Interim report
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Sec.3.4.1 23 rd October 2026 The Secretary, BSE Ltd., Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 BSE Scrip Code: 500547 The Secretary, National Stock Exchange of India Ltd., Exchange Plaza, Plot No C/1, G Block, Bandra-Kurla Complex, Mumbai 400051 NSE Symbol: BPCL Dear Sir/Madam, Sub: Unaudited Financial Results for the quarter and half year ended 30th September 2026 In continuation of our letter dated 12 th October 2026 intimating the date of the Board Meeting of the Company, we wish to inform you that the Board of Directors of the Company at its meeting held on 23 rd October 2026, has approved the Unaudited Financial Results for the quarter and half year ended 30th September 2026. A copy of the said statement along with Limited Review Report of the Auditors is enclosed as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statement of deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is not applicable for the quarter ended 30 th September 2026. The meeting of the Board of Directors commenced at 4.30 p.m. and concluded at 7.00 p.m. Thanking you, Yours faithfully, For Bharat Petroleum Corporation Limited (V. Kala) Company Secretary 3-TmT qs:)~~~ ctSTYl~~ToT f&tf?i"e.s BHARAT PETROLEUM CORPORATION LTD. 3mo:mcl5R<l5T~ A Govt. of India Enterprise mw 'lw.,, 4 ~ 6, c!RTBm-U" '15. ~ ~- ~ <ITTffi w. 688. 1~-400 001. w,,: 2271 3000/4000. ~: 2271 387 4 Bharat Bhavan, 4 & 6. Curnmbhoy Road, Ballard Estate, P. B. No.688, Mumbai-400 001. Phone: 2271 3000/4000. Fax: 22713874 Pma:I: info@bharatpetroleum.in website-www.bharatpetroleum in C\N: L23220MH1952GOI008931
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M M NISSIM & CO LLP Chartered Accountants Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai - 400018 Manohar Chowdhry & Associates, Chartered Accountants 603, Bhavya Plaza, 6th Floor, 5th Road, Khar West, Mumbai - 400052 Independent Auditors' Limited Review Report on the Unaudited Standalone Financial Results of Bharat Petroleum Corporation Limited for the quarter and half year ended September 30, 2026 pursuant to the Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Bharat Petroleum Corporation Limited 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Bharat Petroleum Corporation Limited (the "Corporation") for the quarter and half year ended September 30, 2026 ("Statement"), being submitted by the Corporation pursuant to the requirements of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirement s) Regulation s, 2015, as amend ed (the "Listing Regulations") except the disclosures regarding Physical Performance disclosed in Para B of the Statement. 2. This Statement which is the responsibility of the Corporation's Management, has been reviewed and approved by the Corporation's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institut e of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial informat ion consists of making inquiries, primarily of persons responsible for financia l and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordanc e with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Account ing Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and othe r accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the mam1er in which it is to be disclosed, or that it contains any material misstatement. 5. Other Matters a) The Corporation did not comp ly with the requirements relating to optimum combination of Independent Directors on its Board as prescribed under Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 throughout the half year. Further, owing to non-availability of the requisite number of Ind ependent Directors, the Corporation was not in compliance with the requirements relating to Board composition and constitution of mandatory committees as prescribed under Sections 149(4), 177 and 178 of the Companies Act, 2013 and Regulations 18, 19, 20 and 21 of the SEBI Listing Regulations. Further, the Corporation did not have a woman director on its Board, as required under Section 149(1) of the Companies Act, 2013 and consequently not in compliance with Regulation 17(1)(a) of the SEBI Listing Regu lations, which also includes optimum combination of board that requires minimum of one women director. Our conclusion on the Statement is not modified in respect of the above matter. For M M NISSIM & CO LLP Chartered Accountants Firm Registration No: 107122W /W100672 _5?..J0-1',,.- Saomil R Vora Partner Membership No. 135247 UDIN: 26135247 A YWPCV3700 Place: Mumbai Date: October 23, 2026 For Manohar Chowdhry & Associates Chartered Accountants Firm Regish·ation No: 001997S ~ ~ Muthurajan R Parh1er Membership No. 228596 UDIN: 26228596IQUNVQ9247
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Bharat Petro leum Corporation limite d Regd. Office: Bharat Bhavan, 4 & 6, Curri mbhoy Road, Ballard Estate, P.B.No. 688, Mumbai . 400 001 CIN: L23220MH1952GOI008931 Phone: 022 2271 3000 / 4000 Fax: 22713874 email id: info@bhara t petroleum.in Website: www.b haratpet roleum. in STATEM ENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30•• SEPTEMBER 2026 ~ in Crore Quarter Quarter Quarter Half Year Half Year Year Part iculars ended ended ended ended ended ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Audited A. FINANCIAL PERFORMANCE Income I. Revenue from Operat ions (Refer Note 3) 1,57,778.58 1,59,479.28 1,21,5 70.90 3,17,257.86 2,51,148. 79 5,22,668.25 II. Other Income 466.74 1,253.44 1,190.69 1,720.18 1,939.40 3,753.28 Ill. Total Incom e (I + 11) 1,58,245 .32 1,60,732.72 1,22,761.59 3,18,978.04 2,53,088.19 5,26,421.53 IV. Expenses Cost of Materials Consumed 74,969.20 90,588.10 51,990.47 1,65,557 .30 1,05,676.60 2,13,621. 76 Purchase of Stock-in-Trade 53,879.73 65,348.26 38,233.10 1,19,227.99 79,015.92 1,66,445.00 Changes in Inventories of Finished Goods, Stock-in-Trade 1,005.98 (8,368.16) (3,099.48) (7,362.18) (1,764.29) (881.97) and Work -in-Progress Excise Duty 8,737.53 8,250.02 16,658.43 16,987.55 33,721.67 67,592.38 Employee Benefits Expense 780.73 832.22 869.65 1,612.95 1,771.64 3,751.84 Finance Costs 658.76 415.27 420.78 1,074.03 794.29 1,634.00 Depreciation and Amortization Expense 2,092.40 2,065.93 1,951.61 4,158.33 3,833.42 7,844.09 Other Expenses (Refer Note 5) 9,434.88 6,906.26 7,141.48 16,341.14 13,286.89 30,961.30 Tot al Expenses (IV) 1,51,559.21 1,66,037 .90 1,14,166.04 3,17,597.11 2,36,336.14 4,90,968.40 \/. Profit/(Loss) Before Exceptional It ems & Tax (111 • IV) 6,68 6.11 {5,305.18) 8,59 5.55 1,380 .93 16,752.0 5 35,453. 13 VI. Exception al Items • Expenses/(lncome) (Refer Note 6) 4,349.13 VII. Profit/ (Loss) Before Tax (V·VI) 6,686.11 {5,305.18) 8,595.55 1,380.93 16,752.05 31,104.00 VIII. Tax expense: 1. Current Tax 386.77 2,204.01 386.77 4,203.24 9,222.00 2. Defe rred Tax 1,306.17 (1,343.05) (50.47) (36.88) (17.12) (1,420.70) 3. Short/(Ex cess) provision of earlier years (0.52) (0.53) (0.52) Total Tax Expense (VIII) 1,692. 94 (1,343.05) 2,153.02 349. 89 4,185.59 7,800.78 IX.Net Profi t/(Loss) for the period (VII• VIII) 4,993.17 (3,962.13) 6,442 .53 1,031.04 12,566.46 23,303.22 X. Othe r Comp rehensive Income (OCI) (a) Items that will not be reclassified to profit or loss 209.79 (279.73) (11.23) (69.94) 352.81 719.35 (b) Income tax related to items that will not be reclassified (39.63) 44.91 (6.33) 5.28 (77.04) (140.96) to profit or loss Tot al Other Compr ehensive Income (X) 170.16 (234.82) (17.56) (64.66) 275 .77 578.39 XI. Total Comp rehensive Income for the period (IX+X) 5,163.33 (4,196.95) 6,424.97 966.38 12,84 2.23 23,88 1.61 XII. Paid up Equity Share Capital (Face value it 10 each) (Refer Note 4,272.58 4,272.58 4,272.58 4,272.58 4,272.58 4,272.58 7) XIII. Other Equit y excluding revaluation reserves 90,960.16 XIV. Basic and Dilut ed Earni ngs Per Share( ~ per share) (Face value 11.69 (9.27) 15.08 2.41 29.41 54.54 1':10 per share) (Not annualised) (Refer Not e 7) B. PHYSICAL PERFORMANCE 1. Refinery Throughput (MMT) 10.41 10.15 9.82 20.56 20.24 41.15 2. Market Sales (MMT) • Domest ic Sales 13.47 13.62 12.67 27.09 26.25 54.18 • Export Sales 0.59 0.51 0.36 1.10 0.81 1.54 3. Dome stic Market Sales Growth(%) 6.33 0.29 2.26 3.21 2.74 3.40
