The Board of Directors takes pleasure in presenting its Report on the
performance of Bharat Petroleum Corporation Limited
(BPCL) for the year ended March 31, 2026.
PERFORMANCE OVERVIEW Group Performance
In FY 2025-26, the aggregate refinery throughput of BPCL's
refineries at Mumbai, Kochi and Bina was 41.15 Million Metric Tons (MMT) as compared to
40.51 MMT in FY 2024-25. The BPCL Group ended the year with product sales of 55.72 MMT
(comprising domestic market sales of 54.18 MMT and export sales of 1.54 MMT), as compared
to 53.63 MMT (comprising domestic market sales of 52.40 MMT and export sales of 1.23 MMT)
in the previous fiscal year 2024-25. The growth in physical parameters is mainly on
account of increase in demand of petroleum products.
In FY 2025-26, the Group achieved Gross Revenue from Operations of I
5,22,820.41 crore as compared to I 5,00,517.48 crore in FY 2024-25. The Net Profit
attributable to BPCL stood at I 25,843.45 crore in FY 2025-26 as againstI 13,336.55
crore in the previous year. The Group has recorded Earnings per Share of I 60.49 per share
in the current year as against I 31.21 per share in FY 2024-25.
CONSOLIDATED GROUP RESULTS |
2025-26 |
2024-25 |
Physical Performance |
|
|
| Refinery Throughput (MMT) |
41.15 |
40.51 |
| Market Sales (MMT) |
55.72 |
53.63 |
Financial Performance |
|
I in crore |
| Revenue from Operations |
5,22,820.41 |
5,00,517.48 |
Profit before Finance Costs, Depreciation,
Share of profit/(loss) of equity accounted investee, |
44,500.93 |
28,086.10 |
Exceptional Items and Tax |
|
|
| Finance Cost |
2,953.49 |
3,591.44 |
| Depreciation & Amortization expense |
7,856.37 |
7,256.69 |
Profit before Share of profit/(loss) of
equity accounted investee, Exceptional Items and Tax |
33,691.07 |
17,237.97 |
| Share of Profit/(loss) of equity accounted
investee (net of income tax) |
1,510.87 |
1,322.74 |
| Exceptional Items - Income/(Expense) |
(410.70) |
(378.41) |
Profit before Tax |
34,791.24 |
18,182.30 |
| Provision for Taxation Current Tax |
9,228.99 |
4,470.93 |
| Provision for Taxation Deferred Tax |
(280.68) |
374.85 |
| Short / (Excess) provision for Taxation for
earlier years |
(0.52) |
(0.03) |
Net Profit for the year |
25,843.45 |
13,336.55 |
Net Profit attributable to BPCL |
25,843.45 |
13,336.55 |
| Other Comprehensive Income/(Loss)
attributable to BPCL |
2,583.82 |
(961.61) |
Total Comprehensive Income attributable to
BPCL |
28,427.27 |
12,374.94 |
| Group Basic and Diluted Earnings per share
attributable to BPCL (I per share) |
60.49 |
31.21 |
Company Standalone Performance
In FY 2025-26, the refinery throughput at BPCL's refineries at
Mumbai, Kochi and Bina was 41.15 MMT as against 40.51 MMT achieved in FY 2024-25. The
domestic market sales of the Company increased by 3.40%, from 52.40 MMT to 54.18 MMT in FY
2025-26. The growth in physical parameters was in line with the increase in demand of
petroleum products.
COMPANY STANDALONE RESULTS |
2025-26 |
2024-25 |
Physical Performance |
|
|
| Refinery Throughput (MMT) |
41.15 |
40.51 |
| Market Sales (MMT) |
55.72 |
53.63 |
Financial Performance |
|
I in crore |
| Revenue from Operations |
5,22,668.25 |
5,00,371.25 |
Profit before Finance Costs, Depreciation,
Exceptional Items and Tax |
44,931.22 |
28,559.15 |
| Finance Cost |
1,634.00 |
1,888.43 |
| Depreciation & Amortization expense |
7,844.09 |
7,232.46 |
Profit before Exceptional Items and Tax |
35,453.13 |
19,438.26 |
| Exceptional Items - Income/(Expense) |
(4,349.13) |
(1,773.93) |
Profit before Tax |
31,104.00 |
17,664.33 |
| Provision for Taxation Current Tax |
9,222.00 |
4,461.00 |
| Provision for Taxation Deferred Tax |
(1,420.70) |
(71.90) |
| Short/(Excess) provision for taxation of
earlier years |
(0.52) |
(0.03) |
Net Profit for the year (A) |
23,303.22 |
13,275.26 |
| Other Comprehensive Income/(Loss) (OCI) |
578.39 |
(367.47) |
Total Comprehensive Income for the year |
23,881.61 |
12,907.79 |
Opening Balance of Retained Earnings (B) |
16,357.77 |
25,048.43 |
Amount available for Appropriation (A+B) |
39,660.99 |
38,323.69 |
Appropriations / Others |
|
|
| Final Dividend of previous year |
2,169.25 |
4,555.43 |
| Interim Dividends |
7,592.38 |
2,169.25 |
| Transfer to General Reserve |
10,000.00 |
15,000.00 |
| Income from ‘BPCL Trust for Investment
in Shares' |
(148.32) |
(102.18) |
| Re-measurements of Defined Benefit Plans (Net
of tax) |
(262.31) |
343.42 |
| Transfer of Reserve to Business Combination |
(4.35) |
- |
Closing Balance of Retained Earnings |
20,314.34 |
16,357.77 |
Summarized Cash Flow Statement: |
|
|
Cash Flows: |
|
|
| Inflow/(Outflow) from Operating Activities |
47,703.28 |
23,604.83 |
| Inflow/(Outflow) from Investing Activities |
(22,455.23) |
(18,795.63) |
| Inflow/(Outflow) from Financing Activities |
(25,397.65) |
(4,916.09) |
| Net increase/(decrease) in cash & cash
equivalents |
(149.60) |
(106.89) |
BPCL achieved Gross Revenue from Operations of
I 5,22,668.25 crore in FY 2025-26 as compared to I 5,00,371.25 crore in
FY 2024-25. The Profit before Tax for the financial year was I 31,104.00 crore as compared
to I 17,664.33 crore in FY 2024-25. After providing for Tax (including Deferred Tax,
Short/(Excess) provision for previous years) of I 7,800.78 crore, as against I 4,389.07
crore during the previous year, the Profit after
Tax for the fiscal year stood at I 23,303.22 crore as against
I 13,275.26 crore in FY 2024-25.
Profit for the current year is higher as compared to the previous year
mainly due to increase in refining margins during the year. Internal Generation after
adjusting Dividend, Depreciation and Deferred Tax during the year was higher at I
20,159.63 crore as against I 13,849.28 crore in FY 2024-25, mainly on account of the
higher Profit after tax.
The Basic and Diluted Earnings per Share amounted to I 54.54 per share
for FY 2025-26 as compared to I 31.07 per share for FY 2024-25. The Basic and Diluted
Earnings per Share is after adjustment of "BPCL Trust for Investment in Shares".
BPCL's contribution to the exchequer by way of Taxes, Duties and
Dividend during FY 2025-26 amounted to I 1,62,294.73 crore as against I
1,48,347.60 crore in the previous year.
As on March 31, 2026, BPCL's total equity stands at I 95,232.74
crore as against I 80,960.09 crore for the previous year.
Dividend
The Board of Directors has declared and distributed two Interim
Dividends during FY 2025-26 totaling I 17.50/- per share amounting to I
7,592.38 crore (i.e. @175% of the paid up share capital) on the paid up share capital of I
4,338.50 crore. The
Board of Directors has not recommended any Final Dividend for
FY 2025-26.
As per Regulation 43A of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 the top thousand
listed entities shall formulate a Dividend Distribution Policy. Accordingly, Dividend
Distribution Policy has been adopted to set out the parameters and circumstances that will
be taken into account by the Board in determining the distribution of Dividend to its
shareholders and/ or retaining the profit into the business. The policy is available on
the Company's website at https://www.bharatpetroleum.in/
bharat-petroleum-for/investors/disclosure-under-regulation-
46-and-62-of-sebi-lodr-regulations/ddp%20final%20file.pdf
Transfer to Reserves
Out of amount available in Retained Earnings, an amount of
I 10,000 crore has been transferred to General Reserve.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE
REPORT
Subsequent to March 31, 2026, continuing geopolitical developments and
uncertainties in the Middle East region have contributed to volatility in global energy
markets, including fluctuations in crude oil prices, freight rates, insurance costs and
foreign exchange movements. Developments affecting key international energy trade routes
and supply chains have also influenced crude oil, LPG and LNG sourcing dynamics and
refining economics during the period.
The Company's refining, marketing, gas and distribution operations have
continued uninterrupted in order to support energy requirements across its areas of
operation. During the period, the Company continued to import LPG as required to meet
domestic demand, notwithstanding elevated import premiums and volatile market conditions.
Simultaneously, optimization of refinery operations and sourcing strategies contributed
towards strengthening domestic LPG availability and reducing overall dependence on
imports.
The Company has continued to operate its refineries, LPG bottling
plants, gas business, retail network and other key business units in line with operational
requirements while ensuring continuity of supply of petroleum products and gas. The
Company has also coordinated with Government authorities and relevant stakeholders to
support continuity of logistics and energy supply operations. The Company continues to
closely monitor developments relating to crude oil and LNG sourcing, commodity price
movements, freight costs, shipping availability, foreign exchange fluctuations and
downstream demand trends. To strengthen supply resilience and mitigate potential
disruptions, the Company has undertaken measures towards diversification of crude oil, LPG
and LNG sourcing, including enhanced procurement flexibility, portfolio optimization and
evaluation of alternative supply arrangements from diversified geographies. Based on the
assessment carried out up to the date of this Report, the Company does not presently
anticipate any material adverse impact on the continuity of its operations, asset base or
overall financial position. The Company continues to monitor developments and undertake
appropriate operational, commercial and risk-mitigation measures, as necessary. Except as
stated above, no material changes and commitments affecting the financial position of the
Company have occurred between the end of the financial year and the date of this Report.
Borrowings
Total Borrowings of the Company as on March 31, 2026 stood at I
10,480.09 crore as against I 23,277.72 crore as on March 31, 2025.
Deposits from Public
The Company has not accepted any deposit from the public during the
year. The amount of deposits, matured but unclaimed, at the end of the year was Nil.
Capital Expenditure
The total group Capital Expenditure of the company during the year was
I 21,372.47 crore as compared to I 15,709.39 crore during the previous year.
The Company has entered into a Memorandum of Understanding
(MoU) with Government of India for the purpose of performance
assessment. Capital Expenditure incurred by the Company and its proportionate share of
Capital Expenditure by its
Subsidiaries (Group), JVCs and Associates during the year is I
23,491.95 crore.
Comptroller and Auditor General of India's (C&AG) Audit
The Comptroller and Auditor General of India's (C&AG) comment
upon or supplement to the Statutory Auditors' Report on the Accounts for the year
ended March 31, 2026 is appended as
Annexure E.
As on March 31, 2026, there are nine pending published paras related to
the C&AG audit which are appended as Annexure F.
REFINERIES
Over the past year, the global oil and refining landscape continued to
evolve amid shifting demand dynamics and geopolitical developments, including tensions in
the US Iran region, which intermittently influenced supply expectations and market
sentiment. Crude prices remained relatively range-bound compared to earlier periods of
heightened volatility, even as periodic disruptions and uncertainty persisted. Meanwhile,
new refining capacities, particularly in Asia and the Middle East, exerted pressure on
product cracks, leading to a more normalized margin environment. These developments have
underscored the need for greater operational agility, cost competitiveness, and continuous
innovation across refining operations.
