EL7.AI
StocksMedium•26 October 2026•
2 min read

India’s BPCL Revenue Rises 29.8% to 1.58 Trillion Rupees in Second Quarter

Key Facts

1Revenue from operations rose 29.8% to 1.58 trillion rupees in the second quarter of fiscal 2027.
2Total expenses increased 32.8% to 1.52 trillion rupees, and the cost of raw materials consumed rose 44.2%.
3The gross refining margin was $32.53 a barrel, compared with $10.78 a year earlier.
4Refinery throughput rose 6% to 10.41 million tonnes in the second quarter.

Bharat Petroleum, India’s BPCL, reported a 29.8% year-on-year increase in revenue from operations to 1.58 trillion rupees in the second quarter of fiscal 2027, Reuters reported, citing the company. Government compensation for losses on domestic liquefied petroleum gas sales supported revenue, with the compensation reported for April-September totaling 37.97 billion rupees. Total expenses, meanwhile, rose 32.8% to 1.52 trillion rupees in the quarter. The cost of raw materials consumed increased 44.2% year on year, raising input costs for a business that combines refining and fuel marketing. Reuters reported that weaker marketing margins on some products weighed on earnings, while higher refining margins provided a partial offset.

Company data showed an improvement in refinery activity, with throughput rising 6% year on year to 10.41 million tonnes in the second quarter. Domestic sales increased 6.33% to 13.47 million tonnes, while exports rose 64% during the period. Growth in throughput and sales reflects an expansion in activity volumes, but did not prevent fuel marketing margins from weighing on earnings. Reuters said higher crude costs pressured retail fuel sales margins because input costs outpaced returns from gasoline and diesel sales. In this context, the company attributed some of the impact of weaker marketing margins to a volatile crude-price environment.

The gross refining margin rose to $32.53 a barrel in July-September 2026, compared with $10.78 in the same period a year earlier, according to data reported by Business Standard. The comparison highlights a significant improvement in refining alongside continued pressure on product marketing, explaining the divergence in the performance of the company’s two businesses. Reuters said global Brent crude prices rose about 40% during the September quarter amid persistent Middle East tensions and supply disruptions. It noted that higher crude prices pressure marketing margins when input costs outpace returns from retail fuel sales. In terms of compensation, BPCL recorded six installments totaling 3,796.98 crore rupees in revenue from operations during the reporting period.