Bharat Petroleum Corporation Q2 FY27 results: net profit down 21.5% to ₹4,863 crore, revenue up 29.8%

How did Bharat Petroleum Corporation perform in Q2 FY27?

Bharat Petroleum Corporation reported Q2 FY27 consolidated revenue of ₹1,57,818 crore, up 29.8% from ₹1,21,605 crore in Q2 FY26. EBITDA fell 8.1% to ₹8,973 crore, and the margin declined 2.3 percentage points to 5.7%. Profit before tax fell 19.6% to ₹6,235 crore, while net profit declined 21.5% to ₹4,863 crore and basic EPS decreased from ₹14.49 to ₹11.38.

Revenue was down 1.1% from ₹1,59,527 crore in Q1 FY27. EBITDA moved from a loss of ₹4,055 crore to a profit of ₹8,973 crore, and the margin improved 8.2 percentage points to 5.7%. Profit before tax moved from a loss of ₹3,617 crore to a profit of ₹6,235 crore, while net profit moved from a loss of ₹1,873 crore to a profit of ₹4,863 crore; basic EPS moved from negative ₹4.38 to ₹11.38.

On the standalone basis, revenue was ₹157778.58 crore and net profit was ₹4993.17 crore, compared with revenue of ₹157778.58 crore and profit before tax of ₹6442.53 crore for the preceding period.

What changed in Bharat Petroleum Corporation's costs and profit?

Total expenses rose 32.5% year on year to ₹1,51,933 crore, exceeding the 29.8% increase in revenue. Cost of materials was the largest increase, rising ₹22,979 crore or 44.2% to ₹74,969 crore. Finance costs rose ₹157.83 crore or 18.9% to ₹991.09 crore, and depreciation rose ₹138.43 crore or 7.1% to ₹2,097 crore.

Other expenses fell ₹5,643 crore or 23.7% to ₹18,201 crore, while employee cost declined ₹85.33 crore or 9.8% to ₹789.05 crore. Other income fell ₹603.34 crore or 63.3% to ₹349.43 crore. There was no exceptional item in Q2 FY27, compared with an exceptional charge of ₹165.87 crore in Q2 FY26.

Tax expense fell ₹456.35 crore or 21.2% to ₹1,697 crore. The filings did not state a reason for the year-on-year movement in cost of materials, other income or profit, beyond reporting the respective figures and changes.

How did the first half of FY27 go?

For the first half of FY27, consolidated revenue rose 26.3% to ₹3,17,344.98 crore from ₹2,51,219.39 crore in H1 FY26. Total income increased 26.1% to ₹3,18,943.71 crore from ₹2,52,921.87 crore.

Profit before tax fell 83.1% to ₹2,617.79 crore from ₹15,470.28 crore, while net profit declined 77.1% to ₹2,990.35 crore from ₹13,030.51 crore. Basic EPS fell to 7.0 from 30.5.

What do the balance sheet and cash flow show?

Total assets rose to ₹261518.8 crore at 30 September 2026 from ₹248616.03 crore at 31 March 2026, while total equity increased to ₹101463.89 crore from ₹100170.26 crore. Borrowings rose to ₹51217.91 crore from ₹43481.91 crore, and cash increased to ₹376.45 crore from ₹319.99 crore.

Inventories rose to ₹58636.26 crore from ₹53303.95 crore, trade receivables increased to ₹7865.15 crore from ₹4980.48 crore, and trade payables were ₹42589.44 crore against ₹42654.24 crore. H1 FY27 operating cash flow was negative ₹2982.69 crore, compared with ₹21313.06 crore in H1 FY26; investing cash flow was negative ₹1382.95 crore and financing cash flow was ₹4422.1 crore.

H1 FY27 capital expenditure was ₹8635.18 crore, compared with ₹3689.57 crore in H1 FY26. The company reported no closing cash figure for either cash-flow period.

How has Bharat Petroleum Corporation done over the last 8 quarters?

Revenue reached a period high of ₹159527.05 crore in Q1 FY27 before easing to ₹157817.93 crore in Q2 FY27. Revenue has risen year on year in each of the last six quarters, according to the reported quarterly data.

Profit recovered from a net loss of ₹1872.7 crore in Q1 FY27 to ₹4863.05 crore in Q2 FY27, although it remained below ₹7188.4 crore recorded in Q3 FY26. The EBITDA margin improved from negative 2.5% in Q1 FY27 to 5.7% in Q2 FY27, but remained below the recent peak of 8.6% in Q3 FY26.

Which businesses drove the quarter?

Downstream Petroleum reported revenue of ₹157778.58 crore, up 29.8% from ₹121570.9 crore in Q2 FY26. Segment EBIT was ₹7066.98 crore, compared with ₹8079.2 crore in the year-ago quarter, and the reported EBIT margin was 4.5%.

Exploration & Production of Hydrocarbons reported revenue of ₹39.35 crore, up 16.4% from ₹33.8 crore. Segment EBIT was ₹143.63 crore, compared with ₹145.88 crore in Q2 FY26, and the reported EBIT margin was 365.0%.

What else did the company announce?

On 23 October 2026, the board approved the incorporation of a wholly owned subsidiary in India as a dedicated project company for the proposed Greenfield Refinery & Petrochemical Complex and Associated Facilities at Ramayapatnam, Andhra Pradesh, subject to requisite approvals. The proposed entity would have initial authorised share capital of upto Rs.4900 crores.

The company said the subsidiary would support due diligence, engagement with lenders and potential partners, and development of a financing and partnership structure. Detailed feasibility reports were under finalisation, and the financial investment decision and commitments would be considered separately by the competent authorities. The same-day results filing did not report a dividend, fund raise or new appointment.

What did the auditors point out?

The independent auditors said nothing had come to their attention causing them to believe the standalone statement had not disclosed information required under the Listing Regulations or contained any material misstatement. They stated that they did not express an audit opinion because a review is substantially less in scope than an audit.

The auditors identified an emphasis of matter concerning the wholly owned subsidiary Bharat PetroResources Limited. BPRL’s share in assets, liabilities, income and expenditure in its Indian block or joint ventures was based on the latest unaudited financial statements or billing statements provided by the respective operators. The excerpt also notes that BPRL Ventures BV had taken over the balance stake in BPRL Brasil Limitada, making it an indirect wholly owned subsidiary.

What did Bharat Petroleum Corporation's management say?

The company filed a link to the transcript of the conference call held on 26 October 2026, covering the unaudited results for the quarter and half year ended 30 September 2026. The available filing does not contain management’s statements on guidance, priorities, risks or analysts’ questions.

How did Bharat Petroleum Corporation shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock was up 3.0% after five minutes, 2.9% after 15 minutes and 2.2% after 30 minutes. On the reaction day, it closed up 2.0% from the previous close; by the next day’s close, it was up 4.8%, and by five sessions later, it was up 3.5%.

The Refineries & Marketing industry median was up 1.0% on the reaction day, 2.9% by the next day’s close and 5.2% by five sessions later. BPCL’s excess move was 1.0 percentage point on the reaction day, 1.9 percentage points by the next day’s close and negative 1.7 percentage points by five sessions later.

Earlier reaction-day moves were mixed: the stock was down 3.1% on 22 July 2026, up 2.2% on 19 May 2026 and up 2.4% on 23 January 2026. It had also fallen 4.5% on 25 October 2024 and 4.0% on 19 July 2024.

How did other Refineries & Marketing companies do?

Seven other Refineries & Marketing companies were compared, with a median revenue growth of 26.0% as of 4 November 2026. Five peers grew more slowly than BPCL and one grew faster. Four of the six peers for which profit was compared reported higher profit.