Bharat Petroleum flags sharp capex step-up
Bharat Petroleum guided FY27 capex at ₹25,000 crore, with potential upside to ₹27,500 crore, while FY28 and FY29 spending is set at ₹40,000 crore–₹45,000 crore each. OI Charts data showed a 3.0% stock gain with long build-up in futures.
pre-market1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹290.40
- On the day
- +3.00%
- Futures OI, long build-up
- +4.0%
- Put-call ratio
- 0.78
- Max pain
- ₹300.00
Bharat Petroleum Corporation guided FY27 capital expenditure at ₹25,000 crore during its Q2 FY27 earnings call on 26 Oct 2026. The company said spending could rise by 5% to 10% if project milestones accelerate, taking the potential outlay to about ₹26,250 crore–₹27,500 crore. FY28 and FY29 capex is guided at ₹40,000 crore–₹45,000 crore each, signalling a sustained investment cycle across refining and energy projects ⚡.
The company had already deployed ₹13,749 crore in the first half of FY27, equal to about 55% of the annual target, including ₹9,300 crore in Q2. The spending pace matters for the energy sector because higher project execution can expand refining and downstream capacity, while also increasing near-term funding and execution requirements. Management also indicated that a decision on the Andhra Pradesh refinery was approaching. The call further pointed to a lower share of Russian crude as freight costs reduced its economic advantage.
Capex up to ₹45,000 cr in FY28 and FY29 is the main medium-term operating signal. OI Charts data showed the stock closed at ₹290.40 on 26 Oct, up 3.0%, with volume of 7,563,944. Futures open interest rose 4.0% to 47,692,300 shares, a long build-up that indicated fresh derivatives positioning alongside the day’s price gain. However, the futures traded at a 0.52% discount to the underlying, while the put-call ratio stood at 0.78.
For the near-term options setup, the ₹300 strike was the max-pain level and also carried the largest put open interest. The largest call open interest was at ₹320, creating an overhead positioning zone. The next expiry was 27 Oct 2026, leaving one session for the market to respond to the call commentary. Traders will watch the Andhra refinery decision, project milestones and further updates on crude sourcing. The stock remained below its 52-week high of ₹391.65, recorded on 5 Feb 2026, and had declined 7.4% over 20 sessions despite the latest rebound.
Source: Business Upturn, 26 Oct 2026
Not investment advice. For informational purposes only.