Key Metrics of Bharat Petroleum
About Bharat Petroleum
Outlets operated by Bharath.
Sectors
Company details
- Website
- bharatpetroleum.in
- Founded
- 1976
- Registered office
- Bharat Bhawan Ballard Estate, Mumbai, 400001
- Listed
- NSE: BPCL · ₹287.00
Operational Areas of Bharat Petroleum
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 03 Aug 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹10,569 Cr | View |
| 03 Jul 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,069 Cr | View |
| 04 Jul 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹10,000 Cr | View |
| 05 Jul 2024 | CARE | Other | — | — | — | — | View |
| 10 Aug 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹11,000 Cr | View |
| 23 Jun 2023 | CARE | Other | — | — | — | — | View |
| 03 Mar 2023 | CARE | Reaffirmed | AAA | — | Stable | ₹3,005 Cr | View |
| 24 Jun 2022 | CARE | Watch | AAA | A1+ | Stable | ₹6,750 Cr | View |
| 21 Feb 2022 | CARE | Watch | AAA | — | Developing | ₹6,010 Cr | View |
| 25 Jun 2021 | CARE | Watch | AAA | A1+ | — | ₹5,300 Cr | View |
| 29 Jul 2020 | CARE | Reaffirmed | — | A1+ | — | ₹11,500 Cr | View |
| 26 Jun 2020 | CARE | Watch | AAA | A1+ | — | ₹5,300 Cr | View |
| 23 Apr 2020 | CARE | Reaffirmed | — | A1+ | — | ₹13,500 Cr | View |
| 07 Apr 2020 | CARE | Reaffirmed | — | A1+ | — | ₹10,000 Cr | View |
| 23 Mar 2020 | CARE | Reaffirmed | — | A1+ | — | ₹7,000 Cr | View |
| 06 Dec 2019 | CARE | Other | — | — | — | — | View |
| 28 Nov 2019 | CARE | Other | — | — | — | — | View |
| 05 Nov 2019 | CARE | Other | — | — | — | — | View |
| 27 Sep 2019 | CARE | Other | — | — | — | — | View |
| 27 Feb 2019 | CARE | Reaffirmed | AAA | — | Stable | ₹1,500 Cr | View |
Credit strengths (CARE, Aug 2026)
+ Strong parentage and strategic importance to the GoI
BPCL is majority owned by GoI (52.98% as on June 30, 2026) and is strategically important to GoI for achieving its socio-economic goals. Oil marketing companies (OMCs) have a dominant position in the domestic market for key petroleum products such as high-speed diesel (HSD), motor spirit (MS), superior kerosene oil (SKO) and liquefied petroleum gas (LPG). OMCs serve critical policy functions for the supply of fuel throughout the country, and these companies have been consistently supported by Go
+ Strong market position in oil refining and marketing business with geographical diversification
BPCL (on a consolidated basis) has three major refineries, spread across Mumbai, Kochi, and Madhya Pradesh, with a total refining capacity of 35.30 MMTPA as on March 31, 2026. BPCL is India’s second-largest oil marketing company (OMC), with domestic sales volume of over 54.18 million metric tonne (MMT) in FY26 and 13.62 MMT in Q1FY27, translating into an estimated market share of 27.27%. The company is also India’s fourth-largest refining company, accounting for ~14% of the country's total refin
+ Healthy refining performance despite pressure on marketing margins
The capacity utilisation for the company’s refineries has consistently remained high and above 100% over the last three years ended FY26 and Q1FY27, indicating strong operating efficiency. The Bina refinery has the highest Nelson Complexity Index (NCI) of 11.76 among public sector refineries in India, enabling it to process heavier crude grades and generate a higher proportion of value-added products. The refineries at Mumbai and Kochi are near the coast, providing logistics and transportation c
+ Comfortable financial risk profile
Overall gearing ratio continues to remain comfortable at 0.55x as on March 31, 2026, against 0.77x as on March 31, 2025. Overall debt level reduced as on March 31, 2026, basis healthy profitability, further supported with steady accretion of profit to re serves provided for a comfortable capital structure. Going forward, despite projected availment of debt for its capex plans, overall gearing is expected to remain below unity considering strong net worth base and scheduled repayment of debt. Deb
Credit challenges
− Sizeable capex plans
