BPCL
B P C L share price & financials
- Price
- ₹306.6
- Market cap
- ₹1.3L Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 3
B P C L Q4 FY26
What went well
- Refineries operated at 116% of utilization with a throughput of 41.15 MMT for FY26, achieving the highest ever throughput.
- Gross Refining Margin (GRM) for FY26 was strong at USD 11.74 per barrel.
- Overall domestic sales volume grew 3.5% to 54.18 million metric tons, with petrol sales up 5.7% and ATF up 11.4%.
What to watch
- Q1 FY27 is projected to be a challenging period due to timing differences in the full impact of geopolitical events.
- Cumulative negative buffer towards LPG compensation stood at INR 12,319 crores as of March 2026.
What B P C L does
Bharat Petroleum Corporation (BPCL) is a Maharatna public-sector integrated oil company that refines crude oil and markets petroleum products across India. It earns primarily by processing crude at its three refineries and selling fuels and derivatives — petrol, diesel, LPG, aviation fuel, lubricants and petrochemicals — through a nationwide retail and distribution network. BPCL is India's second-largest oil marketing company and also operates in city gas distribution, petrochemicals, upstream exploration and production, and green energy.
Segments
- Refining
- Marketing
- Gas
- Petrochemicals
- Upstream (E&P)
- Green Energy
- Refineries
- 3 refineries (Mumbai, Kochi, Bina), 35.3 MMTPA capacity
- Market position
- No.2 oil marketing company in India; 3rd-largest refining capacity
- Retail outlets
- 25,323
- LPG distributors
- 6,273
- Pipeline network
- 3,534 km (29 MMTPA design capacity)
- Storage & bottling infrastructure
- 80 retail depots, 57 LPG bottling plants, 5 lube blending plants
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 3 delivered 3 missed 5 open- FY26 Capital Expenditure delivered said Q4 FY25 Promised: INR 20,000 crores Q4 FY26: Achieved. Incurred capex of INR 20,400 crores for FY26 against a target of INR 20,000 crores.
- Mozambique Project Restart missed said Q4 FY25 Promised: Full restart and force majeure resolution not later than by July 2025 Q4 FY26: Missed. Force majeure was resolved in November 2025, after the original July 2025 deadline. Project is now progressing with first LNG expected mid-2028.
- FY27 Capital Expenditure revised up said Q4 FY25 Promised: INR 25,000 crores Q4 FY26: Guidance firmed up to a hard target of INR 25,000 crores for FY27, reverting to the original target and the high end of the previously diluted range.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 34.4%, net profit down 127.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,02,785 | 1,13,166 | 1,11,230 | 1,12,551 | 1,04,946 +2% | 1,19,029 +5% | 1,18,701 +7% | 1,51,277 +34% |
| EBITDA | 4,517 | 7,456 | 7,737 | 9,678 | 9,761 +116% | 11,687 +57% | 9,634 +25% | -4,055 −142% |
| Net profit | 2,297 | 3,806 | 4,392 | 6,839 | 6,191 +170% | 7,188 +89% | 5,625 +28% | -1,873 −127% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −4.2% 1Y
1Y: ₹317.95 on 10 Sept 2025 → ₹304.5. High ₹388.3 (9 Feb 2026), low ₹271.3 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +2.5%
- 20 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.3% a year over 3 years, FY23 to FY26. Operating margin widened to 9.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹473.2k Cr | ₹448.1k Cr | ₹440.3k Cr | ₹455.2k Cr |
| Operating profit | ₹10.9k Cr | ₹43.9k Cr | ₹25.3k Cr | ₹40.8k Cr |
| Operating margin | 2.3% | 9.8% | 5.8% | 9.0% |
| Interest | ₹3.9k Cr | ₹4.1k Cr | ₹3.6k Cr | ₹3.0k Cr |
| Depreciation | ₹6.4k Cr | ₹6.8k Cr | ₹7.3k Cr | ₹7.9k Cr |
| Net profit | ₹2.1k Cr | ₹26.9k Cr | ₹13.3k Cr | ₹25.8k Cr |
| Net margin | 0.5% | 6.0% | 3.0% | 5.7% |
| Cash from operations | ₹12.5k Cr | ₹35.9k Cr | ₹23.7k Cr | ₹50.8k Cr |
| Free cash flow | ₹4.0k Cr | ₹26.4k Cr | ₹8.6k Cr | ₹31.5k Cr |
| ROCE | 7.0% | 32.0% | 16.0% | 26.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹4.3k Cr | ₹4.3k Cr |
| Reserves | ₹51.5k Cr | ₹49.8k Cr | ₹51.4k Cr | ₹73.5k Cr | ₹89.7k Cr | ₹95.9k Cr |
| Borrowings | ₹54.5k Cr | ₹64.5k Cr | ₹69.4k Cr | ₹54.6k Cr | ₹53.0k Cr | ₹54.4k Cr |
| Other liabilities | ₹52.9k Cr | ₹71.1k Cr | ₹65.2k Cr | ₹72.2k Cr | ₹81.1k Cr | ₹94.0k Cr |
| Total liabilities | ₹161.0k Cr | ₹187.5k Cr | ₹188.1k Cr | ₹202.4k Cr | ₹228.0k Cr | ₹248.6k Cr |
| Fixed assets | ₹64.1k Cr | ₹83.9k Cr | ₹86.7k Cr | ₹86.8k Cr | ₹101.9k Cr | ₹93.6k Cr |
| Capital work in progress | ₹17.0k Cr | ₹15.4k Cr | ₹16.2k Cr | ₹20.2k Cr | ₹15.3k Cr | ₹32.9k Cr |
| Investments | ₹26.8k Cr | ₹23.6k Cr | ₹26.8k Cr | ₹26.6k Cr | ₹30.0k Cr | ₹30.1k Cr |
| Other assets | ₹53.1k Cr | ₹64.6k Cr | ₹58.4k Cr | ₹68.8k Cr | ₹80.7k Cr | ₹91.9k Cr |
| Total assets | ₹161.0k Cr | ₹187.5k Cr | ₹188.1k Cr | ₹202.4k Cr | ₹228.0k Cr | ₹248.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +1.39 pp while DIIs trimmed −1.11 pp. The shareholder count shrank 5% to 10,50,341.