Against this backdrop, BPCL Refineries have delivered resilient
performance, demonstrating strong operational reliability, improved efficiency, and
sustained focus on value maximization. The refineries have further strengthened their
competitive positioning through digital transformation, energy optimization, and strategic
investments in petrochemicals and sustainability, while continuing to advance long-term
growth and transition priorities. Safety and sustainability continue to remain the
cornerstones of our operations. During the year, all three refineries achieved zero Lost
Time Accidents (LTA) for employees, reflecting the strong safety culture embedded across
our organization. Additionally, focused contractor safety management initiatives,
including rigorous safety training, competency development, enhanced supervision, and
strict adherence to safe work practices, have further strengthened our safety performance
and reinforced a culture of shared responsibility across all stakeholders. This
accomplishment highlights our unwavering commitment to robust systems, proactive risk
management, and the guiding principle of 'Safety First, Safety Must'.
BPCL Refineries recorded their highest-ever crude throughput of 41.2
MMT in FY 2025 26, surpassing the previous record of 40.5 MMT achieved in FY 2024 25. This
milestone reflects improved asset utilization, enhanced operational reliability, and
sustained focus on efficiency improvements. The average capacity utilization reached
116.6%, registering a notable increase over 115% in the previous year and ranking among
the highest in the industry.
Our Gross Refining Margin (GRM) for FY 2025 26 stood at 11.74
$/bbl and, despite prevailing geopolitical tensions, remained the highest among Indian PSU
Oil Marketing Companies (OMCs), supported by a strong distillate yield of 84.6%.
This robust performance was driven by strategic crude sourcing,
operational flexibility, and a sustained focus on margin-accretive product optimization.
During the year, BPCL refineries also introduced six new crude grades
from four different geographies into the processing slate, further diversifying the crude
basket and enhancing the ability to respond effectively to evolving market dynamics and
feedstock economics.
Aligned with our sustainability agenda, BPCL continued to implement a
wide range of energy efficiency and decarbonization initiatives across its refineries
during FY 2025 26. A total of energy conservation initiatives undertaken across refineries
resulted in a cumulative reduction of over 40,000 Metric Tons of Oil Equivalent (MTOE) and
more than 1,29,581 Metric Tons of CO equivalent emissions, reflecting sustained focus on
energy optimization and carbon management. BPCL made strong progress in expanding its
renewable energy portfolio with the commissioning of a 71 MW solar power plant at
Prayagraj, supplying green power to refineries and contributing substantially to emission
reduction.
Kochi Refinery (KR) achieved a breakthrough in circular economy
initiatives with the commissioning of the 150 TPD Municipal Solid Waste (MSW)-based
Compressed Bio-Gas (CBG) plant, which is expected to play a vital role in sustainable
waste management, renewable energy generation, and environmental improvement in
surrounding areas. BPCL also continues to enhance renewable energy adoption, supported by
ongoing wind power projects and expanding clean energy infrastructure. Complementing these
efforts, sustained focus on resource conservation through water management, digital
monitoring of emissions, and environmental compliance has further strengthened BPCL's
sustainability framework. These initiatives collectively reinforce BPCL's commitment
to a low-carbon future, while advancing its long-term vision of becoming a sustainable and
future-ready energy Company.
BPCL's strategic thrust on petrochemicals continues to gather
strong momentum. The Bina Petrochemical Refinery Expansion
Project (BPREP) and the 400 KTPA Polypropylene project at
Kochi are progressing in line with planned timelines, with targeted
commissioning in May 2028 and October 2027, respectively.
Once completed, these projects will significantly augment BPCL's
refining and petrochemical capacities, enabling the Company to cater to the growing
domestic demand for polymers and other value-added petrochemical products. Additionally,
the Board has approved pre-project activities for the Andhra Pradesh Refinery and
Petrochemical Project near Ramayapatnam Port, with ~6,000 acres of land sanctioned by the
Government of Andhra Pradesh to set up a 9 MMTPA refinery-cum-petrochemical complex.
Process licensor selection is currently underway in coordination with the
Detailed Feasibility Report (DFR) consultant, while key technical
studies and site-related surveys have been completed to support detailed engineering and
cost estimation. On the statutory front, major milestones have been achieved, including
successful public hearing, completion of Environmental Impact Assessment
(EIA), Rapid Risk Assessment (RRA) and Coastal Regulation
Zone (CRZ) studies, issuance of No Objection Certificate (NOC) by the
Andhra Pradesh Pollution Control Board (APPCB), and recommendation for Coastal Regulation
Zone (CRZ) clearance by the Andhra Pradesh Coastal Zone Management Authority
(APCZMA). Land acquisition is progressing steadily, with 3,383
acres already registered, keeping the project firmly on track towards execution.
BPCL's refineries continued to demonstrate a strong focus on
innovation and operational excellence during FY 2025 26. At Mumbai Refinery (MR),
significant advancements were achieved in process optimization and product
diversification, with successful implementation of new process improvements and specialty
product enhancements, contributing to improved operational efficiency and value
realization. Kochi Refinery (KR) strengthened its processing flexibility and efficiency
through commissioning of key process improvements such as advanced crude blending systems
and optimization initiatives, enabling better crude selection and enhanced product yield.
At Bina Refinery (BR), operational resilience was further strengthened through
enhancements in process reliability and utilities optimization, along with continued
progress in cleaner fuel adoption and energy efficiency measures, contributing to improved
overall performance and reduced energy intensity.
Across all refineries, focused initiatives toward process optimization,
energy efficiency, and introduction of new product streams have led to enhanced yields,
improved reliability, and better utilization of assets. These efforts collectively reflect
BPCL's commitment to driving innovation through process excellence and operational
improvements, enabling sustainable and competitive growth.
Digital technology continues to serve as a key enabler of operational
excellence across BPCL refineries, strengthening decision-making, reliability, and safety
performance. During
FY 2025 26, the Company made significant strides under its digital
transformation initiatives, including large-scale deployment of AI and Machine
Learning-based predictive analytics solutions across ~90 critical equipment, enabling
early detection of anomalies and potential failures, thereby improving asset reliability
and reducing unplanned downtime. Advanced
Ultra-Critical Video Analytics (UCVA) solutions were further
strengthened and expanded, leveraging artificial intelligence for real-time monitoring of
safety compliance and critical field operations, with seamless integration into the Work
Permit
System. BPCL also continued to enhance its capabilities in immersive
technologies through deployment of Virtual Reality
(VR) training modules and development of Augmented Reality (AR)-based
use cases, enabling effective training for low-frequency, high-impact scenarios and
improving workforce preparedness. Operations Driven Reliability (ODR) initiatives were
further integrated with digital platforms, enabling comprehensive digitization of field
data, real-time abnormality detection, and structured tracking of equipment performance,
thereby enhancing reliability and operational discipline across refineries. In addition,
deployment of GenAI and LLM-based applications, including conversational assistants and
intelligent dashboards, has enabled faster access to knowledge, improved analytics, and
enhanced decision support capabilities. Digital infrastructure and cybersecurity
frameworks were also significantly strengthened, with expansion of 24?7 Operational
Technology (OT) Security Operations Centers (SOC), implementation of advanced Information
Technology Operational Technology (IT-OT) integrated cybersecurity architecture, and
adoption of secure cloud-based platforms, ensuring resilient and secure operations across
refineries. Complementing this, initiatives such as Real-
Time Location Systems (RTLS), automated dashboards, and digital
applications for turnaround and asset monitoring have further improved operational
visibility and efficiency.
While FY 2025 26 has been marked by resilient performance and
continuedstrategicprogress,italsoreflectstheevolvingdynamics of the global refining
landscape. Geopolitical developments, including intermittent tensions in the US Iran
region, have influenced supply expectations and market sentiment, while refining margins
have largely moderated toward more normalized levels. Sustained competitiveness in this
environment will require sharper focus on innovation, supply chain agility, energy
integration, and product portfolio diversification.
BPCL Refineries remain well-positioned to address these challenges,
supported by a strong culture of operational excellence, technological advancement, and
commitment to sustainability. As we look ahead, we continue to reinforce our focus on
delivering long-term value to stakeholders while aligning with the nation's
priorities of energy security, Atmanirbharta, and a sustainable energy transition.
Performance of Refineries
|
Mumbai Refinery |
Kochi Refinery |
Bina Refinery |
Total |
Parameters |
2024-25 |
2025-26 |
2024-25 |
2025-26 |
2024-25 |
2025-26 |
2024-25 |
2025-26 |
| Refinery Throughput (MMT) |
15.58 |
16.11 |
17.22 |
17.66 |
7.71 |
7.38 |
40.51 |
41.15 |
| Crude Oil Processed (MMT) |
15.53 |
16.04 |
17.19 |
17.56 |
7.71 |
7.39 |
40.43 |
40.99 |
| Capacity Utilization (%)* |
129.82 |
134.25 |
111.11 |
113.94 |
98.85 |
94.62 |
114.76 |
116.57 |
| GRM ($/bbl) |
4.86 |
8.81 |
6.96 |
12.42 |
10.50 |
16.48 |
6.82 |
11.74 |
* Capacity Utilization is the % of actual crude oil processed to the
installed/design capacity
MARKETING
FY 2025 26 was marked by significant achievements for BPCL's
marketing business. Despite intense competition in the industry, particularly from private
players, BPCL recorded its highest-ever domestic market sales of 54.18 MMT, reflecting a
growth of 3.4%. The Company's marketing Strategic Business Units (SBUs) Retail, LPG,
Lubes, Aviation, Industrial & Commercial (I&C), and Gas delivered a strong
performance, achieving the highest-ever market share in Motor Spirit (MS), Commercial LPG,
Packed LPG, and Aviation Turbine Fuel (ATF). Among the public sector oil marketing
companies (PSU OMCs), BPCL's market share stood at 27.27% as on March 31, 2026
A detailed discussion on the performance of the Marketing function is
given in the Management Discussion & Analysis
Report (MDA).
PIPELINES
The Company owns a multi-product pipeline network of
3962 KM with a design capacity of 23.5 MMTPA and 937 KM of crude
pipeline with a design capacity of 7.8 MMTPA. During the year, 425 KM KHPL (Krishnapatnam
Hyderabad Multiproduct Pipeline) was commissioned in record time by pumping the first HSD
parcel from Krishnapatnam Installation. Mumbai Manmad Bijwasan Pipeline (MMBPL), Mumbai
Uran LPG Pipeline (MUPL), and Bina Panki Pipeline (BPPL) achieved their highest-ever
throughput of 7965 TMT, 847 TMT, and 2100 TMT, respectively. Pipeline re-routing was
successfully completed across the MMBPL Mej River at Ch 953, restoring the Kota-Piyala
section within a record time of 60 days, as against the scheduled time of 105 days.
All standard operating procedures were strictly followed, resulting in
‘NIL' fatalities and ‘NIL' Lost Time Accidents (LTA).
Pipelines business remains at the forefront of ensuring the security
and safety of its assets. A total of 12 tapping attempts were successfully foiled due to
effective Pipeline Intrusion
Detection System (PIDS) monitoring. In a first-of-its-kind initiative
by the company, a joint exercise with the Territorial
Army (with over 90 Army personnel) was conducted for MMBPL in the
Bharatpur ROU area.
Pipelines Division of the Company has launched BPCA 2.0, an advanced,
fully integrated digital platform for end-to-end management of pipeline crossing NOCs. The
initiative aims to streamline workflows, improve transparency, ensure better tracking and
monitoring of NOCs, and deliver an enhanced and user-friendly experience for internal as
well as third-party users. Pipelines entity leveraged drone technology for pipeline
surveillance and successfully completed the drone survey across all pipeline regions,
covering around 787 KM of pipeline length. The OFC Leasing Initiative a first-of-its-kind
revenue initiative in Pipelines unlocked I 84.65 crore of additional wallet capital,
establishing a new revenue stream for Pipelines.
To promote the culture of People First, the "Saha Yatra"
program was conducted for 889 frontline contract workers across all regions to honor their
unwavering commitment and deepen engagement.