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BHARAT PETROLEUM CORPORATION LIM ITED STATEMENT OF STANDA LONE ASSETS AND LIABILITIES AS AT 30 th SEPTEMBER 2026 Particulars I. ASSETS A. Non-current Assets (a) Property, Plant and Equipment (b) Capital Work-in-Progress (c) Investment Property (d) Goodwil l (e) Other Intangi ble Assets (f) Intangible Assets under Development (g) Financial Assets (i) Investments in Subsidiaries, Joint Ventures and Associates (ii) Other Investments (iii) Loans (iv) Other Financial Assets (h) Income Tax Assets (Net) (i) Other Non-current Assets Tota l Non-current Assets B. Current Assets (a) Inventori es (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than Cash and Cash Equivalents (v) Loans (vi) Other Financial Assets (c) Current Tax Assets (Net) (d) Other Current Assets Assets Held-for-Sale Total Current Assets TOTAL ASSETS (A+B) 11. EQUITY AND LIABILITIES A. Equity (a) Equity Share Capital (Refer Note 7) (b) Other Equity Total Equity B. Liabilitie s ( 1) Non-current Liabilities (a) Financial Liabilitie s ( i) Borrowin gs (ia) Lease Liabilities (ii) Other Financial Liabiliti es (b) Provisions (cl Deferred Tax Liabilities (Net ) (d) Other Non -current Liabilities Total Non-current Liabilities (2) Current Liabilities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilites (ii) Trade Payables a. Total Outstanding dues of Micro Enterprises and Small Enterprises b. Total Outstanding dues of creditors other than Micro Enterprises and Small Enterprises (iii) Other Financial Liabiliti es (b) Other Current Liabiliti es (c) Provisions (d) Current Tax Liabilities (Net) Tota l Current Liabilities _ Total Liabiliti es (1+2) ....-.• ,.,. ~ L EQUITY AND LIABILITIES (A+B) - - Unaudited As at 30.09.2026 93,500.08 21,384.95 0.08 1,203.98 672.58 795.78 9,006.09 2,032.24 995.80 274.86 329.81 3,708.41 1,33,904.66 58,635.59 2,888.51 7,850.62 321.11 5,806.40 127.27 4,132.32 3,115.79 82,877.61 36.90 82,914.51 2,16,819.17 4,272.58 91,926.54 96,199.12 1,714.78 10,257.32 44.14 255.30 5,265.30 2,498.87 20,035.71 13,531.18 1,590.32 567.40 41,999.10 27,701.75 12,802 .34 2,337 .57 54.68 1,00,584.34 1,20,620.05 2,16,819 .17 ~ in Crore Audited As at 31.03.2026 91,698.65 16,394.07 0.08 1,203.98 679.62 787.19 6,819.18 2,145.59 1,002.77 307.54 233.26 3,092.49 1,24,364.42 53,303.28 2,408.06 4,948.95 259.84 16,622.11 142.64 2,753.10 2,270.58 82,708.56 53.43 82,761.99 2,07,126.41 4,272.58 90,960.16 95,232.74 1,661.53 9,616.75 50.45 256.03 5,307.46 2,502.24 19,394.46 8,818.56 1,325.63 657.53 41,976.90 28,334.09 7,997.11 2,190.39 1,199.00 92,499.21 1,11,893.67 _ 2,07,126.41 olJ>lOHR> d' c.,Y:. , 1 $' FRN 0019~1S '·uo ;§ 603 Bhavya Plaza. i ~ 6th Floor. $lh Road. ;;l ii ::0 Khar West. "' I/ * C Mumbai-400 052 ,..: -?qr ~'b'>- lered Accou~
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Bharat Petroleum Corporation Limited Standalone Statement of Cash Flows for t he period ended 30th September 2026 'I: in Crore For the period ended 30.09.202 6 30.09.2025 A Net Cash Flow from Oper ating Activities Net Profit Befor~ Tax (Afte r Exceptional Items) -· 1,380.93 16,752.05 Adjustments for: Depreciation & Amortization Expenses 4,158.33 3,833.42 Finance Costs 1,074.03 794.29 Foreign Exchange Fluctuat ions 129.26 173.63 (Profit )/ Loss on Sale of Property Plant and Equipment/ Non-current assets held for Sale (net ) (39.32) (7.03) Inte rest Income (637.31) (849.58) Dividend Income (248.34) (267.45) Othe r Non-Cash ite ms 1,962.14 (7.06) Operating Profit before Working Capital Changes 7,779 .72 20,422.27 (Invested in)/ Generat ed from : Inventories (6,851.86) (286.90) Trade Receivables (3,021.54) 1,207.28 Other Assets (2,532.93) (667.98) Trade Payables and other liabilities 2,969.71 2,762.30 Cash generated from/ (used in) Operations (1,656. 90) 23,4 36.97 Direct Taxes Paid (1,627.64) (2,958.70) Net Cash from/ (used in) Operating Activities* (3,284.54) 20,478.27 B Net Cash Flow from Investing Activities Purchase of Property Plant and Equipments & Capital Work in Progress (8,635.09) (3,689.51) Purchase of Intangible Assets (including Intang ible assets under developm ent) (54.52) (52.50) Sale of Propert y Plant and Equipment 69.79 11.39 Receipt of Capita l Grant 44.86 81.56 Investment in Subsidiaries, Joint Ventu res and Associates (including share (2,186.60) (25.39) appl ication mone y pend ing allotment/advance against equity) Purchase of Government Securities (491.90) . Redemption/ Investment in term deposits (Net) 10,858.81 (3,260.00) Interest Received 935.94 796.48 Dividend Received 44.74 43.73 Net Cash from / (used in) Investing Activities 586.03 (6,094.24) C Net Cash Flow from Financing Activities Payment of Lease Rentals (Principal Component ) (826.32) (642.02) Payment of Lease Rentals (Interest Component) (408.48) (376.77) Short Term Borrowings (Net) 4,700.04 (4,558.95) Proceeds from Long Term Borrowings 267.62 30.93 Repayment of Long Term Borrow ings (246.66) (6,504.65) Interest Paid (582.17) (538.74) Dividend Paid (144.25) (2,118.20) Net Cash from/ (used in) Financing Activiti es 2,759.78 (14,70 8.40) D Net Increase/ (Decrease) in Cash and Cash equivalents (A+B+C) 61. 27 (324 .37)
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Cash and Cash equivale nts as at 31.03.2026 31.03.2025 Cash on hand 26.69 40.12 Cheques and drafts on hand 5.70 5.43 Balance with Bank 227.45 133.89 Deposits with Banks with original maturity of less than three months - 230.00 Tota l (a) 259.84 409.44 Cash and Cash equivalents as at 30.09.2026 30.09.2025 Cash on hand 17.55 21.89 Cheques and drafts on hand 1.87 2.05 Balance with Bank 301.69 61.13 Deposits with Banks with origin al maturity of less than three months - - Total (b) 321.11 85.07 Net Increase/ (Decrease) in Cash and Cash equivalents (b - a) 61.27 (324.37} Disclosure to changes in liabilities arising from Financing Activities ~ in Crores Particulars Total liabilities from financing activities (excluding bank overdraft) As at 31st March, 2025 23,277.72 Cash flows {11,032.67) Non cash changes a) Foreign exchange movement (1.46) b) Recognition of deferred income and its amortisation 18.17 c) Fair value changes/Others 0.10 As at 30th September, 2025 12,261.86 Particulars As at 31st March, 2026 10,480.09 Cash flows 4,721.00 Non cash changes a) Foreign exchange movement 22.58 b) Recognition of deferred income and its amortisation 22.63 c) Fair value changes/Others (0.34) As at 30th September, 2026 15,24S.96 * Includes CSR expenditure of Rs 151.11 crores paid during the period April - September 2026 (Previous period Rs 92.40 crores) The Statement of Cash Flows is prepared in accordance with Ind AS 7 as notified by Ministry of Corporate Affairs.