BPCL has a planned large capex of ~₹1.70 lakh crore to be implemented over five years, FY25-FY29 despite a part of capex is non-committed in nature. One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA and setting up of 2.2 MMTPA capacity of bulk Petchem plant over four years at a total cost of ~₹50,000 crore. Having expended ₹20,400 crore in FY26, the company is expected to incur capex of ~₹25,000 crore in FY27 where ₹11,000 crore
− Exposure to volatility of crack spreads and foreign exchange rates
The crude oil prices and crack spreads are a function of many dynamic markets and fundamental factors, such as the global demand-supply dynamics, geopolitical stability in countries with oil reserves, policies of the Organization of the Petroleum Exporting Countries (OPEC), and foreign exchange rates, among others. These factors have translated into a high level of volatility in oil prices and cracks. Being an oil refining and marketing company, the pricing of major petroleum products naturally
− Regulatory risk
The GoI’s policy and decisions with respect to finished product pricing, subsidy sharing, windfall taxes, duties, cess, and d ividend payments can have a significant bearing on BPCL’s profitability, cash flows , and liquidity position. In elevated crude prices, GoI may choose to pass on the fiscal burden by sharing of profits of PSUs through higher fiscal levies, higher dividend declarati on or providing discounts to OMCs, which has the potential to impact BPCL’s income and accruals. Refiners ar
Could lead to an upgrade
• Not applicable
Could lead to a downgrade
• Dilution in GOI’s stake in BPCL to less than 51% or reduction in its strategic importance to GOI. • Sustained weakening of operational performance, marked by lower throughputs and GRMs.
Agency-reported financials (CARE, 10 Aug 2023)
| Metric | Q1FY24 |
|---|---|
| Total operating income | ₹1,13,546 Cr |
| PBILDT | ₹16,347 Cr |
| PAT / (Net loss) | ₹10,644 Cr |
| Overall gearing (times) | — |
| PBILDT Interest coverage (times) | 18.81× |
| EBITDA margin | 14.4% |
| Implied interest cost (EBITDA ÷ coverage) | ₹869 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper | Commercial paper | — | ₹6,500 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹3,500 Cr | — | A1+ | Assigned | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹569 Cr | — | AAA (Stable) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE029A14BW6 | — | Commercial paper | — | — | — | ₹3,500 Cr | A1+ | Not stated |
| INE029A14BV8 | — | Commercial paper | — | — | — | ₹3,000 Cr | A1+ | Not stated |
| INE029A14816 | — | Commercial paper | — | — | — | — | A1+ | Not stated |
| — | Debentures | Debentures & bonds | 8.02% | 11 Mar 2019 | 11 Mar 2024 | ₹1,000 Cr | AAA | Matured |
| — | Debentures | Debentures & bonds | 7.69% | 16 Jan 2018 | 16 Jan 2023 | ₹750 Cr | AAA | Matured |
| — | — | Debentures & bonds | 7.35% | 10 Mar 2017 | 10 Mar 2022 | ₹0 | — | Withdrawn |
| INE029A07075 | Convertible | Debentures & bonds | 7.35% | 10 Mar 2017 | 10 Mar 2022 | ₹550 Cr | AAA | Matured |
| — | Debentures | Debentures & bonds | 7.35% | 10 Mar 2017 | 10 Mar 2022 | ₹550 Cr | AAA | Matured |
| INE029A08073 | Mar Mar | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE029A08065 | Jul Jul | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE029A08057 | Convertible Mar Mar | Debentures & bonds | 8.02% | — | — | ₹0 | — | Withdrawn |
| INE029A08040 | Convertible Jan Jan | Debentures & bonds | 7.69% | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Commercial Paper (Standalone) | ₹10,000 Cr | CARE A1+ |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹569 Cr | CARE AAA; Stable |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 72% chance the next rating action is stable or better
- Current rating AAA (investment grade)
What happened, step by step
- Aug 2026 — ₹2,250 cr raised through equity
- Aug 2026 — Full repayment of debt
“Having expended ₹20,400 crore in FY26, the company is expected to incur capex of ~₹25,000 crore in FY27 where ₹11,000 crore shall be towards refinery projects, ₹10,000 crore towards marketing, pipelines infrastructure and RO expansion, ₹1,700 crore towards city gas distribution (CGD) infrastructure among others and equ...”
