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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Bharat Petroleum's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was -9.58%.
The historical rank and industry rank for Bharat Petroleum's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:BPCL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 7.58 Med: 29.61 Max: 43.76
Current: 24.76
During the past 13 years, Bharat Petroleum's highest ROC (Joel Greenblatt) % was 43.76%. The lowest was 7.58%. And the median was 29.61%.
NSE:BPCL's ROC (Joel Greenblatt) % is ranked better than 81.3% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.43
vs NSE:BPCL: 24.76
Bharat Petroleum's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 5.60% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Bharat Petroleum ROC (Joel Greenblatt) % Related Terms
Bharat Petroleum ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Bharat Petroleum's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:BPCL vs MPC, VLO, PSX: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Refining & Marketing subindustry, Bharat Petroleum's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Bharat Petroleum ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Bharat Petroleum's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Bharat Petroleum's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of -9.58% mean?
Bharat Petroleum (NSE:BPCL) has a ROC (Joel Greenblatt) % of -9.58% as of Jun. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Bharat Petroleum and its competitors. Over the past decade, Bharat Petroleum's ROC (Joel Greenblatt) % has ranged from 7.58 to 43.76. According to the industry distribution chart, Bharat Petroleum ranks #187 out of 1000 companies in the Oil & Gas industry, placing it in the top 18.7%.
Is Bharat Petroleum's ROC (Joel Greenblatt) % too high?
Bharat Petroleum's current ROC (Joel Greenblatt) % is -9.58%. Over the past 10 years, this metric has ranged from a low of 7.58 to a high of 43.76. Based on the distribution chart, Bharat Petroleum ranks #187 out of 1000 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Bharat Petroleum has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bharat Petroleum's ROC (Joel Greenblatt) % compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Bharat Petroleum ranks #187 out of 1000 companies for ROC (Joel Greenblatt) %. This places Bharat Petroleum in the top 19% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.43. Historically, Bharat Petroleum's own ROC (Joel Greenblatt) % has ranged from 7.58 to 43.76 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.43, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Bharat Petroleum and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bharat Petroleum's current ROC (Joel Greenblatt) % is -9.58%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bharat Petroleum stock overvalued right now?
Based on GuruFocus' analysis, Bharat Petroleum (NSE:BPCL) is currently considered Fairly Valued. The stock's GF Value™ is ₹342.13, compared to a current price of ₹310.15 — trading 9.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is -9.58%. Bharat Petroleum's overall GF Score™ is 80/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Bharat Petroleum (NSE:BPCL), the current ROC (Joel Greenblatt) % is -9.58% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Bharat Petroleum (NSE:BPCL) Overvalued in 2026?
Based on GuruFocus' analysis, Bharat Petroleum stock appears to be undervalued.
The current stock price of ₹310.15 is trading 9.3% below its estimated GF Value™ of ₹342.13.
GuruFocus considers Bharat Petroleum to be Fairly Valued.
Key valuation signals for NSE:BPCL:
ROC (Joel Greenblatt) %: -9.58%
GF Value™: ₹342.13 vs. price of ₹310.15 (9.3% below fair value)
No single metric tells the full story. See the NSE:BPCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bharat Petroleum Corp Ltd operates several refineries in India, while also marketing and distributing petroleum by-products. Operations are divided into the following reportable segments: Downstream Petroleum, and Exploration and Production of Hydrocarbons. Downstream Petroleum operations which generate the majority of its revenue, include the refineries that produce liquefied petroleum gas, aromatics, kerosene, fuel oil, furnace oil, and bitumen. Bharat's petroleum by-products are often commanded by consumers in aviation, autos, maritime, and many other industrial segments. The Downstream Petroleum operations also include the network of retail service stations across India. Geographically, the company derives a majority of its revenue from India and the rest from other countries.
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