BPCL Q3 FY26 Results: PAT ₹7,545 Cr, Refining Margins Hit USD 13.25/bbl, Debt Falls

Mumbai, Jan 24, 2026: Bharat Petroleum Corporation Limited (BPCL), one of India’s leading oil and gas Public Sector Undertakings (PSUs), has reported robust financial and operational performance for the quarter and nine months ended December 31, 2025, according to the investor handout released on the company’s website and submitted to BSE and NSE.

Record Profit Growth in Q3 FY26

BPCL posted a Profit Before Tax (PBT) of ₹10,094 crore for Q3 FY26, up from ₹6,176 crore in the same quarter last year. Profit After Tax (PAT) surged to ₹7,545 crore, reflecting a 62% year-on-year growth. For the nine months ending December 2025, PAT reached ₹20,112 crore, nearly doubling the ₹10,061 crore recorded in the previous year.

The strong financial performance was supported by favorable market conditions, improved refining margins, and effective cost management.

Refining Margins and Throughput Remain Strong

BPCL’s Gross Refining Margin (GRM) stood at USD 13.25 per barrel for the quarter, compared to USD 5.60 per barrel in Q3 FY25. The Mumbai Refinery GRM was USD 11.41/bbl, Kochi Refinery GRM at USD 12.70/bbl, and Bina Refinery GRM achieved USD 18.17/bbl.

Refinery throughput increased to 10.51 million metric tonnes (MMT) in the quarter from 9.54 MMT a year ago, while nine-month throughput reached 30.75 MMT. The distillate yield remained robust at 84%, and high-sulfur crude accounted for 78% of total crude processed, ensuring maximum efficiency in fuel production.

Marketing Volumes Show Healthy Growth

BPCL reported a total domestic petroleum product sale of 14.07 MMT in Q3 FY26, up from 13.43 MMT in Q3 FY25. Growth was seen across key products:

LPG: 2.42 MMT (up from 2.26 MMT)
MS (Petrol): 2.85 MMT (up from 2.72 MMT)
HSD (Diesel): 6.08 MMT (slightly up from 6.04 MMT)
ATF: 0.55 MMT (up from 0.48 MMT)

Including exports, total petroleum product sales reached 14.45 MMT for the quarter.

Strong Balance Sheet and Debt Management

BPCL’s debt position (excluding IND AS 116 lease liabilities) improved dramatically to ₹5,293 crore, down from ₹19,622 crore last year. Oil bond holdings, including government stock, stood at ₹3,590 crore (face value).

Interest expenditure for April–December 2025 was ₹1,155 crore, while interest income reached ₹1,172 crore, indicating balanced financial management.

Key Takeaways

PAT nearly doubled for the nine months ended December 2025
Refining margins and throughput improved across all major refineries
Domestic sales and exports showed robust growth
Debt levels reduced significantly, strengthening financial health

The investor handout with full operational and financial highlights is available on BPCL’s website: www.bharatpetroleum.in