Bharat Petroleum Corporation Limited · NSE:BPCL
Bharat Petroleum — Q4 FY26 Earnings Presentation
43 slides from Bharat Petroleum's earnings presentation, May 2026
Slide 1: Investor Presentation May 2026
Bharat Petroleum Corporation Limited Investor Presentation May 2026
Slide 2: Disclaimer
Disclaimer 2 While the Company will use reasonable efforts to provide reliable information through this presentation, no representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted by the Company or its directors or employees, wit
Slide 3: Table of Contents
Table of Contents PA G E PA G E PA G E PA G E 4 13 20 25 Corporate Strategy Performance Business Segments Overview Overview Overview Overview 3
Slide 4: Corporate Overview
SECTION 1 Corporate Overview 4
Slide 5: Nurturing the Core, Future Big Bets, Moving Towards Net-Zero, Delivering Shareholder Returns
NURTURING THE CORE, FUTURE BIG BETS, MOVING TOWARDS NET-ZERO, DELIVERING SHAREHOLDER RETURNS Best-in-class refining Strong retail assets and Big bets on gas, Sustained growth assets and operational pioneer in marketing petrochemicals & in profit performance initiatives green energy Fueling the next
Slide 6: Introduction
Introduction Conferred with “Maharatna”* status by GoI in 2017 India’s 8th largest 285 ranking on company by turnover Fortune 500 – in 2025 with revenue 2025 global list of ₹ 4.4 Lakh Cr $ 8th 285 Recipient of SCOPE Eminence Award Awards 2022-23 in August 2025 India’s 2nd largest Oil India’s 3rd lar
Slide 7: Our Journey
Our Journey Consistent growth in the last 15 years Consolidated Maharatna* Revenue PAT 2017 PRFCC Project announced at ₹ Cr Ethylene Mumbai Our History cracker plant & Refinery BORL Petchem 5,22,820 25,843 (01.07.22) & complex at New JVs in 1928: Burmah-Shell 2026 PDPP BGRL Bina refinery Renewables
Slide 8: Asset Portfolio
Asset Portfolio Refining & Petrochemicals Assets 3 Refineries 35.3 MMT 0.83 MMT Strategically located Refining Capacity Petrochemicals capacity Storage Infrastructure 81 57 5 Retail Depots LPG Bottling Plants Lube blending plants Distribution Pipeline 3,962 km (including 937 km Vadinar Bina Crude Pi
Slide 9: Major Subsidiaries, JVs & Associates
Major Subsidiaries, JVs & Associates Joint Ventures & Associates Subsidiaries City Gas Aviation Pipelines LNG Distribution Services Upstream 22.50% Indraprastha Gas Ltd. Kochi Salem Pipeline Bharat Stars Services 50.00% 50.00% 12.50% Petronet LNG Ltd. Pvt. Ltd. Pvt. Ltd. 100.00% 25.00% Bharat Petro
Slide 10: Our CSR Initiatives
Our CSR Initiatives ~₹ 1926 Crores spent in last 12 years (FY15-26) Health and Skill Community Environmental Education Sanitation Development (Rural and Slum development) Sustainability Beneficiaries 108.8L+ 6.6L+ 45.5K+ 31L+ 18L+ • 70k+ beneficiaries screened across • Project Akshar: Enhancing • Sk
Slide 11: BPCL Net Zero Roadmap
BPCL Net Zero Roadmap Our target is to achieve Scope 1 and Scope 2 net-zero emissions by 2040 % Scope 1 & 2 emission savings targeted* 9% 9% 100% 14% 19% 20% 29% Renewable Green Energy Bio-CNG Energy CCUS Hydrogen Efficiency Offsets Total BPCL is setting up 26 251 MW operational, 100 15 TPD CO₂ capt
Slide 12: Strategy Overview
SECTION 2 Strategy Overview 12
Slide 13: Our strategic framework for FY24-FY29 to fuel growth
Our strategic framework for FY24-FY29 to fuel growth Grow share in India’s energy mix Net-zero by 2040 1 Nurture the Core 2 Future Big Bets Digital A Refining B Marketing C Upstream A Gas B Petrochemicals C Green Energy D Non-fuel E Ventures Expansion of Bina Market leadership in Commercialization o
Slide 14: Strong competitive moats leading to solid outcomes (1/3)
Strong competitive moats leading to solid outcomes (1/3) Refineries Marketing Outcomes Asset capacity: 35.3 MMTPA currently, potential to expand to 45 MMTPA Highest ever domestic market sales (54.18 MMT in FY26) and a market share of 27.27% amongst PSUs Operational excellence and high quality of ass
Slide 15: Strong competitive moats leading to solid outcomes (2/3)
Strong competitive moats leading to solid outcomes (2/3) Upstream Gas Outcomes Diversified portfolio: Investments across 15 blocks spanning 6 countries Upward growth trajectory: 2x CGD sales volume growth in FY26 Russia, UAE and India blocks: Production of 1.68 MMT of oil and 0.96 BCM of gas in FY26