MAJOR PROJECTS
Details of major ongoing projects during the year are given below.
Approved project cost indicated for each project is net of input tax credit.
• Bina Petchem and Refinery Expansion Project (BPREP)
The project involves the installation of a Dual Feed Cracker to produce
1200 Kilo Tons Per Annum (KTPA) of Ethylene, downstream units for the production of 1150
KTPA of Polyethylene [High-Density Polyethylene (HDPE) + Linear Low-Density Polyethylene
(LLDPE)] and 550 KTPA of Polypropylene (PP), as well as liquid chemicals such as
Benzene, Toluene, Xylene, etc. This includes associated units,
utilities, off-sites, and the expansion of the Refinery capacity to approximately 11
Million Metric Tons Per Annum (MMTPA). As on March 31, 2026, the project achieved an
overall progress of 23.3% and is scheduled for completion in May 2028. The project cost is
I 43,367 crore.
• Petro Resid Fluidized Catalytic Cracking (PRFCC) Unit and its
associated facilities at Mumbai Refinery
Mumbai Refinery (15 MMTPA) is implementing a state-of-the-art Petro
Resid Fluidized Catalytic Cracker (PRFCC) unit to replace two aging units and enhance
reliability, safety, and operational efficiency. The project also includes a revamp of the
existing Hydrocracker, increasing its capacity from
1.97 MMTPA to 3.07 MMTPA.
The project will enable the processing of higher-sulfur crude, reduce
heavy fuel oil production, and convert residue into high-value products such as propylene,
Motor Spirit (MS) and High Speed Diesel (HSD). It will also help reduce emissions,
increase transportation fuel production by approximately
1.3 MMTPA, and support petrochemical diversification through the
production of 440 KTPA of chemical-grade propylene, along with associated utility and
process upgrades.
As on March 31, 2026, the project achieved an overall progress of 3.8%
and is scheduled for completion in September 2029.
The approved cost of the project is I 13,626 crore.
• Polypropylene Unit at Kochi Refinery
The project involves setting up a 400 Kilo Tons Per Annum (KTPA)
Polypropylene Unit along with associated facilities and revamping the Petro Fluid
Catalytic Cracking (PFCC) Unit for production of Homo Grade Polypropylene at Kochi
Refinery. The approved project cost is I 4,850 crore, with scheduled completion in October
2027. The project achieved an overall progress of 28.5% as on March 31, 2026.
• Coprocessing facility in Kerosene Hydro-Treater (KHT) Unit
for production of Sustainable Aviation Fuel (SAF) at Mumbai Refinery
The Company is establishing a Sustainable Aviation Fuel (SAF)
co-processing facility at its Mumbai Refinery by integrating renewable feedstock into the
existing Kerosene
Hydro-Treater (KHT) unit. The project aims to meet upcoming blending
mandates and reduce carbon emissions from the aviation sector. By leveraging the existing
infrastructure, the project will accelerate the Company's decarbonization efforts and
reinforce its leadership in sustainable energy. The total approved cost of the project is
I 677 crore, with scheduled phase 1 completion by December 2026 and phase 2 by December
2027.
• GAS Turbine GT-3 upgrade from frame 6B to 6B.03
The Company is upgrading the GT-3 Gas Turbine from Frame 6B to the
advanced 6B.03 standard at Mumbai Refinery.
The modernization project aims to increase power output, enhance fuel
efficiency, and improve operational reliability. By incorporating advanced materials and
improved cooling technologies, the upgrade is expected to reduce maintenance downtime and
ensure long-term energy security for refinery operations. The total approved cost of the
project is
I 218 crore, with scheduled completion in July 2027.
• POL and LOBS installation with receipt pipelines at
Rasayani, Maharashtra
The project involves the construction of a 22-inch POL pipeline and a
10-inch Lube Oil Base Stock (LOBS) / De-Aromatized Solvent (DAS) pipeline spanning 40 km
from Mumbai Refinery to Rasayani. In addition, the project includes the construction of a
Base Oil Terminal with storage tank capacity of 82,600 KL and a POL Installation with
product storage capacity of approximately 1.84 lakh KL at
Rasayani. The project achieved an overall physical progress of 79.1% as
on March 31, 2026. The approved project cost is I 2,585 crore, with scheduled completion
by September 2026.
• Irugur Devangonthi Multiproduct Pipeline
The project involves laying a 352 km long, 16-inch diameter
multiproduct cross-country pipeline with a throughput capacity of 3.5 MMTPA from Irugur
(Tamil Nadu) to Devangonthi (Karnataka). The approved cost of the project is I 1,725
crore. The project achieved an overall physical progress of 81.6% as on March 31, 2026,
and is scheduled for completion in September 2026.
• Augmentation of CCKPL and IDPL Pipelines Capacity along with
Setting up of Palakkad Top, Kerala
The project involves augmenting the capacity of the Cochin Coimbatore
Karur Pipeline (CCKPL) from 3.3 MMTPA to 7 MMTPA, along with associated facility
enhancements. It includes the implementation of the 16-inch Irugur Devangonthi Pipeline
(Phase 2), designed for a capacity of 3.5 MMTPA, with provision for future
expansion up to 5 MMTPA
through the addition of intermediate pumping facilities. The project
also entails the development of the Palakkad POL Terminal, which will draw a tap-off from
the CCKPL. Land for this terminal is secured from M/s. KINFRA to establish retail POL
facilities, including an intermediate pumping station at Palakkad. The estimated cost of
the project is
I 1,130 crore. The project has achieved overall progress of 34.1% as on
March 31, 2026 and it is scheduled for completion in August 2028.
• ATF Pipeline from Malkapur (Hyderabad) POL Installation to
Hyderabad International Airport
The project involves the construction and installation of a
56.2 km, 14-inch diameter Aviation Turbine Fuel (ATF) pipeline,
connecting the Company's Malkapur POL Installation to the
Hyderabad International Airport. As on March 31, 2026, the project
achieved an overall progress of 24.1% and is scheduled for completion in September 2027.
The project cost is I 215 crore.
• 50 MW Wind Power Plants in Maharashtra & Madhya Pradesh
The projects involve setting up 50 MW (?5%) wind power plants in
Maharashtra and Madhya Pradesh to cater to the energy needs of the Mumbai Refinery and
Bina Refinery, respectively. These initiatives aim to expand the renewable energy
portfolio and reduce CO emissions. Each project has an estimated cost of I 483.14 crore
and is scheduled for completion by April 2027. Project activities are in progress for both
the plants.
• Common User Facility POL Terminal at Sadashibpur
(Meramundali), Odisha
The project envisages setting up a POL Terminal at
Sadashibpur (Meramundali), Odisha on Common User Facility (CUF) basis
for PSU OMCs (IOCL, BPCL & HPCL), with BPCL as lead company, to meet the demands of
Central / North
Odisha economically. Currently, PSU OMCs do not have any depot /
terminal located centrally, and large volumes are met through long distance road movement
from Paradeep Coastal Terminal. The approved cost of the project is I 393.54 crore. The
project has achieved overall progress of 76.7% as on March 31, 2026 and scheduled for
completion in September 2026.
• LPG plant at Hathua, Dist. Gopalganj, Bihar
The proposed LPG bottling plant with a rail unloading facility
in Hathua, District Gopalganj, Bihar, will enhance the company's bottling capacity to
meet the increasing LPG demand in Bihar and supplies to nearby LPG bottling plants.
The project cost is I 340 crore, with a scheduled completion date of
March 31, 2027. As on March 31, 2026, the project achieved overall progress of 48%.
• Kanpur LPG Bottling Plant
Construction of an LPG Bottling Plant featuring dual
24-station electronic carousels and comprehensive allied facilities.
The project includes a robust fire protection system designed in full compliance with OISD
STD 144 and its associated regulatory standards. The project cost is
I 202 crore, with a scheduled completion date of September 30, 2027. As
on March 31, 2026, the project achieved overall progress of 50%.
• Bulk Loading Hub - Kanpur
Construction of a railway gantry for bulk unloading and a tank lorry
gantry for bulk loading, including comprehensive allied infrastructure such as pumping
systems and dedicated firefighting facilities. The project cost is I 186 crore, with a
scheduled completion date of September 30, 2027. As on March 31, 2026, the project
achieved overall progress of 50%.
• Pre-project AP Refinery and Petrochem Complex Phase 1
The Company is initiating Phase 1 of a Greenfield Refinery and
Petrochemical Complex in Andhra Pradesh. This pre-project phase lays
the groundwork for a world-class, integrated facility designed to bridge the regional
demand-supply gap for fuels and high value petrochemicals. The project cost is
I 2,100 crore for carrying out pre-project activities.
• City Gas Distribution (CGD) Projects
The Company has been authorized by the Petroleum and Natural Gas
Regulatory Board (PNGRB) to lay, build, operate, and expand City Gas Distribution (CGD)
networks in 26 Geographical Areas (GAs), covering 81 districts across the country. The
authorization was granted under the
6th, 9th, 10th, 11th, 11A, and 12th rounds of bidding for a
period of 25 years.
The GA awarded under the 12th round is currently at the
Detailed Feasibility Report (DFR) finalization stage. In the remaining 25 GAs, project
activities are under implementation with an approved cumulative cost of I 47,688 crore.
Project activities across all GAs are progressing in line with the
Minimum Work Program (MWP) targets stipulated by
PNGRB. The MWP targets have already been achieved in four
GAs from the 6th round and one GA from the 9th round, while
work in the remaining 20 GAs is progressing as per schedule.
PROJECTS COMPLETED IN FY 2025-26
• Multiproduct Pipeline from Krishnapatnam Coastal Terminal to
POL Terminal at Malkapur near Hyderabad
The project involved the construction of a 455 km long, 16-inch
diameter multi-product pipeline with a throughput capacity of 4.4 MMTPA, running from
Krishnapatnam Coastal
Terminal to the POL Terminal at Malkapur near Hyderabad. Additionally,
the project included the construction of additional tankages at Krishnapatnam and Ongole.
The approved cost of the project was I 2,208 crore. The project was mechanically completed
in August 2025 and commissioned on February 24, 2026.
• Augmentation of Cryogenic Facilities at Uran LPG Import
Terminal in Maharashtra
The project envisaged debottlenecking and augmentation of cryogenic
facilities at Uran to meet future import requirements and ensure uninterrupted and smooth
supply chain operations to cater to the growing LPG demand. The approved cost of the
project was I 1,630 crore. The project was mechanically completed in December 2025.
• Integrated 2G +1G Ethanol Bio-refinery at Bargarh, Odisha
To meet the blending targets outlined in the National
Biofuel Policy 2018, BPCL established an integrated 2G and 1G
Bio-Ethanol Plant at Bargarh, Odisha, with a total ethanol production capacity of 200
kiloliters per day. The ethanol produced at the facility is intended for blending with
motor spirit (MS). The project, with an approved cost of I 1,557 crore, saw the
commissioning of the 1G plant in October 2025 and the 2G plant in March 2026.
• Replacement and Extension of Jetty Pipelines for
Kochi Refinery
The project envisaged the replacement of old Jetty product pipelines
for black and white oil and the laying of new pipelines to enhance tanker loading rates,
reduce tanker turnaround time, and ensure uninterrupted product evacuation from KR through
coastal routes. The approved cost of the project was
I 372 crore. The project achieved mechanical completion in February
2026.
• Installation of Independent De-Aromatized Solvents (DAS) unit
at Mumbai Refinery
The project envisaged setting up an independent train of
DAS Unit with a capacity of 200 TMTPA to meet the growing demand for
various grades of specialty DAS products such as D40, D60, D110 and D130, in addition to
D80 grade. DAS, which were largely imported, found extensive use in consumer products such
as household insecticides, mosquito repellents and aerosols. The approved cost of the
project was
I 405 crore. The project was mechanically completed on February 10,
2026 and commissioned on March 17, 2026.
