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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bharat Petroleum
Bharat Petroleum (BPCL) investor relations material
Bharat Petroleum Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary26 Oct, 2026
Executive summary
Q2 FY27 standalone net profit was ₹4,993.17 crore and consolidated net profit was ₹4,863.05 crore; consolidated revenue was ₹157,817.93 crore.
Q2 refinery throughput was 10.41 MMT at 117% utilization; market sales were 14.06 MMT, including domestic sales of 13.47 MMT.
H1 consolidated net profit fell to ₹2,990.35 crore from ₹13,030.51 crore, as suppressed marketing margins were partly offset by higher refining margins.
Q2 performance benefited from resilient refining and flexible crude sourcing, despite conflict-driven freight, crude-cost and LPG compensation pressures.
Long-term growth plans span refining, petrochemicals, gas and green energy, supported by planned capex of ₹1.7 lakh crore.
Financial highlights
Consolidated Q2 revenue from operations was ₹157,817.93 crore versus ₹121,604.70 crore YoY; net profit was ₹4,863.05 crore versus ₹6,191.49 crore.
Consolidated H1 revenue was ₹317,344.98 crore versus ₹251,219.39 crore; net profit was ₹2,990.35 crore versus ₹13,030.51 crore.
Standalone Q2 net profit was ₹4,993.17 crore versus ₹6,442.53 crore YoY; H1 net profit was ₹1,031.04 crore versus ₹12,566.46 crore.
Consolidated H1 PBT included a ₹1,884.56 crore exceptional gain from reclassifying foreign currency translation reserves after a JV became a subsidiary.
Standalone gross borrowings were ₹15,246 crore at September 30, versus ₹17,386 crore at June-end; net borrowings were ₹7,106 crore versus ₹4,800 crore.
Outlook and guidance
FY 2026/27 capex remains targeted at ₹25,000 crore, with possible 5%-10% upside; H1 spend was ₹13,749 crore, including ₹9,300 crore in Q2.
FY 2027/28 capex is projected at ₹40,000-45,000 crore; Mozambique is included, Andhra Pradesh project equity commitments are additional, and 15%-20% remains uncommitted.
Mozambique first gas remains targeted for mid-2028; phase-one share is 1.3 MMT, with potential total share of 4.2-4.5 MMT across later trains.
Strategic targets include 3.2 MMTPA petrochemical capacity by FY29, 10 GW renewables by 2035, 30 KTPA green hydrogen and 26 operational CBG plants by 2030.
Planned Mumbai and Kochi maintenance shutdowns are expected to temper Q3-Q4 throughput; Bina also has a 4.5-day shutdown.
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Latest events from Bharat Petroleum
- Profit rose 34% as market share expanded and internally funded capex hit a record.BPCL
Q4 94/95 - Sales and profit advanced as refining ran at 120% capacity; prior-year claims boosted earnings.BPCLQ4 93/94
- Record turnover and high refinery utilisation supported growth and expansion plans.BPCLQ4 91/92
- Profit rose as constrained supplies shaped marketing and refinery modernization advanced.BPCLQ4 90/91
- Record throughput and stronger sales lifted profit as capital investment and expansion continued amid audit adjustments.BPCLQ4 89/90
- Profit rose and market share expanded despite a fatal refinery fire.BPCLQ4 88/89
- Higher earnings and record refinery output, with depreciation accounting and audit risks.BPCLQ4 87/88
- Record distillate yield and sales growth offset softer profit and lower refinery throughput.BPCLQ4 86/87
- Profit surged as record refinery throughput and marketing growth supported expansion plans.BPCLQ4 85/86
- Higher throughput and market share accompanied lower after-tax profit and rising borrowings.BPCLQ4 84/85
Next Bharat Petroleum earnings date
Q3 26/2721 Jan, 2027
Bharat Petroleum
Next Bharat Petroleum earnings date
Q3 26/2721 Jan, 2027
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Frequently asked questions
Bharat Petroleum Corporation Limited refines crude oil and markets petroleum products in India. It offers lubricants, chemicals, LPG gas, flexible intermediates, petrochemicals, specialty fluids, LNG terminals, and aviation turbine fuel products; and operates retail outlets for petroleum products.