BPCL · Oil Gas & Consumable Fuels
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin −2.7%, −1,128 bps on the year (−1,080 bps on the quarter).
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Expected for Oil, gas and energy: Inventory gains and losses swing quarterly profit. Net loss −₹1,873 cr against a profit of ₹6,839 cr.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.15 lakh cr | ₹1.17 lakh cr | ₹1.13 lakh cr | ₹1.03 lakh cr | ₹1.13 lakh cr | ₹1.11 lakh cr | ₹1.13 lakh cr | ₹1.05 lakh cr | ₹1.19 lakh cr | ₹1.19 lakh cr | ₹1.51 lakh cr | ₹1.49 lakh cr |
| YoY | — | — | +0% | −0% | −2% | −5% | −0% | +2% | +5% | +7% | +34% | +42% |
| EBITDA margin | 5.4% | 7.7% | 5.0% | 4.4% | 6.6% | 7.0% | 8.6% | 9.3% | 9.8% | 8.1% | −2.7% | 6.0% |
| Other income, % of PBT | 21% | 6% | 21% | 41% | 10% | 18% | 21% | 16% | 7% | 12% | — | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 26% | 26% | 29% | 26% | 23% | 26% | 26% | 28% | — | 26% |
| Net profit | ₹3,181 cr | ₹4,790 cr | ₹2,842 cr | ₹2,297 cr | ₹3,806 cr | ₹4,392 cr | ₹6,839 cr | ₹6,191 cr | ₹7,188 cr | ₹5,625 cr | −₹1,873 cr | ₹4,863 cr |
| YoY | — | — | −73% | −72% | +20% | −8% | +141% | +170% | +89% | +28% | −127% | −21% |
| Core profit YoY | — | — | −77% | −82% | +39% | −23% | +130% | +284% | +89% | +43% | −196% | −16% |
| EPS | ₹7.33 | ₹11.04 | ₹6.55 | ₹5.29 | ₹8.77 | ₹10.12 | ₹15.76 | ₹14.27 | ₹16.57 | ₹12.96 | −₹4.32 | ₹11.21 |
| Flags | · | · | 1 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharat Petroleum Corporation Ltd. reported revenue of ₹1.51 lakh cr (+34.4% on the year) and net profit of −₹1,873 cr (−127.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −196.0% on the year, against −127.4% for reported profit.
None of the 3 checks that could run raised a question.
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