Bharat Petroleum Corporation Limited (BPCL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+633.8%

₹2,156.77

vs ₹293.90 price

Levered DCF

₹3,386.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.61

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	4.65×	9.12×	4.76×	34.43×	6.55×	5.23×	20.39×	9.88×
P/B	1.2×	1.49×	1.69×	1.37×	1.47×	1.58×	1.71×	1.99×
P/S	0.26×	0.28×	0.29×	0.16×	0.22×	0.37×	0.22×	0.26×
EV / EBITDA	3.44×	6.22×	3.92×	12.81×	6.22×	4.53×	15.04×	7.16×
Gross margin	14.1%	10.0%	12.4%	4.0%	8.4%	11.7%	6.2%	8.3%
Operating margin	7.7%	4.1%	8.4%	0.4%	4.3%	6.3%	2.0%	4.0%
Net margin	5.7%	3.0%	6.0%	0.5%	3.4%	7.0%	1.1%	2.6%
Current ratio	0.79×	0.8×	0.81×	0.75×	0.75×	0.9×	0.72×	0.92×
Debt / equity	0.54×	0.75×	0.72×	1.3×	1.24×	1.02×	1.79×	1.16×
Interest coverage	11.85×	5.1×	9.19×	0.48×	6.26×	7.37×	2.66×	7.44×
Dividend yield	7.9%	5.4%	4.2%	1.7%	18.9%	5.8%	9.5%	5.2%
Payout ratio	36.9%	49.2%	19.8%	60.1%	124.0%	30.5%	193.3%	51.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	25.8%	16.4%	35.5%	4.0%	22.5%	30.2%	8.4%	20.1%
Return on invested capital	15.7%	8.7%	19.9%	1.1%	8.7%	9.8%	5.0%	8.2%
Return on assets	10.4%	6.1%	13.3%	1.1%	6.2%	10.0%	2.0%	5.7%
Free cash flow yield	25.4%	7.0%	20.6%	5.3%	16.5%	16.9%	-6.9%	-0.5%
Earnings yield	21.5%	11.0%	21.0%	2.9%	15.3%	19.1%	4.9%	10.1%
Enterprise value	₹1.6T	₹1.7T	₹1.8T	₹1.4T	₹1.4T	₹1.3T	₹1.3T	₹1.2T
Net debt / EBITDA	0.8×	1.83×	1.14×	6.12×	2.8×	1.62×	7.66×	2.62×
Cash conversion cycle (days)	14	23	20	17	25	31	30	29