Bharat PetroleumNSE:BPCL -1.88%79 ROE % is 22.46% as of Mar. 2026, which is 8% below its 10-year median of 24.44. GuruFocus rates NSE:BPCL with a GF Score™ of 79/100 and a GF Value™ of ₹325.34 (Fairly Valued). The stock has 4 warning signs investors should review. Among 957 Oil & Gas companies, Bharat Petroleum ranks better than 89.97% on this metric.
The historical rank and industry rank for Bharat Petroleum's ROE % or its related term are showing as below:
NSE:BPCL'
s ROE % Range Over the Past 10 Years
Min: 4.04 Med: 24.44 Max: 41.59
Current: 28.14
During the past 13 years, Bharat Petroleum's highest ROE % was 41.59%. The lowest was 4.04%. And the median was 24.44%.
NSE:BPCL's ROE % is ranked better than 89.97% of 957
companies
in the Oil & Gas industry
Industry Median: 5.71
vs NSE:BPCL: 28.14
Bharat Petroleum (NSE:BPCL) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
Bharat Petroleum ROE % Related Terms
Bharat Petroleum ROE % Historical Data
* Premium members only.
The historical data trend for Bharat Petroleum's ROE % 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.
For the Oil & Gas Refining & Marketing subindustry, Bharat Petroleum's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Bharat Petroleum's ROE % distribution charts can be found below:
* The bar in red indicates where Bharat Petroleum's ROE % falls into.
* 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
Bharat Petroleum (NSE:BPCL) has a ROE % of 22.46% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Bharat Petroleum and its competitors. This is near median its historical median of 24.44. Over the past decade, Bharat Petroleum's ROE % has ranged from 4.04 to 41.59. According to the industry distribution chart, Bharat Petroleum ranks #96 out of 957 companies in the Oil & Gas industry, placing it in the top 10%.
Is Bharat Petroleum's ROE % too high?
Bharat Petroleum's current ROE % of 22.46% is near median its 10-year median of 24.44. Over the past 10 years, this metric has ranged from a low of 4.04 to a high of 41.59. The Oil & Gas industry median ROE % is 5.71. Bharat Petroleum's value of 22.46% is 293.3% above this industry median. Based on the distribution chart, Bharat Petroleum ranks #96 out of 957 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 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bharat Petroleum's ROE % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Bharat Petroleum ranks #96 out of 957 companies for ROE %. This places Bharat Petroleum in the top 10% of its industry — outperforming the majority of peers. The industry median ROE % is 5.71. Bharat Petroleum's value of 22.46% is 293.3% above this benchmark. Historically, Bharat Petroleum's own ROE % has ranged from 4.04 to 41.59 over the past decade. While the company's 10-year median is 24.44 vs. the industry median of 5.71, Bharat Petroleum has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for an Oil & Gas company?
The median ROE % among Oil & Gas companies is 5.71, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Bharat Petroleum's current ROE % of 22.46% is 293.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Bharat Petroleum and its competitors. For the Oil & Gas industry, the median ROE % is 5.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bharat Petroleum's current ROE % is 22.46%, which is near median its own 10-year median of 24.44. 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 ₹325.34, compared to a current price of ₹309.75 — trading 4.8% below its estimated fair value. The current ROE % is 22.46%, which is near median its 10-year median of 24.44 and 293.3% above the Oil & Gas industry median of 5.71. Bharat Petroleum's overall GF Score™ is 79/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Bharat Petroleum (NSE:BPCL), the current ROE % is 22.46% as of Mar. 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 ₹309.75 is trading 4.8% below its estimated GF Value™ of ₹325.34.
GuruFocus considers Bharat Petroleum to be Fairly Valued.
Key valuation signals for NSE:BPCL:
ROE %: 22.46% (near median its 10-year median of 24.44)
GF Value™: ₹325.34 vs. price of ₹309.75 (4.8% below fair value)
Industry Position: 293.3% above the Oil & Gas median (#96 of 957)
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.
79GF Score
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