BPCL shares can rally up to 26% on superior refining metrics, outshining HPCL, IOCL in Nomura’s view

July 8, 2025

Nomura picks Bharat Petroleum Corporation Ltd as top stock among state oil firms. The brokerage highlights BPCL’s refining efficiency and balanced business. Nomura projects a potential 26% rally in BPCL shares. They raise the target price to Rs 435, reiterating a ‘buy’ rating. BPCL’s superior refining performance sets it apart from Hindustan Petroleum Corporation Ltd and Indian Oil Corporation Ltd.

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