• Common User Facility POL Terminal at Jammu
The project involved the construction of a new POL Terminal at Jammu on
a Common User Facility (CUF) basis for PSU Oil Marketing Companies (IOCL, BPCL &
HPCL), with BPCL as the lead company. The new facility replaced the existing old depots of
the OMCs and strengthened the marketing logistics infrastructure in the Union Territories
of Jammu &
Kashmir and Ladakh. The upgrade catered to the present and future
volume demands of the entire J&K and Ladakh region, including the requirements of the
Defence Forces. The approved cost of the project was I 706 crore. The project was
mechanically completed in January 2026.
• Lube Oil Blending and Filling Plant at Rasayani, Maharashtra
The project envisaged the construction of fully automated and efficient
Lube Oil Blending and Filling Plant with modern processing facilities at Rasayani as a
re-sitement of existing Wadilube plant. The approved cost of the project was
I 526.56 crore. The project was mechanically completed in December 2025
along with commissioning of Phase 1.
• 71 MWp (DC) Solar Power Project at Prayagraj,
Uttar Pradesh
Under the Net Zero initiative, the company completed a
71 MWp (DC), 52 MW (AC) solar power project in Prayagraj.
The approved project cost was I 308.3 crore. The project was
mechanically completed in August 2025 and commissioned in December, 2025.
RESEARCH AND DEVELOPMENT (R&D)
The Company continued to demonstrate a strong commitment to Research
and Development (R&D) during FY 2025 26 through its Corporate Research &
Development Centre (CRDC),
Greater Noida, and the Product & Application Development
Centre (PADC), Mumbai. R&D initiatives were aligned with the
Company's strategic priorities of business growth, sustainability, energy transition,
decarbonization, self-reliance, and operational excellence. Significant progress was
achieved across key domains, including Carbon Capture, Utilization and
Storage (CCUS), Green Hydrogen, Biofuels, Circular Economy,
Petrochemicals, Specialty Chemicals, Advanced Materials,
Refinery Process Optimization, Digital Technologies, and Lubricants.
These initiatives are aligned with the national vision of ‘Aatmanirbhar Bharat'
and support BPCL's long-term Net Zero ambitions and competitiveness.
At India Energy Week 2026, the Company showcased two landmark
indigenously developed innovations. These included an electrolyzer-free green hydrogen
production system based on an electro-mechano-chemical redox process enabling
decentralized hydrogen generation using raw water, and Bharat-
Shakti, an advanced LPG formulation delivering improved thermal
performance, lower emissions, and enhanced fuel efficiency. These innovations underscore
BPCL's commitment to sustainable energy solutions and technological self-reliance.
During the year, notable progress was achieved in the areas of
CCUS, Green Hydrogen, Biofuels, Specialty Chemicals, Circular
Economy, and Digital Technologies. A key milestone included the
initiation of a 15 TPD CO capture demonstration unit at
Bina Refinery. The Company also advanced technologies for the
conversion of CO into methanol, formic acid, synthetic natural gas (SNG), and Sustainable
Aviation Fuel (SAF), alongside progress in energy-efficient carbon capture solutions using
HiGee absorption and Simulated Moving Bed (SMB) technologies. Laboratory-scale development
of electrochemical technologies for hydrogen production and CO conversion was also
successfully demonstrated.
Under the National Green Hydrogen Mission, BPCL commissioned an
indigenous 500 kW alkaline electrolyzer based on BARC technology at Cochin International
Airport, enabling a 24?7 green hydrogen-powered refueling station with a
production capacity of approximately 240 kg/day.
In the area of refinery optimization and digitalization, the Company
successfully deployed the BPMARRK? Aspen HYSYS? Integrated Digital
Twin-based Real-Time Optimization
(RTO) solution at Kochi Refinery, expected to deliver significant
economic benefits through enhanced operational efficiency and real-time process
optimization. Further, BPMARRK? 2.0, a web-based platform for crude assay,
yield prediction, and crude evaluation, was developed and commercialized through services
to external organizations.
BPCL continued to make progress in commercialization of indigenous
technologies. The BharatH2Sep membrane-based hydrogen recovery technology advanced towards
commercialization, with continuous field operations at Mumbai Refinery and engineering
activities initiated for a commercial-scale unit. The Basic Design Engineering Package
(BDEP) for a 20 KTPA Super Absorbent Polymer (SAP) plant was completed in collaboration
with Engineers India Limited. Additionally, significant progress was made in developing
indigenous refinery catalysts, FCC additives, dewaxing catalysts, anti-scalants,
corrosioninhibitors,andspecialtyprocessadditives,contributing to import substitution and
enhanced operational reliability. The Company strengthened its focus on sustainable fuels
and circular economy solutions. A novel bio-oil co-processing process in FCC units was
developed, enabling improved gasoline yields without hardware modifications. Progress was
also made in the development of SAF from Used Cooking Oil (UCO), bio-based isobutanol for
diesel blending, and advanced hydrogen burners. Further initiatives included development
of technologies for biodegradable plastics from distillers' dried grains with solubles
(DDGS), tyre-grade green silica from boiler ash, and enriched fermented organic manure
(e-FOM) from Compressed Bio Gas (CBG) plants, promoting sustainable utilization of
biorefinery by-products.
In the specialty fuels segment, BPCL successfully developed and
demonstrated X-treme Winter Grade Diesel with an ultra-low pour point of 40?C for
high-altitude defence applications. Advanced LPG formulations, including Bharat-Shakti and
Winter
Grade LPG, were developed to ensure reliable performance under extreme
climatic and oxygen-deficient conditions. Field trials validated their superior
performance, supporting commercial deployment.
The Company further strengthened its collaborative ecosystem with
premier academic and research institutions, including IIT Roorkee, IIT Bombay, IIT (BHU)
Varanasi, IISER Thiruvananthapuram, ICGEB, CSIR laboratories, and NIT Calicut, among
others. These collaborations supported technology development across carbon capture,
catalysis, petrochemicals, sustainable fuels, biotechnology, energy storage, and waste
valorization. Key outcomes included development of energy storage materials from petroleum
coke, bio-based production of 1,4-butanediol (BDO), advanced wastewater treatment using
algal photobioreactors, and indigenous catalyst technologies for Dimethyl Ether (DME) and
SAF.
In lubricants, R&D efforts focused on developing advanced solutions
aligned with evolving industry requirements. Key developments included long-life
stationary gas engine oils, premium mineral-based refrigeration compressor oils,
next-generation motorcycle engine oils, specialized lubricants for LNG-powered vehicles,
long-drain axle oils, synthetic automatic transmission fluids, long-life greases, and
specialized EV fluids for thermal management and efficiency in electric vehicles.
BPCL's R&D achievements received significant recognition during the year,
including the CII Industrial Intellectual Property
Award 2025, CII Industrial Innovation Award 2025, and CII Innovation
Award 2025 for BPMARRK? 2.0 and K-Model ?. Additional accolades were received
for sustainability initiatives, including Net Zero Retail Outlet, Plastic Waste Geocell
Project, and Bharat FurnoChem initiatives.
During FY 2025 26, the Company filed 22 patent applications and was
granted 7 Intellectual Property Rights (IPRs). The R&D teams also published 8
technical papers and contributed 4book chapters.
In addition to the R&D initiatives in the Company, the business
units have undertaken various innovative initiatives in their constant endeavor to improve
processes, boost operational efficiencies and reduce energy consumption.
Some of the innovation initiatives are detailed below :
BPCL is spearheading innovation across its refineries through several
impactful projects. Various innovation initiatives at
Kochi Refinery are aimed to reduce Green House Gas (GHG) emissions,
improve long term sustainability, enhance efficiency and operational reliability.
In Mumbai Refinery, the Remote Monitoring and Diagnostic
Services (RMDS) Project is an AI-based predictive analytics solution,
designed for super-critical rotating turbomachinery through continuous remote monitoring
to enhance reliability, minimize unplanned downtime and optimize maintenance costs.
The Light Diesel Oil (LDO) project at Bina Refinery converts low-value
stream into a marketable fuel thereby improving refinery flexibility, enhancing margins
and strengthening BPCL's competitive position in fuel markets.
During FY 2025 26, Digital Business continued to strengthen our digital
ecosystem by embedding technology across customer journeys and core business operations.
In LPG, Digital Business enhanced governance, safety, and consumer trust through advanced
e-KYC, operator-centric digital tools, and intelligent trip planning, enabling more
efficient and reliable service delivery. Digital Business also introduced WingTip, a
first-of-its-kind integrated digital platform for Aviation, bringing end-to-end automation
and real-time visibility to aviation fuelling operations. In City Gas Distribution
business, Digital Business advanced the digitalization of the customer lifecycle, enabling
customers to seamlessly onboard, transact, and track their service journey with greater
transparency at every stage. Across our Retail and Lubricants businesses, digital
innovations strengthened customer engagement through enhanced loyalty programmes,
increased adoption of scan-based rewards, and frictionless digital interactions, creating
more personalised and rewarding customer experiences.
The total expenditure on R&D activities and innovation initiatives
during the year 2025-26 was I 295.84 crore.
INDUSTRIAL RELATIONS
BPCL continued to foster a stable and progressive industrial relations
environment through sustained engagement, meaningful dialogue, and close partnership with
employee unions across the organization. The industrial relations climate remained
positive and cooperative, reflecting a shared commitment towards organizational
priorities, operational excellence and business growth. Trade Unions continued to play a
constructive role by actively partnering with the organization across various initiatives
and supporting efforts aimed at enhancing operational effectiveness and employee welfare.
The year witnessed a positive and enabling work environment across locations, facilitating
smooth operations and seamless business continuity. BPCL remained committed to
strengthening a transparent, inclusive, and employee-centric work culture, with
organizational and employee-related matters being addressed through regular communication,
mutual trust and a collaborative approach to resolution.
CORPORATE SOCIAL RESPONSIBILITY
Guided by its vision of "Energizing Lives," BPCL continues to
extend its impact beyond business operations through dedicated and sustained Corporate
Social Responsibility (CSR) initiatives. The Company's CSR framework is founded on
the conviction that meaningful development should be inclusive, fair, and sustainable.
BPCL remains deeply committed to contributing to the nation's developmental agenda
while strengthening and uplifting communities, particularly in vulnerable and underserved
areas.
BPCL CSR strategy, reinforced its commitment towards inclusive,
equitable and sustainable development during FY 2025 26 through focused initiatives,
aligned with the provisions of
Section 135 of the Companies Act, 2013, Schedule VII thereto,
Sustainable Development Goals (SDGs) and the guidelines issued by the Department of Public
Enterprises (DPE). The CSR Policy of the Company, approved by the Board of Directors on
the recommendation of the CSR Committee, outlines the guiding principles and the mechanism
for selection, implementation and monitoring of CSR projects and is available on the
Company's website: https://www.bharatpetroleum.in/
social-responsibility/social-responsibility.aspx.
In FY 2025 26, the Company allocated a portion of its CSR Budget,
amounting to I 160.87 crore (60.21% of the total CSR expenditure) towards the thematic
area of "Health and Nutrition" as per the guidelines set forth by the Department
of Public Enterprise, in continuation from FY 2024-25. Health & Nutrition continued to
be the dominant CSR thrust area during the year, consistent with national priorities and
DPE guidelines, with substantial investments made towards strengthening healthcare
infrastructure, improving access to quality healthcare services, and addressing nutrition
and preventive healthcare needs of vulnerable communities. The Company also undertook CSR
projects across Education, Skill Development, Community Development, Environmental
Sustainability and other permissible activities under Schedule VII. The projects were
implemented through direct execution as well as through eligible implementing agencies
across multiple States and Union Territories. The Annual Report on CSR, the composition of
the CSR Committee and a comprehensive overview of the company's CSR programs is
enclosed in Annexure B. From the overall CSR allocation for the year of I 747.76 crore.