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Notes to Standalone Financial Results: 1. The Statutory Auditors have completed limited review of the financial results of the Corporation for the quarter and half year ended 30th September 2026 under Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Due to non-availability of independent directors, the Corporation is not able to constitute an Audit Committee in pursuance of section 177 of the Companies Act, 2013 and Regulation 18(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, at the time of approval of the financia l results. The above Standalone Financial results of the Corporation for the quarter and half year ended 30th September 2026 have been reviewed and approved by the Board of Directors at its meeting held on 23rd October 2026. 2. The lower profit during April - September 2026 is mainly due to suppressed marketing margin on certain petroleum products which was partially offset by higher refining margin. 3. MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing Companies (OMCs) that where Market Determined Price (MOP) of LPG cylinders is less than its Effective Cost to Customer (ECC), the OMCs will retain the difference in a separate buffer account for future adjustment. However, as on 30th September 2026, the Corporation had a cumulative net negative buffer of ae 17,334.40 Crore (as on 31st March 2026:, 12,318.52 Crore) and according ly the revenue from sale of LPG has not been recognised to this extent. MoPNG, vide letters dated 3rd October 2025 and 24th October 2025, has approved a compensation of, 7,594.00 Crore to the Corporation towards under-recoveries incurred on sale of domestic LPG up to 31st March 2025 and likely to be incurred up to 31st March 2026. This compensation is to be disbursed in 12 equal month ly instalments, with accrual on a month ly basis commencing from November 2025, and corresponding disbursement thereafter. Accordingly, six equal month ly instalments aggregating to , 3,796.98 Crore have been recognised during the reporting period (five equal monthly instalments aggregating to , 3,164.15 Crore was recognised during FY 2025- 26) under 'Revenue from Operations'. The negative buffer reported has been duly reduced to that extent. 4. Additional Disclosures as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Particulars 1. Debt Equity Ratio (times) [Total Debt excluding Lease Liability/Equity] 2. Debt Service Coverage Ratio - Not Annualized (times) [(Profit after tax + Finance cost + Depreciation) / (Finance cost + Finance cost capitalized+ Long term debt payment)] " 3. Interest Service Coverage Ratio - Not Annual ized (times) [(Profit before tax + Finance cost + Depreciation) / (Finance cost+ Finance cost capitalized) ] " 4. Outstanding Redeemable Preference Shares(, in Crore) 5. Outstanding Debt excluding Lease liabilities(, in Crore) 6. Capital Redemption Reserve (, in Crore) 7. Debenture Redemption R~erve (, in Crore) ~llC0R~ Quarter ended 30.09.2026 30.06.2026 30.09 .2025 0.16 0.19 0.13 11.83 * 3.49 18.54 * 42.24 15,245.96 17,396.42 12,261.86 - - - - - - - ~S\1'11 c:. Cc,' ~ < ~ FRN : ¼ I ~ 101122w, * I) * w100612 "' <' MUMBAI ~ ~ ~..,. '?Ji.I/ED Ac<,O°V Half Year ended Year ended 30.09.2026 30.09.2025 31.03.2026 0.16 0.13 0.11 5.12 2.31 3.54 7.40 45.37 41.39 15,245.96 12,261.86 10,480.09 - - - - - - - - ~ (') 0 -2: ~ I~ ~, II * * ~e,ed Acco-v'I-"
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Quarter ended Half Year ended Year Particulars ended 30.09. 2026 30.06.2026 30.09 .2025 30.09 .2026 30.09.2025 31.03.2026 8. Net Worth(, in Crore) 96,199.12 91,035.79 91,670.38 96,199.12 91,670.38 95,232.74 [Equity share capital+ Other Equity] 9. Net Profit after tax (, in Crore) 4,993.17 (3,962.13 ) 6,442.53 1,031. 04 12,566.46 23,303.22 10.Basic and Diluted Earnings per 11.69 (9.27) 15.08 2.41 29.41 54.54 share - Not Annualized (, per share) 11.Current Ratio (time s) 0.82 0.83 0.92 0.82 0.92 0.89 [Current Assets/Current Liability] 12.Long Term debt to work ing * * * * * * capita l (times) [Non-Current Borrowings/Working Capital] 13.Bad Debt to Account receivable 0.00 - - 0.00 0:00 0.00 ratio (times) [Bad Debt/ Average Trade Receivable] 14.Current Liability Ratio (tim es) 0.83 0.85 0.80 0.83 0.80 0.83 [Current Liability/ Total Liabilities] 15.Total debts to total assets 0.07 0.08 0.06 0.07 0.06 0.05 (times) [Non-current Borrowings and Current Borrowings/Total Assets] 16.Debtor Turnover - Not 22.67 28.97 15.55 49.43 28.83 73.00 Annualized (times) [Sale of Product/ Average Trade Receivable] 17.lnvent ory Turnover - Not 2.69 2.85 2.77 5.65 5.52 10.57 Annualized (times) [Sale of Product/ Average Inventory ] 18.Operating margin (%) 3.94 (4.11) 6.09 (0.11) 5.90 6.07 [Profit Before Tax, Exceptiona l Item and Other Income/Revenue from Operations] 19.Net Profit Margin(%) 3.16 (2.48 ) 5.30 0.32 5.00 4.46 [Profit after tax/Revenue from Operations] *Negative Figure "excluding impact of interest on lease liabilities and depreciation on ROU Assets 5. Other Expenses for the half year ended 30th Septembe r 2026 includes ~ 51.03 Crore (April-September 2025: ~ 541.00 Crore) on accou nt of foreig n exchange loss. 6. Exceptional item (expense ) of~ 4,349.13 Crores for the year ended 31'1 March 2026 is on account of an impairm ent loss on Investment in Subsidiary. 7. Shares held by "BPCL Trust for Invest men ts in Shares" have been netted off from paid up Equit y Share Capital. Further, weigh t ed average numbe r of shares outsta ndin g during the report ing periods has been used for calculation of Basic Earnings per share and Dilut ed Earnings per share. 8. The Corpo ration did not have any secured non -conve rtibl e debt securities out st andin g during period Apri l to Septemb er 2026. 9. The above results are in accorda nce with the Indian Accounting Standards (IND AS) as prescribed und er Section 133 of the Companies Act, 2013, read w it h the relevant rule s issued thereund er and oth er accounting principles generallv accepted in India. ~~t WRp~ - y.O'J'l0HRy <I cy's-1' ~c_,\M &cc, (j "/), I [ MU~AI ~ ~ ( ,$' FRN: 001997S °'b ~ FRN: ½ J 603. Bhavya Plaza. i I ~ 101122¥\1 -11 ,j I ~ 6th Floor 51h Road. n1 lj ~ ~ * w1oo67• "' ':< Khar West. "' "°'"-¥e * ~'»-Y- 0. NIUNIBAI ~ * Cl Mumbai-400 052 ,.., * -:Sc t-"' ,,., 'l)c:-· 'f-91: ~ ~19red Acco~,:.\ f'R£o AC'-O - -
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10. 11. 12. --The Audited Accounts for the year ended 31st March 2026 have been reviewed by the Comptroller and Auditor General of India under Section 143(6) of the Companies Act, 2013. The Comptroller and Auditor General of India und er Section 143(6)(b) of the Companies Act, 2013 has no comments upon or supplement to the Auditors' Report on the accounts. Figures relating to corresponding periods have been regrouped/reclassified whereve r necessary to conform to current period figure s. As per the requir ements of Ind AS 108 on "Operating Segments", segment information has been provided under the Note s to Consolidated Financial Results. For and on behalf of the Board of Directors ~ VRK Gupta nee), Whole Time Director IN: 08188547
