Bharat Petroleum BPCL
State refiner that is both a buyer and a producer: its JV with Sembcorp won Numaligarh Refinery's green hydrogen tender
Mapped in 1 theme: Green Hydrogen Mission.
Where Bharat Petroleum sits in the supply chain
Bharat Petroleum appears in 1 supply-chain layer in one theme, Green Hydrogen Mission.
Green Hydrogen Mission › Refineries & city gas
OwnerOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,46,791 | 4,73,187 | 4,48,083 | 4,40,272 | 4,55,228 |
| Net profit | 11,682 | 2,131 | 26,859 | 13,337 | 25,843 |
Latest-year revenue ₹4.55L Cr (FY26, company-wide).
Note: Hydrogen is a small new business.
Strengths
- JV NeuEN Green Energy (with Sembcorp) won Numaligarh's 10,000-tonne-a-year tender at a record-low ₹279/kg (Feb 2026), targeting 2028
- Only winner of SIGHT Tranche I's biomass bucket (2,000 tonnes a year, Jan 2024)
- Refinery Mode 2B allocation for its own plants
Risks
- Thin returns at ₹279/kg if costs overrun
- Green hydrogen is immaterial to refining and marketing earnings
- Execution in Assam (land, power)
Common questions
What does Bharat Petroleum do?
State refiner that is both a buyer and a producer: its JV with Sembcorp won Numaligarh Refinery's green hydrogen tender.
Where does Bharat Petroleum sit in the supply chain?
Bharat Petroleum (NSE: BPCL) is mapped in 1 supply-chain layer: Refineries & city gas (Green Hydrogen Mission).
Who are Bharat Petroleum's peers?
In the Refineries & city gas layer of Green Hydrogen Mission: Indian Oil Corporation, Hindustan Petroleum, Reliance Industries, GAIL (India) and Numaligarh Refinery (not NSE-listed).
What is Bharat Petroleum's market cap and valuation?
As of 6 Nov 2026: market cap ₹1.39L Cr, P/E 9.9x, ROCE 25.6%, ROE 28.8%, dividend yield 5.47%.