Bharat Petroleum Corporation Ltd. (BPCL) reported a steep first-half profit decline, which it linked to subdued marketing returns partly offset by stronger refining margins, even as revenue from operations rose in July-September.
Consolidated net profit totaled ₹4,863.05 crore for the quarter ended Sept. 30, compared with ₹6,191.49 crore a year earlier. BPCL’s board approved the unaudited results on Oct. 23. Across April-September, profit was ₹2,990.35 crore, down from ₹13,030.51 crore in the corresponding period a year earlier.
Quarterly revenue from operations reached ₹1,57,817.93 crore, up from ₹1,21,604.70 crore. Total expenses also increased, to ₹1,51,932.80 crore from ₹1,14,634.91 crore. BPCL separately reported standalone Q2 profit of ₹4,993.17 crore, a figure covered in EconoTimes’ earlier report on its standalone earnings.
For the first half, BPCL attributed lower earnings chiefly to reduced marketing margins on certain petroleum products. Stronger refining margins softened that pressure; the company did not separately assign the year-over-year Q2 profit decline to those factors. Its investor handout showed a gross refining margin of US$32.53 per barrel for July-September, compared with US$10.78 a year earlier. BPCL said the gross refining margin figures do not account for the special additional excise duty or road and infrastructure cess that took effect on March 27, 2026.
BPCL reported a cumulative net negative LPG buffer of ₹17,334.40 crore at Sept. 30, up from ₹12,318.52 crore at March 31. The company said its accounts did not include LPG sales revenue matching the accumulated buffer. The Ministry of Petroleum and Natural Gas approved ₹7,594 crore in compensation for domestic LPG under-recoveries, payable in 12 monthly installments. BPCL recognized six installments totaling ₹3,796.98 crore during the period.
The company’s notice schedules its post-results conference call for Monday, Oct. 26.
