This analysis examines Bharat Petroleum Corporation Ltd. (BPCL) through the lens of its financial statements, valuation metrics, and institutional ownership patterns.
Bharat Petroleum Revenue Trend
Year-over-year, Bharat Petroleum Corporation Ltd.'s revenue fell 1.2% from ₹5,09,227 Cr to ₹5,03,202 Cr in FY2025.
Revenue compounded at 7.6% annually over 10 years for Bharat Petroleum Corporation Ltd.. It's a reasonable growth rate that's roughly kept pace with the broader market.
Bharat Petroleum Corporation Ltd.'s ₹5,03,202 Cr revenue base puts it in the major bracket among refineries companies in India.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹5,03,202 Cr | -1.2% |
| FY2024 | ₹5,09,227 Cr | -4.6% |
| FY2023 | ₹5,33,547 Cr | +23.3% |
| FY2022 | ₹4,32,569 Cr | +42.2% |
| FY2021 | ₹3,04,266 Cr | — |
View Bharat Petroleum Corporation Ltd.'s full 10-year revenue trend with CAGR analysis →
Bharat Petroleum Profitability
On the earnings front, Bharat Petroleum Corporation Ltd. posted ₹13,337 Cr for FY2025 — a 50.3% drop from ₹26,859 Cr in FY2024.
A drop in net margin from 5.3% to 2.7% in FY2025 suggests costs grew faster than revenue.
At ₹31.21 per share (diluted), FY2025 earnings were down year-over-year from ₹63.04.
Is Bharat Petroleum Undervalued
Running the numbers through the P/E Ratio model gives a fair value of ₹190 for Bharat Petroleum Corporation Ltd..
Bharat Petroleum Corporation Ltd. shares are currently trading at ₹292.10.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹190 | 35.1% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Bharat Petroleum Corporation Ltd. with detailed assumptions →
Bharat Petroleum Shareholding Pattern
Promoter holding is steady at 53.0% — no buying or selling over the past 4 quarters.
As of March 2026, FIIs own 19.6% of the company — up from 15.4% a year earlier.
DII ownership is at 18.5%, down from the 22.2% recorded a year ago.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 53.0% | 19.6% | 18.5% | 8.5% |
| Dec 2025 | 53.0% | 18.5% | 19.6% | 8.6% |
| Sep 2025 | 53.0% | 16.5% | 21.3% | 8.2% |
| Jun 2025 | 53.0% | 15.4% | 22.2% | 8.5% |
Track quarterly shareholding changes for Bharat Petroleum Corporation Ltd. →
Bharat Petroleum Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹2,183.82B at the end of FY2025, up 7.9% from ₹2,024.18B a year earlier.
Property, Plant & Equipment is the largest block at 45.7%, followed by Inventories at 20.7% and Investments at 10.5%.
Equity makes up 37.3% of liabilities and equity, with debt at 28.0% and operating liabilities at 34.8%. Over the year, debt is up 11.9% and equity is up 7.6%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 141.39B |
| Receivables | 93.39B |
| Inventories | 452.65B |
| Property, Plant & Equipment | 998.34B |
| Investments | 228.68B |
| Intangibles & Goodwill | 151.81B |
| Other Assets | 117.57B |
| Category | Value |
|---|---|
| Equity | 813.84B |
| Short-term Debt | 257.32B |
| Long-term Debt | 353.68B |
| Trade Payables | 306.34B |
| Other Liabilities | 452.64B |
Bharat Petroleum Stock Analysis
In summary, Bharat Petroleum Corporation Ltd. (BPCL) presents the following picture for fundamental analysts.
Revenue of ₹5,03,202 Cr in FY2025, down 1.2% year-over-year.
Long-term revenue has been compounding at 7.6% annually over 10 years.
The company is profitable, with a net margin of 2.7% and net income of ₹13,337 Cr.
The P/E Ratio model implies 35.1% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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