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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
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. The company operates fuel stations that sell motor spirits, high-speed diesel, 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 gas 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 headquartered in Mumbai, India.
How the price compares to earnings, assets and cash generation.
You are paying 7.6 years of current profit for each share. The earnings yield is 13.2%. The tracked Energy & Oil median is 7.6× (n=5), so this trades cheaper than its peers.
The market values the company at 1.3× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 6.60% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 7.6× against 7.6× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 0.3× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
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Keeps ₹-4.0 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
A thin net margin. A modest rise in input costs or interest rates could erase it entirely.
Keeps ₹12.8 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
A conservative balance sheet that can absorb a downturn without a crisis.
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Against cash of ₹20168.61 Cr. Net debt is what matters, not gross borrowings.
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Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
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EBITDA of ₹29398.30 Cr and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹39.77 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹234.37; price-to-book compares the market price with this.
Pays out 56% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹1,28,434 Cr.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
In the grey zone — some concern; the direction of travel matters more than the level here.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹4,50,303 Cr | ₹4,38,738 Cr | ₹4,46,666 Cr | ₹4,66,258 Cr |
| Cost of revenue | ₹3,94,321 Cr | ₹3,99,793 Cr | ₹3,89,137 Cr | ₹4,45,883 Cr |
| Gross profit | ₹55981.37 Cr | ₹38944.75 Cr | ₹57529.52 Cr | ₹20375.02 Cr |
| Operating expenses | ₹18413.21 Cr | ₹20313.50 Cr | ₹19855.78 Cr | ₹12951.65 Cr |
| Operating income | ₹37568.16 Cr | ₹18631.25 Cr | ₹37673.74 Cr | ₹7423.37 Cr |
| Interest expense | ₹2948.52 Cr | ₹3554.76 Cr | ₹4100.41 Cr | ₹3930.29 Cr |
| Pre-tax income | ₹34791.24 Cr | ₹18182.30 Cr | ₹36194.44 Cr | ₹2821.13 Cr |
| Tax | ₹8947.79 Cr | ₹4845.75 Cr | ₹9335.60 Cr | ₹690.08 Cr |
| Net profit | ₹25843.45 Cr | ₹13336.55 Cr | ₹26858.84 Cr | ₹2131.05 Cr |