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Shareholding Info
  • Promoters
    52.98 %
  • Foreign institutions-FII
    13.01 %
  • Other domestic institutions
    13.48 %
  • Retail and other
    10.53 %
  • Mutual Funds
    10.01 %

BPCL Overview

BPCL (Bharat Petroleum Corporation Limited) was established in 1952 and is headquartered in Mumbai, India. In August 1977, the company's name was changed from Bharat Refineries Limited to Bharat Petroleum Corporation Limited. In India, BPCL refines crude oil and sells petroleum products. The company operates in two segments:
  • Hydrocarbon exploration and production
  • Downstream petroleum

BPCL runs gas stations that sell gasoline, liquefied petroleum gas (LPG), diesel, and condensed natural gas. The company owns and operates a network of 18,622 gas stations in the states of Andhra Pradesh, Assam, Bihar, Karnataka, Uttar Pradesh, Chhattisgarh, Delhi, Gujarat, Haryana, Jammu & Kashmir, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal.

The enterprise also operates three major refineries in Mumbai, Bina, and Kochi. It provides Bharat gas fuels to an estimated 8 crore households, including auto engine oils, greases, gear oils, and industrial lubricants. It also offers jet fuel and airline services and operates oil pipelines in Mumbai, Bina, and Kochi.

BPCL has an ownership stake in eighteen exploration blocks, nine of which are in India, five in Brazil, two in the United Arab Emirates, one in Mozambique, and one in Indonesia. It imports and ships petroleum products and possesses a network of 2,596 kilometers of multi-product pipelines. The company uses its surplus refining capacity in India to retail its products in neighboring countries. It also uses its own products from its Mozambique and Brazil hydrocarbon assets to retail in Africa and Far Eastern Countries like China, Japan, Korea, Malaysia, and Indonesia.

Company Journey

BPCL is one of India's Maharatna PSUs (public sector undertakings). The company is expanding gradually with Shell International's support. BPCL has seen many milestones and significant events over the years. Some of the most recent ones are:
  • 2013-2015
    • The Environment Ministry approves a ₹4,588 crore expansion at the refinery facility of BPCL.
  • 2016-2017
    • The BPCL Mumbai Refinery wins the first place in the Refinery Performance Improvement Awards’ 2016-17.
    • BPCL was awarded Maharatna status in 2017.
  • 2019
    • BPCL is awarded the Golden Peacock Award for the fiscal year 2018-19.
  • 2020
    • BPCL receives the Confederation of Indian Industry (CII) Environmental Project Awards at the 7th edition of the CII Environmental Best Practices Award.
  • 2021
    • BPCL receives the ICC's (Indian Chamber Of Commerce) Sustainability Performance Award and Corporate Social Responsibility (CSR) Award.
    • BPCL’s corporate Research & Development (R&D) Team receives the FICCI Chemicals and Petrochemicals Award 2021 for the best green petrochemical process.

Business Highlights

BPCL earns most of its revenue from its subsidiaries. These include:
  • Bharat PetroResources Limited (BPRL)
  • Bharat Oman Refinery Limited
  • BPCL Kochi Refinery
  • Bharat Gas Resources Limited
  • Petronet CCK Limited
  • Bharat Shell Limited
  • BPRL International Ventures B.V.
  • Bharat Petroleum Refinery Limited, and
  • Bharat Stars Limited

Here is a subsidiary-wise breakdown of BPCL’s revenue:

BPCL has invested ₹7,275 crore in BPRL's (Bharat Petro Resource Limited) equity capital. For the fiscal year ending 31 March 2022, BPCL generated revenue of ₹232 crore and a consolidated loss of ₹ 448 crore.

In BPCL-KIAL Fuel Farm Private Limited, the company's authorized capital is ₹50 crore and its paid-up capital is ₹9 crore as of 31 March 2022. This subsidiary delivered revenue of ₹55,561 crore in the fiscal year that ended 31 March 2022, compared to ₹35,420 crore in 2021. The net profit of this subsidiary for the fiscal year 2021-22 was ₹892 crore. BPCL-KIAL Fuel Farm Private Limited made a loss of ₹76 crore in the fiscal year 2020-2021.

In Bharat Gas Resources Limited, revenue from operations was ₹ 43,168.57 crore in 2021-22, up from ₹ 26,022.90 crore in 2020-21. The net profit for the year was ₹ 3,438.11 crore, compared to ₹2,939.23 crore in 2020-21.

