Bharat Petroleum Corporation Ltd. (BPCL) returned to profit for July-September after a June-quarter loss, but earnings were below year-earlier levels and first-half profit fell sharply.
Standalone net profit was ₹49.93 billion, compared with ₹64.43 billion in the quarter ended Sept. 30, 2025, and a loss of ₹39.62 billion in the June quarter. Consolidated profit reached ₹48.63 billion, down from ₹61.91 billion a year earlier; the company had reported a consolidated loss of ₹18.73 billion in the previous quarter. BPCL’s board approved the unaudited results on Oct. 23, subject to a limited review.
Standalone revenue from operations was ₹1.578 trillion, compared with ₹1.595 trillion in the previous quarter. Consolidated revenue was ₹1.578 trillion, also below the prior quarter’s ₹1.595 trillion. BPCL’s filing gives no separate EBITDA figure. Calculations using its standalone statement put EBITDA at about ₹89.71 billion for Q2, versus a loss of about ₹40.77 billion in Q1.
BPCL’s investor handout reported a gross refining margin of $32.53 per barrel, compared with $10.78 in Q2 FY26. The figures exclude the impact of Special Additional Excise Duty and Road & Infrastructure Cess levied from March 27, 2026. Refinery throughput increased to 10.41 million tonnes from 9.82 million a year earlier, while domestic petroleum product sales rose to 13.47 million tonnes from 12.67 million.
For April-September, standalone net profit was ₹10.31 billion, down from ₹125.66 billion in the same period a year earlier. BPCL said weaker marketing margins on selected petroleum products were the main reason for the drop, with stronger refining margins providing a partial offset.
BPCL recorded ₹37.97 billion in government-approved compensation for liquefied petroleum gas (LPG) during the half year. It reported a cumulative net negative LPG buffer of ₹173.34 billion at Sept. 30 and said it had not recognized sales revenue against that amount.
The auditors issued an unmodified limited-review conclusion but noted that BPCL fell short during the half year on board composition and committee requirements, including the required woman director. The post-results call is scheduled for 1:30 a.m. ET (11 a.m. India Standard Time) Monday, Oct. 26, according to BPCL’s notice.