(which is inclusive of interest earned on CSR funds during the year), an expenditure of I
267.17 crore was incurred. Several CSR projects approved by the Company are multi-year in
nature. Expenditure on such ongoing projects is incurred in line with defined milestones.
An unspent amount of I 240.02 crore relating to ongoing projects approved for the
Financial year ending March 31, 2026, has been transferred to a dedicated Unspent CSR
Account and will be utilized within the stipulated timelines in compliance with the
Companies Act, 2013.
The Company supported strengthening of government hospitals and health
institutions through provisioning of advanced medical and diagnostic equipment, dialysis
units, oncology and specialty healthcare support, maternal and child healthcare, cataract
and other corrective surgeries, screening and treatment for cancer, anemia and sickle cell
disease, menstrual hygiene management and nutrition focused interventions.
For strengthening public healthcare, BPCL supported the
Government's ‘TB Mukt Bharat Abhiyaan' through the deployment of 450
handheld TB screening devices across
Haryana and Maharashtra under the National Tuberculosis
Elimination Program (NTEP). Implemented through the respective State
Health Departments, the project aims to enhance early detection and diagnosis of
tuberculosis, including drug-resistant TB, particularly in remote and underserved areas.
The WHO-endorsed portable molecular diagnostic systems enable rapid and accurate testing
at PHC and CHC levels, significantly improving access to timely healthcare.
With an estimated annual screening capacity of over 16 lakh tests, the
initiative is expected to strengthen the public health infrastructure and contribute
meaningfully towards India's goal of eliminating tuberculosis.
In continuation of the long-standing commitment to cancer care
specifically, BPCL has provided brachytherapy machines for cancer treatment at Homi Bhabha
cancer hospital & Research Centre, Muzaffarpur, Bihar and Cachar Cancer Hospital and
Research Centre, Silchar, Assam. Healthcare infrastructure was set up
through construction of hospital, setting up surgical and burns ICUs and providing the
required life-saving medical equipment.
Community based healthcare delivery was enhanced through
Mobile Medical Units (MMUs), health camps, and technology enabled
interventions including tele-medicine platforms, particularly in rural, tribal,
aspirational districts and urban underserved geographies. Flagship initiatives such as
Lifeline
Express (Hospital on Train), Jan Arogyam Community Healthcare
Programme and First Meal Programmes continued to benefit a large number
of people across the country. Similarly, over 180 open gyms were set up in different parts
of the country, promoting community health and well-being by providing accessible and
affordable fitness infrastructure in public spaces. BPCL's education initiatives
focused on improving access to quality education and strengthening learning
infrastructure.
Support was extended towards construction and upgradation of school
buildings, smart classrooms, science laboratories, digital learning facilities and supply
of educational materials in government and aided schools.
Towards enhancing the quality of education among tribal students, BPCL
supported the establishment of 75 Space Labs in Eklavya Model Residential Schools (EMRS)
across 18 States and 1 Union Territory. Implemented through the Ministry of Tribal
Affairs, with technical guidance from ISRO, the project aims to promote scientific
curiosity and strengthen
STEM-based learning among tribal students. The initiative is designed
to directly benefit more than 18,000 students by providing advanced educational
infrastructure and exposure to space science and technology.
Scholarships and education support programs benefited students from
economically weaker and marginalized sections of society, particularly in areas
surrounding BPCL's operational locations. Support to residential schools and hostels
contributed to improved Enrollment, retention and educational outcomes among students in
remote and underserved regions.
The Company continued its emphasis on skill development and livelihood
enhancement through structured vocational training, apprenticeship engagement and women
centric skilling programs. Through ongoing investment in skill development, BPCL remains
committed to supporting employability and contributing to the creation of a future-ready
workforce for the country Reinforcing its focus on nurturing young talent, the company
continued its apprenticeship program during the year by onboarding around 1,100
apprentices over and above the mandated 2.5% of workforce, across various functions. The
initiative offers practical industry exposure and structured on-the-job learning,
helping apprentices build technical capabilities and improve career readiness.
Skill development programs covered vocational trades, automotive
maintenance, tailoring, handicrafts, digital skills and entrepreneurship, enabling income
generation and economic self-reliance among beneficiaries across rural and semi urban
areas. The company has launched an all-India sports scholarship program for empowering
future sports champions.
The company has always stood by advancement of inclusion and
accessibility through initiatives for persons with disabilities like providing mobility
devices, AI-based smart vision glasses, health equipment and setting up rural centers of
excellence.
Environmental stewardship remained integral to BPCL's CSR
portfolio. Initiatives undertaken during the year included plantation drives, Miyawaki
based afforestation, solar RO water systems, water conservation measures and Mission LiFE
aligned interventions, contributing towards climate resilience and sustainable resource
management. Over 500 solar & high mast lights were provided as an important step
towards improving public safety, enhancing energy access, and promoting environmental
sustainability.
Community development programs addressed essential infrastructure needs
including safe drinking water, sanitation facilities, public hygiene, sports and fitness
infrastructure, road development and community assets in underserved locations. BPCL
actively participated in national cleanliness and awareness campaigns, undertaking
extensive outreach and action-oriented activities across its locations. Swachhata Pakhwada
2025 was observed with the participation of a whopping 7 lakh persons from the company and
its network.
Swachhata Hi Seva was celebrated by BPCL in true spirit from September
17 to October 2, 2025 and more than 900 activities were conducted with participation by
employees and BPCL network.
Through its CSR initiatives during FY 2025 26, BPCL reaffirmed its
commitment to nation-building and inclusive growth. By focusing on high impact
interventions across health, education, skill development, environmental sustainability
and community well being, the Company continues to create sustainable and measurable
social impact in alignment with India's development priorities.
PROMOTION OF SPORTS
BPCL continued to strengthen its culture of sports and wellness through
a wide range of initiatives aimed at promoting employee well-being, fitness, and
engagement across the organization. During the year, multiple sporting and wellness
activities were organized across locations, fostering teamwork, camaraderie, and a healthy
work environment. Employees enthusiastically participated in several sporting events and
engagement programs such as Cricket tournaments, National Badminton
Championship, Online Chess Championship, Stepathon challenges, and
sports coaching activities for employees' children, reflecting the growing spirit of
fitness and active living within the organization.
A notable initiative during the year was BPCL Fitdivaz, a dedicated
wellness platform for women employees and spouses of male employees. The platform
organized various fitness sessions, wellness programs, games, and engagement activities
aimed at promoting healthy lifestyles, overall well-being, and greater community bonding
among participants.
Reinforcing its commitment towards sports promotion beyond the
organization, BPCL also launched a scholarship program for
100 promising sportspersons across 14 sporting disciplines in the 13-25
years age group, supporting young athletes in pursuing excellence at national and
international levels. BPCL also takes pride in being associated with several eminent
sportspersons, including Suryakumar Yadav, Kuldeep Yadav, Sanju Samson, Shreyas Iyer,
Shivam Dube, Saina Nehwal,
Deepika Kumari, and Atanu Das, who continued to bring laurels to the
nation and the Corporation through their outstanding performances and achievements. To
further encourage participation in sports and fitness activities, BPCL strengthened sports
infrastructure across more than 100 locations nationwide, including facilities for
badminton, volleyball, table tennis, and other recreational activities. The Corporation
also actively encouraged participation in marathons, walkathons, and community fitness
initiatives, reaffirming its commitment towards building a healthier, more engaged, and
wellness-oriented workforce.
RESERVATION AND OTHER WELFARE MEASURES FOR SCHEDULED CASTES/ SCHEDULED
TRIBES/OTHER BACKWARD CLASSES AND PERSONS WITH BENCHMARK
DISABILITIES
BPCL has been following in letter and spirit the Presidential
Directives and other guidelines issued from time to time by the Ministry of Petroleum
& Natural Gas (MoP&NG), Ministry of Social Justice and Empowerment and the
Department of Public Enterprises relating to reservations/concessions for Scheduled Castes
(SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs) and Economically Weaker
Sections (EWS). An adequate monitoring mechanism has been put in place for sustained and
effective compliance uniformly across the Company. Rosters are maintained as per the
directives and are regularly inspected by the Liaison Officer of the Company as well as
the Liaison Officer of MoP&NG to ensure proper compliance of the directives. SC/ST and
economically backward students are encouraged by awarding scholarships to those pursuing
education in the secondary school and up to graduation level. BPCL zestfully amalgamates
persons with special abilities in its workforce. The Company complies with provisions
under ‘The
Rights of Persons with Disabilities (RPWD) Act, 2016' relating to
providing equal employment opportunities for Persons with
Benchmark Disabilities (PWBDs). BPCL has also formulated an
‘Equal Opportunity Policy' and complies with the same.
Details relating to representation of SC/ST/OBC/EWS candidates and
PWBDs are appended as Annexure C.
MATERNITY BENEFITS
In accordance with the Maternity Benefit Act, 1961, the
Company provides statutory maternity benefits, including paid leave,
medical benefits, and related facilities for its female employees, and affirms complete
compliance with the provisions of the Maternity Benefit Act, 1961.
IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY
In line with the Official Language Policy of the Government of India,
business requirements, and customer needs, BPCL continued to promote the extensive use of
Hindi and other Indian languages across the organization. The Corporation diligently
implemented the Annual Program in FY 2025-26 issued by the
Department of Official Language under the Ministry of Home Affairs for
the effective and progressive usage of the official language throughout the Corporation.
The progressive use of Hindi was regularly reviewed and evaluated on a
quarterly, half-yearly, and annual basis through key committees such as the Official
Language
Implementation Committee (OLIC) and the Town Official Language
Implementation Committee (TOLIC) at various levels, including regions, offices, locations,
and refineries. In addition, the Parliamentary Committee on Official Language, MoPNG,
Ministry of Home Affairs conducted inspections at several BPCL offices and locations and
appreciated the Corporation's sustained efforts toward effective implementation of
the official language policy.
To strengthen compliance with the Official Language Policy, BPCL
organized Hindi training programs and workshops on Indic bilingual software, voice typing,
and machine translation. The Corporation also undertook several initiatives to promote
Hindi, including the observance of Hindi Fortnight/Week, publication of the in-house Hindi
magazines - Rajbhasha
Gunjan, Pashchim Varta, Rajbhasha Sangrah, Garvi Gujarat, Srijan and
the quarterly e-magazine Dharohar, celebration of important national days and project
milestones, administration of pledges of national importance, observance of World Hindi
Day. Various competitions, programs, and cultural activities were also conducted,
witnessing enthusiastic participation from employees across the organization.
Since 2023, BPCL has been conferred with the prestigious
‘Rajbhasha Kirti Award' for three consecutive years under
various categories for its exemplary implementation of the Official
Language Policy. In 2023, BPCL received the 2nd prize for
our in-house Hindi magazine Gunjan under Best in-house Magazine Category; in 2024, 2nd
prize for outstanding implementation of the Official Language Policy in office operations
under PSU
Category; and again, 2nd prize for Gunjan magazine under
Best in-house Magazine Category in 2025. The awards were conferred by
the Ministry of Home Affairs during the All-India Official Language Conference and Award
Distribution Ceremony organized on the occasion of Hindi Day.
BPCL was also conferred the "Outstanding Public Undertaking"
award by Aashirwad Literary-Socio Cultural Organization on 33rd Official
Language Award Distribution Ceremony held on
24.02.2026, in recognition of its effective implementation of the
Official Language policy. At the all-India level, BPCL received several accolades from the
Town Official Language
Implementation Committee (TOLIC) at various locations, including the
Chairman's Office, Roorkee LPG Plant, Western
Regional Office Kharghar, Koyali Installation, State Office
Ahmedabad, Gaigaon Depot, Mumbai Refinery, Kochi Refinery,
Southern Regional Office Chennai, and Eastern Regional Office Kolkata,
for excellence in Hindi implementation during the year.
