Bharat Petroleum Q2 FY26 Earnings Results

Bharat Petroleum Corporation Ltd delivered a remarkable 170% surge in consolidated net profit for Q2 FY26, driven by higher refining margins, better marketing spreads, and effective expense control.

Financial Highlights

• Revenue: ₹1,04,946 crore, up 2.1% from ₹1,02,785 crore in Q2 FY25.
• Total Expenses: ₹97,976 crore, down 2.97% from ₹1,00,970 crore a year ago—reflecting strong cost discipline.
• Net Profit: ₹6,191 crore, a 169.53% jump from ₹2,297 crore last year.
• Earnings per Share (EPS): ₹14.27, compared to ₹5.29 last year.
• Gross Refining Margin (GRM): Averaged $7.77/bbl for H1 FY26, indicating efficiency gains despite lower global crude throughput.
• Dividend: The Board declared an interim dividend of ₹7.50 per share.

Operational and Strategic Insights

• Refinery throughput for Q2 FY26: 9.82 MMT (down 4.5% YoY), with domestic sales up 3.19% to 13.58 MMT.
• Cost of materials consumed fell nearly 10% YoY, while employee expenses rose modestly.
• Marketing, distribution, and technology initiatives supported higher profitability even on moderate revenue growth.
• Received government compensation for LPG under-recoveries, boosting cash flows.
• Continued investments in expanding the fuel retail network and renewable energy projects.

Outlook

BPCL remains well-positioned for continued profit momentum, benefiting from its cost-efficient operations, technological upgrades, and government support for energy transition and LPG subsidy compensation.

The Q2 FY26 performance highlights BPCL’s strategic agility and strengthens its standing as a leading public sector oil and gas company in India.

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