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M M NISSIM & CO LLP Chartered Accountants Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai - 400018 Manohar Chowdhry & Associates, Chartered Accountants 603, Bhavya Plaza, 6th Floor, 5th Road, Khar West, Mumbai - 400052 Independent Auditors' Limited Review Report on the Unaudited Consolidated Financial Results of Bharat Petroleum Corporation Limited for the quarter and half year ended September 30, 2026 pursuant to the Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Bharat Petroleum Corporation Limited 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Bharat Petroleum Corporation Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries are together referred to as "the Group") and its share of net profit/ (loss) after tax and other comprehensive income/ (loss) of its Joint Venture entities and its Associate entities for the quarter and half year ended September 30, 2026 (the "Statement"), being submitted by the Holding Company pursuant to the requir ements of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 11 Listing Regulations 11 ) except the disclosures relating to Physical Performance disclosed in Para B of the Statement. 2. This Statem ent which is the responsibility of the Holding Company's Management, which has been revi ewed and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generall y accepted in India and in compliance with Regulation s 33 and 52 of Listing Regulation s. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, 'Review of Interim Financial Information Performed by the Ind ependent Auditor of the Entity' issued by the Institute of Chartered Accountants of India . This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial results consists of making inquiri es, primarily of persons respon sible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we
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aware of all Significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure 1. 5. Based on our review conducted and procedures performed as stated in Paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in 'Other Matters' paragraph below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS1) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Emphasis of Matter a) We draw attention to the following notes in the accompanying Statement relating to wholly owned subsidiary company, Bharat PetroResources Limited ("BPRL"). (i) Note S(a) - Recognit ion of BPRL' s share in assets, liabilities, income and expenditure in the operation of its Indian block/ joint ventures are on the basis of the latest unaudited financial statements / billing statements provided by respective operators. (ii) Note 5(b) - BPRL Ventures BV (subs idiary of BPRL) has taken over the balance stake in BPRL Brasil Limitada (formerly IBV (Brasil) Petrol eo Ltda) from Videocon Energy Brazil Limited resulting in its classification as an indirect wholly owned subsidiary effective June 30, 2026. This acquisition was accounted for as a business combination in accordance with Ind AS 103. The allocation of purchase consideration is based on provisional values pending completion of valuation of identified net assets. Accordingly, BPRL has recognized provisiona l capital reserve of Rs. 217.30 crore due to gain on bargain purcha se.
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(iii) Note 5(c) - Restructuring of Mozambique Area 1 Golfinho-Atum project undertaken by BPRL Ventures Mozambique BV by transferring its proportionate project development assets to Moz LNGl Asset Co Limitada (" AssetCo") in consideration for equity interest in AssetCo which was subsequent ly transferred to Moz LNGl HoldCo Limitada ("Moz HoldCo") in exchange for equity share s in Moz HoldCo under Asset Transfer Agreement. Consequently, an amoun t o.i. Rs. 7,804.75 crore has been derecognized from Capital Work in Progress and reclassified as investment in equity- accounted investees . Our conclusion on the Statement is not modified in respect of the above matters. 7. Other Matters a) We did not review the unaudited consolidated interim financial results in respect of BPRL (including its subsidiaries, associates and joint ventures) whose unaudited conso lidated fina ncial results reflect total assets of Rs. 44,043.22 crore as at September 30, 2026, total revenues of Rs. 39.35 crore and Rs. 87.12 crore, total net profit/ (loss) after tax of Rs. (86.18) crore and Rs. 1,803.95 crore and total comprehensive income of Rs. 35.43 crore and Rs. 2,060.51 crore, for the quarter and half year ended September 30, 2026, respectively, and net cash outflow of Rs. 20.57 crore for half year ended September 30, 2026 as considered in the attac hed Statement. The unaudited conso lidated interim financial results has been reviewed by the other auditor, whose report has been furnished to us by the Holdin g Company's Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of the subsidiary (including its subsidiaries, associates and joint ventures) is based solely on the report of other auditor and the procedures performed by us as stated in para graph 3 above. b) The consol idated financial statements also includ e the Group's share of net profit of Rs. 4.37 crore and Rs. 9.93 crore and Total Comprehensive Income of Rs. 4.37 crore and Rs. 9.93 crore for the quarter and half year ended September 30, 2026, as considered in Consolidated financial stateme nts in respect of a Joint Venture, whose financials statements/ inform ation have not been reviewed by us. These financial statements and other financial information hav e been reviewed by other auditor whose limited review report have been furnished to us by the management and our opinion on the consolidated financial stateme nts, in so far relates as it relate s to the amounts and dis • ed I -
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in the respect of these joint venture is based solely on the report of other auditor and the procedures performed by us as stated in paragraph 3 above. c) The Statement includ es the interim financial results of 2 tru sts and a subsidia ry with total assets of Rs. 47.35 crore as at September 30, 2026, total revenues of Rs. 24.33 crore and Rs. 24.33 crore, total net profit after tax of Rs. 1.86 crofe and Rs. 0.31 crore and total comprehensive profit of Rs. 1.94 crore and Rs. 0.39 crore for the quarter and half year ended September 30, 2026 and the Group's share of net profit of Rs. 152.56 crore and Rs. 368.77 crore and total comprehensive income of Rs. 151.54 crore and Rs. 369.20 crore for the quarter and half year ended September 30, 2026 in respect of 6 Associates and 16 Joint Ventures, whose interim financial results have not been reviewed by us. These interin1 financial result s have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of thes e subsidiaries, associates and joint ventures is based solely on such unaudited interim financial results. According to the in.formation and explanations given to us by the Holdin g Company's Management, these unaudited interim financial results are not material to the Group. d) The unaudited interim financial results of a joint venture company 'Matrix Bharat Pte. Ltd' as referred to in paragraph (c) above and included in the accompanying Statement were drawn up to June 30, 2026. We are informed by the Holding Company's Management that there are no significan t h·ansactions or events from July 01, 2026 till September 30, 2026, that may requir e any adjustment. e) The Group has not consolidated the unaudited interim financial results of one joint venture company 'Bharat Renewable Energy Limited' and one associate company 1Petronet CI Limit ed' wherein the Holding Company's Management has decided to exit from these companies. f) The Group has not consolidated the unaudited interim financial results of one associate company 'Petronet India Limited' which is under liquidation and 'Ujjwala Plus Foundation' which is a section 8 Company under the Companies Act, 2013, wherein there are no operational activities during the quarter and half year ended September 30, 2026. According to the information and explanations given to us by the Holding Company's Management, the above unaudited interim financial results are not material to the Group. ,,,.