- Promoters
- 53.0%
- FIIs
- 16.8%
- DIIs
- 21.1%
- Government
- 0.9%
- Public
- 8.3%
Since Jun 2025
- FIIs +1.39 pp
- DIIs −1.11 pp
- Public −0.21 pp
How it drifted, 12 quarters
Over this window FIIs went from 13.0% to 16.8% — +3.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 53.0%, FIIs 13.0%, DIIs 22.5%, Government 0.9%, Public 10.2%, Others 0.3%.Dec '23: Promoters 53.0%, FIIs 14.2%, DIIs 22.1%, Government 0.9%, Public 9.4%, Others 0.3%.Mar '24: Promoters 53.0%, FIIs 16.8%, DIIs 21.3%, Government 0.9%, Public 8.0%.Jun '24: Promoters 53.0%, FIIs 15.0%, DIIs 21.3%, Government 0.9%, Public 9.7%.Sep '24: Promoters 53.0%, FIIs 15.4%, DIIs 22.1%, Government 0.9%, Public 8.6%.Dec '24: Promoters 53.0%, FIIs 14.7%, DIIs 22.3%, Government 0.9%, Public 9.1%.Mar '25: Promoters 53.0%, FIIs 14.6%, DIIs 22.2%, Government 0.9%, Public 9.3%.Jun '25: Promoters 53.0%, FIIs 15.4%, DIIs 22.2%, Government 0.9%, Public 8.5%.Sep '25: Promoters 53.0%, FIIs 16.5%, DIIs 21.3%, Government 0.9%, Public 8.3%.Dec '25: Promoters 53.0%, FIIs 18.5%, DIIs 19.6%, Government 0.4%, Public 8.6%.Mar '26: Promoters 53.0%, FIIs 19.6%, DIIs 18.5%, Government 0.4%, Public 8.5%.Jun '26: Promoters 53.0%, FIIs 16.8%, DIIs 21.1%, Government 0.9%, Public 8.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Large & Mid Cap Fund Mutual fund newly disclosed 1.71% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Next Mutual fund newly disclosed 1.25% held
- SBI Arbitrage Opportunities Fund Mutual fund newly disclosed 1.15% held
- DSP Dynamic Asset Allocation Fund Mutual fund newly disclosed 1.09% held
- LICI ULIP-Growth Fund Insurer +0.74 pp 7.52% held
- NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF +0.13 pp 2.14% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of B P C L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 52.98% | unchanged |
| LICI ULIP-Growth Fund Insurer | 7.52% | +0.74 pp |
| NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF | 2.14% | +0.13 pp |
| ICICI Prudential Large & Mid Cap Fund Mutual fund | 1.71% | newly disclosed |
| Teresa Raju Naidu | 1.52% | unchanged |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Next Mutual fund | 1.25% | newly disclosed |
| SBI Arbitrage Opportunities Fund Mutual fund | 1.15% | newly disclosed |
| DSP Dynamic Asset Allocation Fund Mutual fund | 1.09% | newly disclosed |
| Government Of Singapore - E Sovereign | 1.03% | −0.45 pp |
| ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund | — | off the list |
| Kotak Mahindra Trustee Co Ltd A/C Kotak BSE PSU In | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BPCL
Filings to Aug 2026
0 new, 13 added, 5 trimmed, 0 sold out — net −68.15 L shares (−8.0%).
- Held by funds
- ₹2.5k Cr
- 28 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹663 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹663 Cr | held | Dec '22 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹394 Cr | held | Feb '24 |
| SBI PSU Fund SBI Mutual Fund | ₹314 Cr | held | Aug '24 |
| SBI Flexicap Fund SBI Mutual Fund | ₹243 Cr | held | Apr '26 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹232 Cr | +2.30 L | Mar '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹182 Cr | held | Jun '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹115 Cr | held | Dec '22 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹79 Cr | +0.06 L | Mar '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
13 added, 5 trimmed — net −68.15 L shares (−8.0%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹2.5k Cr
- 28 schemes · ≈ 1.8% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹663 Cr · 0.6% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 13y 6m · since Mar '13
Shares held by these funds −49%
Aug '23 8.55 cr shares Jul '26
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse B P C L
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