Slide 16: Strong competitive moats leading to solid outcomes (3/3)
Strong competitive moats leading to solid outcomes (3/3) Petrochemicals Green Energy Outcomes Petrochemicals capacity: Target to increase from ~0.83 to ~3.2 MMTPA (8% share in product Construction and installed capacity: 351 MW portfolio) (251 MW operationalized; 100 MW under construction) Niche Pet
Slide 17: Capex plan of ~₹ 1.7 Lakh crores
Capex plan of ~₹ 1.7 Lakh crores Key capex guardrails Planned Capex CAPEX committed* Refineries & Differentiated long term bets with measurable 75k Cr 75k Cr# Petrochemicals goals, linked to future cash flows CGD/ Gas 25k Cr 15k Cr Prudent capital allocation, tied to a positive business case and ret
Slide 18: Major Refinery Projects in Progress
Major Refinery Projects in Progress Ethylene Cracker Project Polypropylene Project PRFCC Revamp project at Bina Refinery at Kochi Refinery At Mumbai Refinery • Ethylene cracker and downstream • Polypropylene Project with ~₹ 5k • Petro Resid Fluidized Catalytic Cracking (PRFCC) petrochemical plants w
Slide 19: Major Projects in progress – Pipeline
Major Projects in progress – Pipeline Major Pipeline Projects Pipeline Capacity (MMTPA) Investment Expected Project (₹ Cr) Completion Krishnapatnam – Hyderabad 2.6 1,926 Commissioned Multiproduct in January 2026 Irugur – Devangonthi 3.5 1,725 September 2026 Multiproduct Piyala Terminal – Jewar 4.5 1
Slide 20: Performance Overview
SECTION 3 Performance Overview 20
Slide 21: Q4 FY26 - Key Highlights
Q4 FY26 - Key Highlights Q4 FY26 ₹ 3,191 Cr ₹ 10.48 k Cr 10.40 MMT 143 KL/ 13.86 MMT Standalone profit in Total standalone Refinery crude month Market sales in Q4 FY26 borrowings as of Q4 throughput throughput per Q4 FY26 FY26 outlets, highest among OMCs 118% utilization in Q4 FY26 21 Note: GRM – Gr
Slide 22: FY26 - Key Highlights
FY26 - Key Highlights FY26 ₹ 23,303 Cr ₹ 10.48k Cr 41.15 MMT $11.74 /bbl 54.2 MMT Standalone profit in Total standalone Refinery crude Refinery GRM in Highest ever FY26 borrowings as of throughput FY26, highest among Market sales in FY26 PSUs FY26 116% utilization 139 KL/ month in FY26 throughput pe
Slide 23: Financial Performance - Standalone
Financial Performance - Standalone Revenue EBITDA Profit after Tax Net Worth ₹ k Cr ₹ k Cr ₹ k Cr ₹ k Cr 47 95 533 45 27 81 23 75 523 29 52 507 13 500 13 2 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Financial Ratios FY 23 FY 24 FY 25 FY 26 Total Debt-Equity 0.69
Slide 24: Financial Performance - Consolidated
Financial Performance - Consolidated Revenue EBITDA Profit after Tax Net Worth ₹ k Cr ₹ k Cr ₹ k Cr ₹ k Cr 534 46 45 27 26 523 81 76 28 507 13 54 501 12 2 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Financial Ratios FY 24 FY 24 FY 25 FY 26 Total Debt-Equity 1.13 0
Slide 25: Business Segments Overview
SECTION 4 Business Segments Overview 25
Slide 26: Update on key BUs for BPCL as on 31 March 2026
Update on key BUs for BPCL as on 31 March 2026 st Refining Pipelines Marketing Upstream 1 2 3 4 Gas Petrochemicals Green Energy Digital Ventures 5 6 7 8 26
Slide 27: Refining Coverage
1 Refining Coverage Bina Capacity Refining Capacity Refining Throughput Refinery Numaligarh - 3.1 MMTPA (stake divested on 26th March 2021, 33.0 36.9 38.5 39.9 40.5 41.2 retain 100% marketing rights) Mumbai Refinery 17.7 17.5 17.2 12 MMTPA 16.1 16.1 15.6 15.6 15.2 14.7 14.5 13.4 13.0 Kochi Refinery
Slide 28: Refining – Crude sourcing and GRM
1 Refining – Crude sourcing and GRM Flexibility in crude sourcing and Sulphur Capturing value from refining with competitive mix for refineries GRM performance FY26 Crude Sourcing FY26 Sulphur Mix Gross refining margin (US $/barrel) Numbers indicate BPCL GRM 20 20.2 24% 15 14.1 45% 11.7 55% 10 9.7 7
Slide 29: Refining – Kochi Refinery
1 Refining – Kochi Refinery Capacity and throughput • Largest PSU refinery with 15.5 MMTPA capacity with throughput consistently exceeding designed capacity (>100%* over last 5 years) • Potential for expansion to 18 MMTPA Crude source and product flexibility • Designed to process 100 % HS Crude oil,
Slide 30: Refining – Mumbai Refinery
