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 2026-11-05 close
Latest results: IOC Sep 2026 · BPCL Sep 2026
At a glance
- Indian Oil Corporation Limited is the larger company by market value, about 1.5 times the size of Bharat Petroleum Corporation Limited.
- On trailing earnings, Indian Oil Corporation Limited trades at the lower P/E (4.1 against 8.7).
- Indian Oil Corporation Limited earns the higher return on equity (21.5% against 15.6%).
- Over three years Bharat Petroleum Corporation Limited has grown profits faster (98% a year against 63%).
- Over the past year the share prices returned -11.6% (IOC) and -11.3% (BPCL).
| Metric | Indian Oil IOC |
Bharat Petroleum BPCL |
|---|---|---|
| Size and price | ||
| Market cap | ₹204,052 Cr | ₹137,574 Cr |
| Share price | ₹144.50 | ₹317.10 |
| Valuation | ||
| P/E | 4.08 | 8.71 |
| P/B | 0.87 | 1.36 |
| EV/EBITDA | 4.03 | 7.65 |
| PEG | 0.06 | 0.09 |
| Dividend yield | 4.7% | 5.5% |
| Profitability | ||
| ROE | 21.5% | 15.6% |
| ROCE | 19.0% | 26.0% |
| Operating margin | 8.9% | 4.7% |
| Sales (TTM) | ₹964,920 Cr | ₹563,962 Cr |
| Net profit (TTM) | ₹50,040 Cr | ₹15,804 Cr |
| Growth | ||
| Latest quarter sales YoY | +23.0% | +42.1% |
| Latest quarter profit YoY | +174.7% | -21.4% |
| 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 | 0.62 |
| 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 | +9.80% | +5.52% |
| Return 3M | +0.35% | -2.80% |
| Return 1Y | -11.63% | -11.33% |
| Return YTD | -13.19% | -17.42% |
| Technical condition | ||
| Technical score | 66 | 68 |
| RS rating (1-99) | 54.00 | 52.00 |
| % vs 200-DMA | -0.38% | +0.34% |
| RSI (14) | 73.23 | 65.32 |
| % from 52-week high | -23.53% | -19.03% |
