Bharat Petroleum Corporation Limited · NSE:BPCL
Bharat Petroleum — Q3 FY26 Earnings Presentation
43 slides from Bharat Petroleum's earnings presentation, January 2026
Slide 1: Bharat Petroleum Corporation Limited Investor Presentation
Bharat Petroleum Corporation Limited Investor Presentation January 2026
Slide 2: Disclaimer
Disclaimer 2 No information contained herein has been verified for truthfulness completeness, accuracy, reliability or otherwise whatsoever by anyone. While the Company will use reasonable efforts to provide reliable information through this presentation, no representation or warranty (express or im
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 CAGR ~ 15% 2010 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 F
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 INR 4.4 Lakh Cr $ 8th 285 Recipient of SCOPE Eminence Award Awards 2022-23 India’s 2nd largest Oil India’s 3rd largest Marketin
Slide 7: Our Journey
Our Journey Consistent growth in the last 15 years Consolidated Maharatna* Revenue PAT 2017 INR Cr Ethylene Our History cracker plant & BORL Petchem 5,03,202 13,337 1928: Burmah-Shell (01.07.22) & complex at 2025 formed PDPP BGRL Bina refinery Petchem (16.08.22) announced BORL Project, amalgamated 1
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 80 57 5 Retail Depots LPG Bottling Plants Lube blending plants Distribution Pipeline 3,534 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 Kochi Salem Pipeline Bharat Stars Services 22.50% Indraprastha Gas Ltd. 50.00% 50.00% 12.50% Petronet LNG Ltd. Pvt. Ltd. Pvt. Ltd. 100.00% Delhi Aviation Fuel
Slide 10: Our CSR Initiatives
Our CSR Initiatives ~INR 1600+ Crores spent in last 10 years (FY15-25) Health and Skill Community Environmental Education Sanitation Development (Rural and Slum development) Sustainability Beneficiaries 85L+ 5.5L+ 45k+ 30L+ 18L+ • 70k+ beneficiaries screened • 1000+ students benefit from • Skill Dev
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 26 154 MW operational, 176 Lab scale SMB C
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 (52.4 MMT in FY25) and a market share of 27.44% amongst PSUs Operational excellence and high quality of asse
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 FY25 Russia, UAE and India blocks: Production of 1.783 MMT of oil and 0.91 BCM of gas in FY2
Slide 16: Strong competitive moats leading to solid outcomes (3/3)
Strong competitive moats leading to solid outcomes (3/3) Petrochemicals Green Energy Outcomes Capacity Utilization improved from 71% in FY24 to 76% in FY 25. Construction and installed capacity: 330 MW (154 MW operationalized; 176 MW under construction) Petrochemicals capacity: Target to increase fr
Slide 17: Capex plan of ~INR 1.7 Lakh crores
Capex plan of ~INR 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 r
Slide 18: Major Refinery Projects
Major Refinery Projects Ethylene Cracker Project Polypropylene Project PRFCC Revamp project at Bina Refinery at Kochi Refinery At Mumbai Refinery • Ethylene cracker and downstream • Polypropylene Project with ~INR 5k • Petro Resid Fluidized Catalytic Cracking (PRFCC) petrochemical plants with ~INR 5
Slide 19: Major Projects - Pipeline
Major Projects - Pipeline Major Pipeline Projects Pipeline Capacity (MMTPA) Investment Expected Project (INR 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 4.5 138 March 2
Slide 20: Performance Overview
SECTION 3 Performance Overview 20
Slide 21: Q3 FY26 - Key Highlights
Q3 FY26 - Key Highlights Q3 FY26 INR 7,545 Cr INR 5.29 k Cr 10.51 MMT $13.25/bbl 14.45 MMT Standalone profit in Total standalone Refinery crude Refinery GRM in Q3 Market sales in Q3 FY26 borrowings as of Q3 throughput FY26 Q3 FY26 FY26 119% utilization 141 KL/ month in Q3 FY26 throughput per outlets
Slide 22: FY25 - Key Highlights
