Bharat Petroleum Corporation Limited Earnings Summary — Q4 FY2026
Bharat Petroleum Reports Resilient Q4 Results with 17% Net Profit Growth and Strong Operational Performance
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 27.4% sequentially in Q1 FY2027.
- Revenue of ₹1.51 Lakh Cr is 34.4% higher year-on-year.
- Revenue has compounded at 12.3% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹-1,873 Cr is 127.4% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 8.4% annualised across the period.
- Operating margin stands at -2.7% in Q1 FY2027.
- Operating margin compressed by 1128 bps year-on-year.
- Over the last two years operating margin has contracted by 766 bps.
- PBT margin is -2.1%.
- Expenses grew 51.0% against revenue growth of 34.4%.
- Operating profit of ₹-4,055 Cr is 141.9% lower year-on-year.
- Operating leverage has been under pressure recently.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 37/100 (Weak) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 1,51,277 | 1,18,701 | 1,19,029 | 1,04,946 | 1,12,551 | 1,11,230 | 1,13,166 | 1,02,785 | 1,13,095 | 1,16,555 |
| Expenses | Accelerating | 1,55,332 | 1,09,067 | 1,07,343 | 95,185 | 1,02,874 | 1,03,494 | 1,05,710 | 98,268 | 1,07,468 | 1,07,600 |
| Operating Profit | Volatile | -4,055 | 9,634 | 11,687 | 9,761 | 9,678 | 7,737 | 7,456 | 4,517 | 5,627 | 8,955 |
| Operating Margin | Volatile | -2.7% | 8.1% | 9.8% | 9.3% | 8.6% | 7.0% | 6.6% | 4.4% | 5.0% | 7.7% |
| Other Income | Accelerating | 3,535 | 940 | 687 | 1,375 | 1,840 | 1,061 | 548 | 1,278 | 807 | 403 |
| Interest | Softening | 627 | 705 | 657 | 833 | 758 | 919 | 861 | 923 | 889 | 967 |
| Depreciation | Stable | 2,069 | 2,031 | 1,979 | 1,958 | 1,889 | 1,982 | 1,810 | 1,779 | 1,686 | 1,722 |
| Profit Before Tax | Volatile | -3,216 | 7,838 | 9,737 | 8,345 | 8,872 | 5,897 | 5,333 | 3,094 | 3,859 | 6,669 |
| Tax | Volatile | -1,343 | 2,213 | 2,549 | 2,153 | 2,033 | 1,505 | 1,527 | 796 | 1,017 | 1,880 |
| Net Profit | Volatile | -1,873 | 5,625 | 7,188 | 6,191 | 6,839 | 4,392 | 3,806 | 2,297 | 2,842 | 4,790 |
| Net Margin | Volatile | -1.2% | 4.7% | 6.0% | 5.9% | 6.1% | 4.0% | 3.4% | 2.2% | 2.5% | 4.1% |
Key Takeaways
- Revenue for Q4 FY2026 stood at ₹1,18,701 Cr, showing steady year-on-year growth compared to Mar 2025.
- Net profit increased significantly on a YoY basis to ₹5,625 Cr, although it saw a sequential dip from the previous quarter.
- Operating margins remained resilient at 8%, benefiting from operational efficiencies despite global commodity volatility.
- The company has significantly deleveraged its balance sheet, with total borrowings reducing to ₹54,424 Cr by the end of FY2026.
- Refinery throughput and asset utilization remain high across key locations including Mumbai, Kochi, and Bina.
- Other income contributed ₹940 Cr to the bottom line, reflecting steady returns from non-core operations.
- Interest expenses saw a notable decline to ₹705 Cr, down from ₹919 Cr year-on-year, highlighting efficient debt management.
Management Guidance
Management remains focused on 'Project Aspire' for long-term growth and digital transformation. Strategic investments are continuing in biofuels and overseas projects in Brazil to diversify the energy portfolio.
Sentiment Shift
Improving
The transition from a volatile FY23/25 period to a more stable margin environment in FY26, coupled with active debt reduction, indicates improving financial health.
Outlook
The outlook remains cautiously optimistic; while global crude volatility and government pricing interventions pose risks, BPCL's dominant market share and improved balance sheet provide a strong buffer.
From the Annual Report (Key Quotes)
“BPCL is undergoing a capital-intensive phase with massive project investments in Brazil and domestic biofuels.”
“Transparency is high regarding financial reporting and project updates, with a strong focus on digital transformation.”
“The inherent sensitivity to government policy and global commodity cycles remains the primary investment consideration.”
Official Quarterly Documents
Ask AI about this quarter
This summary is AI-generated from Bharat Petroleum Corporation Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.