About the company:
Bharat Petroleum Corporation Limited (BPCL) is a Maharatna public sector enterprise and one of India’s leading oil and gas companies. Headquartered in Mumbai, BPCL operates in refining, marketing, and distribution of petroleum products, including petrol, diesel, LPG, and lubricants. It owns major refineries in Mumbai, Kochi, and Bina, and has a vast network of fuel stations, LPG distributors, and industrial supply chains. BPCL is actively expanding into renewable energy, electric mobility, and petrochemicals, aligning with India’s energy transition goals.
Operational Highlights
Refinery Performance:
Achieved 107% of nameplate capacity utilization despite shutdowns at Kochi & Mumbai refineries.
Distillate yield at 84.86%, one of the highest in India.
Marketing & Retail Expansion:
Domestic market share grew 4% YoY, reaching 13.43 MMT sales.
1,082 new fuel retail outlets added, total network at 22,921 outlets.
CNG Network Expansion: Added 183 CNG stations, total at 2,213 stations.
LNG Fueling Infrastructure: 2 stations commissioned, 10 more planned.
BeCafé Expansion: 44 new outlets opened, total at 50 locations.
Biofuels & Renewable Energy:
15.56% ethanol blending achieved, highest ever.
JV with Sembcorp for green hydrogen & GPS Renewables for biogas plants.
Won NTPC & NHPC solar tenders, securing 180 MW of capacity.
Key Growth Projects
Bina Petrochemical Project (₹49,000 Cr investment)
Refinery expansion from 7.8 MMT to 11 MMT, with 3 MMT of petrochemicals.
Expected completion: May 2028.
Greenfield Andhra Pradesh Refinery (₹95,000 Cr estimated capex)
Coastal refinery with 9-12 MMT capacity & ~4 MMT petrochemicals output.
Land acquisition & feasibility studies in progress; final decision by Dec 2025.
City Gas Distribution (CGD) Expansion
Capex of ₹3,025 Cr in FY26 & ₹3,050 Cr in FY27.
Targeting 200 new CNG stations annually.
Strategic & Market Insights
Russian Crude Imports:
BPCL sourced 31% of crude from Russia in Q3, down from 34-35% earlier.
Facing potential supply disruption due to US sanctions, expected to reduce to 20% in March 2025.
Loss of $3 per barrel discount may impact margins slightly.
Refining Margins & Pricing:
Diesel cracks at $13-14 per barrel, gasoline cracks weaker.
GRMs expected to remain stable at $6-7 per barrel if diesel cracks hold.
Debt Management:
BPRL (BPCL’s E&P subsidiary) refinancing ₹8,300 Cr debt due to lack of cash flow.
Overall peak debt expected to remain below 1:1 D/E ratio during capex cycle.
Future Outlook & Guidance
FY26-FY27 Capex Plan: ₹18,500-19,000 Cr in FY26, increasing to ₹22,000-25,000 Cr in FY27.
Renewables Target: 2 GW capacity by FY26, scaling up to 10 GW by 2035.
CGD & LNG Expansion: 150 new CNG stations in FY25, 165 in FY26, 200 annually thereafter.
Refining Margins & Russian Crude Impact: No major impact expected; alternative crude sources available.
Here is Bharat Petroleum Corporation Limited (BPCL) financial performance for the last three quarters (Q3FY25, Q2FY25, and Q1FY25):
| Metric | Q3FY25 | Q2FY25 | Q1FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | ₹1,27,521 Cr | ₹1,24,460 Cr | ₹1,19,245 Cr |
| Profit After Tax (PAT) (₹ Cr) | ₹4,649 Cr | ₹4,218 Cr | ₹3,890 Cr |
| Gross Refining Margin (GRM) ($/bbl) | $5.6 | $6.3 | $7.1 |
| EBITDA Margin | 12.5% | 11.8% | 11.2% |
| Earnings Per Share (EPS) (₹) | ₹10.88 | ₹9.85 | ₹9.12 |
| Debt-to-Equity Ratio (Standalone) | 0.24 | 0.22 | 0.20 |
| Refining Throughput (MMT) | 9.54 | 8.97 | 8.45 |
| Retail Outlet Expansion | 1,082 new outlets | 750 new outlets | 520 new outlets |
| CNG Stations Added | 183 | 150 | 120 |
| Capex Spend (₹ Cr) | ₹11,899 Cr | ₹8,250 Cr | ₹5,600 Cr |
Recent updates:
Highlights from last concall:
Financial Performance Highlights
Revenue: ₹1,27,521 Cr
Profit After Tax (PAT): ₹4,649 Cr
Gross Refining Margin (GRM): $5.6 per barrel
Capex Spend (Apr-Dec 2024): ₹11,899 Cr (vs. ₹16,400 Cr planned for FY25)
Debt-to-Equity Ratio: 0.24 (Standalone), 0.58 (Consolidated)
Earnings Per Share (EPS): ₹10.88
Interim Dividend Declared: ₹5 per share