- Net profit, standalone · Q2 FY27 (July to September 2026)4,993.17 Rs crore loss of Rs 3,962.13 crore in Q1 FY27
- Net profit, standalone, first half · H1 FY27 (April to September 2026)1,031.04 Rs crore Rs 12,566.46 crore in H1 FY26
- Net profit, consolidated · Q2 FY274,863.05 Rs crore Rs 6,191.49 crore in Q2 FY26
- Gross refining margin (BPCL) · Q2 FY2732.53 US$ a barrel US$10.78 a barrel in Q2 FY26
- Marketing inventory gain/(loss) · Q2 FY27-330 Rs crore gain of Rs 895 crore in Q2 FY26
Bharat Petroleum Corporation Limited (BPCL) reported standalone net profit of Rs 4,993.17 crore for the quarter ended 30 September 2026 (Q2 FY27), against a loss of Rs 3,962.13 crore in Q1 FY27 and a profit of Rs 6,442.53 crore in Q2 FY26. Its board approved the results on 23 October 2026. They are unaudited: joint statutory auditors M M Nissim & Co LLP and Manohar Chowdhry & Associates carried out a limited review of both the standalone and the consolidated statements, which their reports say is substantially less in scope than an audit, so they do not express an audit opinion.
| Measure | Q2 FY27 | Q1 FY27 | Q2 FY26 | H1 FY27 | H1 FY26 |
|---|---|---|---|---|---|
| Standalone net profit/(loss), Rs crore | 4,993.17 | (3,962.13) | 6,442.53 | 1,031.04 | 12,566.46 |
| Consolidated net profit/(loss), Rs crore | 4,863.05 | (1,872.70) | 6,191.49 | 2,990.35 | 13,030.51 |
| Standalone basic and diluted EPS, Rs (not annualised) | 11.69 | (9.27) | 15.08 | 2.41 | 29.41 |
Source: Bharat Petroleum Corporation Ltd, unaudited financial results for the quarter and half year ended 30 September 2026 (NSE filing), Quarter and half year ended 30 September 2026. Figures in brackets are losses.
For April to September 2026 (H1 FY27), standalone net profit was Rs 1,031.04 crore, against Rs 12,566.46 crore in H1 FY26. The filing says the lower profit "is mainly due to suppressed marketing margin on certain petroleum products which was partially offset by higher refining margin." The notes also disclose an LPG buffer: when the market-determined price of LPG cylinders is below their effective cost to customer, BPCL books the difference to a separate account and does not recognise that revenue. The cumulative net negative buffer was Rs 17,334.40 crore at 30 September 2026, up from Rs 12,318.52 crore at 31 March 2026.
The investor handout BPCL filed later on 23 October 2026 puts its gross refining margin at US$32.53 a barrel in Q2 FY27, against US$10.78 in Q2 FY26, and at US$36.90 for H1 FY27. It shows a marketing inventory loss of Rs 330 crore in the quarter, against a gain of Rs 895 crore a year earlier, and a foreign-exchange loss of Rs 397 crore, against Rs 561 crore.
On a consolidated basis, which takes in subsidiaries such as Bharat PetroResources Limited (BPRL) and BPCL's share of joint ventures and associates, net profit was Rs 4,863.05 crore in Q2 FY27, against a loss of Rs 1,872.70 crore in Q1 FY27 and a profit of Rs 6,191.49 crore in Q2 FY26. Consolidated H1 FY27 profit includes an exceptional gain of Rs 1,884.56 crore, booked in Q1 FY27, from reclassifying a foreign currency translation reserve to profit and loss.
The auditors' reports also flag, without modifying their conclusions, that BPCL lacked the required number of independent directors throughout the half year and had no woman director on its board. Because no independent directors were available, BPCL says, it could not form an audit committee when the results were approved, so the board of directors reviewed and approved them itself.
- Bharat Petroleum Corporation Ltd, unaudited financial results for the quarter and half year ended 30 September 2026 (NSE filing), 23 Oct 2026, 15:41 CEST
- Bharat Petroleum Corporation Ltd, investor handout for Q2 FY27 results (NSE filing), 23 Oct 2026, 20:02 CEST