New Delhi: Bharat Petroleum Corporation Limited (BPCL) has reported a strong financial performance for FY26, with a sharp rise in profitability despite one-time impairments impacting quarterly earnings.
The company’s board approved the audited standalone and consolidated results for the quarter and year ended March 31, 2026.
Strong Annual Growth in Profit and Revenue
BPCL delivered robust full-year growth in FY26:
Consolidated Results
- Revenue from operations: ₹5,22,820.41 crore (up 4.46%)
- Profit Before Tax (PBT): ₹34,791.24 crore (up 91.4%)
- Profit After Tax (PAT): ₹25,843.45 crore (up 93.8%)
- EPS: ₹60.49
Standalone Results
- Revenue: ₹5,22,668.25 crore
- PAT: ₹23,303.22 crore (up 75.5%)
- PBT: ₹31,104 crore
The company reported strong operational performance across refining and marketing segments.
Q4 FY26 Results Hit by One-Time Impairment Loss
BPCL’s Q4 FY26 consolidated PAT rose 28.1% year-on-year to ₹5,624.54 crore. However, sequential profitability declined due to a one-time impairment loss.
Key Q4 highlights:
- Revenue: ₹1,34,947.90 crore (up 6.33%)
- PAT: ₹5,624.54 crore (vs ₹4,391.83 crore YoY)
- Standalone PAT: ₹3,191.49 crore
- One-time impairment: ₹4,349.13 crore
The impairment was linked to investments in upstream subsidiary Bharat PetroResources Limited.
Refining and Sales Performance Improves
Operational performance remained steady during FY26:
- Refinery throughput: 41.15 MMT (vs 40.51 MMT)
- Domestic sales: 54.18 MMT (up 3.40%)
- Q4 domestic sales growth: 3.28%
The growth reflects stable demand in India’s fuel and energy markets.
LPG Compensation and Financial Adjustments
BPCL reported a net cumulative negative LPG buffer of ₹12,318.52 crore. The government approved ₹7,594 crore compensation for domestic LPG under-recoveries, part of which has been accounted for in FY26 revenues.
The company also recorded foreign exchange losses of over ₹1,644 crore during the year.
Revenue Remains Stable Despite Market Volatility
Annual revenue crossed the ₹5.22 lakh crore mark, showing steady growth despite fluctuations in global crude oil prices and refining margins.
Earnings were supported by strong refining operations and domestic fuel demand.
Quarterly Pressure on Margins
In Q4 FY26, EBITDA declined due to higher costs and impairment impact:
- EBITDA: ₹10,061 crore (down 13.8% QoQ)
- Margin: 8.5% (vs 9.8%)
- Standalone Q4 revenue: ₹1.18 lakh crore (flat QoQ)
Stock Performance
Following the results, BPCL shares saw moderate movement in the market, with investors reacting to strong annual earnings but cautious about quarterly volatility.
BPCL’s FY26 results highlight strong annual profitability growth driven by stable refining performance and domestic demand, even as one-time impairments and LPG-related adjustments impacted quarterly earnings.
About BPCL
Bharat Petroleum Corporation Limited is a leading public sector enterprise in India’s oil and gas sector. It is engaged in refining, marketing, and distribution of petroleum products across the country and is committed to operational excellence, energy security, and sustainable development with a strong focus on safety and environmental responsibility.
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