For the fiscal year ending 31 March 2022, Bharat Stars Services Private Limited achieved an annual revenue from operations of ₹37.59 crore and a centralised loss of ₹5.12 crore, compared to consolidated operating revenue of ₹ 29.95 crore and a centralised loss of ₹ 2.32 crore in 2021.

Performance highlights

  • BPCL has a market capitalisation of ₹66,968 crore as of 2022.
  • The company earned a revenue of ₹4,32,570 crore and a profit of ₹11,682 crore in the year 2022.
  • The company was given a one-time grant of ₹5582 crore for under-recoveries on domestic LPG sales.
  • The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was ₹1,762 crore in September 2022. This was 68.68% lower than the EBITDA for September 2021, which was ₹5,624 crore.
  • The BPCL stock is listed on several indices, including, Nifty 50, Nifty 100, Nifty 500, Nifty 200, Nifty Energy, Nifty Infrastructure, Nifty PSE, Nifty Commodities, Nifty Dividend Opportunities 50, Nifty 100 Equal Weight.
  • The promoters of the company hold 52.98% of the shares of the company. Foreign Institutional Investors (FIIs) hold 13.78% of the shares and mutual fund houses hold 11.88% of the total shares of BPCL.
  • Top mutual funds that hold BPCL shares include:
    • SBI Nifty 50 ETF
    • ICICI Prudential Value Discovery Fund Growth
    • HDFC Flexi Cap Fund Growth
    • HDFC Balanced Advantage Fund Growth
    • ICICI Prudential Bluechip Direct Growth
    • Bharat 22 ETF
  • BPCL reported a stock price CAGR (compound annual growth rate) of -16% between 2019 and 2022. For the same period, the company’s shares have delivered a return of -40.22%.
  • BPCL has reported an ROE (Return On Equity) of 22.83% and an ROCE (Return On Capital Expenditure) of 39.23%.


The executive management at BPCL includes:
  • Mr. Vetsa Ramakrishna Gupta (Chairman andManaging Director)
  • Sukhmal Kumar Jain (Marketing Director)
  • Sanjay Khanna (Director - Refineries)
  • Pradeep Agrawal (Independent Director)

Investor Relations Contact

Shri Umesh Palav
Data Software Research Centre
Ph no.: 022-22713170


Shri Vishnu Sawant
Bharat Petroleum Corporation Limited
Ph no.: 022-22713435

Industry Overview

BPCL faces competition from key players in the market, such as Reliance Industries, Oil and Natural Gas Corporation, and Indian Oil Corporation Limited, among others. The key competitors' respective market capitalisations are given below:
  • Reliance Industries - ₹ 1,740,053 crore
  • Oil and Natural Gas Corporation - ₹ 1,75,684 crore
  • Indian Oil Corporation Limited - ₹ 98,284 crore
Diesel consumption in India is anticipated to reach 163 MT by 2030, and by 2045, diesel and gasoline will account for 58% of the country's total oil consumption. It is also anticipated that India's oil consumption will have increased by a factor of two, to 11 million barrels per day by 2045. Furthermore, India's natural gas consumption is anticipated to increase by 25 billion cubic meters (BCM), or 9% annually, until 2024.

Risks and concerns

  • BPCL has extensive risk management rules and procedures to reduce the price risk associated with crude oil, petroleum, and freight. The fluctuating prices of crude oil and freight have a direct influence on the BPCL stock price.
  • Refinery margins have been hedged to safeguard the operational expenses of the company's refineries against the unfavorable price fluctuations of petroleum and crude oils on the global markets. Freight expenses on crude oil imports are hedged to guard BPCL against adverse changes in the price of international shipping freight rates.
  • Costs associated with shipping, including charter fees and bunker fuel expenses. Freight Forward Agreements (FFA) are derivative instrument-based contracts used to hedge the cost of shipping. Fuel Oil (FO) exchanges and Fuel Zero Cost Collar (ZCC) choices are used to hedge the cost of bunker fuel. With set rates for upcoming months, these derivatives trades are also carried out over the counter with BPCL's registered counterparties. This is another factor that influences the BPCL share price.


Data Software Research Co. Pvt. Ltd.

Address - 19, Pycrofts Garden Road, Off. Haddows Road, 600006
City - Chennai
State - Tamil Nadu
Tel. No. - 044-28213738, 28214487
Fax No. - 044-28214636
Email -
Website -

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