Indian Oil Corporation Limited vs Bharat Petroleum Corporation Limited
An objective side-by-side of IOC and BPCL, both in Refineries: valuation, profitability, growth, balance sheet, ownership and share-price performance. Where one number is clearly better on its own terms (lower P/E, higher ROE), it is shaded. That is a description, not a recommendation.
Prices as of 2026-09-21 close
Latest results: IOC Jun 2026 · BPCL Jun 2026
At a glance
- Indian Oil Corporation Limited is the larger company by market value, about 1.4 times the size of Bharat Petroleum Corporation Limited.
- On trailing earnings, Indian Oil Corporation Limited trades at the lower P/E (5.4 against 7.8).
- Bharat Petroleum Corporation Limited earns the higher return on equity (17.1% against 16.3%).
- Over three years Bharat Petroleum Corporation Limited has grown profits faster (98% a year against 63%).
- Over the past year the share prices returned -5.2% (IOC) and -1.6% (BPCL).
| Metric | Indian Oil IOC |
Bharat Petroleum BPCL |
|---|---|---|
| Size and price | ||
| Market cap | ₹192,797 Cr | ₹133,625 Cr |
| Share price | ₹136.53 | ₹312.75 |
| Valuation | ||
| P/E | 5.40 | 7.80 |
| P/B | 0.88 | 1.33 |
| EV/EBITDA | 4.78 | 6.96 |
| PEG | 0.09 | 0.08 |
| Dividend yield | 5.0% | 5.6% |
| Profitability | ||
| ROE | 16.3% | 17.1% |
| ROCE | 19.0% | 26.0% |
| Operating margin | 7.4% | 5.2% |
| Sales (TTM) | ₹917,401 Cr | ₹519,827 Cr |
| Net profit (TTM) | ₹35,728 Cr | ₹17,132 Cr |
| Growth | ||
| Latest quarter sales YoY | +20.1% | +41.7% |
| Latest quarter profit YoY | -116.8% | -127.4% |
| Sales CAGR 3Y | -2.0% | -1.0% |
| Profit CAGR 3Y | +63.0% | +98.0% |
| Sales CAGR 5Y | +17.0% | +15.0% |
| Profit CAGR 5Y | +14.0% | +16.0% |
| Financial strength | ||
| Debt/Equity | 0.60 | 0.54 |
| Interest cover | 7.06 | 11.14 |
| Ownership | ||
| Promoter holding | 51.5% | 53.0% |
| Promoter change (4 qtrs) | +0.00 pp | +0.00 pp |
| Price performance | ||
| Return 1M | +0.46% | +1.31% |
| Return 3M | -5.44% | +1.34% |
| Return 1Y | -5.18% | -1.57% |
| Return YTD | -17.98% | -18.55% |
| Technical condition | ||
| Technical score | 48 | 47 |
| RS rating (1-99) | 38.00 | 50.00 |
| % vs 200-DMA | -8.89% | -4.26% |
| RSI (14) | 49.09 | 51.51 |
| % from 52-week high | -27.75% | -20.15% |
