Bharat Petroleum Corporation Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for BPCL, BSE:500547 Bharat Petroleum Corporation Ltd.

Bharat Petroleum Corporation Ltd.

14 Aug 2019

339.70

0.30%

Bharat Petroleum Corp : Q1FY20 Result Review

Buy: Bharat Petroleum Corporati...

IDBI Capital

BPCL Q1FY20 result was a miss to our forecast on EBITDA and PAT front owing to higher inventory loss. Revenue was up 6.4% YoY to Rs763.2bn, EBITDA/PAT was down 43.7%/53.1% YoY to Rs21.8bn/Rs10.7bn respectively. Reported GRM came at US$2.81/bbl whereas core GRM came at US$3.6/bbl which was in-line to our forecast. We have cut our EBITDA forecast for FY20E by 10% to factor in high inventory loss whereas we have kept our EBITDA forecast for FY21E unchanged. We continue to maintain our TP of Rs412 based on 7x on EV/EBITDA. Upgrade to BUY from HOLD due...

Bharat Petroleum Corporation Ltd. is trading above all available SMAs

Bharat Petroleum Corporation Ltd.

13 Aug 2019

339.70

0.30%

Bharat Petroleum Corporation (1QFY20): Muted performance. Maintain BUY

Buy: Bharat Petroleum Corporati...

Recommendation Target

HDFC Securities

For BPCL, core GRMs are expected to improve further by USD 0.5 to 1.0/bbl by FY22E on account of gradual increase in share of heavy and cheap crude at its Kochi refinery.Additionally, restoration of marketing margins as elections have concluded is a key positive. Our SOTP target is Rs 434/share (5.5x Jun 21E EV/e for standalone refining, 6.0x Jun 21E EV/e for marketing, and pipeline business and Rs 129/sh for other investments). Maintain BUY. Inventory losses and shutdown of BPCLs refinery has resulted in a muted 1Q performance. However, we maintain our BUY owing to its impeccable refining assets and healthy free cash flows (Rs 66.55bn) over FY21-22E.

Bharat Petroleum Cor.. has an average target of 356.60 from 5 brokers.

Bharat Petroleum Corporation Ltd.

13 Aug 2019, 12:00AM

339.70

0.30%

Core GRM at a premium to benchmark

Buy: Bharat Petroleum Corporati...

Target

Motilal Oswal

BPCL reported a GRM of USD2.8/bbl, lower than our estimate of USD3.0 and USD7.5 in 1QFY19. Consequently, EBITDA was down 53% YoY/QoQ at INR21.5b, despite a decline of INR1.6b in other expenses. Adj. EBITDA was up 37% YoY at INR26.0b, with the refining inventory loss at INR1.3b and the marketing inventory loss at INR3.3b. Forex gain was at INR0.3b for the quarter (v/s a loss of INR7.1b in 1QFY19 and a gain of INR2.8b in 4QFY19). Reported PAT was at INR10.8b (-53% YoY). BPCL has reported first-quarter earnings based on Ind-AS 116. Depreciation...

Number of FII/FPI investors increased from 1297 to 1381 in Jun 2025 qtr.

Bharat Petroleum Corporation Ltd.

13 Aug 2019, 12:00AM

339.70

0.30%

Bharat Petroleum Corp (SELL): Macro concerns weigh heavy

Sell: Bharat Petroleum Corporati...

BOB Capital Markets Ltd.

BPCL's Q1FY20 EBITDA at Rs 21.8bn (44% YoY) outperformed estimates on higher GRMs (US$ 2.8/bbl after US$ 0.8/bbl inventory loss).

Bharat Petroleum Cor.. has an average target of 356.60 from 5 brokers.

Bharat Petroleum Corporation Ltd.

12 Aug 2019, 12:00AM

339.70

0.30%

BPCL - 1QFY20 Result Update

Sell: Bharat Petroleum Corporati...

Reliance Securities

Despite good performance in marketing segment, Bharat Petroleum Corporation (BPCL) has reported weak operating performance in 1QFY20 with EBITDA falling by 44% YoY and 55% QoQ to Rs21.8bn (in line with our estimate) led by lower refining throughput and margin. It reported a GRM of US$2.81/bbl in 1QFY20 vs. US$7.49/bbl in1QFY19. We believe 4% YoY fall in crude throughput was mainly due to Mumbai refinery upgradation for BS-VI fuel. Its net profit declined by 53% YoY and 66% QoQ to Rs10.7bn (11% above our estimate) mainly due to higher interest cost (+50% YoY and +28% QoQ). Notably, its debt increased by Rs15.5bn sequentially. Further, adoption of Ind AS-116 resulted into net Rs520mn decrease in PBT. In Jul'19, benchmark complex...

