BPCL Q4 results 2026 LIVE: Net profit plunges 58% QoQ to ₹3,191 crore

The company booked an impairment charge of ₹4,349.13 crore on its investment in Bharat Petro Resources Limited due to weakening prospects in certain oil and gas blocks. The cumulative impairment loss on BPRL investments stood at ₹11,313.83 crore as of March 31, 2026, as per the company's earnings filing.

Bharat Petroleum Corporation reported its March quarter results, with net profit falling marginally by 1% year-on-year to ₹3,191 crore from ₹3,214 crore posted in the same period last year.

However, profit plunged 57.7% on a sequential basis, impacted by a sharp rise in exceptional items, which stood at ₹4,349 crore.

Revenue from operations during the reporting quarter rose to ₹1,34,896 crore from ₹1,26,864 crore a year ago, but moderated 1.2% quarter-on-quarter.

Its refinery throughput stood at 10.40 MMT, while domestic sales came in at 13.86 MMT, registering a 3.28% year-on-year growth.

The corporation had a net cumulative negative buffer of ₹12,318.52 crore as of March 31, 2026.

The government approved compensation of ₹7,594 crore towards domestic LPG under-recoveries, of which five equal monthly instalments aggregating to ₹3,164.15 crore were recognised under revenue from operations.

KIE assumes (1) reported GRM of US$19/bbl (versus US$9.2/bbl yoy, US$13.3/bbl qoq); (2) crude throughput at 10.5 mmt (down 0.8% yoy, flat qoq); (3) auto fuel under-recovery of ~Rs66 bn (versus ~Rs29 bn over-recovery qoq, Rs46 bn over-recovery yoy); (4) 4QFY26 losses on domestic LPG of Rs21 bn (versus Rs4.7 bn qoq); (5) LPG compensation of Rs19 bn; and (6) adventitious gain of ~US$4/bbl in both refining and marketing.

While impact of sharply elevated crude oil prices in March will mostly be seen in 1QFY26, still RM costs will rise on higher oil prices, and weaker INR. While reported GRM will look optically strong, marketing losses will be high on both own refinery productions and on third party product purchases. With sharply higher prices, LPG under-recoveries should increase despite lower volumes.

— Kotak Equities

For BPCL, Kotak Institutional Equities (KIE) expect EBITDA to decline 28% QoQ (down 3.2% YoY).

BPCL stock price ends 2.21% higher at ₹287.05 as the global crude oil prices decreased marginally and as OMCs undertook second price hike in a week. Investors are now focused on the company's Q4 earnings.

• Expect refinery throughput at 10.4mmt.
• Expect marketing sales (excluding exports) volumes of 14mmt (flat QoQ) during the quarter.
• Expect reported GRM at USD18/bbl, with blended gross marketing margin at INR1.3/lit.

Watch out for updates on the expansion of Bina refinery and the construction of Andhra Refinery and Petrochemical complex.

Analysts at ICICI Securities expect BPCL's Q4 PAT to fall 64% YoY and 78% QoQ. They see a 39% YoY rise in revenue in Q4Fy26 although EBITDA could decline 51%.

Emkay Global expects BPCL to post a 21.8% YoY and 46% QoQ decline in profit after tax to ₹3559.4 crore for the fourth quarter of FY26 even though sales could rise 38% YoY and 30.3% QoQ. EBITDA could come under pressure with a 9.5% decline on a YoY basis and a 33% fall QoQ.

Crude oil prices and refining cracks witnessed a sharp uptick in Mar-26, driven by global supply disruption amid the Middle East conflict. Consequently, benchmark GRMs strengthened to USD9/bbl from USD6/bbl QoQ, led by a significant QoQ uptick in middle distillate spreads (HSD and kero).

However, OMCs’ diesel marketing margins turned negative to Rs1.0/ltr in Q4FY26 (vs +Rs3.7/ltr in Q3FY26), while petrol margins declined 14% QoQ to Rs8.2/ltr, impacted by higher crude prices, elevated cracks, and rupee depreciation. Brent averaged at ~USD81/bbl in Q4, up 27% QoQ, and closed higher at ~USD126/bbl, resulting in significant inventory gains; however, factoring in the limited inventory holding, we have built in inventory gains of USD3.0/bbl for OMCs.

— Emkay Global

OMCs’ Q4FY26 YoY performance could be weaker driven by markedly higher retail fuel losses and a sharp rise in LPG under-recovery (est. loss of >300/cyl in Mar’26; average of INR 190/cyn in Q4), partially offset by resilient GRMs.

Board of Directors of Bharat Petroleum Corporation Limited are slated to meet on Tuesday, 19th May 2026, to consider and approve the financial results for the quarter and financial year ended 31st March, 2026.