FY25 - Key Highlights FY25 INR 13.28k Cr INR 23.28k Cr 40.51 MMT $6.82 /bbl 52.4 MMT Standalone profit in Total standalone Refinery crude Refinery GRM in Highest ever FY25 borrowings as of throughput FY25, highest among Market sales in FY25 PSUs FY25, 115% utilization 145 KL/ month in FY25 throughpu
Slide 23: Financial Performance - Standalone
Financial Performance - Standalone Revenue EBITDA Profit after Tax Net Worth INR k Cr INR k Cr INR k Cr INR k Cr 47 81 533 27 507 500 75 432 29 52 52 22 13 11 13 2 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Financial Ratios FY 22 FY 23 FY 24 FY 25 Total Debt-Equi
Slide 24: Financial Performance - Consolidated
Financial Performance - Consolidated Revenue EBITDA Profit after Tax Net Worth INR k Cr INR k Cr INR k Cr INR k Cr 46 27 81 534 507 501 76 433 28 52 54 13 21 12 12 2 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Financial Ratios FY 22 FY 23 FY 24 FY 25 Total Debt-Eq
Slide 25: Business Segments Overview
SECTION 4 Business Segments Overview 25
Slide 26: Update on key BUs for BPCL as on 31st March 2025
Update on key BUs for BPCL as on 31st March 2025 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, 38.3 33.0 36.9 38.5 39.9 retain 100% marketing rights) Mumbai Refinery 17.5 17.2 12 MMTPA 16.1 15.6 15.6 15.2 14.7 14.5 13.4 13.0 Kochi Refinery 7.7 7.7 15.5 MM
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 FY25 Crude Sourcing FY25 Sulphur Mix Gross refining margin (US $/barrel) Numbers indicate BPCL GRM 20 20.2 23% 15 14.1 47% 10 9.7 53% 77% 6.
Slide 29: 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 30: 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 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 (~INR 50k Crores investment) to be commissioned by 2
Slide 32: Strategic Pipelines Network
2 Strategic Pipelines Network 3534 km long pipeline infrastructure Key advantages & differentiators (2,597 km - Product + 937 km Crude Oil Capacity Utilization for Numbers indicate BPCL pipelines) with 29.1 MMTPA Design capacity POL Pipelines (%) utilization rates (21.3 MMT - Product + 7.8 MMT Crude
Slide 33: Marketing
3 Marketing Strong marketing assets with superior sales Key outcomes performance SBU market sales (MMT) Throughput per outlet vs. Peers (KL/Month) in FY25 51.0 52.4 48.9 0.4 145 2.0 1.9 0.4 42.5 1.7 0.4 7.9 8.4 131 38.7 7.7 129 1.1 0.4 0.8 0.4 7.5 8.1 6.8 8.1 Throughput (KLPM) 7.3 BPCL HPCL IOCL 7.2
Slide 34: Marketing – Key Highlights and Differentiators
3 Marketing – Key Highlights and Differentiators Retail LPG I&C Aviation Lubes • Highest absolute market • Achieved highest ever bottling • Major inroads into STU • Sales of 1.97 MMT and market • Sales volume of 472 TMT in share amongst PSUs in last 15 volume of 8.3 MMT business (e.g., RSRTC,TSRTC,
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 17 global players including Total Energies, Equity Stake in 2 Russian Entities ONGC, Rosnef
Slide 37: Upstream – Global Spread
4 Upstream – Global Spread 0.66 mmtoe production for Q4 FY25 2.64 mmtoe production for FY25 Presence in 4 continents, 6 countries Production 2 TYNGD Development Russia Russia 2 Vankorneft Exploration / Appraisal/ Pre-Development 3 Cauvery Basin* India 3 Cambay Basin 2 Assam-Arakan 1 Lower Zaku
Slide 38: Gas – Performance highlights
5 Gas 1 6.7% 15% BPCL FOOTPRINT * ASPIRATION INR 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 popula
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 ~INR 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 targets 20% ethanol • Govt. announced a target of India Capacity by 2040 production target of blending
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, FY25 Innovative Products • Indian PSU Achievers’ Award for indigenous • Super Absorbent Polymer – in house technology FCC additives • BHARAT HiCAT: Lube Dewaxing catalyst • Best Indigenously Developed Technology • K Model® - Crude blending Solution Award from
Slide 43: Thank You
th Year of Bharat Petroleum Shaping The Future THANK YOU !