BPCL Q3 FY26 Results: Net Profit Surges 89% to ₹7,188 Crore; Dividend Declared
27, January 2026. By -Kaushik
The energy giant Bharat Petroleum Corporation Limited (BPCL) has released its financial results for the third quarter of the fiscal year 2025-26 (Q3 FY26). The Maharatna PSU has delivered a blockbuster performance, surpassing market expectations with a massive surge in profitability and a healthy dividend for its shareholders.
BPCL Q3 FY26 Results: Key Financial Highlights
The December quarter proved to be a milestone for BPCL, driven by robust refining margins and stable domestic demand. Below are the standout figures from the consolidated report:
Net Profit: The company reported a consolidated net profit of ₹7,188.4 crore, marking a staggering 89% year-on-year (YoY) increase compared to ₹3,805.9 crore in the same quarter last year.
Revenue from Operations: Revenue grew by 7.1% YoY, reaching ₹1.36 lakh crore, up from ₹1.27 lakh crore in Q3 FY25.
EBITDA & Margins: The operating margin saw a significant boost, improving to 6.77% from 3.75% in the previous year, reflecting better operational efficiency.
Quarter-on-Quarter (QoQ) Growth: Sequentially, the net profit rose by 16.1% compared to the ₹6,191.5 crore recorded in Q2 FY26.
The Dividend Bonus: ₹10 Per Share
In a move that delighted investors, the BPCL Board of Directors declared a second interim dividend of ₹10 per equity share (100% of the face value of ₹10 each) for the financial year 2025-26.
Key Dates for Investors:
Record Date: Monday, February 2, 2026.
Payment Date: On or before February 21, 2026.
This brings the total interim dividend for FY 2025-26 to ₹17.5 per share, underscoring BPCL’s commitment to rewarding its loyal shareholders.
What Drove BPCL’s Massive Profit Growth?
Several factors converged to help the state-run oil marketing company (OMC) achieve these record-breaking numbers:
1. Strong Gross Refining Margins (GRM)
The primary driver was the jump in refining margins. For the nine-month period ending December 2025, BPCL’s average GRM stood at $9.68 per barrel, a significant leap from the $5.95 per barrel recorded in the corresponding period of 2024.
2. Operational Excellence
Refinery throughput increased to 10.51 million metric tonnes (MMT) during the quarter, compared to 9.54 MMT in Q3 FY25. The refineries operated at an impressive capacity utilization of 119%.
3. Sales Momentum
Domestic petroleum product sales grew by nearly 5%, reaching 14.07 MMT. Gains were seen across the board in LPG, Petrol (MS), and Aviation Turbine Fuel (ATF).
Strategic Moves: Moving Away from Russian Oil
Alongside the financial results, news emerged that BPCL is set to sign a deal with Brazil’s Petrobras to buy 12 million oil barrels in fiscal 2027. This strategy is part of a broader effort to diversify crude sources and reduce dependence on Russian oil amid shifting global dynamics.
Market Reaction
Following the announcement, BPCL shares saw a slight correction, closing around ₹349.30 on the NSE. Despite the minor dip on the result day, analysts remain “Bullish” on the stock due to its attractive valuation (P/E ratio of approx 7x) and high dividend yield of over 5%.
Final Verdict
BPCL’s Q3 FY26 results reflect a “quality refiner” at its peak. With doubled profits over the nine-month period and a strong balance sheet (debt-to-equity falling to 0.38), the company is well-positioned for the upcoming quarters.
Disclaimer
This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred.
