Bharat Petroleum posts strong Q2 profit as duty risks rise
Bharat Petroleum reported ₹9,000 cr Q2 EBITDA and ₹4,993 cr profit, with 117% refinery runs and a ₹1.7 lakh cr capex plan. Diesel export duty changes and LPG under-recoveries remain near-term risks for margins.
after close1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹284.90
- On the day
- -1.49%
- Futures OI, short build-up
- +0.9%
- Put-call ratio
- 0.87
- Max pain
- ₹290.00
Bharat Petroleum Corporation reported strong second-quarter operating performance, with standalone EBITDA of ₹9,000 cr and profit of ₹4,993 cr. Refinery runs reached 117%, sales stood at 14.06 MMT and the refining margin was $32.5 per barrel. The company also outlined a ₹1.7 lakh cr capex plan spanning refining, gas, petrochemicals and green energy ⚡.
The earnings strength came alongside a changing policy and supply backdrop. The government raised the diesel export duty to ₹11.5 per litre and reduced the petrol export duty to zero for the fortnight beginning 31 Oct 2026. The changes directly affect state-owned oil marketers and may pressure product-market economics in the near term, particularly if export realisations weaken. LPG under-recoveries remain another earnings consideration for the downstream energy sector.
Bharat Petroleum said Russian crude accounted for about 37% of its purchases during the July–September quarter, while supply sourcing shifted toward the Middle East. That mix leaves margins sensitive to crude differentials, freight costs, refining spreads and future trade-policy decisions. The planned investment programme increases the company’s long-term exposure to refining, gas and lower-carbon businesses, but also keeps execution and funding requirements in focus.
OI Charts data for 30 Oct 2026 showed the stock at ₹284.90, down 1.5% on the day, with volume of 2,802,435 shares. It had declined 1.1% over five sessions and 5.7% over 20 sessions, while remaining within its ₹266.60–₹391.65 52-week range. Futures open interest rose 0.9% in a short build-up, with a 0.87 put-call ratio and a 0.35% futures premium.
For the 23 Nov 2026 expiry, ₹300 carried the largest call and put open interest, while max pain was also ₹290. These levels provide the immediate derivatives map as traders assess whether the earnings support can offset duty changes and operating risks. The next focus is the impact of the fortnightly duty regime on product margins, LPG compensation or pricing developments, and progress on the announced capex programme
Source: TradingView, 02 Nov 2026
Not investment advice. For informational purposes only.