Stock correction limits downside in BPCL; Q3 performance meets expectations

Bharat Petroleum Corporation Limited’s (BPCL’s) financial performance during the third quarter of financial year 2025 (Q3FY25) was largely in line with market expectations. Weaker refining performance was offset by strong marketing margins. Operating profit was 6 per cent below estimate with forex and marketing inventory loss (total Rs 1,000 crore). The sharp rise in operating expenditure in Q3FY25 was due to employee dues amounting to Rs 370 crore.

 

BPCL’s reported gross refining margins (GRMs) stood at $5.6 per barrel or bbl ($4.4/bbl in Q2FY25).

 

Refining throughput was 9.5 metric million tonnes or mmt (-3 per cent Y-o-Y). Marketing volumes, excluding