Overview

• BPCL posted Rs 6,124 crore profit for Q1 FY26, ahead of IOC at Rs 5,689 crore and HPCL at Rs 4,371 crore, according to regulatory filings.
• Marketing margins expanded sharply after pump prices were held steady, with ICICI Securities estimating about Rs 10.3 per litre on petrol and Rs 8.2 on diesel despite lower crude and product benchmarks.
• IOC booked an inventory loss of Rs 6,465 crore in the quarter, while HPCL recorded about Rs 2,000 crore, reflecting the impact of falling crude between purchase and sale.
• The three firms booked LPG losses of Rs 3,719 crore (IOC), Rs 2,076 crore (BPCL) and Rs 2,148 crore (HPCL), and the announced Rs 30,000 crore government compensation lacks disbursal details.
• BPCL outperformed on operations, reporting a $4.88 per barrel gross refining margin, refinery runs at 118% of capacity, and the highest per‑pump sales at 153 kilolitres per month versus IOC’s 130.