Indian Oil vs Bharat Petroleum: share price, P/E, ROE and financials compared
Indian Oil Corporation
Bharat Petroleum Corporation
Indian Oil and Bharat Petroleum at a glance
Indian Oil and Bharat Petroleum are both listed in Oil Gas & Consumable Fuels. Indian Oil is the larger by market cap, at ₹2.1L Cr against ₹1.4L Cr for Bharat Petroleum (1.5 times as large). On valuation, Indian Oil has the lower P/E (4.3× against 8.7×) and the lower price-to-book (0.86× against 1.35×). On returns and margins, Indian Oil has the higher ROE (22.6% against 16.2%) and the higher operating margin (7.3% against 3.4%), while Bharat Petroleum has the higher ROCE (26.4% against 20.5%). Over three years, Bharat Petroleum has faster 3-year sales growth (−1.2% against −2.2% a year) and faster 3-year profit growth (+129.7% against +62.6% a year). Debt-to-equity is similar, 0.58× for Indian Oil and 0.62× for Bharat Petroleum.
Key metrics, side by side
| Metric | Indian OilIOC | Bharat PetroleumBPCL |
|---|---|---|
| Price (₹) | 146.25 | 319.90 |
| Market cap (₹ Cr) | 2,06,523 | 1,38,789 |
| P/E | 4.3× (the lower figure, shaded) | 8.7× |
| P/B | 0.86× (the lower figure, shaded) | 1.35× |
| Dividend yield, trailing | 5.64% (the higher figure, shaded) | 5.47% |
| ROE | 22.6% (the higher figure, shaded) | 16.2% |
| ROCE | 20.5% | 26.4% (the higher figure, shaded) |
| Operating margin (OPM) | 7.3% (the higher figure, shaded) | 3.4% |
| Net margin (NPM) | 5.1% (the higher figure, shaded) | 2.9% |
| Sales CAGR 3Y | −2.2% | −1.2% (the higher figure, shaded) |
| Profit CAGR 3Y | +62.6% | +129.7% (the higher figure, shaded) |
| Debt to equity | 0.58× | 0.62× |
| Interest cover | 8.4× | 12.8× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | 47,242 | 15,803 |
| 1Y return | −14.6% | −15.0% |
| Promoter holding | 51.50% | 52.98% |
Indian Oil vs Bharat Petroleum: common questions
Which is bigger, Indian Oil or Bharat Petroleum?
By market cap, Indian Oil is bigger at ₹2.1L Cr, against ₹1.4L Cr for Bharat Petroleum (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹47,242 Cr for Indian Oil and ₹15,803 Cr for Bharat Petroleum.
Which has a lower P/E ratio, Indian Oil or Bharat Petroleum?
Indian Oil trades at a P/E of 4.3× and Bharat Petroleum at 8.7×. Indian Oil has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Indian Oil or Bharat Petroleum?
Indian Oil reports a return on equity of 22.6% and Bharat Petroleum 16.2%. Indian Oil has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Indian Oil or Bharat Petroleum?
Over the last three years: Sales grew −2.2% a year at Indian Oil and −1.2% at Bharat Petroleum, so Bharat Petroleum grew sales faster; profit grew +62.6% a year at Indian Oil and +129.7% at Bharat Petroleum, so Bharat Petroleum grew profit faster. Past growth doesn’t predict future growth.