BPCL Q1 Results 2026 LIVE: Bharat Petroleum Corporation Limited faces a volatile quarter as the company navigates extreme crude oil price swings and a major divergence between refining margins and domestic demand. The board meeting is scheduled for July 22, 2026, to consider the audited financial results and recommend a dividend for FY2026.
Bharat Petroleum Corp. Ltd. is expected to report a steep loss for the June quarter, mainly due to marketing losses incurred after a rise in crude oil prices, freight, and insurance costs caused by the war in West Asia. These higher costs could not be passed on to consumers by way of higher pump prices for fuels, including liquefied petroleum gas.
BPCL Q1 Preview
Brokerage firm Kotak Institutional Equities said adjusted for LPG compensation, BPCL likely to report EBITDA loss of Rs185 bn due to higher crude costs and very high likely losses in petrol and diesel marketing. LPG under-recoveries will increase significantly in Q1.
“We assume BPCL to account for Rs19.0 bn LPG compensation in this quarter. We expect OMCs to have adventitious loss on large inventories procured amid declining prices in second half,” the firm said.
The brokerage firm further said, “We assume (1) reported GRM of US$23/bbl (versus US$4.9/bbl yoy, US$17.8/bbl qoq), (2) crude throughput at 10.3 mmt (down 1.2% yoy, down 1.0% qoq), (3) auto fuel under-recovery of ~Rs270 bn (versus ~Rs66 bn under-recovery qoq, Rs80 bn over-recovery yoy), (4) under-recovery on domestic LPG of Rs64 bn (versus Rs13.4 bn qoq), (5) LPG compensation of Rs19.0 bn and (6) adventitious loss of US$2/bbl in refining and US$2/bbl in marketing.”
