BPCL Q2 results: profit falls 21 percent to Rs 4,863 crore

State-run Bharat Petroleum Corporation Limited (BPCL) reported a 21.45 percent year-on-year fall in consolidated net profit to Rs 4,863.05 crore in the second quarter of financial year 2026-27, according to a company statement. The BPCL Q2 results showed revenue from operations rising 29.78 percent to Rs 1,57,818 crore from Rs 1,21,605 crore in the same quarter last year. Consolidated earnings before interest, taxes, depreciation and amortisation fell 13.37 percent to Rs 9,647 crore from Rs 11,136 crore.

On a standalone basis, revenue rose 29.78 percent to Rs 1,57,779 crore from Rs 1,21,571 crore, while standalone net profit fell 22.50 percent to Rs 4,993 crore from Rs 6,443 crore. Standalone earnings before interest, taxes, depreciation and amortisation fell 13.96 percent to Rs 9,437 crore. The BPCL Q2 results also showed refinery throughput of 10.41 million metric tonnes, with capacity utilisation reaching 118 percent, and domestic market sales of 13.47 million metric tonnes.

BPCL Q2 results and the refining margin

The company's gross refining margin rose to $32.53 per barrel from $10.78 per barrel a year earlier, and the first-half margin stood at $36.90 per barrel against $7.77 per barrel in the previous year. Crude processing for the first half was 20.56 million metric tonnes, marginally higher than 20.24 million metric tonnes in April to September of the previous financial year. Diesel sales rose to 5.76 million metric tonnes from 5.16 million metric tonnes, petrol sales increased to 3.04 million metric tonnes from 2.79 million metric tonnes, and LPG sales declined to 1.92 million metric tonnes from 2.35 million metric tonnes.

Consolidated total income stood at roughly Rs 1.58 lakh crore, compared with Rs 1.61 lakh crore in the first quarter of the financial year and Rs 1.23 lakh crore in the second quarter of last year. The BPCL Q2 results put consolidated total expenses at around Rs 1.52 lakh crore, against Rs 1.66 lakh crore in the first quarter and Rs 1.15 lakh crore a year earlier. Export volumes were 0.59 million metric tonnes, up from 0.51 million metric tonnes in the first quarter and 0.36 million metric tonnes a year earlier.

BPCL Q2 results and LPG under-recoveries

The company said the lower profit during April to September 2026 was mainly due to suppressed marketing margins on certain petroleum products, partially offset by a higher refining margin. Marketing margins were affected as public sector oil marketing companies sold petrol, diesel and LPG below market rates. As of 30 September 2026, BPCL's cumulative LPG under-recoveries stood at Rs 17,334.40 crore, up from Rs 12,318.52 crore on 31 March 2026.

During the quarter, BPCL expanded its LPG and PNG network, improved customer amenities and advanced indigenous technology and alternative fuel solutions, according to the company release. The company also continued investments in infrastructure, supply chain resilience and digital transformation. Its board approved the incorporation of a dedicated project company for the proposed Ramayapatnam refinery and petrochemical complex in Andhra Pradesh, and the company said it had incorporated a wholly owned subsidiary for the project.

BPCL, a Maharatna company, reported the BPCL Q2 results on 23 October, with the filing made to the stock exchanges. The LPG under-recoveries figure and the Ramayapatnam refinery plan were both included in the company's disclosures for the quarter. The BPCL Q2 results leave the company with higher revenue and lower profit than a year earlier, as fuel marketing margins stayed under pressure while the refining side improved.