- Aug 2023 — Term debt tied up
- Jul 2024 — Project / plant of ₹50,000 cr
“One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA alongwith setting up of 2.2 MMTPA capacity of bulk Petchem plant over a period of four years at a total cost of around ₹50,000 crore.”
Rated limits by facility
Timeline
From the report
Going forward, despite projected availment of debt for its capex plans, overall gearing is expected to remain below unity considering strong net worth base and scheduled repayment of debt.
From the report
The company generated healthy cash flow from operations of ₹43,727 crore in FY26, and its operating cycle has remained comfortable at below 20 days over past three years.
From the report
One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA and setting up of 2.2 MMTPA capacity of bulk Petchem plant over four years at a total cost of ~₹50,000 crore.
From the report
Having expended ₹20,400 crore in FY26, the company is expected to incur capex of ~₹25,000 crore in FY27 where ₹11,000 crore shall be towards refinery projects, ₹10,000 crore towards marketing, pipelines infrastructure and RO expansion, ₹1,700 crore towards city gas distribution (CGD) infrastructure among others and equity infusion of ~₹2,250 crore in its subsidiary towards upstream projects.
From the report
Going forward, despite projected availment of debt for its capex plans, overall gearing is expected to remain below unity considering strong net worth base and scheduled repayment of debt.Debt coverage indicators continue to remain healthy with interest coverage for FY26 at 14.46x (7.47x at FY25) andtotal debt to gross cash accruals (GCA) of 1.63x as on March 31, 2026 (against 2.91x as on March 31, 2025). 2 CARE Ratings Ltd.
From the report
The company generated healthy cash flow from operations of ₹43,727 crore in FY26, and its operating cycle has remained comfortable at below 20 days over past three years.
From the report
One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA and setting up of 2.2 MMTPA capacity of bulk Petchem plant over four years at a total cost of ~₹50,000 crore.
From the report
Having expended ₹20,400 crore in FY26, the company is expected to incur capex of ~₹25,000 crore in FY27 where ₹11,000 crore shall be towards refinery projects, ₹10,000 crore towards marketing, pipelines infrastructure and RO expansion, ₹1,700 crore towards city gas distribution (CGD) infrastructure among others and equity infusion of ~₹2,250 crore in its subsidiary towards upstream projects.
From the report
Going forward, despite projected availment of debt for its capex plans, overall gearing is expected to remain below unity on the back of strong net worth base and scheduled repayment of debt.Debt coverage indicators continue to remain healthy despite slight moderation owing to lower profitability.
From the report
Liquidity: Strong The liquidity of BPCL remained strong with ₹14,139 crore as cash and liquid investments (including ~₹3,663 crore GoI oil bonds) as on March 31, 2025.
From the report
Company generated healthy cash flow from operations of ₹ 19,475 crore in FY25 and its operating cycle has remained comfortable at below 20 days over past three years. 2 CARE Ratings Ltd.
From the report
One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA and setting up of 2.2 MMTPA capacity of bulk Petchem plant over a period of four years at a total cost of ~₹50,000 crore.
From the report
Having expended ₹16,400 crore in FY25, the company is expected to incur capex of ~₹20,000-21,000 crore in FY26 where ₹5,900 crore shall be towards refinery projects, ₹2,400 crore towards pipelines, ₹5,600 crore shall be towards marketing infrastructure, ₹2,500 crore towards RO expansion and ₹2,000 crore towards CGD infrastructure among others and equity infusion of ~₹2,700 crore in its subsidiary towards upstream projects.
From the report
Going forward, despite projected availment of debt for its capex plans, the overall gearing is expected to remain below unity on the back of strong Networth base along with scheduled repayment of debt.
From the report
Liquidity: Strong The liquidity of BPCL remained strong with ₹10,577 crore as cash and liquid investments (including around ₹4,200 crore GoI oil bonds) as on March 31, 2024.
From the report
Company generated healthy cash flow from operations of ₹33,887 crore in FY24 and its operating cycle has remained very comfortable below 20 days over past couple of years.
