BPCL Q4 Results FY26: Revenue Down 4%, PAT Falls 19%

What BPCL reported for the March quarter

Bharat Petroleum Corporation Limited (BPCL) posted a weaker set of consolidated numbers for Q4 FY25-26, with revenue and profit both declining year-on-year. Revenue from operations came in at ₹1,26,916 crore, down 4% from ₹1,32,087 crore in the same quarter last year. Consolidated net profit (PAT) fell 19% to ₹3,447 crore versus ₹4,224 crore a year ago. The company indicated that profitability was affected by lower refining margins and exceptional items.

BPCL’s update is closely tracked because it sits at the intersection of refining and fuel marketing, where earnings can swing with crude prices, refining spreads, product demand, and one-off accounting adjustments. The Q4 print also arrives during a busy results calendar for Indian listed companies, with several large-cap names scheduled to announce numbers around the same period.

Key financial highlights: revenue, profit, EBITDA and EPS

The topline softened in the March quarter, and operating profit also declined. EBITDA for Q4 FY25-26 was ₹9,640 crore, down 8.8% from ₹10,567 crore in Q4 FY24. Total income stood at ₹1,27,721 crore compared to ₹1,32,594 crore last year, a decline of 3.7%. Basic and diluted earnings per share (EPS) came in at ₹10.28 versus ₹11.23 in the year-ago quarter.

While the reported declines were moderate at the revenue level, the sharper drop in profit highlights the sensitivity of BPCL’s earnings to changes in refining economics and exceptional charges. The company also declared a final dividend of ₹5 per share.

Lower GRM and exceptional items weighed on profitability

BPCL flagged two key factors behind the weaker profitability in Q4 FY25-26. First, the average gross refining margin (GRM) was materially lower at $1.82 per barrel, compared with $14.14 per barrel a year ago. Second, exceptional items related to impairment in subsidiaries also dragged earnings.

Lower refining margins typically compress the earnings contribution from refining operations, especially when the base effect is a strong quarter in the previous year. At the same time, exceptional items can magnify the year-on-year decline in reported profit even if underlying operations remain stable.

Refining and marketing volumes: throughput and sales mix

Operationally, BPCL reported an increase in refinery throughput year-on-year. Refinery throughput was 10.58 MMT in Q4 FY25-26 compared to 10.36 MMT in Q4 FY24. Market sales rose to 13.42 MMT from 13.18 MMT.

The export picture, however, was softer. Export sales were 1.82 MMT in Q4 FY25-26 versus 2.09 MMT a year ago. This shift in the sales mix matters because refining and marketing realisations, product cracks, and margins can differ between domestic and export channels.

Dividend and per-share earnings

BPCL declared a final dividend of ₹5 per share alongside the quarterly performance update. The company’s EPS (basic and diluted) for the quarter stood at ₹10.28, down from ₹11.23 in the year-ago period.

For investors, the combination of lower EPS and a declared final dividend is typically read alongside the broader earnings drivers highlighted by the company, particularly GRM and exceptional items. The article data provided does not include additional details on payout ratios or record dates.

Results season context: BPCL among key names on the calendar

The broader earnings season remains busy, with multiple lists in the provided text outlining day-wise schedules between May 18 and May 23, 2026. In those lists, BPCL is included among companies set to declare earnings on May 19, alongside Bharat Electronics, Zydus Lifesciences and others.

Separately, another excerpt in the provided text mentions a board meeting on Tuesday, May 12, 2026, to consider and approve financial results for the quarter and financial year ended March 31, 2026. The dataset also contains a mention that BPCL is scheduled to announce results on May 8, 2026. Because these dates appear in different parts of the provided material, readers typically rely on the latest exchange filing on BSE or NSE for the final schedule.

What the quarter indicates for BPCL’s earnings drivers

Two datapoints stand out from the quarter. The first is the sharp year-on-year drop in GRM from $14.14 per barrel to $1.82 per barrel, which aligns with management’s indication that refining margins weakened. The second is the reference to impairments in subsidiaries being booked as exceptional items, which weighed on reported profitability.

At the same time, the operating volume indicators included in the text show stability to modest growth in domestic market sales and refinery throughput, even as export volumes declined. Together, these points suggest that the earnings pressure highlighted in the quarter was driven more by margin and exceptional-item effects than by a collapse in operating activity.

Summary table: BPCL Q4 FY25-26 vs Q4 FY24

Conclusion

BPCL’s Q4 FY25-26 results showed a 4% year-on-year decline in revenue and a 19% fall in net profit, with the company pointing to weaker refining margins and exceptional impairment-related items as key reasons. Operating metrics such as refinery throughput and market sales improved year-on-year, while export sales declined. For timelines and any additional disclosures around the board meeting and results publication, the relevant exchange filings remain the primary reference point.