In addition, Peethampur LPG Plant was awarded the Regional
Rajbhasha Puraskar (2nd Prize) under the PSU Category in recognition of
its exemplary implementation of the Official
Language Policy. Further, Goa Territory Office (Goa TOLIC) was honored
with the Regional Rajbhasha Puraskar (3rd Prize) under the TOLIC Category for its
outstanding contribution towards the promotion and effective implementation of the
Official Language. These accolades were conferred during the Regional
Rajbhasha Sammelan held at Indore on January, 2026.
CITIZEN'S CHARTER, PUBLIC GRIEVANCE REDRESSAL (PG) & CUSTOMER
CARE SYSTEM (CCS) AND RIGHT TO INFORMATION (RTI)
At BPCL, customers remain at the heart of our business philosophy and
operations, reflecting a deeply embedded culture of service excellence. In an increasingly
competitive and dynamic marketplace, superior customer service continues to be a key
driver of sustainable growth, brand strength and enduring stakeholder relationships.
Guided by this philosophy, Marketing Corporate remains steadfast in its commitment to
delivering responsive, reliable and customer-centric service across touchpoints.
BPCL continues to set benchmarks in customer service by consistently
enhancing convenience, strengthening service delivery and ensuring timely grievance
redressal through robust and well-defined mechanisms that align with evolving customer
expectations.
Citizen's Charter:
BPCL's internal processes are closely aligned with the high
standards of service it seeks to provide to every customer. The Citizens' Charter
reflects the Corporation's commitment to transparency, accountability and
responsiveness, thereby reinforcing trust between the service provider and its
stakeholders.
Published on the corporate website, the Citizens' Charter outlines
the range of services offered to customers and provides an overview of the
Corporation's marketing activities, policy guidelines and processes for the marketing
of petroleum products. It also sets out the Corporation's mandate, customer rights,
service standards, timelines for delivery and the grievance redressal framework. These
service standards are reviewed periodically and updated in line with changing business
requirements.
Public Grievance Redressal (PG)
Public grievances in BPCL are monitored through the Centralized
Public Grievance Redress and Monitoring System (CPGRAMS), an online
portal developed by the National Informatics Centre
(NIC) under the Department of Administrative Reforms and Public
Grievances (DARPG).
Grievances received through CPGRAMS are centrally reviewed at
the Corporate level and routed through a robust online network to the relevant Business
Units and entities for resolution. An established escalation matrix supports timely
closure and helps maintain the quality of redressal.
In FY 2025-26, BPCL redressed and closed 6,826 grievances out of 8,764
received, with an average disposal time of 12 days. The Company also closed 572 appeals
out of 589 received through the CPGRAMS portal during FY 2025-26.
Customer Care System (CCS)
‘SmartLine', BPCL's centralized Customer Care System
(CCS), is a pioneering initiative in India's oil and gas industry. It serves as a
single-window interface for customers across digital and non-digital platforms. Enabled by
advanced CRM technology,
SmartLine strengthens customer engagement, creates deeper customer
insights and presents a unified face of BPCL across its businesses.
Since its launch in 2013, SmartLine has recorded 1,61,12,999 customer
interactions. It continues to serve as the first point of contact for BPCL's growing
customer base for queries and grievance redressal, supported by a dedicated team of
111 executives and a robust digital CRM backbone. As BPCL accelerates
its digital journey, CCS continues to support customers across businesses and geographies
in navigating this transformation. The increasing use of technology and AI is helping
enhance service responsiveness, strengthen customer support and improve safety. Beyond
grievance resolution, insights generated through the system are leveraged to drive
continuous improvements in service delivery at the grassroots level. Customer delight
remains central to all our endeavors.
‘Ek Call… Sab Solve' continues to guide SmartLine's
service philosophy, even after 13 years of successful operations.
Right to Information (RTI)
BPCL has been implementing the Right to Information Act, 2005 since its
inception and remains fully committed to the norms prescribed under the Act. In line with
statutory requirements, relevant information, including suo motu disclosures under Section
4(1)(b), has been hosted on the Company's corporate website to facilitate greater
public understanding and transparency.
In addition to physical applications, the Company also receives online
RTI requests and processes them through the Government of India's unified RTI online
portal.
RTI queries received through the portal were addressed within the
stipulated 30-day time limit, thereby ensuring full compliance and avoiding any penalty on
account of delay. The
Company's network of 54 Central Public Information Officers
(CPIOs) and 18 First Appellate Authorities (FAAs), spread across the country, supports
efficient handling of RTI matters across major SBUs and entities, including Retail, LPG,
Aviation, Lubes,
Industrial and Commercial, Mumbai Refinery, Kochi Refinery, Bina
Refinery, Gas, HR, International Trade, Vigilance, Biofuels, CPO and Pipeline.
From 2005 to March 31, 2026, the Company has successfully handled
60,292 RTI applications, 8,617 first appeals and 1,628 second appeals before the Central
Information Commission (CIC), reaffirming its commitment to transparency and
accountability in business operations.
In FY 2025-26, BPCL received 3,545 RTI queries, 547 first appeals and
107 second appeals (CIC hearings), all of which were duly processed.
PUBLIC PROCUREMENT: MICRO AND SMALL
ENTERPRISES
The Company continues to adhere to the Public Procurement
Policy for Micro and Small Enterprises (MSEs) Order, 2012, and its
subsequent amendments. In FY 2025-26, the total procurement value of goods and services in
categories where
MSEs were eligible to participate stood at I 11,874 crore. Against
this, procurement from MSEs amounted to I 3,822 crore, representing 32.19% of eligible
procurement and surpassing the prescribed target of 25%. The Company also achieved the
stipulated targets for procurement from MSE SC/ST and MSE Women enterprises, with
procurement levels reaching 4.22% and 4.70%, respectively.
Out of the Company's total procurement value of Goods and
Services in FY 2025-26 of I 11,874 crore, I 6,980 crore was procured
through GeM
The Company also extends the benefits of the Trade Receivables
Discounting System (TReDS) to its Micro, Small and Medium Enterprises
(MSME) vendors. As part of its ongoing efforts to strengthen engagement with MSEs and
enhance inclusive procurement, the Company participated in various Vendor
Development Programs organized by MSME Development and Facilitation
Offices (DFOs), which saw participation from over 2,200 vendors. In addition, the Company
conducted two online Special Vendor Development Programs for BPCL vendors belonging to MSE
SC/ST and MSE Women categories. These programs featured detailed presentations by
officials from
MSME and the National SC/ST Hub Office (NSSHO). Across these
initiatives, vendors were apprised of the Company's current and future business
requirements, as well as emerging trends and technologies.
Vigilance
The Vigilance function in the Company plays a pivotal role in promoting
high standards of probity, integrity and transparency, thereby strengthening the overall
framework of corporate governance. Vigilance activities are pursued through an integrated
approach encompassing Punitive Vigilance, Preventive Vigilance, and Participative
Vigilance, aimed at not only addressing instances of misconduct but also preventing their
occurrence and fostering ethical awareness across the organization.
The Company has established an effective Vigilance Mechanism to enable
reporting of genuine concerns and to safeguard the interests of employees and other
stakeholders. The Vigilance function is headed by the Chief Vigilance Officer (CVO), who
is supported by a dedicated team at the Headquarters in Mumbai, along with four regional
vigilance offices and vigilance units at three refineries.
The CVO advises the Management on vigilance-related matters and serves
as the primary interface between the Company and statutory and investigative agencies such
as the
Central Vigilance Commission (CVC) and the Central Bureau of
Investigation (CBI). The Vigilance Mechanism operates in accordance with the Vigilance
Manual, guidelines and circulars issued by the CVC, directives of the Department of
Personnel
& Training (DoPT), and instructions received from the Ministry of
Petroleum & Natural Gas (MoP&NG). Periodic reports on vigilance activities and
initiatives are submitted to the CVC and MoP&NG to ensure transparency and
accountability.
Emphasis was placed on Preventive Vigilance in FY 2025-26 through
awareness generation, system improvements and enhanced procedural compliance.
In FY 2025 26, a total of 130 training sessions were conducted,
benefiting 3,792 participants across various locations. To assess compliance with
established procedures, surprise inspections were carried out at 46 locations, 22 retail
outlets, and 14 LPG distributorships. Preventive checks were also extended to major
projects, works and procurement activities with the objective of identifying systemic
weaknesses and suggesting remedial measures.
Other preventive initiatives undertaken during the year included system
studies, CTE-type inspections, scrutiny of tender documents, and examination of annual
property returns. These measures were aimed at fostering transparency, efficiency,
objectivity and accountability in administrative and operational processes.
Participative Vigilance was strengthened through widespread stakeholder
engagement. Vigilance Awareness Week (VAW) was observed from October 27 to November 2,
2025, on the theme ‘Vigilance: Our Shared Responsibility'. A range of activities
such as walkathons, seminars and webinars, school outreach programmes, Nukkad Nataks,
vendor/transporter/ customer meets, Gram Panchayat events, and Integrity Jingles at retail
outlets were organized across the country to reinforce ethical values and collective
responsibility.
Further, Integrity Clubs were established in seven schools to inculcate
the values of honesty and integrity among students at an early age. The quarterly
newsletter ‘Vigilance Plus' was published during the year to enhance awareness
and dissemination of vigilance-related information and best practices across the
organization.
While Preventive and Participative Vigilance form the foundation of
vigilance efforts, Punitive Vigilance remains critical for addressing instances of
misconduct and ensuring deterrence. Complaints and cases were examined and investigated in
a timely manner in accordance with CVC guidelines, with due regard to principles of
fairness and natural justice.
The position of vigilance investigations during FY 2025 26 is
summarized below:
Opening balance (as on 01.04.2025) |
Investigation during the Year |
Total |
Disposed of during the Year |
Closing Balance (as on 31.03.2026) |
| 35 |
39 |
74 |
60 |
14 |
The pending cases primarily relate to vigilance investigations and
disciplinary proceedings at various stages of inquiry. Continuous efforts are being made
to ensure their expeditious disposal. Timely conclusion of cases serves the interests of
both the organization and the concerned employees by enabling appropriate action,
reinforcing accountability, and acting as a deterrent against future misconduct.
SUBSIDIARIES, JOINT VENTURES AND
ASSOCIATE COMPANIES
BPCL has three subsidiaries and 25 Joint Venture Companies and
Associate Companies as on March 31, 2026.
| Details of Company that has become a
Subsidiary during the year 2025-26 |
1 |
| Details of Company that has become a Joint
Venture/Associate during the year 2025-26 |
3 |
| Details of Company that has ceased to be a
Subsidiary during the year 2025-26 |
Nil |
| Details of Company that has ceased to be a
Joint Venture/Associate during the year 2025-26 |
Nil |
A separate statement containing the salient features of the financial
statements of Subsidiaries/ Associates/Joint Venture Companies in Form AOC-1 pursuant to
provisions of Section 129 (3) of the Act, is attached along with the financial statement
The Company has placed its financial statements including the
Consolidated Financial Statements and all other documents required to be attached thereto,
on its website www.bharatpetroleum.in as per Section 136(1) of the Act.
Further, the Company has also placed separate Annual Reports/ audited
accounts of its Subsidiaries on its above website.
A copy of the said documents is available for inspection and will be
provided to any shareholder of the Company who asks for it.
The policy for determining material Subsidiaries is posted on the
Company's website at the link: https://www.bharatpetroleum.in/
images/files/policy-for-material-subsidiaries.pdf
BPCL SUBSIDIARY COMPANIES BHARAT PETRORESOURCES LIMITED (BPRL)
BPRL, established in October 2006 as a wholly owned subsidiary of BPCL,
was tasked with spearheading upstream Oil & Gas investments. Its portfolio comprises
of blocks in different phases of exploration, appraisal, development, and production.
