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Shares of Bharat Petroleum Corporation Ltd. (BPCL) rose over 2 per cent on Monday after the oil marketing company reported a 168 per cent year-on-year (Y-o-Y) jump in standalone net profit in the September quarter.
The OMC's stock rose as much as 2.55 per cent during the day to ₹365.9 per share, the biggest intraday rise since October 30 this year. The BPCL stock pared gains to trade 1.65 per cent higher at ₹362.6 apiece, compared to a 0.05 per cent decline in Nifty 50 as of 12:18 PM.
Shares of the company rose to the highest level since October 1, 2024 and currently trade at 0.6 times the average 30-day trading volume, according to Bloomberg. The counter has risen 25 per cent this year, compared to a 9 per cent advance in the benchmark Nifty 50. BPCL has a total market capitalisation of ₹1.6 trillion.
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BPCL Q2 results
The company reported a 168 per cent Y-o-Y jump in standalone net profit at ₹6,442 crore for the second quarter of 2025-26 (Q2FY26) on the back of improved gross refining margin (GRM) and lower crude oil prices. BPCL’s revenue from operations rose 2.54 per cent Y-o-Y in Q2FY26 to ₹1.21 trillion from ₹1.18 trillion last year.
The company reported an average GRM of $7.77 per barrel (bbl) in the first six months of the current financial year (H1FY26) as against $6.12/bbl in H1FY25. Refining margin refers to the profit booked on turning a barrel of crude oil into refined products.
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BPCL’s petroleum sales increased 2.26 per cent Y-o-Y in Q2FY26 to 12.67 million tonnes (mt) from 12.39 mt last year. The company’s exports, however, slumped 10 per cent in the quarter from last year. Its refinery throughput declined 4.47 per cent in the quarter to 9.82 mt.
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Analysts in BPCL Q2 earnings
Antique Stock Broking said that BPCL is in the midst of a large capital expenditure cycle, which could act as a minor overhang in the medium term. However, the brokerage noted that the company’s low leverage provides ample headroom for accelerated investments.
Following BPCL’s better-than-expected performance in the September quarter, Antique raised its FY26 Ebitda estimate by 16 per cent and FY27 estimate by 13 per cent to factor in LPG payments, while keeping the FY28 estimate unchanged. It also cut its net debt estimates by 11-16 per cent.
Motilal Oswal Financial Services said that BPCL GRMs have remained at a premium to Singapore GRMs, supported by the company’s continued optimisation of refinery production, product distribution, and crude procurement.
The brokerage noted that while BPCL’s valuation appears reasonable and its marketing performance remains strong, a muted medium-term refining outlook and the start of a new capital expenditure cycle are key concerns. The brokerage reiterated its 'Neutral' rating on the stock with a target price of ₹340 per share.
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