It’s Saturday, January 24, 2026, and if you’re a shareholder of Bharat Petroleum (BPCL), your morning coffee probably tastes a bit better today. The state-run oil giant just released its Q3 results, and the numbers are—to put it mildly—swinging for the fences.
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The thing is, net profit didn’t just grow; it nearly doubled. Or nothing.
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BPCL Q3 Results: Field Notes
It’s an ongoing situation where refining margins are doing the heavy lifting. Here’s the ground reality of the “Maharatna” performance:
The Profit Explosion: Consolidated net profit shot up by 88.8% to hit ₹7,188.4 crore. For context, this time last year, they were sitting at $₹3,805.9$ crore. The thing is, even sequentially (compared to Q2), the profit is up 16%. Those too.
Refining Magic (GRMs): This is the kicker. Their Average Gross Refining Margin (GRM) for the nine months ended December hit 9.68 per barrel. Compare that to just $5.95 last year. Let’s be real—when you make nearly $4 extra on every barrel you process, the cash piles up fast.
The Dividend Treat: The board didn’t just report numbers; they shared the wealth. They’ve declared a second interim dividend of ₹10 per share. And here’s the kicker—the record date is set for February 2, 2026. If you want that cash, you need those shares in your demat by then.
Operational Muscle: Refinery throughput—basically how much crude they’re pumping through their pipes—increased to 10.51 million tonnes. It’s an ongoing situation where they’re running at peak efficiency to meet rising domestic demand.
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BPCL Q3FY26 Financial Snapshot
| Metric | Q3 FY26 (Current) | Q3 FY25 (Year Ago) | Change (%) |
| Net Profit | $₹7,188.4$ Cr | $₹3,805.9$ Cr | +88.8% |
| Revenue | $₹1.36$ Lakh Cr | $₹1.27$ Lakh Cr | +7.1% |
| Refining Margin | $9.68$ / bbl | $5.95$ / bbl | +62.6% |
| Dividend | $₹10$ / share | $₹5$ / share (prev) | +100% |
| Market Sales | 14.07 MMT | 13.43 MMT | +4.8% |
And Here’s the Kicker…
The thing is, BPCL also just announced a massive 780 million deal with Brazil’s Petrobras to double their crude oil sourcing. It’s a deliberate move to shift away from Russian oil as sanction dynamics keep changing in 2026. Or nothing.
One side comment—the stock price actually dipped about 1.4% yesterday to close around $₹349$ despite the good news. Let’s be real—the market had already “priced in” the record profit, and some investors took the opportunity to cash out. Those too.
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End…
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