From the report
One of the major capex is towards expansion of the Bina refinery’s capacity from current 7.8 MMTPA to 11 MMTPA alongwith setting up of 2.2 MMTPA capacity of bulk Petchem plant over a period of four years at a total cost of around ₹50,000 crore.
From the report
However, the debt coverage indicators moderated, marked by total debt (TD) to gross cash accruals (GCA) of 7.81 years during FY23 as compared to 3.62 years in FY22, owing to higher debt availed during the year coupled with lower operating profitability due to weak marketing margins, resulting in an increase in working capital borrow ings.
From the report
As on March 31, 2023, BPCL had around ₹7,500 crore as cash and liquid investments (including around ₹4,200 crore G oI oil bonds).
From the report
However, the debt coverage indicators moderated marked by Total debt to GCA of 7.81 years during FY23 as compared to 3.62 years in FY22, owing to higher debt availed during the year coupled with lower operating profitability due to weak marketing margins, resulting in increase in working capital borrowings.
From the report
As on March 31, 2023, BPCL had around ₹7,500 crore as cash and liquid investments (including around ₹4,200 crore GOI Oil bonds).
From the report
The company had cash and bank balance of nearly ₹8,000 crore as on March 31, 2022 and ₹2,013 crore as on December 31, 2022.
From the report
Furthermore, CARE Ratings has withdrawn the ratings to the non-convertible debenture (NCD) issue of ₹550 crore, as the same has been fully redeemed.
From the report
The company had cash and bank balance of nearly ₹8,000 crore as on March 31, 2022.
From the report
However, the overall gearing moderated to 1.37x as on September 30, 2021, due to higher short-term debt availed by the company to keep up with rising crude prices.
From the report
The company had cash and bank balance of nearly Rs.4,500 crore as on December 31, 2021.
From the report
The company as on March 31, 2021 had cash and bank balance of more than Rs.8,000 crore and current investments of around Rs.6,700 crore.
From the report
Furthermore, liquidity comfort is derived with cash and cash equivalents of Rs.1164.84 crore and current investments of Rs.5,208.54 crore as on March 31, 2020.
From the report
In addition to it, the company has sanctioned working capital limits from various banks of around Rs.14,000crore, which on an average are utilised minimally.
From the report
In addition to it, t he company has sanctioned working capital limits from various banks of around Rs.14,000 crore, which on an average are utilised minimally.
From the report
Furthermore, liquidity comfort is derived from cash & cash equivalents of around Rs.1,360 crore as on March 31, 2019 (vis-à-vis Rs.1,807 crore in March 31, 2018).
From the report
Furthermore, liquidity comfort is derived from cash & cash equivalents of around Rs.1,360 crore as on March 31, 2019 (vis-à-vis Rs.1,807 crore in March 31, 2018).
From the report
Furthermore, liquidity comfort is derived from cash & cash equivalents of around Rs.1,360 crore as on March 31, 2019 (vis-à-vis Rs.1,807 crore in March 31, 2018).
From the report
Furthermore, liquidity comfort is derived from around Rs.5,000 crore investments in GOI special bonds and T-bills (Rs.5,600 crore in FY17), and cash & cash equivalents of around Rs.1,300 crore as on March 31, 2018 (vis-à-vis Rs.1,800 crore in March 31, 2017).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Bharat Petroleum
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Part of Reliance Industries Limited. | careers.ril.com | 1958 | Mumbai, Global | |
 Hindustan Petroleum |
Outlets operated by Hindustan Petroleum. | hindustanpetroleum.com | 1974 | Mumbai, Global |
| Petroleum & Gas | gujaratgas.com | 1980 | Mahesana, Global | |
| Part of Chevron Corporation. | chevron.com | — | United States | |
| Part of ConocoPhillips. | conocophillips.com | — | United States | |
| Oil Refining & Marketing · Oil, Gas & Energy | marathonpetroleum.com | — | United States | |
| Oil Refining & Marketing · Oil, Gas & Energy | valero.com | — | United States | |
| Part of The Vanguard Group. | phillips66.com | — | United States | |
 Indian Oil Corporation |
Outlets operated by Indian Oil. | iocl.com | 1964 | Mumbai, India |
| Oil Refining & Marketing · Oil, Gas & Energy | williams.com | — | United States |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
petroleum industry
Filings
No filings on record yet.