Bharat Petroleum Corporation Q2 FY27 Results: Consolidated Net Profit ₹4,863 Crore on Total Income of ₹1,58,167 Crore
Earnings
oil refining and marketing
Blacklitt Research3 min read
Hans Peters for Anefo, via Wikimedia Commons (CC0). Illustrative image.
Bharat Petroleum Corporation (NSE: BPCL) reported consolidated total income of ₹1,58,167.36 crore and net profit of ₹4,863.05 crore for the quarter ended 30 Sep 2026, it said in a filing on 23 Oct 2026. Standalone total income was ₹1,58,245.32 crore and standalone net profit ₹4,993.17 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,58,167.36 crore, up 29.1% YoY and down 1.6% QoQ
Net profit and EPS: ₹4,863.05 crore, down 21.5% YoY; basic EPS ₹11.38, not annualised
Finance costs: ₹991.09 crore, up 18.9% YoY and 58.1% QoQ
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,58,245.32 crore, up 28.9% YoY and down 1.5% QoQ
Net profit and EPS: ₹4,993.17 crore, down 22.5% YoY; basic EPS ₹11.69, not annualised
Finance costs: ₹658.76 crore, up 56.6% YoY and 58.6% QoQ
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,58,167.36
1,22,557.47
+29.1%
1,60,776.35
-1.6%
Revenue from operations
1,57,817.93
1,21,604.70
+29.8%
1,59,527.05
-1.1%
Other income
349.43
952.77
-63.3%
1,249.30
-72.0%
4,863.05
6,191.49
-21.5%
-1,872.70
n/a
Finance costs
991.09
833.26
+18.9%
626.87
+58.1%
Depreciation
2,096.56
1,958.13
+7.1%
2,068.95
+1.3%
Tax expense
1,696.75
2,153.10
-21.2%
-1,342.94
n/a
Net profit margin
3.07%
5.05%
-1.98 pp
-1.16%
+4.24 pp
Tax as share of profit before tax
25.9%
25.8%
+0.06 pp
n/a
n/a
EPS, basic (₹)
11.38
14.49
-21.5%
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 21.5% YoY while total income rose 29.1%. Revenue from operations grew 29.8%, so the drop in profit is not explained by a fall in sales.
Other income is 5.3% of profit before tax of ₹6,559.80 crore, and the tax charge of ₹1,696.75 crore is 25.9% of that profit, close to the 25.8% of a year earlier. The tax rate is therefore broadly unchanged.
The consolidated statement shows a loss of ₹1,872.70 crore in the quarter ended 30 Jun 2026. The notes give a reclassified FCTR gain of ₹1,884.56 crore on conversion of a joint venture to a subsidiary, shown in the half year column, and the table alignment for the June quarter is not consistent with that note, so the quarter-by-quarter comparison should be read with care.
The statement also notes an LPG compensation of ₹7,594.00 crore approved by MoPNG, of which ₹3,796.98 crore was recognised in revenue from operations in the half year. A cumulative net negative LPG buffer of ₹17,334.40 crore remains, and revenue on LPG sales has not been recognised to that extent. The filing does not say how these will affect later quarters.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,58,245.32
1,22,761.59
+28.9%
1,60,732.72
-1.5%
Revenue from operations
1,57,778.58
1,21,570.90
+29.8%
1,59,479.28
-1.1%
Other income
466.74
1,190.69
-60.8%
1,253.44
-62.8%
4,993.17
6,442.53
-22.5%
-3,962.13
n/a
Finance costs
658.76
420.78
+56.6%
415.27
+58.6%
Depreciation
2,092.40
1,951.61
+7.2%
2,065.93
+1.3%
Tax expense
1,692.94
2,153.02
-21.4%
-1,343.05
n/a
Net profit margin
3.16%
5.25%
-2.09 pp
-2.47%
+5.62 pp
Tax as share of profit before tax
25.3%
25.0%
+0.27 pp
n/a
n/a
EPS, basic (₹)
11.69
15.08
-22.5%
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 22.5% YoY, more than profit before tax, which fell 22.2%. Standalone revenue from operations rose 29.8% while other income fell 60.8%, and finance costs rose 56.6% to ₹658.76 crore.
The standalone statement attributes the lower profit for April to September 2026 mainly to suppressed marketing margin on certain petroleum products, partly offset by higher refining margin. The amount of that suppression by product is not given.
Consolidated net profit of ₹4,863.05 crore is ₹130.12 crore lower than standalone net profit of ₹4,993.17 crore. Standalone debt equity ratio is 0.16 times, against 0.50 times on a consolidated basis.
Inference
The results show lower profit on higher revenue, with the statement pointing to marketing margins as the main pressure for the half year. Equity attributable to owners stood at ₹1,01,463.89 crore on a consolidated basis, and the per-share figures are not annualised.
The auditors' limited review reports are dated 23 Oct 2026 and carry an unmodified conclusion, with other matters on the absence of an Audit Committee and on independent and woman director requirements. The filing does not say whether an Audit Committee will be constituted or when independent directors will be appointed, and it does not give the future effect of the LPG buffer.
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BPCLBharat Petroleum Corporation Ltd.
