Bharat Petroleum Corp. Ltd.

Bharat Petroleum refines crude oil and markets petroleum products in India. Co. offers fuels and services, as well as lubricants, including automotive engine oils, gear oils, transmission oils, specialty oils, and greases; and liquid and gaseous fuels, illuminating oils, and other products from crude petroleum or bituminous minerals. Co. is engaged in the retailing of petrol, diesel, and kerosene. Co. also imports and exports fuel oil, naphtha, and base oil. Co. serves household and automobile sectors; public and private sectors; and various government establishments, such as defense, railways, state trading corporations, state electricity boards.
  • TickerBPCL
  • ISININE029A01011
  • ExchangeNational Stock Exchange of India
  • SectorOil & Gas Producers
  • CountryIndia

BHARAT PTL.CORP.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of BHARAT PTL.CORP.LTD. (IN), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 9, 2020, the closing price was INR 381.50 and its potential was estimated at INR 415.48.

Swarnendu Bhushan

MOSL: BPCL (Neutral)-Marginally better than expected refining performance

BPCL: Marginally better than expected refining performance (BPCL IN, Mkt Cap USD14.5b, CMP INR476, TP INR522, 10% Upside, Neutral)   Marginally higher-than-expected refining throughput and refining margin more than compensated for the marginally weaker implied gross marketing margin, resulting in a slight beat on EBITDA. Continued strong marketing margin has been a solace in a weak refining margin environment. BPCL has been trading at forward PBV of the true deregulated period of FY15-18. We do not see much upside despite the expected divestment. Reiterate Neutral.  Marginal beat on ...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Swarnendu Bhushan

MOSL: BPCL (Neutral)-A revisit to recent global acquisitions in fuel retail

BPCL: A revisit to recent global acquisitions in fuel retail (BPCL IN, Mkt Cap USD15.7b, CMP INR519, TP INR533, 3% Upside, Neutral)   The possible strategic divestment of oil marketing companies (OMCs) to private parties is generally filled with fantasies of rich valuations. After all, a stake in any of the OMCs provides the buyer ready access to the third largest and one of the fastest growing petroleum markets globally. In our recent report, we analyzed various valuation methodologies for BPCL, to arrive at a target price range of INR518-593/share. In this note, we reiterate the same and...

Swarnendu Bhushan

MOSL: BPCL (Downgrade to Neutral): Reported GRM poor, marketing margin healthy

BPCL: Reported GRM poor, marketing margin healthy (BPCL IN, Mkt Cap USD15.3b, CMP INR502, TP INR533, 6% Upside, Downgrade to Neutral) Higher-than-estimated marketing margin, despite a lower GRM, resulted in EBITDA of INR27.6b (-18% YoY), ahead of our estimate. Total inventory loss stood at INR0.26b (refining loss at INR1.8b and marketing gain at INR1.5b). EBITDA adjusted for inventory and one-offs stood at INR27.9b (+46% YoY). The company reported a forex loss of INR3.9b and PBT of INR16.6b. PAT was up 40% YoY at INR17.1b, as BPCL recognized INR5.8b as excess tax provision from previous ...

Swarnendu Bhushan

MOSL: BPCL (Neutral)-Marginally better than expected refining performance

BPCL: Marginally better than expected refining performance (BPCL IN, Mkt Cap USD14.5b, CMP INR476, TP INR522, 10% Upside, Neutral)   Marginally higher-than-expected refining throughput and refining margin more than compensated for the marginally weaker implied gross marketing margin, resulting in a slight beat on EBITDA. Continued strong marketing margin has been a solace in a weak refining margin environment. BPCL has been trading at forward PBV of the true deregulated period of FY15-18. We do not see much upside despite the expected divestment. Reiterate Neutral.  Marginal beat on ...