BPCL Q4 Results: One-off impairment drags profit, but margins beat estimates

State-owned Bharat Petroleum Corporation Ltd (BPCL) reported a mixed set of fourth-quarter earnings on May 19, with operating performance beating Street expectations even as profit remained under pressure due to a large exceptional impairment charge.

Net profit for the March quarter came in at ₹3,192 crore, below the CNBC-TV18 poll estimate of ₹3,610 crore. Revenue stood at around ₹1.2 lakh crore, also lower than expectations of ₹1.38 lakh crore.

However, EBITDA for the quarter beat estimates sharply, coming in at ₹10,061 crore against the CNBC-TV18 poll estimate of ₹6,980 crore. EBITDA margin stood at 8.5%, significantly ahead of Street expectations of 5%.

On a sequential basis, net profit declined 57.7% from ₹7,545 crore, while EBITDA fell 13.8% from ₹11,676 crore. EBITDA margin moderated from 9.7% in the previous quarter.

The company reported exceptional items worth ₹4,349 crore during the quarter linked to impairment of investments in its subsidiary Bharat PetroResources Ltd (BPRL). BPCL said the impairment was recognised following changes in the prospects of certain blocks operated by BPRL.

The company added that cumulative impairment losses on investments in BPRL stood at ₹11,313.83 crore as of March 31, 2026.

BPCL also reported foreign exchange losses of ₹1,644.22 crore during FY26, compared with ₹357.96 crore in the previous financial year.

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Ahead of the earnings announcement, shares of Bharat Petroleum Corporation closed 2.2% higher at ₹286.90 on the NSE.

BPCL is one of India’s largest state-run oil marketing companies, with businesses spanning fuel retailing, refining, petrochemicals and upstream energy investments.