BPCL posted an 89% year-on-year increase in consolidated net profit for the December quarter at Rs 7,188 crore, compared with Rs 3,806 crore in the corresponding period last year. The profit after tax for the quarter is attributable to the owners of the company.
Revenue from operations for the third quarter of FY26 stood at Rs 1.36 lakh crore, marking a 7% increase from Rs 1.28 lakh crore reported in the same quarter of the previous financial year.
Alongside its quarterly results, BPCL announced a second interim dividend of Rs 10 per share for FY26. The company has fixed Monday, February 2, 2026, as the record date to determine the eligibility of shareholders entitled to receive the dividend.
During the quarter, BPCL’s total expenses rose to Rs 1.27 lakh crore, compared with Rs 1.14 lakh crore in Q2FY26 and Rs 1.23 lakh crore in Q3FY25. The expenses were incurred on account of costs such as materials consumed, purchase of stock-in-trade, excise duty and finance costs, among others.
The company’s operating performance was supported by an improvement in refining margins. BPCL reported an average Gross Refining Margin (GRM) of $9.68 per barrel for the nine months ended December 31, 2025, compared with $5.95 per barrel in the corresponding April–December period of 2024.
The balance sheet also showed improvement, with BPCL’s debt-to-equity ratio declining to 0.38 in Q3FY26 from 0.58 in Q3FY25.Following the earnings announcement, Elara Capital maintained its Buy rating on BPCL, with a target price of Rs 457. This implies a potential upside of about 30% from the current market price of around Rs 349.
The brokerage said that strong refining margins continue to drive earnings growth, while losses in the LPG segment have declined, aided by government compensation, improving visibility on profitability. It also highlighted BPCL’s near-zero gross debt position, which strengthens the company’s balance sheet.
However, Elara Capital cut its FY27 and FY28 earnings per share estimates by 3% and 5%, respectively, citing the impact of a weaker rupee. The brokerage added that the target price has been rolled forward to FY28.
At about 11:30 am, BPCL shares were trading at Rs 355 per share, higher by 2% from the last close.
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