Bharat Petroleum Corp. Ltd.: Strong FY26, 1QFY27 uncertain; sovereign linkages anchor bonds, MW BPCLIN ‘27

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Bharat Petroleum Corp. Ltd.: Strong FY26, 1QFY27 uncertain; sovereign linkages anchor bonds, MW BPCLIN ‘27

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Bharat Petroleum Corp. Ltd.

Strong FY26, 1QFY27 uncertain; sovereign

linkages anchor bonds, MW BPCLIN ‘27

Earnings Review

FY26: Stronger margins, cash flows drive deleveraging 21 May 2026

Bharat Petroleum Corp. Ltd. (BPCL) reported 7% YoY increase in its 4QFY26 net-revenue Global Emerging Markets | Corporate

to INR1,187bn taking full-year top-line up by 3% to INR4,552bn. The group’s quarterly Credit

EBITDA margin improved by about 150bpYoY to 8.5%, driving 30% pick-up in 4QFY26 Asia | India

EnergyEBITDA to INR101bn and 62% hike in FY26 EBITDA to INR412bn. Management incurred

capex of INR194bn in FY26, up from INR151bn in FY25, and paid dividends of INR7bn. Jing Peng

Strong operating cash flows more than compensated for higher capex and dividend Research Analyst

Merrill Lynch (Hong Kong)

payments, driving net 11% YoY decline in total borrowings to INR544bn and net- +852 3508 3105

debt/EBITDA down to 0.8x from 1.8x a year back. jing.peng2@bofa.com

Rachna Jain, CFA

Operationally, 4Q refinery throughput remained broadly stable at 10.4mn tons but Research Analyst

Merrill Lynch (Singapore)

marketing sales volumes improved by 4% YoY to 14.2mn tons, with steady growth rachna.jain2@bofa.com

across petrol, diesel and aviation turbine fuel. While 4QFY26 GRM numbers are not Asia Pacific Credit Rsch Grp

available (3QFY26: USD13.3/bbl, 4QFY25: USD9.2/bbl), the metric increased in the 4Q, Merrill Lynch (Singapore)

per management, on the back of inventory gains amid rising crude prices – average of See Team Page for List of Analysts

USD73/bbl in the 4Q, +23% from USD59/bbl in the 3Q – and favorable product cracks.