Bharat Petroleum Corporation reported standalone net profit of ₹4,993 crore for the quarter ended 30 September 2026, down 22.5% from ₹6,443 crore a year earlier, according to a PTI report carried by Business Standard on 24 October. Spectate Media has not seen the company's filing and relies on the PTI report.
Strong refining, weak retail
Gross refining margin was $32.53 a barrel, against $10.78 a year earlier. Even so, EBITDA fell almost 14% to ₹9,437 crore from ₹10,968 crore. The report says retail fuel prices have been frozen for about five months, and that this wiped out the gains from higher refining margins as costs rose. It gives no under-recovery figure and no quarter-on-quarter comparison. The company booked a marketing inventory loss of ₹330 crore and a forex loss of ₹397 crore.
Standalone revenue from operations was ₹1.58 trillion, up from ₹1.22 trillion. On a consolidated basis, net profit fell 21.5% to ₹4,863 crore from ₹6,191 crore, and revenue rose 29.8% to about ₹1.58 lakh crore.
Volumes and projects
Refineries in Mumbai, Kochi and Bina processed 10.41 million tonnes of crude, or 118% of capacity, against 9.82 million tonnes a year earlier. Domestic sales were 13.47 million tonnes, up from 12.67 million. The board approved a wholly owned subsidiary to build a 10 million tonne a year greenfield refinery and petrochemical complex at Ramayapatnam in Andhra Pradesh, subject to approvals. The report gives no outlay or timeline. The company also commissioned an LPG bottling plant at Goalpara in Assam and set a net-zero target for Scope 1 and 2 emissions by 2040.
Key numbers
- Standalone net profit: ₹4,993 crore (−22.5% year on year)
- Gross refining margin: $32.53 a barrel (From $10.78 a year earlier)
- EBITDA: ₹9,437 crore (−14% year on year)
- Refinery throughput: 10.41 million tonnes (118% of capacity)
What boards and CFOs should note
Three points. First, a wide refining margin did not protect the profit while retail prices were held, so the earnings of oil marketing companies depend on pricing policy as much as on crude. Second, the report gives no dividend, capex figure or management quote, so the outlook is unstated. Third, the Andhra refinery is early-stage and unfunded in the report.
Source: Business Standard (PTI), 24 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
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