BPRL holds Participating Interest (PI) in 15 blocks, with 8 blocks
located in India and 7 blocks in overseas. Additionally, BPRL has equity stakes in two
Russian entities, which hold licenses for four producing blocks in Russia. While BPRL
directly holds PI in domestic blocks, its stakes with respect to blocks in Brazil,
Mozambique, Indonesia, UAE and equity stakes in Russian entities are held through
step-down wholly owned subsidiaries or joint ventures (JVs) of the wholly owned
subsidiaries located in the Netherlands and Singapore. As on March 31, 2026, BPCL's
investment is I 15,300 crore in the equity capital of BPRL (apart from equity component of
I 126.37 crore recognized on fair valuation of concessional rate loan
given to BPRL). There is no loan outstanding from BPCL to BPRL as on March 31, 2026. BPRL
has recorded a consolidated total income of I 405.57 crore and a consolidated loss of I
1,423.27 crore for the financial year ending March 31, 2026. In FY 2025-26, BPRL
Group's share of Oil & Gas production was 2.64 MMTOE.
A detailed discussion on the blocks is given in the Management
Discussion & Analysis Report (MDA).
BPCL-KIAL FUEL FARM PRIVATE LIMITED (BKFFPL)
BKFFPL was incorporated in May 2015 with an equity participation of 74%
by BPCL and 26% by Kannur International
Airport Limited. The company was formed to design, construct,
commission and operate the Fuel Farm at Kannur International Airport for the supply of ATF
on an exclusive basis. The Fuel
Farm started operating from December 2018, along with the commissioning
of Kannur International Airport. As on March 31,
2026, the authorized share capital of the company is I 50 crore and
paid-up share capital is I 9 crore. In FY 2025-26, the fuel throughput was 46,861 KL. The
company earned revenue from . operations of I 12.28 crore in FY 2025-26 and the profit
during the period was I 1.38 crore.
BKFFPL is being managed under a joint control mechanism. Hence, in the
consolidated financial statements of the group for the period ending March 31, 2026, the
financials have been consolidated as a Joint Venture as per the principles of Indian
Accounting Standards.
BHARAT PETROLEUM GLOBAL ENERGY SERVICES (SINGAPORE) PTE LIMITED (BPGES)
Bharat Petroleum Global Energy Services (Singapore) Pte Ltd. (BPGES), a
100% Subsidiary of BPCL, was incorporated in Singapore on 26th February 2026 as a trading
arm of BPCL with an initial capital of $ 2 Million. The new entity marks an important step
in strengthening BPCL's global footprint and elevating its international trading and
sourcing capabilities. Apart from leading the crude oil procurement BPGES would explore
trading opportunities both in terms of Crude oil and petroleum products such as LPG,
Naphtha, Fuel Oil, and LNG. The Company is currently in its pre-operational phase and yet
to commence business activities.
BPCL JOINT VENTURE COMPANIES AND
ASSOCIATES
PETRONET LNG LIMITED (PLL)
PLL was formed in April 1998 for importing Liquefied Natural Gas (LNG)
and setting up a LNG terminal with facilities like jetty, storage, regasification, etc. to
supply natural gas to various industries in the country. The Company has an authorized
share capital of I 3,000 crore and paid-up share capital ofI 1,500 crore. PLL was promoted
by four public sector companies, viz. BPCL,
Indian Oil Corporation Limited (IOCL), Oil and Natural Gas Corporation
Limited (ONGC) and GAIL (India) Limited (GAIL). Each of the promoters holds 12.5% of the
equity capital of PLL.
BPCL's equity investment in PLL currently stands at I 98.75 crore.
PLL recorded consolidated revenue from operations of
I 43,494.91 crore in FY 2025-26, as against I 50,982.03 crore recorded
in FY 2024-25. The consolidated profit for the year stood at I 3,912.53 crore, as compared
to I 3,972.68 crore in FY 2024-25. The consolidated EPS for FY 2025-26 is I 26.08, as
compared to I 26.48 in FY 2024-25. In FY 2025-26, PLL has recommended a final dividend of
I 3 per share, in addition to an interim dividend of I 7 per share during the year. In the
previous year, PLL had declared a special interim dividend of I 7 per share and a final
dividend of I 3 per share.
INDRAPRASTHA GAS LIMITED (IGL)
IGL is a joint venture company promoted by BPCL and GAIL and set up in
December 1998. IGL is a City Gas Distribution
(CGD) company supplying natural gas to transport, domestic, commercial
and industrial consumers. The operations of IGL are spread over NCT of Delhi, Noida and
Greater Noida, Ghaziabad and Hapur, Gurugram, Meerut (except areas already authorized),
Shamli, Muzaffarnagar, Karnal, Rewari, Kanpur (except areas already authorized),
Hamirpur-Fatehpur districts, Kaithal, Ajmer,
Pali, Rajsamand, Banda, Chitrakoot and Mahoba districts. IGL also holds
50% of equity in M/s. Central UP Gas Limited, Kanpur and M/s. Maharashtra Natural Gas
Limited, Pune, which are the joint venture companies promoted by BPCL and GAIL. The
company has an authorized share capital of I 1,000 crore and paid-up share capital of I
280 crore. BPCL had invested
I 31.50 crore for 22.5% stake in its equity. The company added 102 new
Compressed Natural Gas (CNG) stations and 3.7 lakh new Piped Natural Gas (PNG) domestic
connections during the year. As on March 31, 2026, IGL has 1,024 CNG stations and 34.40
lakh PNG domestic connections.
IGL has registered consolidated revenue from operations of
I 17,846.31 crore and consolidated profit ofI 1,543.51 crore for the
year ending March 31, 2026, as compared to consolidated revenue from operations of I
16,451.55 crore and consolidated profit of I 1,713.01 crore in the previous year. The EPS
for the year stood at I 11.07, as againstI 12.27 in FY 2024-25. The IGL
Board has recommended a final dividend of I 1.50 per share
(face value of I 2 each), in addition to an interim dividend of I 3.25
per share during the year. In the previous year, IGL had declared an interim dividend of I
5.50 per share (face value of
I 2 each) and final dividend ofI 1.50 per share.
SABARMATI GAS LIMITED (SGL)
SGL, a joint venture company promoted by BPCL and Gujarat State
Petroleum Corporation (GSPC), was incorporated in June 2006 with an authorized share
capital of I 100 crore for implementing City Gas Distribution projects for supply of CNG
to the household, automobile, industrial and commercial sectors in Gandhinagar, Mehsana,
Aravali, Sabarkantha and Patan districts of Gujarat. The paid-up share capital of the
company is I 20 crore. As on March 31, 2026, BPCL has a stake of 49.94% in the equity
capital of SGL. SGL has set up 161 CNG stations and is supplying PNG (Domestic) to 3.60
lakh customers. SGL has achieved a turnover of I 2,728.01 crore and a profit of I 282.87
crore for the year ending March 31, 2026, as against I 2,583.30 crore andI 280.52
crore respectively for the previous year. The EPS for the year stood at I 141.44 as
against I 140.26 in FY 2024-25. The Company has recommended a final dividend of I 80 per
share for FY 2025-26. In the previous year, SGL had declared final dividend of I 80 per
share.
CENTRAL UP GAS LIMITED (CUGL)
CUGL is a joint venture company set up in February 2005 with
GAIL as the other partner for implementing projects for supply of CNG
to the automobile sector and PNG to the household, industrial and commercial sectors in
Kanpur (including parts of Unnao district), Bareilly and Jhansi in Uttar Pradesh.
The Company has an authorized share capital of I 60 crore as on
March 31, 2026. The joint venture partners have each invested I 15 crore for an equity
stake of 25% each in the Company, while the balance 50% is held by IGL. As on March 31,
2026, CUGL has 95 CNG stations. CUGL has achieved revenue from operations of I 731.05
crore and profit ofI 63.19 crore for the year ending March 31, 2026, as against I 694.00
crore and I 70.03 crore respectively, for the previous year. The EPS for the year stood at
I 10.53, as against I 11.67 in FY 2024-25. The Company has recommended a final dividend of
I 2.50 per share for
FY 2025-26. In the previous year, CUGL had declared a final dividend of
I 3 per share.
MAHARASHTRA NATURAL GAS LIMITED (MNGL)
MNGL was set up in January 2006 as a joint venture company with GAIL
for implementing the project for supply of natural gas to the household, industrial,
commercial and automobile sectors in Pune and its nearby areas. The Company was
incorporated with an authorized share capital of I 100 crore. The paid-up share capital of
the company is I 100 crore. BPCL and GAIL have invested I 22.50 crore each in MNGL's
equity capital. Maharashtra Industrial Development Corporation (MIDC), as a nominee of the
Maharashtra Government, holds 5% equity and the balance 50% is held by IGL.
MNGL, while strengthening its roots in the existing authorized GA
covering Pune and adjoining areas, is also making significant strides in expanding its
footprint across new territories. Notably, MNGL has achieved considerable progress in the
Nasik GA and
Sindhudurg GA in Maharashtra, as well as the Ramanagara GA in Karnataka
areas awarded by the Petroleum and Natural Gas Regulatory Board (PNGRB) under the 9th
City Gas Distribution (CGD) Bidding Round. MNGL has achieved an average sale of 1.97
million Metric Standard Cubic Meters per Day (MMSCMD) in FY 2025-26, marking a robust
year-on-year volume growth of over 17%. In line with its aggressive expansion strategy,
MNGL successfully commenced commercial operations in multiple new GAs secured under the 11th
CGD Bidding Round. These include the districts of Buldhana, Nanded, and Parbhani in
Maharashtra, as well as Nizamabad, Adilabad, Nirmal, Mancherial, Kumuram Bheem Asifabad,
and Kamareddy in the state of Telangana.
MNGL has set up 373 CNG stations and is supplying PNG (Domestic) to
11.63 lakh (5th Largest in India) customers. MNGL has achieved revenue from operations of
I 4,308.93 crore and profit of I 538.90 crore for the year ending March 31, 2026 as
against Revenue of I 3,591.82 crore and profit of I 652.53 crore respectively, in the
previous year. The EPS for FY 2025-26 stood at I 53.89, as against I 65.25 in FY 2024-25.
The MNGL
Board has recommended a final dividend of I 8.20 per share, in addition
to interim dividend of I 8 per share during the year. In the previous year, MNGL had
declared a final dividend of I 11.60
per share, in addition to interim dividend of I 8 per share during the
year.
HARIDWAR NATURAL GAS PRIVATE LIMITED (HNGPL)
HNGPL was incorporated in April 2016 as a joint venture company with
Gail Gas Limited on a 50:50 basis for implementation of a
CGD network in the GA of Haridwar District of Uttarakhand. As on March
31, 2026, the authorized share capital of the company is I 90 crore and paid-up share
capital is I 87.16 crore. The five-year Minimum Work Program (MWP) target as per PNGRB
authorization of 16,905 domestic PNG connections and 830 inch-km pipeline was achieved by
the company in FY 2020-21. As on March 31, 2026 the Company provided 27,127 domestic
connections and laid around 1,530.29 inch-km pipeline. Further, the Company has set up 11
CNG stations. HNGPL achieved a revenue from operations of I 127.41 crore and a profit ofI
9.03 crore for the year ending March 31, 2026, as against a revenue of I 115.93
crore and profit ofI 7.93 crore in the previous year.
GOA NATURAL GAS PRIVATE LIMITED (GNGPL)
GNGPL was incorporated in January 2017 as a joint venture company with
GAIL Gas Limited on a 50:50 basis for implementation of a City Gas Distribution Project in
the GA of North Goa. The authorized share capital of the company is
I 90.40 crore as on March 31, 2026 and the promoters have infused I 40
crore each towards equity as on March 31, 2026.
The Company has already achieved its five-year MWP target of providing
9,588 domestic connections and laying 650 inch-km pipeline. As on March 31, 2026, the
Company provided gas to 12,257 domestic connections and laid around 842.23 inch-km
pipeline in the North Goa GA. Further, the Company has 7 CNG Stations operational in North
Goa & Ponda and is supplying gas to 57 Commercial and 37 Industrial PNG Customers.