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g) The Holding Company did not comply with the requirements relating to optimum combination of Ind ependent Directors on its Board as prescribed under Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 throughout the half year. Furt her, owing to non-availability of the requisite number of Ind ependent Directors, the Holding Company was not in compliance with the requirements relating to Board composition and constitution of mandatory committees as prescribed under Sections 149(4), 177 and 178 of the Companies Act, 2013 and Regulations 18, 19, 20 and 21 of the SEBI Listing Regulations. Further, the Holding Company did not have a woman director on its Board, as required under Section 149(1) of the Companies Act, 2013 and consequent ly not in compliance with Regulation 17(1)(a) of the SEBI Listing Regulations, which also includes optimum combination of board that requ ires minimum of one women director. h) The auditor of BPRL has includ ed the following under "Other Matters" in their report. a. We draw attention to Chapter IV of the Department of Public Enterprises (DPE) Guidelines on Corporate Governance for Central Public Sector Enterprises, which requires every CPSE to constitute an Audit Committee compr ising the prescribed number of Directors, including Independent Directors. The Company has not constituted the Audit Comm ittee, as the tenure of its two Independent Directors expired on July 11, 2022 and October 20, 2022, respectively. As represented by the Management, the Board of the Company is awaiti ng the appointment of Ind ependent Directors by the Central Government. Our conclusion on the Statement is not modifi ed in respect of the above matters. For M M NISSIM & CO LLP Chartered Accountants Firm Regish·at ion No: 107122W /W100672 Saomil R Vora Parh1er Membership No. 135247 UDIN: 26135247KYUYWQ8713 Place: Mumbai Date: October 23, 2026 For Manohar Chowdhry & Associates Char tered Accountants Firm Registration No: 001997S ~ a. Muthurajan R Partner Membership No. 228596 UDIN: 26228596A VYXPS8414
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Annexure 'l' to the Independent Auditors' Limited Review Report A Subsidiaries 1. Bharat PetroResources Limit ed (Refer note for its step-down subsidiar ies, joint venture s and associa tes) 11. BPCL Ankur Trust m. BPCL Foundation 1v. Bharat Petroleum Global Energy Services (Singapore) Pte. Ltd. B. Joint Ventures 1. Delhi Avia tion Fu el Facility Private Limited ii. Maharashtra Natural Gas Limit ed iii. Sabarmati Gas Limited iv. Central UP Gas Limited v. Bharat Stars Services Private Limit ed v1. Mumbai Aviation Fuel Farm Facility Private Limited vii. Kochi Salem Pipeline Private Limited viii. BPCL-KIAL Fuel Farm Priva te Limit ed 1x. Haridwar Natural Gas Private Limited x. Goa Natural Gas Private Limited x1. Ratnagiri Refinery and Petrochemi cals Limited xII. IHB Limited xiii. Matrix Bharat Pte. Limited xiv. Neun Green Energ y Private Limited xv. Bharat GPS Bioenergy Private Limit ed xvi. Arunachal Gas Private Limit ed xvII. Bharat Tiki Tar Shell Private Limit ed C. Associates 1. Petrone t LNG Limited 11. Indr aprast ha Gas Limited iii. GSPL Indi a Gasnet Limited 1v. GSPL India Transco Limit ed v. FINO Paytech Limit ed v1. Kannur Internationa l Airp ort Limited N ote: List of step -down subsidiaries, joint ventu res and associates of Bharat PetroRe sources Limited: A. Subsidiaries 1. BPRL Inte rnationa l BV 11. BPRL Interna tional Singapore Pte Ltd. iii. Bharat Petro Resources JPDA Ltd. 1v. BPRL Ventures BV v . BPRL Ventures Mozambique BV vi. BPRL Ventures Ind ones ia BV
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vii. BPRL International Ventures BV vm. BPRL Brasil Limitada (formerly IBV (Brasil) Petroleo Ltda) B. Joint Ventures i. Taas India Pte Ltd. 11. Yank.or India Pte Ltd. m. Urja Bharat Pte Ltd iv. Falcon Oil & Gas BV C. Associates 1. Moz LNGl Holding Comp any Ltd. ii. Moz LNGl Financing Company Ltd. iii. Mozambique LNGl Company Pte Ltd . iv. Mozambique LNGl Co. Financing, LDA v. JSC Vankorneft vi. LLC TYNGD v11. Moz LNG 1 Hold Co Limitada viii. Moz LNGl Asset Co Limitada
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Bharat Petrol eum Corporation Limited Regd. Office: Bharat Bhavan, 4 & 6, Currimbhoy Road, Ballard Estate, P.B.No. 688, Mumbai• 400 001 CIN: l23220MH1952GO1008931 Phone: 022 22713000 / 4000 Fax: 22713874 email id: info@bharatpetroleum.in Website: www.bharatpetroleum.in STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30" SEPTEMBER 2026 ~ in Crore Quarter Quarter I Quarter Half Year I Half Year Year Particulars ended ended ended ended ended ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Audited A. FINANCIAL PERFORMANCE Income I. Revenue from Operations 1,57,817.93 1,59,527.05 1,21,604.70 3,17,344.98 2,51,219.39 5,22,820.41 IL Other Income - 349.43 1,249.30 952.77 1,598.73 1,702.48 3,298.76 Ill. Total Income (I+ II) 1,58,167.36 1,60, 776.35 1,22,557.47 3,18,943.71 2,52,921.87 5,26,119.17 IV. Expenses Cost of materials consumed 74,969.20 90,588.10 51,990.47 1,65,557 .30 1,05,676.60 2,13,621.76 Purchase of stock-in-trade 53,879.73 65,348.26 38,233.10 1,19,227.99 79,015.92 1,66,445.00 Changes in inventories of finished goods, stock-in-trade and work-in-progress 1,005.76 (8,367.94) (3,098.79) (7,362.18) (1,762.93) (880.85) Excise Duty 8,737.53 8,250.02 16,658.43 16,987.55 33,721.67 67,592.38 Employee Benefits Expense 789.05 838.92 874.38 1,627.97 1,781.82 3,774.34 Finance Costs 991.09 626.87 833.26 1,617.96 1,590.99 2,953.49 Depreciation and Amortiza tion Expense 2,096.56 2,068.95 1,958.i3 4,165.51 3,847.09 7,856.37 Other Expenses (Refer Note 3) 9,463.88 6,924.50 7,185.93 16,388.38 13,347.18 31,065.61 Total Expenses (IV) 1,51,932.80 1,66,277 .68 1,14,634.91 3,18,210.48 2,37,218.34 4,92,428.10 V. Profit/(Loss) from continuing operations before share of profit of equity 6,234.56 (5,501.33) 7,922.56 733.23 15,703.53 33,691.07 accounted investees and income tax (Ill - IV) VI. Share of profit/(loss) of equity accounted investees (net of income tax) 325.24 401.13 587.90 726.37 1,746.00 1,510.87 VII. Exceptional Item - lncome/(Expense) (Refer Note 4) 1,884.56 (165.87) 1,884.56 (233.25) (410.70) VII I. Profit/(Loss) from continuing operations before income tax (V+Vl+VII) 6,559 .80 (3,215.64) 8,344.59 3,344 .16 17,216.28 34,79 1.24 IX. Tax expense: 1. Current Tax 386.77 2,204.01 386.77 4,203.24 9,228.99 2. Deferred Tax 1,309.98 (1,342.94) (50.39) (32.96) (16.94) (280.68) 3. Short/(Excess) provision of earlier years (0.52) (0.53) (0.52) Tota l Tax Expense (IX) 1,696.75 (1,342 .94) 2,153.10 353.81 4,185 .77 8,947.79 X. Net Profit/(Loss) for the period (VIII-IX) 4,863.05 (1,872.70) 6,191.49 2,990.35 13,030.51 25,843.45 XI. Other Comprehensive Income (OCI) (i) Items that will not be reclassified to profit or loss (a) Items that will not be reclassified to profit or loss 191.55 (43.75) (11.81) 147.80 353.11 717.85 (b) Income tax