BPCL vs HPCL vs Indian Oil Corporation: Which Stock Should You Track

BPCL PE 7.95, mkt cap Rs 1,36,229 crore. HPCL PE 45.91, mkt cap Rs 76,687 crore. Indian Oil Corporation PE 5.43, mkt cap Rs 1,94,167 crore.

Updated: 23 Sept 2026 • 12:42 pm

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BPCL vs HPCL vs Indian Oil Corporation: Which Stock Should You Track

Quick Answer

BPCL vs HPCL vs Indian Oil Corporation is a side-by-side comparison of three companies from the Oil Marketing Companies space. On this comparison, BPCL carries a market capitalisation of about Rs 1,36,229 crore against Rs 76,687 crore for HPCL and Rs 1,94,167 crore for Indian Oil Corporation, with return on equity of 25.80%, 27.53% and 19.18% respectively. Each company's numbers are presented here without a declared better pick, since the right stock depends on an investor's own criteria.

BPCL vs HPCL vs Indian Oil Corporation starts with the core numbers most investors compare within the Oil Marketing Companies segment: market capitalisation, valuation multiples, profitability and dividend yield. Figures below are sourced as of September 2026 and will shift with daily price moves.

All three names sit in the Oil Marketing Companies bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses.

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Table of Contents

BPCL, HPCL and Indian Oil Corporation: Company Overview

BPCL is a listed Indian company in the Oil Marketing Companies space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

HPCL is a listed Indian company in the Oil Marketing Companies space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

Indian Oil Corporation is a listed Indian company in the Oil Marketing Companies space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

BPCL vs HPCL vs Indian Oil Corporation: Valuation and Profitability Snapshot

Metric	BPCL	HPCL	Indian Oil Corporation
Market Cap (approx.)	Rs 1,36,229 crore	Rs 76,687 crore	Rs 1,94,167 crore
PE Ratio (TTM)	7.95	45.91	5.43
PB Ratio	1.36	1.17	0.88
Return on Equity (ROE)	25.80%	27.53%	19.18%
EPS (TTM, Rs)	39.49	7.85	25.30
Dividend Yield	5.49%	6.73%	5.85%
Debt to Equity	0.54	0.85	0.60
Book Value per Share (Rs)	231.13	308.09	155.70

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On valuation, BPCL trades at a PE of 7.95 and a PB of 1.36, HPCL at a PE of 45.91 and a PB of 1.17, while Indian Oil Corporation trades at a PE of 5.43 and a PB of 0.88. On return on equity, the three post 25.80%, 27.53% and 19.18% respectively, and on dividend yield they stand at 5.49%, 6.73% and 5.85%.

BPCL vs HPCL vs Indian Oil Corporation: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)
BPCL	Rs 160,776.35 crore	Rs -1,872.70 crore	+23.3%	+18.3%
HPCL	Rs 145,844.01 crore	Rs -12,264.67 crore	+20.8%	+17.3%
Indian Oil Corporation	Rs 282,379.02 crore	Rs -1,141.09 crore	+27.0%	+18.3%

Quarterly figures above are the most recent reported quarter for each company (Q1 FY28, quarter ended June 2026), compared with the year-ago and preceding quarter.

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What Should Investors Look at Beyond These Numbers?

Beyond the metrics above, investors comparing these three oil marketing companies names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and any sector-specific regulatory developments, since a single-quarter snapshot can shift quickly.

Conclusion

BPCL vs HPCL vs Indian Oil Corporation highlights how differently three companies in the same oil marketing companies segment can score across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.

Disclaimer: Data and figures in this article are sourced from publicly available information as of September 2026 and may not reflect real-time prices. Please verify all data independently before making any investment decision. This comparison does not recommend or endorse any single stock over another; investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs on BPCL vs HPCL vs Indian Oil Corporation

What is the market cap difference between BPCL, HPCL and Indian Oil Corporation?

Ans. As of September 2026, BPCL has a market cap of approximately Rs 1,36,229 crore, HPCL is at approximately Rs 76,687 crore, and Indian Oil Corporation is at approximately Rs 1,94,167 crore.

Which of the three has the highest PE ratio?

Ans. Among BPCL, HPCL and Indian Oil Corporation, the PE ratios stand at 7.95, 45.91 and 5.43 respectively as of September 2026.

Which of the three has the highest ROE?

Ans. BPCL, HPCL and Indian Oil Corporation post ROE of 25.80%, 27.53% and 19.18% respectively as of September 2026.

Which of these three stocks pays the highest dividend yield?

Ans. BPCL, HPCL and Indian Oil Corporation carry dividend yields of 5.49%, 6.73% and 5.85% respectively.

What is the debt to equity ratio for BPCL, HPCL and Indian Oil Corporation?

Ans. BPCL carries a debt to equity of 0.54, HPCL of 0.85, and Indian Oil Corporation of 0.60.

Which of the three trades at the highest price to book value?

Ans. BPCL, HPCL and Indian Oil Corporation trade at price to book ratios of 1.36, 1.17 and 0.88 respectively.

Is one of BPCL, HPCL or Indian Oil Corporation better than the others?

Ans. This comparison does not declare one stock better than another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor's own criteria and research.