BPCL Q2 FY27 Results Analysis: PAT Falls 21%, Revenue Jumps 30%
BPCL's Q2 FY27 numbers came in soft, with revenue of Rs. 157,817.93 Cr (+29.78% YoY) and PAT growth of -21.46% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 157,817.93 Cr (+29.78% YoY) |
| PAT (Q2) | Rs. 4,863.05 Cr (-21.46% YoY) |
| EBITDA margin | 5.89% (-262 bps YoY) |
| EPS (Q2) | Rs. 11.38 (-21.46% YoY) |
| Market cap | Rs. 122,324.16 Cr |
| CMP | Rs. 281.95 |
Quarter Snapshot
BPCL delivered 29.78% YoY revenue growth and a sharp sequential swing back to profit (standalone PAT Rs.4,993.17 Cr vs Q1 loss of Rs.3,962.13 Cr), but consolidated PAT still fell 21.46% YoY as EBITDA margin compressed to 5.89% from 8.51% on suppressed marketing margins and elevated crude costs. The LPG buffer widened to Rs.17,334.40 Cr despite Rs.3,796.98 Cr of MoPNG compensation, and H1 operating cash flow was negative at Rs.2,982.69 Cr. Capex execution is on track at 37.83% of the Rs.25,000 Cr FY27 guidance, but governance concerns around Audit Committee constitution persist.
Key Investment Insights
Key Positives
- Revenue grew 29.78% YoY to Rs.1,57,817.93 Cr (consolidated), volume-plus-price led
- Refinery throughput rose 6.01% YoY to 10.41 MMT; domestic market sales grew 6.31% YoY to 13.47 MMT
- Export sales grew 63.89% YoY to 0.59 MMT
- Standalone PAT swung from a Q1 loss of Rs.3,962.13 Cr to a profit of Rs.4,993.17 Cr (+Rs.8,955.30 Cr swing)
- H1 capex of Rs.9,457.30 Cr is 37.83% of the Rs.25,000 Cr FY27 guidance; standalone CWIP rose to Rs.21,384.95 Cr from Rs.16,394.07 Cr at Mar-26
- Consolidated debt excluding leases fell Rs.2,556.70 Cr QoQ to Rs.51,217.91 Cr
- FX loss narrowed to Rs.51.03 Cr in H1FY27 from Rs.541.00 Cr in the prior half
- MoPNG LPG compensation of Rs.3,796.98 Cr recognised in H1FY27 revenue per the notified instalment schedule
Risk Factors
- Consolidated PAT fell 21.46% YoY to Rs.4,863.05 Cr while revenue grew 29.78% YoY
- Downstream segment result fell 12.53% YoY with margin down to 4.48% from 6.65% on suppressed marketing margins
- Cumulative net negative LPG buffer widened Rs.5,015.88 Cr in H1 to Rs.17,334.40 Cr despite Rs.3,796.98 Cr of compensation received
- Consolidated EBITDA margin compressed to 5.89% from 8.51% YoY; finance costs rose 56.56% YoY
- H1 consolidated operating cash flow was negative at Rs.2,982.69 Cr and FCF was −Rs.12,439.99 Cr
- Board lacks required independent directors and a woman director; Audit Committee could not be constituted per auditors' limited review
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.