Bharat Petroleum Corporation Limited
BPCL, a GoI undertaking (52.98% holding as on March 31, 2024) and a Fortune 500 company, was originally incorporated as Bharat-Shell Refineries Limited (BSRL) on November 03, 1952, by Shell Petroleum Company Limited, and subsequently in 1977, the nam...
Key Metrics
EPS
62.86
Current ratio
0.81
Debt/Equity
1.68
Debt/EBITDA
2.69
Interest coverage ratio
9.72
Operating Cashflow to total debt
0.41
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Strong parentage and strategic importance to the GoI
Strong market position in oil refining and marketing business
Superior operational performance in FY24
Comfortable financial risk profile
Liquidity: Strong
Cons
Dilution in GOI’s stake in BPCL to less than 50% or reduction in its strategic importance to GOI.
Sustained weakening of operational performance, marked by lower throughputs and GRMs.
Sizeable capex plans
Exposure to volatility of crack spreads and foreign exchange rates
Regulatory risk
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About Bharat Petroleum Corporation Limited bond.
This comprehensive profile covers key factual information about Bharat Petroleum Corporation Limited. BPCL, a GoI undertaking (52.98% holding as on March 31, 2024) and a Fortune 500 company, was originally incorporated as Bharat-Shell Refineries Limited (BSRL) on November 03, 1952, by Shell Petroleum Company Limited, and subsequently in 1977, the name was changed to BPCL. BPCL is an integrated oil refining and marketing company. It is India’s second-largest OMC, with a domestic sales volume of over 51.04 MMT in FY24. It is India’s third-largest oil refining company, with a total refining capacity of 35.30 MMT (including the Bina Refinery), representing around 14% of India's total refining capacity. With around 21,840 retail outlets as on March 31, 2024, BPCL has the second-largest marketing set up in the country for the sale of petroleum products. BPCL, through its wholly owned subsidiary BPRL, has participating interest (PI) in 15 blocks spread across countries. Apart from stakes in eight blocks in India, BPRL also has PI in seven blocks in Mozambique, Brazil, Indonesia, and UAE along with equity stake in two Russian entities. EPS in Mar-2024 was 62.86. Current ratio in Mar-2024 was 0.81. Debt/Equity in Mar-2024 was 1.68. Debt/EBITDA in Mar-2024 was 2.69. Interest coverage ratio in Mar-2024 was 9.72. Operating Cashflow to total debt in Mar-2024 was 0.41. Total revenue for Mar-2025(E) was ₹530974.58. Net income for Mar-2025(E) stood at ₹22058.80. Total assets as of Mar-2024 were ₹202,417.75. Operating cash flow for Mar-2024 was ₹35,935.90. The company’s borrowing relationships include BNP Paribas (₹N/A Cr), IDBI Bank Limited (₹N/A Cr), Deutsche Bank (₹N/A Cr), RBL Bank Limited (₹N/A Cr), IDFC FIRST Bank Limited (₹N/A Cr), YES Bank Limited (₹N/A Cr), The Federal Bank Limited (₹N/A Cr), Canara Bank (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), Kotak Mahindra Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), Axis Bank Limited (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Union Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr), Standard Chartered Bank Limited (₹N/A Cr), Bank of India (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), UCO Bank (₹N/A Cr), HDFC Bank Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr), Bank of Baroda (₹N/A Cr), Kotak Mahindra Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), (₹N/A Cr), (₹N/A Cr), Punjab National Bank (₹N/A Cr), Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr), State Bank of India (₹N/A Cr). Peers and comparison entities consist of Bharat Petroleum Corporation Limited, Reliance Industries Limited, Indian Oil Corporation Limited, Hindustan Petroleum Corp Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Strong parentage and strategic importance to the GoI ; Strong market position in oil refining and marketing business; Superior operational performance in FY24; Comfortable financial risk profile; Liquidity: Strong. Key risks include: Dilution in GOI’s stake in BPCL to less than 50% or reduction in its strategic importance to GOI.; Sustained weakening of operational performance, marked by lower throughputs and GRMs.; Sizeable capex plans; Exposure to volatility of crack spreads and foreign exchange rates; Regulatory risk. Leadership team details include A P M Mohammed Hanish (Government Nominee Director), Aiswarya Biswal (Independent Director), Bhagwati Prasad Saraswat (Independent Director), G Krishnakumar (Chairman & Managing Director), G R Senthilkumar (Chief General Manager), Geeta Venkatesh Iyer (Chief Financial Officer), Ghanshyam Sher (Independent Director), Gopal Krishna Agarwal (Independent Director), Kamini Chauhan Ratan (Government Nominee Director), Meenaxi Rawat (Chief Vigilance Officer), Pankaj Kumar (Executive Director), Pradeep V Agrawal (Independent Director), Pushp Kumar Nayar (Executive Director), Rajkumar Dubey (Director - Human Resources), S Dhanapal (Chief General Manager), S S Sontakke (Chief General Manager), Sameet Pai (General Manager), Sanjay Khanna (Director - Refineries), Sanjeev Raina (Executive Director), Shankar N Karajagi (Director - Commercial), Shelly Abraham (Executive Director), Sukhmal Kumar Jain (Director - Marketing), Sushma Agarwal (Independent Director), V Kala (Company Secretary & Compliance Officer), Vetsa Ramakrishna Gupta (Director - Finance & CFO). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.