Earnings Review
BPCL posts net loss in Q1 after 14 qtrs on high oil prices
This story was originally published at 17:55 IST on 22 July 2026
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--BPCL Apr-Jun net loss INR 39.62 bln
--Analysts saw BPCL Apr-Jun net loss at INR 118.86 bln
--BPCL Apr-Jun revenue INR 1.59 tln
--Analysts saw BPCL Apr-Jun revenue at INR 1.35 tln
--BPCL Apr-Jun net loss INR 39.62 bln vs INR 61.24 bln net profit yr ago
--BPCL Apr-Jun revenue INR 1.59 tln vs INR 1.30 tln year ago
--BPCL Apr-Jun domestic market sales 13.62 mln tn vs 13.58 mln tn year ago
--BPCL Apr-Jun refinery throughput 10.15 mln tn vs 10.42 mln tn year ago
--BPCL Apr-Jun excise duty paid INR 82.50 bln vs INR 170.63 bln
--BPCL Apr-Jun net revenue INR 1.51 tln vs INR 1.13 tln year ago
By Pratyush Kumar
MUMBAI – Oil refining and marketing company Bharat Petroleum Corp. Ltd. posted a lower than expected net loss for the June quarter despite the high cost of crude oil and a jump in the purchase of stock-in-trade. The company's revenue for the June quarter rose sharply on year as well as sequentially. BPCL's revenue beat the Street's expectations by a wide margin. The company reported a loss for the first time in 14 quarters.
The state-owned oil marketing company posted a net loss of INR 39.62 billion for the June quarter, a turnaround from a profit of INR 61.24 billion in the year-ago quarter. Analysts had expected the company to post a loss of INR 118.86 billion in the June quarter.
The company's net revenues for the quarter grew around 34.5% on year to INR 1.51 trillion, excluding excise duty of INR 82.5 billion. Including this duty, the company posted a revenue from operations of INR 1.59 trillion. The revenues beat analysts' expectations of INR 1.35 trillion.
The company's refinery throughput fell to 10.15 million tonnes from 10.42 million tonnes in the year-ago quarter. Domestic market sales of the refining major rose marginally to 13.62 million tonnes from 13.58 million tonnes in the year-ago quarter.
Bharat Petroleum's other income for the June quarter rose 67% to INR 12.53 billion. This includes INR 3.45 billion of foreign exchange gains. The loss for the June quarter was mainly due to suppressed marketing margin on sales of petroleum products which was partially offset by higher refining margin, the company said.
The company said it received a total of almost INR 19 billion from the government in the June quarter as compensation for under recoveries on sales of petroleum products in the financial year 2025-26 (Apr-Mar). This helped reduce the loss for the June quarter, the company said.
The oil refiner's outstanding debt, excluding lease liabilities, increased 62% on year to INR 174 billion in the June quarter. The company's debt-to-equity ratio rose to 0.19 from 0.12 in the year-ago quarter. Bharat Petroleum's shares ended at INR 314 on the National Stock Exchange, down 1.7% after the earnings were announced. End
Edited by Shubhayan Bhattacharya
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