BPCL Q3 FY26 – Margin-Led Earnings Surge

BPCL delivered a strong performance in the December 2025 quarter, with modest revenue growth but a sharp expansion in operating and net profits, driven by improved refining margins and operational efficiency. • Sales: ↑ 5% YoY to ₹1,19,029 crore (vs ₹1,13,166 crore in Dec 2024) • EBIDT: ↑ 57% YoY to ₹11,687 crore (vs ₹7,456 crore) • Net Profit: ↑ 90% YoY to ₹7,188 crore (vs ₹3,806 crore) • EPS: ↑ 89% YoY to ₹16.57 (vs ₹8.77) At a price of ₹349, market cap ₹1,51,479 crore, and PE 6.1, BPCL stands out as a value play with powerful earnings momentum. The sharp rise in profits despite muted sales growth highlights strong margin expansion and operating leverage, reinforcing its position as a key beneficiary of the current refining upcycle.