related to items that will not be reclassified to profit or (39.63) 44.91 (6.33) 5.28 (77.04) (140.96) loss (ii) Items that will be reclassified to profit or loss (a) Items that will be reclassified to profit or loss 138.96 (99.43) 378.96 39.53 1,390.23 2,006.93 Tota l Other Comprehensive Income (XI) 290.88 (98.27) 360.82 192.61 1,666.30 2,583 .82 XII. Total Comprehensive Income for the period (X+XI) 5,153.93 (1,970.97 ) 6,552.31 3,182.96 14,696.81 28,427.27 Profit attributab le to: Owners of the company 4,863.05 (1,872.70) 6,191.49 2,990.35 13,030.51 25,843.45 Non-Controlling Interests Profit for the period 4,863.05 (1,872.70) 6,191.49 2,990.35 13,030.51 25,843.45 Other Comprehensive Income attributable to: Owners of the company 290.88 (98.27) 360.82 192.61 1,666 .30 2,583.82 Non-Controlling Interests Other Compre hensive Income for the period 290.88 (98.27) 360.82 192.61 1,666.30 2,583.82 Total Comprehens ive Income attributab le to; Owners of the company 5,153.93 (1,970.97) 6,552.31 3,182.96 14,696.81 28,427.27 Non•Controlling Interests Total Comprehensive Income for the period 5,153.93 (1,970.97) 6,552.31 3,182.96 14,696.81 28,427.27 XIII. Paid up Equity Share Capital (Face value~ 10 each) (Refer Note 2) 4,272.58 4,272.58 4,272.58 4,272.58 4,272.58 4,272.58 XIV. Other equity excluding revaluation reserves 95,897.68 XV. Basic and Diluted Earnings Per Share(~ per share) (Face value~ 10 per 11.38 (4.38) 14.49 7.00 30.50 60.49 share) (Refer Note 2) (Not annuali sed) B. PHYSICAL PERFORMANCE 1. Refinery Throughput (MMT) 10.41 10.15 9.82 20.56 20.24 41.15 2. Market Sales (MMT) • Domestic Sales 13.47 13.62 12.67 27.09 26.25 54.18 • Export Sales 0.59 0.51 0.36 1.10 0.81 1.54 3. Domestic M arket Sales Growth{ %) 6.33 0.29 2.26 3.21 2.74 3.40
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BHARAT PETROLEUM CORPORATION LIMITED STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES AS AT 30 th SEPTEMBER 2026 Particulars I. ASSETS A. Non-current Assets (a) Property, Plant and Equipment (b) Capital Work-in-Prog ress (c) Investment Property (d) Goodw ill (e) Other Intangible Assets (f) Intangible Assets under Development (g) Investment Accounted for Using Equity Method (h) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets (i) Income Tax Assets (Net) (j) Other Non-current Assets Total Non-current Assets B. Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than Cash and Cash Equivalents (v) Loans (vi) Other Financial Assets (c) Current Tax Assets (Net) (d) Other Current Assets Assets Held for Sale Total Current Assets TOTAL ASSETS {A+B) II. EQUITY AND LIABILITIES A. Equit y (a) Equity Share Capital (Refer Note 2) (b) Other Equity Equity attributable to owners (c) Non Controlling Inter ests Tota l Equity B. Liabilities (1) Non-cur rent liabil ities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilities (ii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabil ities (net) (d) Other Non-current Liabilities Tota l Non-current Liabiliti es (2) Current Liabilities (a) Financia l Liabilities (i) Borrowings (ia) Lease Liabilit ies (ii) Trade Payables a. Total Outstanding dues of Micro Enterpris es and Small Enterprises b. Total Outstanding dues of creditors other than M icro Enterprises and Small Enterprises (iii) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities (Net) Total Current Liabilities - Total Liabilit ies (1+2) ,,_ ~\l cn,,~L EQUITY AND LIABILITIES (A+B) Unaudited As at 30.09.2026 93,Sll.34 21,384.95 0.08 1,203.98 706.26 19,725.86 29,080.04 2,032.24 4,120.51 982.13 329.81 3,711.85 1,76,789 .05 58,636.26 2,888.51 7,865.15 376.45 6,515 .03 127.29 4,829 .89 0.98 3,453.29 84,692.85 36.90 84,729.75 2,61,518 .80 4,272.58 97,191.31 1,01,463.89 1,01,463.89 15,984.47 10,265.66 44.14 430.67 8,161.03 2,498 .87 37,384 .84 35,233.44 1,591.30 567.41 42,022.03 27,999 .23 12,802.75 2,399.23 54.68 1,22,670.07 1,60,054.91 2,61,518.80 'I: in Crore Audited As at 31.03.2026 91,701.09 16,394.07 0.08 1,203.98 719.08 16,516.70 25,581.97 2,145.59 6,084.76 1,220.56 233.26 3,096.02 1,64,897.16 53,303.95 2,408.06 4,980.48 319.99 17,440.56 142.69 2,753.57 0.56 2,315.58 83,665.44 53.43 83,718.87 2,48,6 16.03 4,272.58 95,897.68 1,00,170.26 1,00,170.26 22,203.17 9,616.75 50.45 421.46 8,199.28 2,502.24 42,993.35 21,278.74 1,325.76 657.53 41,996.71 28,743.33 7,997.45 2,246.56 1,206.34 1,05,452.42 1,48,445.77 2,48,6~ DHRY if ~N: 001997S '1.r,s,'t-, [, 603. BhaYja Plaza, 't, I ~ 6th Floor. 5th Road, m I -:z KharWesl. : * t.lumbai-400 052 ~ ~ ~t 'ilr1, ·"'"' ered Acco~·:
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Bharat Petroleum Corporation Limited Consolidated Stateme nt of Cash Flows for the period ended 30t h September 2026 ~ in Crore For the period ende d 30.09.2026 30.09.2025 A Net Cash Flow from 011erating Activities Net Profit Before Tax (After Exceptional Items) 3,344.16 17,216.28 Adjustments for : Share of (Profit)/ Loss from Equity Accounted Investees (726.37) (1,746.00} Depreciation & Amortization Expenses 4,165.51 3,847.09 Finance Costs 1,617.96 1,590.99 Foreign Exchange Fluctuations 129.87 174.37 (Profit)/ Loss on sale of Property, Plant and Equipment/ Non-current assets (39.32) (7.00) held for sale (Net) (Profit)/ Loss on Sale of Mutual Funds/Investments - - Interest Income (865.34) (960.49} Dividend Income (13.04) (14.22) Other Non-Cash items 595.90 997.33 Operating Profit before Work ing Capita l Changes 8,209.33 21,098 .35 (Invested in)/Ge nerated from : Inventories (6,851.85) (285.54) Trade Receivables (3,011.01) 1,205 .98 Other Assets (2,503.23) (543.88) Trade Payables and other liabi lities 2,809.47 2,807.45 Cash generated fro m / (used in) Operations {1,347 .29) 24,282.36 Direct Taxes Paid (1,635.40) (2,969 .30) Net Cash from/ (used in) Opera ti ng Activities* (2,982.69) 21,313.06 B Net Cash Flow from Investing Activities Purchase of Property, Plant and Equipment & Capital Work in Progress (8,635.18) (3,689.57) Purchase of Intangible Assets (including Intangible assets under development) (822.12) (1,257.02) Sale of Property, Plant and Equipment 69.79 11.43 Receipt of Capital Grant 44.86 81.56 Net Investment/Cap ital Reduction in Equity Accounted Investee (including (3,277.30) (641.14) advance against equity) Loan Given (222.60) (325.6 2) Purchase of Government Securities (491.90) - Redemption/Investment in term deposits (Net) 10,968.29 (3,060.40) Interest Received 938.47 796.48 Dividend Received 44.74 43.73 Net Cash from/ (used in) Investing Activities (1,382.95) (8,040.5 5) C Net Cash Flow from Financing Activities Repayment of Lease Liability (1,236 .43) (1,019.15) Short Term Borrowings (Net } 4,700.04 (4,558.95) Proceeds from Long Term Borrowings 5,710.88 2,120 .71 Repayment of Long Term Borrowings (3,211.7 3) (6,504 .65) Interest Paid (1,396.41) (1,319.46) Dividend Paid (144.25) (2,118 .20) Net Cash from / (used in) Financing Activities 4,422.10 (13,399.70) D Net Increase/ (Decrease ) in Cash and Cash Equivalents (A+B+C) 56.46 (127.19) ' .
