BPCL vs IOC – Fundamental Comparison details analysis

BPCL's FY26 refinery throughput was about 41.15 MMT, with improved distillate yield of 84.54%, while its domestic petroleum-product market share was 27.27%. IOC is substantially larger. In Q1 FY27 it achieved 19.165 MMT of crude throughput, 109.4% capacity utilisation, and a record 28.548 MMT pipeline throughput. Its domestic fuel market share increased to 43.1%, while revenue rose 26% YoY to ₹2.76 lakh crore. 🚀 BPCL's biggest advantage Refining efficiency. In Q1 FY27, BPCL achieved a GRM of approximately $41.4/bbl, versus $36/bbl for IOC. This indicates BPCL can potentially generate better refining economics when refining margins are strong. BPCL also has strong profitability metrics outside the difficult Q1: current market data shows approximately 25.6% ROCE and 28.8% ROE, with a P/E around 8.5x. 🏆 IOC's biggest advantage Scale. IOC has the country's largest refining and fuel-distribution footprint, giving it enormous operating leverage. Its Q1 sales volume was 26.21 MMT, and it achieved record MS and HSD sales. More importantly, IOC currently looks much cheaper. Recent market data puts IOC around 4.5x P/E and ~6% dividend yield, compared with BPCL around 8.5x P/E.