Shares of Bharat Petroleum Corporation Ltd (BPCL) traded 1.64% higher at ₹357.05 on Friday, Dec 12, after global brokerage Jefferies reiterated its ‘Buy’ rating on the stock and raised its target price to ₹435 from ₹430.
Jefferies said BPCL remains a preferred play on refining strength, supported by favourable valuations and healthy margin trends.
The brokerage highlighted that BPCL’s earnings visibility remains strong, especially with crude oil staying below $70 per barrel and global markets witnessing oversupply, a trend that typically boosts refining spreads.
According to Jefferies:
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Refining margins have surged 51% on a YTD basis in FY26, significantly enhancing profitability
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Marketing margins remain above normative levels
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Expected LPG under-recovery compensation will further support the bottom line
Jefferies believes the combination of strong refining economics, supportive marketing margins and stable crude prices positions BPCL for continued growth.
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