Bharat Petroleum advances Mumbai refinery SAF revamp
after close1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹304.70
- On the day
- +2.63%
- Futures OI, short covering
- -1.8%
- Put-call ratio
- 0.96
- Max pain
- ₹300.00
Bharat Petroleum Corporation Limited signed a licensing agreement with Topsoe to use kerosene hydrotreating technology for sustainable aviation fuel production at its Mumbai Refinery. The project will revamp the existing 4,000 metric tons per day unit to co-process used cooking oil with conventional feedstock. The facility has reached final investment decision, work is already underway, and commissioning is expected by the end of 2026. ⚡
The revamped unit will process 5% renewable feedstock without requiring a new dedicated SAF production facility. That approach allows Bharat Petroleum to use existing refinery infrastructure while adding renewable content to fuel supplied to airlines operating international passenger flights from Indian airports. The agreement also extends a two-decade relationship between Bharat Petroleum and Topsoe.
For the energy sector, the project supports India’s developing domestic SAF ecosystem and links refinery upgrades with aviation decarbonisation requirements. The announcement does not disclose the investment value, expected SAF output, or the commercial terms of the licensing agreement, so those figures remain key gaps for assessing the project’s earnings contribution. ✈️
OI Charts data for 04 Nov 2026 showed Bharat Petroleum closing at ₹304.70, up 2.6% on the day, with volume of 3,457,657 shares. The stock gained 6.2% over five sessions but remained below its 52-week high of ₹391.65 recorded on 05 Feb 2026; its 52-week low was ₹266.60 on 02 Apr 2026.
In derivatives, futures open interest fell 1.8% to 43,525,050 shares as the stock rose, indicating short covering. The futures price was at a 0.07% discount to spot, while the put-call ratio stood at 0.96. For the 23 Nov 2026 expiry, max pain was ₹300, with the largest call open interest at ₹300 and the largest put open interest at ₹290.
Investors will watch the commissioning timeline, disclosures on SAF production capacity and project economics, and any updates on supply arrangements with airlines. The ₹300 call open-interest zone and ₹290 put open-interest zone are the immediate derivatives levels highlighted by OI Charts data.
Source: Biofuels International Magazine, 05 Nov 2026
Not investment advice. For informational purposes only.