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Cash and Cash Equivalents as at 31.03.2026 31.03.2025 Cash on hand 26.73 40.12 Cheques and drafts on hand 5.92 5.43 Balance with Bank 246.79 161.13 Deposits with Banks with original maturity of less than thre e months 40.55 351.25 Total (a) 319.99 557.93 Cash and Cash Equivalents as at 30 .09.2026 30.09.2025 Cash on hand 17.55 21.89 Cheques and drafts on hand 1.87 2.05 Balance with Bank 324.78 78.28 Deposits with Banks with original maturity of less than three months 32.25 328.52 Tot al (b) 376.45 430.74 Net Increase/ (Decrease) in Cash and Cash Equivalents (b-a) 56.46 (127.19) Disclosure t o changes in liabilities arising from financing acitivies 'I: in Crores Particulars Total liabilities from financing activities (excluding bank overdraft ) As at 31st March, 2025 51,060.91 Cash flows (8,942.89) Non cash changes a) Foreign exchange movement 936.98 b) Recognition of deferred income and its amortisation 18.17 c) Fair value changes/Others 0.10 As at 30th Septemb er, 2025 43,073.27 As at 31st March, 2026 43,48 1.91 Cash flows 7,199.18 Non cash changes a) Foreign exchange movement 514.53 b) Recognition of defe rred income and its amortisat ion 22.63 c) Fair value changes/ Others (0.34) As at 30th Septem ber, 2026 51,217.91 * Includes CSR expenditure of Rs 151.11 crores paid durin g the period April - September 2026 (Previous period Rs 92.40 crores) The Statemen t of Cash Flows is prepared in accordance with Ind AS 7 as notified by Min istry of Corporate Affa irs.
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Notes to Consolidated Financial Results: 1. The Statutory Audito rs have comp leted limited review of the above financial results for the quarter and half year ended 30th September 2026 under Regulation 33 and 52 of SEBI (Listing Obligat ions and Disclosure Requirements) Regulations, 2015. Due to non-availability of independent directors, the Corporatio n is not able to constitute an Audit Committee in pursuance of section 177 of the Companies Act, 2013 and Regulation 18(1) of SEBI (Listing Obligations and Disclosure Requiremen ts) Regulations, 2015, at the time of approval of the fi nancial results. The above Consolidated Financial results of t he Corporation for the quarter and half year ended 30th September 2026 have been reviewed and approved by the Board of Directors at its meeting held on 23rd October 2026. 2. Shares held by "BPCL Trust for Investmen ts in Shares" have been netted off from paid up equity share capital. Further, weighted average shares outsta ndin g durin g the reporting periods have been used for calculation of Basic Earnings per share and Diluted Earnings per share. 3. Other Expenses for t he half year ended 30th September 2026 includes ~ 51.64 Crore (April-September 2025: ~ 541.74 Crore) on account of foreign exchange loss. 4. The detai ls of Exceptio nal Items lncome/(Expenses) for the period are reported below: (~ in Crore) Quarter ended Half Year Ended Year ended Particulars 30.09.2026 30.06. 2026 30.09.2025 30.09.2026 30.09 .2025 31.03.2026 Project Cost expensed off* - - (165.87) - (233.25) (410.70 ) Reclassificat ion of FCTR Gain to P&L on convers ion of JV to - 1,884.56 - 1,884.56 - - Subsidiary" Exceptional Item - - 1,884.56 (165.87) 1,884.56 (233.25) (410.70) lncome/(Expenses) * In case of who lly owned subsidiary compa ny Bharat PetroResources Limited (BPRL), considering the evolutio n of the security situat ion in the north of the Cabo Delgado prov ince in Mozambique, the Operato r (i.e. Total E & P Mozambique Area 1 Limitada) had declared Force Majeure on 22nd Apri l 2021. The Force Majeure was resolved by the operato r durin g th e previous year. There were certain incremental costs related to th e suspension and Force Majeure, which were abnormal costs and not an integral part of bringing the assets into the working condition as intended by BPRL. Accordi ngly, such costs have been expensed off. " During the period, BPRL Vent ure s BV (wholly owned subsidiary of BPRL) acquired the remaining stake in Joint Vent ure, IBV Brazil Petroleo Limitada (IBV), from Videocon Energy Brazil Limited (VEBL) resulting in IBV being classified as an indir ect who lly owned subsidiary of BPRL, effective 30th June 2026. Consequently, the cumulative Foreign Currency Translation Reserve (FCTR) relating to IBV amount ing to~ 1,884.56 Crore has been reclassified to Statement of Profit and Loss. 5. Addit ional Disclosure pertaining to Bharat PetroResources Limited a. Recognition of company's share in assets, liabilitie s, income & expenditures in the operation of its Indian Block / joint venture s are on the basis of the latest unaudited financial statements/ billing stat ements provided by respective ope rators. b. Duri ng t he period, BPRL Ventures BV (wholly owned subsidiary of BPRL) acquired the remain ing stake in Joint Ventur e, BPRL Brasil Limit ada (fo rm erly IBV Brasil Petroleo Ltda), from Videocon Energy Brazil Limited (VEBL) resulting in IBV being classifi ed as an indirect who lly owned subsidiary of BPRL, effective 30th June 2026. The acquisit ion has been accounted for as a business combination in accordance with Ind AS 103 - Business ·ons. The allocat ion of purchase consideration is based on provisiona l values pending completion of
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valuation of identified net assets. According ly, as per the requ irement s of the Ind AS 103, the Company has recog nised prov isiona l Capital Reserve due to Gain on Bargain Purchase of, 217.30 Crore. C. Durin g the period, restructu ring of Mozambique Area 1 Golfinho -Atum project was undertak en by BPRL Ventures Mozamb ique BV by transferring its propo rtionate proj ect development assets to Moz LNG1 Asset Co Limitada ("AssetCo") in consideration for equity interest in AssetCo which was subsequently transferred to Moz LNG1 Holdco Limitada ("Mo z HoldCo") in exchange for equ ity shares in Moz Holdco under Asset Transfer Agreemen t. Consequen tly, an amount of Rs. 7,804.75 crore has been derecognized from Capital Work in Progress and reclassified as investment in equ ity- accounted invest ees. 6. Addit iona l Disclosures as per SEBI (Listing Obligati ons and Disclosure Requirements) Regulations, 2015 Quarter ended Half Year Ended Year Particulars ended 30.09.2026 30.06. 2026 30.09. 