During the post-earnings concall, BPCL management said FY26 gross refining margin stood at $11.74 per barrel and added that crude supplies have been secured until July.

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Bharat Petroleum Corporation (BPCL) shares traded volatile on Wednesday after the state-run oil marketer reported a 28 per cent year-on-year rise in consolidated net profit to around ₹5,625 crore for Q4FY26.The stock slipped to an early low of ₹280.05 before rebounding nearly 2 per cent to touch ₹291.80 against the previous close of ₹286.45.During the post-earnings concall, BPCL management said FY26 gross refining margin stood at $11.74 per barrel and added that crude supplies have been secured until July. The company also said Russian oil processing increased to 31 per cent in the March quarter from 25 per cent in the December quarter. Management further noted that 42 per cent of the Mozambique project has been completed, with the first LNG cargo from the project expected by mid-2028. BPCL also plans FY27 capex of ₹25,000 crore compared with ₹20,400 crore spent in FY26.Brokerage firm Motilal Oswal Financial Services maintained a neutral stance on the stock, saying the earnings beat was driven by higher-than-expected blended gross marketing margins. The brokerage noted that refining throughput stood at 10.4 MMT, while marketing volumes excluding exports rose 3 per cent year-on-year to 13.9 MMT. It also highlighted that BPCL’s cumulative negative net buffer due to LPG under-recoveries stood at ₹12,320 crore as of March 2026, marginally improving from ₹12,880 crore in December 2025. Motilal Oswal added that BPCL’s standalone business has turned net cash positive, with cash and bank balances exceeding total borrowings by ₹640 crore.Meanwhile, Nomura retained a buy rating on BPCL with a target price of ₹460. The brokerage said the company continues to face pressure from fuel marketing losses and LPG under-recoveries, but remains better placed than Hindustan Petroleum Corporation Limited due to its relatively lower marketing exposure.Published on May 20, 2026