Government owned Bharat Petroleum Corporation Limited, BPCL, reported a strong set of numbers for Q3FY26. On a consolidated basis, the net profit jumped 88.9% to Rs 7,188.40 crore from Rs 3,805.94 crore in the same quarter a year ago. The Maharatna PSU’s result brought out strong operational performance, even as global crude supply dynamics shifts.
Revenue Growth & Refining Margins
BPCL recorded a 7.1% on year growth in operating revenue at Rs 1.36 trillion, higher compared to Rs 1.27 trillion in Q3FY25. The company also mentioned an average gross refining margin at $9.68 per barrel for nine months ending December 31, 2025, considerably higher compared to $5.95 per barrel a year ago. A sharp rise in refining margins, along with better operational efficiency, has emerged as one of the key triggers behind the earnings surge.
Dividend Declaration
The company declared an interim dividend of Rs 10 per share to its shareholders. The record date would be February 2, 2026. Registered holders of BPCL shares as of the said date would be entitled to receive the payout, reflecting the commitment of the company in rewarding investors in view of the strong performance on the financial statements.
Strategic Crude Oil Procurement
In a deliberate move, BPCL has planned to procure 12 million barrels of crude oil from Brazil’s Petrobras. The purchase price will be around $780 million inFY27. The proposed deal is twice as large as the one inked in 2026. It is a development in a large initiative aimed at reducing reliance on Russian oil, amid sanctions and fluctuations in the supply chain. The deal is expected to be finalised during India Energy Week next week.
Outlook & Market Implications
The strong financial performance reported by BPCL during the quarter and its proactive stance towards crude procurement have paved the way to tackle the volatility of the international market. When refining margins and international crude volumes increase, BPCL is geared to maintain its steady growth and continue to add value to its shareholders.
