Stock BPCL BHARAT PETROLEUM CORPORATION LIMITED
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Financials Bharat Petroleum Corporation Limited

Equities

BPCL

INE029A01011

Oil & Gas Refining and Marketing

Market Closed - NSE India S.E.
Other stock markets
 05:13:47 02/05/2024 pm IST 		5-day change 1st Jan Change
634.6 INR +4.49% Intraday chart for Bharat Petroleum Corporation Limited +7.02% +40.83%
02/05 Indian Equities Close Higher on Thursday After US Keeps Interest Rates Steady MT
01/05 Bharat Petroleum Corporation Limited Announces Directorate Changes CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,62,386 6,87,436 9,28,332 7,79,521 7,46,874 13,76,716 - -
Enterprise Value (EV) 1 12,26,916 12,40,185 12,55,169 13,16,481 13,72,119 19,18,147 18,64,570 18,40,571
P/E ratio 10 x 20.4 x 5.24 x 6.54 x 34.4 x 5.14 x 10.4 x 9.63 x
Yield 4.78% 5.21% 18.5% 4.45% 1.16% 6.87% 3.65% 3.64%
Capitalization / Revenue 0.29 x 0.24 x 0.4 x 0.22 x 0.16 x 0.3 x 0.31 x 0.3 x
EV / Revenue 0.41 x 0.44 x 0.55 x 0.38 x 0.29 x 0.42 x 0.42 x 0.4 x
EV / EBITDA 8.12 x 14.9 x 5.89 x 6.88 x 12.6 x 4.66 x 7.79 x 7.37 x
EV / FCF -279 x -28.7 x 8.75 x 10.5 x 35 x 8.42 x 21.5 x 24.8 x
FCF Yield -0.36% -3.48% 11.4% 9.56% 2.85% 11.9% 4.65% 4.04%
Price to Book 2.02 x 1.71 x 1.58 x 1.47 x 1.37 x 1.85 x 1.68 x 1.49 x
Nbr of stocks (in thousands) 21,69,253 21,69,253 21,69,253 21,69,253 21,69,253 21,69,253 - -
Reference price 2 397.6 316.9 428.0 359.4 344.3 634.6 634.6 634.6
Announcement Date 20/05/19 03/06/20 26/05/21 25/05/22 22/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 29,82,256 28,45,719 23,01,626 34,67,911 47,31,872 45,41,355 44,83,714 45,64,700
EBITDA 1 1,51,122 83,490 2,12,964 1,91,373 1,08,881 4,11,764 2,39,322 2,49,712
EBIT 1 1,16,945 42,689 1,69,622 1,37,030 45,193 3,28,425 1,64,082 1,71,489
Operating Margin 3.92% 1.5% 7.37% 3.95% 0.96% 7.23% 3.66% 3.76%
Earnings before Tax (EBT) 1 1,19,680 22,509 2,27,576 1,22,307 28,211 3,00,310 1,48,065 1,60,875
Net income 1 78,023 30,554 1,61,650 1,16,815 21,310 2,47,671 1,18,761 1,24,937
Net margin 2.62% 1.07% 7.02% 3.37% 0.45% 5.45% 2.65% 2.74%
EPS 2 39.67 15.53 81.60 54.91 10.01 123.4 61.18 65.88
Free Cash Flow 1 -4,405 -43,160 1,43,479 1,25,850 39,170 2,27,791 86,640 74,272
FCF margin -0.15% -1.52% 6.23% 3.63% 0.83% 5.02% 1.93% 1.63%
FCF Conversion (EBITDA) - - 67.37% 65.76% 35.97% 55.32% 36.2% 29.74%
FCF Conversion (Net income) - - 88.76% 107.73% 183.81% 91.97% 72.95% 59.45%
Dividend per Share 2 19.00 16.50 79.00 16.00 4.000 43.57 23.15 23.13
Announcement Date 20/05/19 03/06/20 26/05/21 25/05/22 22/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 7,64,389 9,53,260 - 12,10,818 11,48,204 - 11,81,154 11,29,848 12,14,217 10,10,173 11,32,025 -
EBITDA 1 - 53,074 - 59,543 - 17,411 42,888 1,10,848 1,62,618 1,18,100 59,390 88,800 -
EBIT 1 - - - - - 1,803 - - 1,46,478 - 5,000 71,889 -
Operating Margin - - - - - 0.16% - - 12.96% - 0.49% 6.35% -
Earnings before Tax (EBT) - - - - - - - - - - 1,000 - -
Net income 1 - - - - - -3,385 17,470 - 1,06,443 56,470 30,144 68,849 -
Net margin - - - - - -0.29% - - 9.42% 4.65% 2.98% 6.08% -
EPS 2 - 15.03 13.17 13.16 - -1.590 - - 49.99 13.35 17.95 - -
Dividend per Share - 5.000 5.000 6.000 6.000 6.000 - 4.000 - 6.464 10.51 10.51 8.133
Announcement Date 12/08/21 29/10/21 31/01/22 25/05/22 06/08/22 07/11/22 30/01/23 22/05/23 26/07/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,64,529 5,52,748 3,26,837 5,36,960 6,25,245 5,41,430 4,87,853 4,63,855
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.412 x 6.621 x 1.535 x 2.806 x 5.742 x 1.315 x 2.038 x 1.858 x
Free Cash Flow 1 -4,405 -43,160 1,43,479 1,25,850 39,170 2,27,791 86,640 74,272
ROE (net income / shareholders' equity) 22.6% 8.12% 35.9% 20% 4.04% 42% 17.5% 16.3%
ROA (Net income/ Total Assets) 6.63% 2.12% 6.99% - 1.13% 11.1% 4.61% 4.84%
Assets 1 11,77,208 14,39,171 23,12,620 - 18,78,239 22,30,069 25,78,769 25,81,603
Book Value Per Share 2 197.0 186.0 270.0 244.0 251.0 343.0 378.0 426.0
Cash Flow per Share 2 - 40.50 113.0 95.60 58.60 146.0 124.0 115.0
Capex 1 1,05,976 1,22,894 92,059 77,506 85,486 1,16,011 1,28,945 1,65,279
Capex / Sales 3.55% 4.32% 4% 2.23% 1.81% 2.55% 2.88% 3.62%
Announcement Date 20/05/19 03/06/20 26/05/21 25/05/22 22/05/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bharat Petroleum Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
30
Last Close Price
634.6 INR
Average target price
601.3 INR
Spread / Average Target
-5.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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