Bharat Petroleum (BPCL) Q4 25/26 earnings summary

Executive summary

• Maintained operational resilience amid geopolitical tensions and volatile energy markets, ensuring uninterrupted fuel supply and supporting India's energy security objectives.

• Managed supply disruptions by increasing Russian crude procurement to 31% in Q4 and diversifying crude sources, securing supplies through July 2026.

• Expanded retail network to 25,323 outlets and led in CNG network among PSUs, with strong growth in gas and allied retail businesses.

• Commissioned key infrastructure projects, including pipelines, ethanol plants, and specialty product facilities, advancing strategic growth initiatives.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2026 were approved, with unmodified audit opinions issued by statutory auditors.

Financial highlights

• Standalone revenue from operations for FY26 was ₹5,22,668.25 crore, up from ₹5,00,371.25 crore in FY25; consolidated revenue was ₹5,22,820.41 crore, up from ₹5,00,517.48 crore.

• Standalone net profit for FY26 was ₹23,303.22 crore, up from ₹13,275.26 crore; consolidated net profit was ₹25,843.45 crore, up from ₹13,336.55 crore.

• Gross refining margin for FY25-26 was $11.74 per barrel.

• Standalone net worth as of March 31, 2026, was ₹95,232.74 crore; consolidated net worth was ₹1,00,170.26 crore.

• Standalone debt-equity ratio at 0.11; group level at 0.43 (net of investments: 0.25).

Outlook and guidance

• No forward-looking financial guidance provided due to prevailing global energy market uncertainties.

• June 2026–2027 expected to be challenging due to delayed war impacts and ongoing volatility.

• Compensation of ₹7,594 crore approved by the government for under-recoveries on domestic LPG sales up to March 2026, to be disbursed in 12 monthly installments.

• Management expects continued improvement in profitability and operational performance, supported by government compensation and resolution of Mozambique project Force Majeure.