Bharat Petroleum Corporation Limited (BPCL) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Bharat Petroleum Corporation Limited stock ₹435, price ₹317, upside +37.0%, quality 62 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Bharat Petroleum Corporation Limited
BPCL · NSEThe stock costs 27% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹122.48 – ₹388.30 · fair‑value band ₹325.93 – ₹543.22 · the ₹317.10 price screens below the ₹434.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Company profile
Bharat Petroleum Corporation Limited engages in refining crude oil and marketing petroleum products in India and internationally. It operates through two segments, Downstream Petroleum; and Exploration and Production of Hydrocarbons.
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The company operates fuel stations that sell motor spirits, high-speed diesel, blended fuels, compressed and liquefied natural gas, automotive liquefied petroleum gas (LPG), and lubricants; operate convenience stores, restaurants, and electric vehicle charging facilities; and offer ATM, money transfer, insurance, and vehicle care services.
It also provides LPG for domestic, commercial, and metal cutting applications under the Bharatgas brand name; automobile lubricants, such as automotive engine and gear oils, greases, and specialties, as well as industrial lubricants under the MAK brand; jet fuel; and aviation services, including transportation, storage, and intoplane services.
In addition, the company offers industrial fuels products, white oils, bitumen and specialty bitumen, petcoke, sulphur, solvents, petrochemicals, bunkering, and petrochemical feedstock products; and operates pipelines to transport petroleum products.
Further, it exports naphtha and fuel oils; and engages in city gas distribution activities. The company's marketing infrastructure includes a network of installations, depots, retail outlets, aviation fueling stations, and LPG distributors.
The company was formerly known as Bharat Refineries Limited and changed its name to Bharat Petroleum Corporation Limited in August 1977. Bharat Petroleum Corporation Limited was incorporated in 1952 and is based in Mumbai, India.
Stock analysis
Bharat Petroleum Corporation Limited (BPCL) currently trades at ₹317.10, while our model-based Fair Value estimate is ₹434.58, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹1,038 per share, and 23 of the 26 models we run sit above the ₹317.10 price.
Bear case: the Asset-Based group reads lowest at ₹126.22, and 3 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹325.93 (bear) to ₹543.22 (bull), the price of ₹317.10 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bharat Petroleum Corporation Limited reported revenue of ₹4.6T in FY2026 versus ₹3.5T in FY2022, a compound +7.0%/yr. Reported net income was ₹258B in FY2026, compounding +22.0%/yr from FY2022.
Key figures
Market cap ₹1.4T (≈ $14.3B) Large · P/E ratio 8.4 · P/S ratio 0.25 · EPS (TTM) ₹37.64 · Dividend yield 7.1% · Net margin 2.9% · Return on equity 16.2% · Return on assets (EBIT) 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at 37%, BPCL screens cheaper than that median.
Fair Value models
All 26 models by family
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Earlier news
- What Bharat Petroleum Holders Got Wrong Before The Slide
- BPCL–Sembcorp JV wins India's lowest green hydrogen supply contract
Compare Bharat Petroleum Corporation Limited with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 116 stocks
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Price/FCF by industry
- Debt-to-equity by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Energy
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| SK Innovation Co 096770 | 114,200 KRW | 134,361 KRW | +18% | vs BPCL |
| Sunoco LP, SUN | $61.72 | $53.89 | −13% | vs BPCL |
| Türkiye Petrol Rafinerileri A.S., TUPRS | 331.75 TRY | 244.26 TRY | −26% | vs BPCL |
| Reliance Industries Limited RELIANCE | ₹1,313 | ₹865.31 | −34% | vs BPCL |
| HF Sinclair Corporation DINO | $97.77 | $52.92 | −46% | vs BPCL |
| Neste Oyj NESTE | €27.57 | €11.70 | −58% | vs BPCL |
| Formosa Petrochemical Corporation 6505 | 87.90 TWD | 35.53 TWD | −60% | vs BPCL |
| Valero Energy Corporation VLO | $351.23 | $131.30 | −63% | vs BPCL |
| Phillips 66 PSX | $247.04 | $86.38 | −65% | vs BPCL |
| Marathon Petroleum Corporation MPC | $377.32 | $110.21 | −71% | vs BPCL |
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Key figures of Bharat Petroleum Corporation Limited
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