BPCL October-December Net Profit Rises 62% to ₹75.5 Billion; Board Declares ₹10 Interim Dividend

Bharat Petroleum Corporation Limited (BPCL) reported a standalone net profit of ₹75.5 billion for October-December, registering a growth of 62.3% from ₹46.5 billion in the corresponding quarter of the previous financial year.

The company’s revenue from operations stood at ₹1.37 trillion, compared to ₹1.3 trillion in the year-ago period. Total income for the quarter was ₹1.37 trillion, against ₹1.28 trillionin the same period last fiscal. For the nine months ended December 31, 2025, revenue from operations was ₹3.88 trillion.

The Board of Directors declared a second interim dividend of ₹10 per equity share of face value ₹10 each for the financial year 2025-26. In a notification to the exchanges, Company Secretary V. Kala stated that the board fixed Monday, February 2, 2026, as the record date to determine the eligibility of shareholders. The dividend will be paid on or before February 21, 2026, through electronic mode.

Operational Performance
The state-run oil marketing company’s refinery throughput rose to 10.5 million metric tonnes (MMT) from 9.5 MMT in the year-ago quarter. Market sales increased to 14.1 MMT from 13.4 MMT in the corresponding period of the previous year. The filing reported domestic market sales growth of 4.8%.

BPCL reported an average gross refining margin (GRM) of $9.7 per barrel for the nine months ended December 31, 2025, compared to $6.0 per barrel in the corresponding period of the previous year.

Segment Details
On a consolidated basis, the downstream petroleum segment generated revenue of ₹1.37 trillion. The segment result, representing profit before tax and finance costs, was ₹99.7 billion, up from ₹60.0 billion in the prior year's quarter.

The exploration and production of hydrocarbons segment posted a loss of ₹2.2 billion, narrowing from a loss of ₹4.1 billion in the comparative period. Consolidated net profit attributable to owners stood at ₹71.9 billion, compared to ₹38.1 billion in the year-ago period. 

Government Compensation
The Ministry of Petroleum and Natural Gas (MoPNG), through letters dated Oct 3, 2025, and Oct 24, 2025, approved a one-time compensation of ₹75.9 billion to the corporation for under-recoveries incurred on the sale of domestic LPG cylinders. The filing stated this amount would be disbursed in 12 equal monthly instalments starting November 2025.

BPCL recognised ₹12.7 billion, representing two monthly instalments, under revenue from operations for the quarter. As of December 31, 2025, the corporation held a net cumulative negative buffer of ₹128.8 billion regarding the difference between the market-determined price and the effective cost to the customer for LPG.

Exceptional Items
The consolidated results included an exceptional expense of ₹1.7 billion for the quarter related to the Mozambique gas project managed by its subsidiary, Bharat PetroResources Limited (BPRL). 

Financial Health
As of December 31, 2025, BPCL reported a standalone debt-equity ratio of 0.06 times and a consolidated ratio of 0.38 times. The standalone debt service coverage ratio stood at 30.6 times, while the interest service coverage ratio was 64.1 times.

Standalone net worth was ₹961.7 billion, while consolidated net worth stood at ₹980.2 billion. The company reported a foreign exchange loss of ₹7.1 billion in 'Other Expenses' for the nine months ended December 31, 2025, compared to ₹3.1 billion in the previous year.