Bharat Petroleum Corporation Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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BPCL reported a strong quarter with standalone Revenue from Operations of Rs 1,29,577.89 Crores (up 1.2% YoY from Rs 1,28,072.80 Crores) and Net Profit of Rs 6,123.93 Crores, more than doubling from Rs 3,014.77 Crores in Q1 FY25 — a 103% jump. On a consolidated basis, PAT rose even higher to Rs 6,839.02 Crores (vs Rs 2,841.55 Crores, up ~140%). Standalone EPS jumped to Rs 14.33 from Rs 7.06, and consolidated EPS to Rs 16.01 from Rs 6.65. Operating margin expanded sharply to 5.72% (standalone) and 6.32% (consolidated) from 2.73% and 2.68% respectively. However, Gross Refining Margin (GRM) fell to $4.88/barrel from $7.86/barrel, and the LPG under-recovery buffer widened to Rs 12,522.58 Crores. The government approved Rs 30,000 Crores compensation to PSU OMCs but BPCL has not yet recognized its share pending clarity from MoPNG.
Despite weak refining margins and growing LPG under-recoveries, BPCL delivered a sharp jump in profitability driven by improved marketing margins and inventory gains, which should be viewed positively by shareholders. The pending government compensation, if received, could further boost future earnings, while the decline in GRM and non-compliance with the independent directors norm remain points to watch.