1 Refining – Mumbai Refinery Capacity and throughput • 12 MMTPA capacity, with throughput consistently exceeding nameplate capacity (>120%* over last 5 years) • Potential for expansion to 16 MMTPA • Lowest SOX emission refinery of country (< 10 T/d) High value product portfolio • High value products
Slide 31: Refining – Bina Refinery
1 Refining – Bina Refinery Capacity and throughput • 7.8 MMTPA refinery – under expansion to reach 11 MMTPA capacity • ~80% of throughput is transportation fuel – MS,HSD, ATF Diversification to petrochemicals • New 2.2 MMTPA Petrochemicals complex (~₹ 50k Crores investment) to be commissioned by 202
Slide 32: Strategic Pipelines Network
2 Strategic Pipelines Network 3962 km long pipeline infrastructure Key advantages & differentiators (3,025 km - Product + 937 km Crude Oil Capacity Utilization for Numbers indicate BPCL pipelines) with 31.3 MMTPA Design capacity POL Pipelines (%) utilization rates (23.5 MMT - Product + 7.8 MMT Crude
Slide 33: Marketing
3 Marketing Strong marketing assets with superior sales Key outcomes performance SBU market sales (MMT) 54.2 Throughput per outlet vs. Peers (KL/Month) in FY26 51.0 52.4 48.9 139 42.5 125 120 34.4 32.7 33.4 Throughput (KLPM) 32.4 BPCL HPCL IOCL 26.4 • Retail: Highest throughput per outlet v/s OMC pe
Slide 34: Marketing – Key Highlights and Differentiators
3 Marketing – Key Highlights and Differentiators Retail LPG I&C Aviation Lubes • Highest ever market share • Achieved highest ever bottling • First Ever supply of All weather / • Sales of 2.2 MMT and market • Achieved growth of 6.1% on amongst PSUs of 29.81% in volume of 8.3 MMT Xtreme Grade Diesel
Slide 35: Marketing – Digital initiatives across segments
3 Marketing – Digital initiatives across segments HelloBPCL Urja IRIS Unified mobile application as one-stop shop for Conversational AI Chatbot unifying customer Tech-driven Remote Management System of field sales and service activities for all BPCL customers interactions into a consistent omnichann
Slide 36: Upstream - BPRL's Story over the years
4 Upstream - BPRL’s Story over the years… BPCL pursues its upstream investments through wholly owned subsidiary called BPRL Diversified portfolio with investments across 15 blocks along with Partnerships with 12+ global players including Total Energies, Equity Stake in 2 Russian Entities ONGC, Rosne
Slide 37: Upstream – Global Spread
4 Upstream – Global Spread ✓ 0.62 mmtoe production for Q4 FY26 ✓ 2.64 mmtoe production for FY26 ✓ Presence in 4 continents, 6 countries 2 TYNGD Russia 2 Vankorneft 1 Cauvery Basin 2 Cauvery Basin India 3 Cambay Basin 2 Assam-Arakan Indonesia 1 Nunukan 2 BM-SEAL-11 Brazil 1 BM-C-30 1 Lower Zakum UAE
Slide 38: Gas – Performance highlights
5 Gas 1 6.7% → 15% BPCL FOOTPRINT * ASPIRATION ₹ 15K Crores 2023 India’s target for increase in share of gas 2030 3x footprint by FY29 Capex over next 5 years in energy mix committed by BPCL Key JVs Infrastructure build out Supply security 52 GAs 0.85 MMTPA Major JVs • Covers 19% of India’s populati
Slide 39: Petrochemicals
6 Petrochemicals Market outlook Petrochemical • Indian demand for polymers is expected grow ~5% until 2040, driven by rising consumer income, and infrastructure investment Capacity • India’s petrochemical per capita consumption at 10-12 kg compared to global average of 30-35 kg, leaving considerable
Slide 40: Green Energy
7 Green Energy Plans to invest ~₹ 10k Cr in the business as capex in next 5 years Renewable Green EV Energy Hydrogen Biofuels Charging • India aims for 500 GW RE • Indian govt. has set a • India achived 20% ethanol • Govt. announced a target of India Capacity by 2040 production target of blending by
Slide 41: Digital Ventures
8 Digital Ventures Winning formula Options being considered Break traditional mindsets to liberate BPCL as incubator for future new talent unicorns in the energy space (atleast $1B market cap in 5 years) Build a separate culture conducive for Explore various modes for scaling start-up up in-house in
Slide 42: BPCL R&D – Key Highlights
BPCL R&D – Key Highlights Recognitions, FY26 Innovative Products •CII Industrial IP Award 2025 for excellence in IP • X-treme Winter Grade Diesel — for extreme creation and management. cold weather mobility •CII Industrial Innovation Award 2025 for Net • Winter Grade LPG — Designed specifically for
Slide 43: Thank You
Petroleum 0 a THANKYOU!