Bharat Petroleum Corporation earnings calls.

BPCL reported a standalone loss of ₹3,962 crore in Q1 FY27, primarily driven by elevated international crude prices and adverse marketing margins amid geopolitical tensions in West Asia. Revenue from operations stood at ₹1,05,479 crore. Despite the challenging external environment, the company maintained operational resilience with refinery throughput at 10.15 MMTCurrent 10.15 MMT. Reported change: Stable YoY. and gross refining margin of $41.41/bbl (net ~$17/bbl after SAD). Crude sourcing was diversified with spot purchases rising to 69% (vs 44% YoY), while Russian crude procurement increased to 38%. The LPG under-recovery buffer cumulative stands at ₹15,804 crore with government support expected. Capex of ₹4,433 crore was incurred with full-year guidance of ₹25,000 crore unchanged. Key projects including Bina petrochemical expansion (30.7% progress) and proposed refinery project are progressing. Risks include crude price volatility, potential inventory losses, LPG subsidy backlog, and project execution challenges in geopolitical uncertainty.