BPCL · quarter ended June 2026 · investor handout for unaudited financial results
BPCL
BPCL reported a loss before tax of ₹5,305 crore in Q1 FY27, compared to a profit of ₹8,157 crore in the same quarter last year. The company faced significant forex fluctuation losses and increased interest expenditure, offset by gains from marketing inventory adjustments. Refinery throughput remained stable, but GRM improved significantly despite challenges in refining margins.
Key financials
| Profit/(Loss) before tax | (5,305) | |
| Profit/(Loss) after tax | (3,962) | |
| Forex Fluctuation Gain/(loss) | 346 | |
| Marketing Inventory Gain/(Loss) | 3,134 | |
| Interest Expenditure* | 415 | |
| Interest Income | 367 | |
| Debt Position (Excluding IND AS 116) | 17,396 | |
| Government Securities (Face Value) | 2,827 | |
| Gross Refining Margin (GRM)# | 41.41 |
Segment commentary
REFINING
Refinery throughput was 10.15 MMT, slightly lower than the previous quarter's 10.42 MMT.
MARKETING
Domestic sales increased to 13.62 MMT from 13.58 MMT in the prior year quarter, with LPG and HSD showing growth.
Key takeaways
- BPCL incurred a significant loss in Q1 FY27 primarily due to forex losses and higher interest expenditure.
- Marketing inventory gains partially offset these losses, indicating effective management in this area.
- Despite stable refinery throughput, the company faces challenges in maintaining refining margins amidst fluctuating crude prices.
Risks flagged
- Forex fluctuation risks
- High sulphur crude dependency
Educational analysis only. Not investment advice. Consult a
SEBI-registered advisor before investing. Source: https://nsearchives.nseindia.com/corporate/BPCL22_22072026204629_stexinvestorhandouts22726s.pdf
Full transcript (482 words)
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BHARAT PETROLEUM CORPORATION LTD.
3mo:mcl5R<l5T~ A Govt. of India Enterprise
Sec.3.4. 22nd July 2026
The Secretary, The Secretary,
BSE Ltd., National Stock Exchange of India Ltd.,
Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block,
Dalal Street, Mumbai 400 001 Bandra-Kurla Complex, Mumbai 400051
BSE Scrip Code: 500547 NSE Symbol : BPCL
Dear Sir/Madam,
Sub: Investor handout for unaudited financial results for the quarter ended 30th June 2026
In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, please find herewith the investor handout highlighting key figures of unaudited financial
results for the quarter ended 30th June 2026.
The above information is also available on the website of the Company at www.bharatpetroleum.in.
Thanking you,
Yours faithfully,
For Bharat Petroleum Corporation Limited
(V. Kala)
Company Secretary
mw 'lw.,, 4 ~ 6, c!RTBm-U" '15. ~ ~-~ <ITTffi w. 688. 1~-400 001. w,,: 2271 3000/4000. ~: 2271 387 4
Bharat Bhavan, 4 & 6. Curnmbhoy Road, Ballard Estate, P. B. No.688, Mumbai-400 001. Phone: 2271 3000/4000. Fax: 22713874
Pma:I: info@bharatpetroleum.in website-www.bharatpetroleum in C\N: L23220MH1952GOI008931
BHARAT PETROLEUM CORPORATION LIMITED
Handout highlighting key figures of financial results
Financial Highlights
2026-27 2025-26 2025-26 2025-26
Financial parameters Unit Apr-Jun Apr-Jun Jan-Mar Apr-Mar
Profit/(Loss) before tax ₹ crores (5,305) 8,157 4,258 31,104
Profit/(Loss) after tax ₹ crores (3,962) 6,124 3,191 23,303
Forex Fluctuation Gain/(loss) ₹ crores 346 20 (936) (1,644)
Marketing Inventory Gain/(Loss) ₹ crores 3,134 (835) 1,275 842
Interest
- Interest Expenditure* ₹ crores 415 374 479 1,634
- Interest Income ₹ crores 367 390 440 1,612
Debt Position (Excluding IND AS 116 ₹ crores 17,396 10,709 10,480 10,480
Liabilities)**
Government Securities (Face Value) ₹ crores 2,827 3,590 2,327 2,327
Gross Refining Margin (GRM)# US $/bbl 41.41 4.88 17.53 11.74
Operational Highlights
2026-27 2025-26 2025-26 2025-26
Operational parameters Unit
Apr-Jun Apr-Jun Jan-Mar Apr-Mar
REFINING
Refinery Throughput MMT 10.15 10.42 10.40 41.15
- MR MMT 3.77 3.94 3.98 16.11
- KR MMT 4.31 4.51 4.37 17.66
- BR MMT 2.07 1.97 2.05 7.38
Distillate Yield % 84.07% 84.96% 83.87% 84.54%
High Sulphur as a % of total crude % 74% 76% 76% 76%
MARKETING
Sale of Petroleum Products
a. Domestic
- LPG MMT 1.69 2.13 2.24 9.14
- MS MMT 3.11 2.87 2.87 11.38
- HSD MMT 6.56 6.08 6.03 23.35
- SKO MMT 0.03 0.03 0.03 0.12
- ATF MMT 0.58 0.54 0.58 2.19
- Others MMT 1.65 1.93 2.11 8.00
Total Domestic MMT 13.62 13.58 13.86 54.18
b. Exports MMT 0.51 0.45 0.35 1.54
Total Sales MMT 14.13 14.03 14.21 55.72
*InterestexpenseforQ1FY2026-27 includesinterestofRs.198crore(Q1FY2025-26: Rs.189 crore)on
lease liability on account of leases under IND AS 116.
**Debtpositionason30thJune,2026excludesleaseliabilityofRs.10,799 Crore(Rs.10,942 Croreason
31st March, 2026) on account of implementation of IND AS 116.
# The above GRMs are weighted average of three refineries & before factoring the impact of Special
Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f. 27th March 2026.