Bharat Petroleum Corporation Ltd. is trading above all available SMAs

Bharat Petroleum Corporation Ltd.

12 Aug 2019, 12:00AM

339.70

0.30%

Bharat Petroleum Corporation

Hold: Bharat Petroleum Corporati...

Target

ICICI Securities Limited

The correction in oil prices led to super-normal marketing margins for OMCs in Q4FY19, which led to lower margins QoQ. However, on an absolute basis, the marketing segment reported a stable performance in Q1FY20. We expect similar profitability from this segment in coming quarters. In terms of marketing sales, BPCL reported growth of 1.3% YoY to 11.1 MMT, below our estimates on account of lower-than-expected LPG and diesel sales. Going forward, we expect marketing sales volumes to grow at 3.5-4.5% CAGR over the next two years. The crude throughput in Q1FY20 was higher...

Bharat Petroleum Corporation Ltd. is trading above all available SMAs

Bharat Petroleum Corporation Ltd.

27 May 2019

339.70

0.30%

Bharat Petroleum Corporation Limited

Results Update: Bharat Petroleum Corporati...

SMC online

10 bps to 38.1%, other expenditure decreased 10 bps to 5.5%, staff cost remained flat at 1.4% and purchase of stock in trade decreased 40 bps to 48.7%. Other income rose 27% to Rs 1057.61 crore. Interest cost rose by 61% to Rs 352.58 crore. Depreciation rose 23% to Rs 914.88 crore. PBT was up 27% to Rs 4595.14 crore. Effective rate...

Number of FII/FPI investors increased from 1297 to 1381 in Jun 2025 qtr.

Bharat Petroleum Corporation Ltd.

21 May 2019

339.70

0.30%

Bharat Petroleum Corporation (4QFY19): No near-term trigger. Downgrade to NEUTRAL

Neutral: Bharat Petroleum Corporati...

Target

HDFC Securities

We expect BPCL's core EBITDA (adjusted for inventory and forex gains/losses) growth to lag peers' in the absence of refining capacity expansion. Besides, the interest cost will increase as a consequence to jump in debt. We downgrade to NEUTRAL with a SOTP target of Rs 409/sh (5.5x Mar 21E EV/e for standalone refining, 6.0x Mar 21E EV/e for marketing and pipeline businesses plus Rs 129/sh for other investments). We like BPCL owing to its impeccable refining assets. However, it is in the weakest spot among OMCs, with no refining capacity addition in foreseeable future and increase in interest cost on account of increasing debt. Hence, we downgrade to NEUTRAL.

Bharat Petroleum Corporation Ltd. is trading above all available SMAs

Bharat Petroleum Corporation Ltd.

21 May 2019

339.70

0.30%

Bharat Petroleum Corporation: Q4FY19 Result Review

Buy: Bharat Petroleum Corporati...

Target

IDBI Capital

BPCL's Q4FY19 result was a beat to our forecast owing to strong marketing profit and inventory gain. Revenue was up by 13.4% YoY to Rs739.9bn, EBITDA/PAT was up 29.1%/16.9% YoY to Rs48bn/Rs31.2bn respectively. Core GRM remained weaker like other OMCs, in line with our expectation, at US$2.6/bbl vs US$5.6/bbl in Q4FY18. We are still awaiting for the turnaround in GRM at Kochi terminal as FY19 GRM of US$3.6/bbl was lower than Singapore benchmark. We introduce FY21 financials and roll over our valuation which gives a new TP of Rs412. As the stock has already given 17%...

Bharat Petroleum Cor.. has an average target of 356.60 from 5 brokers.

Bharat Petroleum Corporation Ltd.

20 May 2019

339.70

0.30%

Impresses with higher refining throughput, all-time-high marketing margin

Buy: Bharat Petroleum Corporati...

Target

Motilal Oswal

forex gain of INR2.8b, as against a gain of INR0.5b in 4QFY18 and INR1b in 3QFY19. PAT came in at INR31.2b (+17% YoY; 40% beat). Core GRM stood at USD2.6/bbl (our estimate: USD3.0; 4QFY18: USD5.6; 3QFY19: USD6.0). Core GRM was higher at Mumbai (USD3.03) and lower at Kochi (USD2.14) refineries. Refinery throughput of 8.2mmt (+5% YoY, +10% QoQ) was in line with our estimate. Implied marketing margin, inclusive of inventory gain, was at an all-time high of INR6.5/liter (v/s INR4.6 in 4QFY18 and INR2.9 in 3QFY19). Net of...

Number of FII/FPI investors increased from 1297 to 1381 in Jun 2025 qtr.

Is Bharat Petroleum Corporation Ltd. worth buying?

1441 Votes:

Buy 77.65%

Sell 11.59%

Hold 10.76%

RESEARCH REPORTS

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Neutral SEE REPORTS >

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