2025 30.09 .2026 30.09.2025 31.03 .2026 1. Debt Equity Ratio (time s) 0.50 0.56 0.46 0.50 0.46 0.43 [Total Debt excluding Lease Liability /Equity) 2. Debt Service Coverage Ratio - 1.81 0.20 3.03 1.55 2.24 2.47 Not Annualized (times) [(Profit after tax + Finance cost + Depreciation) / (Finance cost + Finance cost capitalized + Long term debt payment)] " 3. Interest Service Coverage 9.64 * 16.03 4.94 17.31 16.89 Ratio - Not Annualized (times) [(Profit befor e tax+ Finance cost+ Depreciation) I (Finance cost+ Finance cost capitalized)] " 4. Outstanding Redeemable - - - - - - Prefere nce Shares ('{ in Crore) 5. Outstanding Debt excluding 51,217.91 53,774 .61 43,073.27 51,217 .91 43,073.27 43,481.91 Lease liabilities('{ in Crore) 6. Capital Redemptio n Reserve - - - - - - ('{ in Crore) 7. Debenture Redemption - - - - - - Reserve('{ in Crore) 8. Net Worth (, in Crore) 1,01,463.89 96,320 .83 93,935.44 1,01,463 .89 93,9 35.44 1,00,170.26 [Equity share capital + Other Equity] 9. Net Profit afte r tax('{ in Crore) 4,863 .05 (1,872 .70) 6,191.49 2,99 0. 35 13,030.51 25,843.45 10.Basic and Diluted Earnings per 11.38 (4.38) 14.49 7.00 30.50 60.49 share - Not Annualized ('{ per share) 11.Current Ratio (times) 0.69 0.74 0.86 0.69 0.86 0.79 [Current Assets/Current Liability] 12.Long Term debt to worki ng * * * * * * capital (times) [Non-Current Borrowings/Working Capital)
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7. 8. 9. Quarter ended Half Year Ended Year Pa rticu la rs ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 13.Bad Debt to Account 0.00 0.00 - 0.00 0.00 0.00 receivable ratio (times) [Bad Debt/ Average Trade Receivable] 14.Current Liability Ratio (times) 0.77 0.72 0.66 0.77 0.66 0.71 [Current Liability/Total Liabilities] 15.Tota l debts to total assets 0.20 0.21 0.19 0.20 0.19 0.17 (times) [Non-current Borrowings and Current Borrowings/Total Assets] 16.Debtor Turnover - Not 22.63 28.86 15.52 49 .27 28.78 72.78 Annualized (times) [Sale of Product/Average Trade Receivable] 17.lnventory Turnover - Not 2.69 2.85 2.77 5.65 5.52 10.57 Annualized (times) [Sale of Product/ Average Inventory] 18.Operating margin (%) 3.94 (3.98) 6.21 (0.04) 6.27 6.10 [Profit Before Tax, Exceptional Item and Other Income/Revenue from Operations] 19.Net Profit Margin (%) 3.08 (1.17) 5.09 0.94 5.19 4.94 [Profit after tax/Revenue from Operations] * Negative amount "excluding impact of interest on lease liability and depreciation on ROU Assets The above resu lts are in accordance with the Indian Accounting Standards (IND AS) as prescribed under Section 133 of the Compan ies Act, 2013, read w ith the relevant ru les issued thereunder and other accounting principles generally accepted in India. Figures relating to corresponding periods have been regrouped/reclassified wherever necessary to conform to current period figures . The Audited Accounts for the year ended 31st March 2026 have been reviewed by the Comptroller and Auditor General of India under Section 143(6) of the Companies Act, 2013. The Comptroller and Auditor General of India under Section 143(6)(b) of the Companies Act, 2013 has no comments upon or supplement to the Auditors' Report on the accounts. , : .,,\01_:!_ P(1• .~,-?; SIM ~ &.() '<, 0 ' I, "<fl i.:f, ~ For and on behalf of the Board of Directors Place: Mu , __ ~-G~~ ~ Date: 23rd October 2026 nance), Who le Time Director DIN: 08188547
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Bharat Petroleum Corporation Limited Regd. Office: Bharat Bhavan, 4 & 6, Currimbhoy Road, Ballard Estate, P.B.No. 688, Mumbai - 400 001 CIN: L23220MH1952GO1008931 Phone: 022 2271 3000 / 4000 Fax: 2271 3874 email id: info@bharatoetroleum.in Website: www.bharatoetroleum.in CONSOLIDATED SEGMENT-WISE INFORMATION ~ In Crore Quarter Quarter Quarter Half Year Half Year Year Sr. No. Particulars ended ended ended ended ended ended 30.09.2026 30.06 .2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Audited 1 SEGMENT REVENUE a) Downstream Petroleum 1,57,778.58 1,59,479.28 1,21,570.90 3,17,257 .86 2,51,148. 79 5,22,668.25 b) Exploration & Production of Hydrocarbons 39.35 47.77 33.80 87 .12 70.60 152.16 Sub-Total 1,57,817 .93 1,59,527 .OS 1,21,604.70 3,17,344.98 2,51,219.39 5,22,820.41 Less: Inter -Segment Revenue Net Revenue From Operations 1,57,817 .93 1,59,527 .05 1,21,604.70 3,17,344.98 2,51,219.39 5,22,820.41 2 SEGMENT RESULTS a) Profit/(loss) Before Tax, Other income and Finance costs i) Downstream Petroleum 7,066.98 (5,919.53) 8,079.20 1,147.45 16,139.67 34,595.53 ii) Exploration & Production of Hydrocarbons 143.63 2,084.10 145.88 2,227.73 965.12 (149.56) Sub-Total of (a) 7,210 .61 (3,835.43) 8,225 .08 3,375. 18 17,104.79 34,445.97 b) Finance costs 991. 09 626.87 833.26 1,617.96 1,590.99 2,953.49 c) Other Un-allocable Expenditure Net off Income (340.28) (1,246.66) (952.77) (1,586.94) (1,702.48) (3,298.76) Profit/(loss) Before Tax (a-b-c) 6,559.80 (3,215.64) 8,344.59 3,344.16 17,216.28 34,791.24 3 Segment Assets a) Downstream Petroleum 2,05,484.05 1,96,957.11 1,73,174.55 2,05,484.05 1,73,174.55 1,86,913.04 b) Exploration & Production of Hydrocarbon s 40,206.95 38,856.97 30,141.44 40,206.95 30,141.44 33,101.08 c) Others (Unallocated - Corporate) 15,827.80 20,364.53 24,650.81 15,827.80 24,650.81 28,601.91 Total 2,6 1,518.80 2,56,178.61 2,27,966 .80 2,61,518.80 2,27,966.80 2,48,616.03 4 Segment Liabilities a) Downstream Petroleum 96,879 .83 95,526.50 78,044.06 96,879.83 78,044.06 91,761.59 b) Exploration & Production of Hydrocarbons 64.56 347.32 40.38 64.56 40.38 209.78 c) Others (Unallocated - Corporate) 63,110 .52 63,983.96 55,946.92 63,110.52 55,946.92 56,474.40 Total 1,60,054.91 1,59,857.78 1,34,031.36 1,60,054 .91 1,34,031.36 1,48,445. 77 5 (Segment Assets - Segment Liabilitie s) a) Downstr eam Petroleum 1,08,604 .22 1,01,430.61 95,130.49 1,08,604.22 95,130.49 95,151.45 b) Exploration & Production of Hydrocarbons 40,142.39 38,509.65 30,101.06 40,142.39 30,101.06 32,891.30 c) Others (Unallocated - Corporate) (47,282.72) (43,619.43) (31,296.11) (47,282.72) (31,296.11) (27,872.49) Total 1,01,463.89 96,320.83 93,935.44 1,01,463.89 93,935 .44 1,00,170 .26 Notes: 1. The group is engaged in the following business segment s: a) Downstr eam petroleum i.e. Refining and Marketin g of Petroleum Products. b) Exploration and Production of Hydrocarbons (E & P Segment). Segments have been identified takin g into account the nature of activities and the nature of risks and returns. 2. Segment Revenue comprises of Turnov er, Subsidy received from the Government of India and Other Operating Revenues. 3. Figures relating to corresponding period have been regrouped wherev er necessary.