On this page ▾
Today's prices ask more of ONGC than of BPCL.
At current prices, buyers of BPCL are assuming about 0% growth against 3% in its own record; for ONGC it is 0% against 0%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: BPCL on estimate withheld; ONGC on discounted cash flow.
- Size: ONGC is worth about 2.2 times BPCL on the stock market.
- Record: On revenue the two have grown at much the same pace: BPCL compounded at about 8% a year (FY2018–FY2026) and ONGC at about 8% (FY2018–FY2026).
- What to watch: refining margins at BPCL; crude oil prices at ONGC.
| BPCL | ONGC | |
|---|---|---|
| Price | ₹302 | ₹225 |
| Market cap | ₹1.29L Cr | ₹2.83L Cr |
| P/E | 8.2 | 5.7 |
| P/B | 1.29 | 0.76 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
A state refiner and fuel retailer
Bharat Petroleum Corporation (BPCL), majority-owned by the Government of India, runs refineries at Mumbai, Kochi and Bina and one of the country's largest networks of petrol pumps. It also sells LPG under the Bharatgas brand and has interests in upstream oil and gas.
India's oil and gas producer — and a refiner too
Oil and Natural Gas Corporation is India's largest producer of crude oil and natural gas, majority-owned by the Government of India. Its overseas arm, ONGC Videsh, holds oil and gas assets in other countries.
02The records side by side
On revenue the two have grown at much the same pace: BPCL compounded at about 8% a year (FY2018–FY2026) and ONGC at about 8% (FY2018–FY2026). By revenue the two are of broadly similar size. BPCL kept 4.9% of revenue as net profit in FY2026; ONGC kept 7.5% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: BPCL · ONGC.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Refining marginsProduct prices minus crude costs drive refining profit.
- Marketing marginsRetail fuel pricing decides marketing profit.
- Crude oil pricesHigher prices lift ONGC's realisations, though government levies have capped the gains in the past.
- Production volumesMany fields are mature; new deep-water projects need to offset natural decline.
05What could go wrong
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is BPCL or ONGC better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, BPCL trades at 8.2 times earnings and 1.29 times book value, and ONGC at 5.7 times earnings and 0.76 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between BPCL and ONGC?
Bharat Petroleum Corporation (BPCL), majority-owned by the Government of India, runs refineries at Mumbai, Kochi and Bina and one of the country's largest networks of petrol pumps. Oil and Natural Gas Corporation is India's largest producer of crude oil and natural gas, majority-owned by the Government of India.
Are BPCL and ONGC valued the same way?
No. BPCL is valued on estimate withheld and ONGC on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for BPCL and ONGC?
Worked backwards from the share price, BPCL needs about 0% growth and ONGC about 0% growth, against 3% and 0% in their own records.