in Q4 FY26, and further to approximately 40 - 41% later, to fill spot supply gaps caused by Strait of Hormuz disruptions.^[1]

Gross refining margin

BPCL blended GRM rose to $11.74/bbl for full-year FY26 from $6.82/bbl in FY25, aided by optimised crude sourcing and inventory gains in Q4.^[1]
Q3 FY26 blended GRM was $13.25/bbl (vs $5.60/bbl in Q3 FY25), with Bina Refinery leading at $18.17/bbl that quarter.^[4]
Q2 FY26 GRM by refinery: Bina $15.93/bbl, Kochi $10.85/bbl, Mumbai $9.03/bbl; blended $10.78/bbl vs $4.41/bbl in Q2 FY25.^[5]

Marketing volumes and distribution

Total domestic sales volume reached 54.18 MMT in FY26 vs 52.40 MMT in FY25 (+3.5% YoY); petrol grew 5.7%, ATF 11.4%, diesel 1%.^[1]
BPCL commissioned 1,691 new retail outlets in FY26, taking its network to 25,323 outlets, meeting its stated 25,000-outlet target.^[1]
Throughput per retail outlet was 143 KL/month in Q4 FY26, the highest among oil marketing companies as reported.^[1]
Gas business sales volume reached 2.29 MMT in FY26, up 26.5% YoY; CNG within gas recorded 248 TMT, up 62.1% YoY.^[1]
As of 31 Dec 2025, BPCL operated 24,801 retail outlets and 2,642 CNG outlets pan-India, and had 6,500+ EV charging stations as of Q3 FY26.^[4]

Expansion and capex

Bina petrochemical complex (ethylene cracker, 2.2 MMTPA, ~₹50,000 crore) targets commissioning by 2028; at Q4 FY26 progress was 23% vs planned 32%, with ₹4,700 crore incurred and ₹25,400 crore committed.^[1]
400 KTPA polypropylene plant at Kochi refinery (~₹5,000 crore) is targeted for commissioning by 2027 - 28.^[4]
Mumbai refinery PRFCC unit (~₹14,000 crore) is targeted for commissioning by 2029, replacing units more than 40 years old.^[4]
FY27 capex target is ₹25,000 crore (potentially ₹26,000 - 27,000 crore): refinery and petchem ₹11,000 crore, marketing and logistics ₹10,000 crore, BPRL equity ₹2,250 crore, CGD ₹1,700 crore.^[1]
Petrochemicals are targeted to reach 3.2 MMTPA capacity and an 8% share of the product portfolio by FY29.^[4]
Renewable capacity was 251 MW as of Q4 FY26; targets are 2 GW in the near term and 10 GW by 2035, mainly for captive use in refineries.^[1]
Per the FY26 annual report, biofuel plants for ethanol production have been commissioned and commissioning of the Rasayani LOBS plant is planned.^[3]

Upstream and gas assets

Mozambique LNG (via BPRL): force majeure was resolved on 7 November 2025; about 6,000 workers on site, construction 42% complete, first LNG cargo expected by mid-2028.^[1]
Brazil BM-SEAL-11 block: remaining equity commitment is about $1.2 billion over 3 - 4 years; first oil expected in FY31 - 32.^[1]
BPCL targets 6 - 7 MMT of upstream equity crude from existing development projects in Mozambique, Brazil and the UAE.^[1]

Recent developments

Bharat Oman Refineries Ltd and Bharat Gas Resources Ltd have been merged into BPCL, per the FY26 annual report.^[3]
The FY26 annual report proposes amending BPCL's object clause so it can enter digital payments (TPAP, Agent Institute, UPI, wallets) and apply for payments licences.^[3]

Market Cap

₹1,22,020 Cr

High / Low

₹392 / 267

Stock P/E

7.1

Price / Book

1.2

Book Value

₹231

EPS

₹59.6

No. of Shares

433.85 Cr

ROCE

25.9%

ROE

28.5%

OPM

7.0%

Debt / Equity

0.43

Sales

₹5,22,820 Cr

Net Profit

₹25,843 Cr

Promoter holding

53.0%

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Bharat Petroleum Corporation Ltd(BPCL)

About

Business segments

Refinery operations

Gross refining margin

Marketing volumes and distribution

Expansion and capex

Upstream and gas assets

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

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Company data

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