GNGPL achieved revenue from operations of I 179.59 crore and a profit of I 4.64 crore for
the year ending March 31, 2026, as against revenue of I 155.33 crore and a profit of I
4.05 crore in the previous year.
BHARAT STARS SERVICES PRIVATE LIMITED
(BSSPL)
BSSPL, a joint venture company promoted by BPCL and ST Airport Services
Pte Ltd., Singapore was incorporated in September 2007. BSSPL aims to provide world class
Into Plane services (ITP), Fuel farm management services and Aviation solutions to
customers. The authorized and paid-up share capital of BSSPL is I 20 crore. The two
promoters have each subscribed to 50% of the equity share capital of BSSPL and BPCL's
present investment stands at I 10 crore. BSSPL also has a wholly-owned subsidiary named
Bharat Stars Services (Delhi) Private Limited, which is providing Into-Plane (ITP)
services at Delhi Airport.
The company commenced its ITP operations in Bengaluru in 2008. BSSPL
has now increased its footprint at different airports across India, which includes major
airports like Delhi,
Mumbai, Bengaluru and Chennai. BSSPL also provides Business Support
Services (manpower services for fueling operations) in the petroleum sector. Presently,
the company operates at
88 locations in India. BSSPL achieved consolidated revenue from
operations of I 106.56 crore and a consolidated profit of I 12.64 crore for the
financial year ending March 31, 2026, compared to a consolidated revenue from operations
of
I 94.52 crore and a consolidated profit of I 13.71 crore for the
previous year. The company has recommended a final dividend of I 0.60 per share for FY
2025-26. In the previous year, BSSPL had declared a final dividend of I 0.60 per share.
DELHI AVIATION FUEL FACILITY PRIVATE LIMITED (DAFFPL)
A joint venture company, DAFFPL has been promoted by
BPCL, IOCL and Delhi International Airport Limited (DIAL) for
implementing open-access Aviation Fuel facility for T1, T2, T3 and Cargo terminals at
Indira Gandhi International Airport.
The authorized and paid-up share capital of the Company is
I 170 crore and I 164 crore respectively. BPCL and IOCL each have
subscribed to 37% of the share capital of the joint venture, while the balance 26% is held
by DIAL. DAFFPL has achieved revenue from operations of I 59.22 crore and net loss of I
20.87 crore for the year ending March 31, 2026, as against revenue of I 74.67 crore
and loss of I 19.60 crore respectively during the previous year. The EPS for the
year stood at I (1.27), as against I (1.19) in FY 2024-25.
MUMBAI AVIATION FUEL FARM FACILITY PRIVATE LIMITED (MAFFFL)
MAFFFL was incorporated in February 2010 by Mumbai International
Airport Limited (MIAL). BPCL, IOCL and HPCL became joint venture partners with MIAL in
October 2014 with each having an equity holding of 25%. Presently, BPCL has invested an
amount of I 52.92 crore towards equity. MAFFFL started its operations from February 2015.
The business of the
Company is to own, operate and maintain aviation fuel farm facilities
and to provide into-plane services at Chhatrapati Shivaji Maharaj International Airport
(CSMIA), Mumbai. The facility is being operated on an open-access basis. The revenue to
MAFFFL is by way of Fuel Infrastructure Charges, payable by the suppliers for utilizing
the facility.
MAFFFL achieved a throughput of 17.93 Lakh KL during FY 2025-26, which
is an increase of 2.81% from 17.44 Lakh KL during the previous year. The sales volume of
17.93 Lakh KL during the year is the best performance of the Company post COVID-19.
MAFFFL has achieved revenue from operations of I 167.58 crore and
profit of I 79.90 crore for the year ending March 31, 2026 as against revenue from
operations of I 162.97 crore and profit of
I 75.96 crore respectively, during the previous year. EPS for
FY 2025-26 stood at I 3.77, as against I 3.59 in FY 2024-25. The
company has declared interim dividend twice during the year, totalling to I 7.30 per share
during the year.
KANNUR INTERNATIONAL AIRPORT LIMITED (KIAL)
KIAL is an unlisted Public Company promoted by the Government of
Kerala, to build and operate the airport at Kannur, at international standards, primarily
to cater to the travelling needs of the large NRI population in the region, which travels
frequently to various international destinations, and the flourishing business community
and tourists. The authorized share capital of the company is I 3,500 crore and the paid-up
share capital of the company as on March 31, 2026 is I 1,338.39 crore, out of which BPCL
has contributed I 216.80 crore. Kannur Airport was commissioned in December 2018 and it is
one of the four international airports in Kerala. During FY 2025-26, total aircraft
movements were 11,735 and passenger traffic was approximately 14.34 lakh, as against
11,572 aircraft movements and approximate passenger traffic of 13.40 lakh in the previous
year.
MATRIX BHARAT PTE LIMITED (MXB)
MXB is a joint venture company incorporated in Singapore in May 2008
for carrying out bunkering business and supply of marine lubricants in the Singapore
market as well as international bunkering, including expanding into Asian and Middle East
markets. The Company has been promoted by BPCL and Matrix
Marine Fuels L.P. USA, an affiliate of the Mabanaft group of companies,
Hamburg, Germany, contributing equally to the share capital of $ 4 million. Matrix Marine
Fuels L.P. USA has subsequently transferred their share and interest in the joint venture
in favour of Matrix Marine Fuels Pte Limited, Singapore, another affiliate of the Mabanaft
group, which has been further transferred in favour of Bomin International Holding GmbH,
Germany, yet another affiliate of the Mabanaft group. In March
2021, MXB carried out capital reduction and the revised share capital
of MXB stands at $ 0.50 million, with BPCL's share being $ 0.25 million. The Company
has ceased its operations since July 2020 and is in process of winding up. MXB reported a
loss of $ 5 thousand for the year ending December 31, 2025, as against a loss of $ 4
thousand for the year ending December 31, 2024.
KOCHI SALEM PIPELINE PRIVATE LIMITED (KSPPL)
BPCL signed a Joint Venture agreement with IOCL for implementation of
the Kochi-Coimbatore-Salem LPG Pipeline Project and formed a Joint Venture company, KSPPL
in January 2015, on a 50:50 basis. As on March 31, 2026, BPCL has paid an amount of I
750.12 crore towards equity in the
Company. The project is being executed in four phases. The Kerala
portion of the pipeline has been commissioned in two phases and is operational, with first
phase comprising the 12 km pipeline from Kochi Refinery (KR) to IOCL Udayamperoor Bottling
Plant (commissioned on August 20, 2017) and the 153 km pipeline from Kochi Refinery to
Palakkad Receipt Terminal
(RT) (commissioned on August 26, 2023), and second phase comprising the
38.6 km pipeline from Puthuvypeen IOCL Import Terminal to KR (commissioned on October 17,
2023). During the FY 2025-26, 786.12 TMT of LPG was transported through the Kerala section
of the pipeline as against a quantity of 743.10 TMT in the FY 2024-25. The project works
on the Tamil Nadu section of the pipeline is being executed from Palakkad to Salem, which
consists of third phase 58 km 12" inch pipeline from Palakkad RT to Coimbatore RT and
the fourth phase 194 km 8" inch pipeline from Coimbatore RT to Salem RT. ROU
permission for laying the pipeline has been obtained for 94.75% of the Tamil Nadu section.
Critical permissions like NOC from Forest department and Consent to Establish have been
obtained. The Mainline
Laying activities are in full swing and as on March 31, 2026, and
approximately 70 km of pipeline has been lowered in the Tamil
Nadu section.
GSPL INDIA TRANSCO LIMITED (GITL)
GITL is a joint venture of Gujarat State Petronet Ltd. (GSPL), IOCL,
BPCL and HPCL. GSPL has 52% equity participation in the company and the balance equity is
held by IOCL (26%), HPCL (11%) and BPCL (11%). GITL has been authorized to lay a 1,881 km
long pipeline from Mallavaram to Bhilwara. The initial section of 365 Kms pipeline and
associated facilities of Project from Pipeline Infrastructure Limited's (erstwhile
Reliance) interconnection point at Kunchanapalli (Dist. West Godawari-AP) to Ramagundam
Fertilizers & Chemicals Limited's Plant at
Ramagundam (Telangana) is in operations since FY 2019-20. In FY
2025-26, the company transported approximately 544 MMSCM of gas, as against 755 MMSCM in
the previous year.
GITL has reported revenue from operations of I 106.58 crore and a loss
of I 8.57 crore for the year ending March 31, 2026 as against revenue from operations of I
110.98 crore and loss of
I 7.93 crore in the previous year.
GSPL INDIA GASNET LIMITED (GIGL)
GIGL is a joint venture of Gujarat State Petronet Ltd. (GSPL), IOCL,
BPCL and HPCL. GSPL has 52% equity participation in the company and the balance equity is
held by IOCL (26%), HPCL (11%) and BPCL (11%).
GIGL is tasked with the development of critical cross-country gas
pipelines. The Company has been authorized to lay the
Mehsana-Bathinda Pipeline (MBPL) and the Bathinda-Gurdaspur Pipeline
(BGPL), the latter being the revised scope for the Bathinda-Jammu-Srinagar pipeline as
approved by the PNGRB. Significant progress has been made on the projects, with 1,387 km
of pipeline commissioned out of a total of 1,445 km constructed. During the fiscal year,
GIGL successfully completed the HPCL Rajasthan Refinery Ltd. (HRRL) pipeline connectivity
project and is advancing work on the Guru Gobind Singh
Refinery (GGSR) and National Fertilizers Limited (NFL) spur lines in
Bathinda. In FY 2025-26, the Company has transported about 1,750.79 MMSCM gas, as against
1,343.87 MMSCM in the previous year. GIGL has reported revenue from operations, of
I 315.03 crore and a loss of I 212.44 crore for the year ending March
31, 2026 as against revenue from operations of I 239.67 crore and a loss ofI 265.32
crore in the previous year.
FINO PAYTECH LIMITED (FINO)
BPCL acquired shares in FINO in the year 2016-17. As on March 31, 2026,
BPCL has made an investment of I 260.17 crore and holds 21.10% on a fully diluted basis.
FINO Payments Bank (FPB) is the main operational subsidiary of the company. FPB is
a listed company, wherein FINO holds a 75% share.
PETRONET INDIA LIMITED (PIL)
PIL was formed in the year 1997 as a financial holding company to give
impetus to the development of a pipeline network throughout the country. The Company
carried out business through Special Purpose Vehicles (SPVs) and Joint Venture
Companies. In the new Pipelines policy, oil companies were allowed to
establish their own pipeline network. PIL obtained appropriate approvals and proceeded to
liquidate its investments in joint ventures and subsidiaries. PIL's equity has been
purchased by the respective promoter companies, viz., the Petronet CCK Limited stake has
been taken over by BPCL, the Petronet MHB Limited stake has been taken over by HPCL and
ONGC and the Petronet VK Limited stake has been taken over by IOCL and
Reliance Industries Limited (RIL). PIL filed an application before
NCLT and the paid-up share capital was reduced from I 100 crore to I 1
crore and I 99 crore was returned to its promoters. BPCL has 16% equity participation in
the company, with current investment of I 0.16 crore. In FY 2018-19, shareholders of the
Company had approved voluntary winding up of PIL and appointed an Official Liquidator (OL)
for the same. Liquidation of the company is under process.
PETRONET CI LIMITED (PCIL)
PCIL was set up in the year 2000 for laying a pipeline for evacuation
of petroleum products from refineries at Jamnagar/
Koyali to feed consumption zones in central India. BPCL has an equity
participation of 11% in this JV. Promoter companies have decided to exit from PCIL and
provision for full diminution in the value of investment has been done in the accounts of
BPCL. The company is under liquidation.
BHARAT RENEWABLE ENERGY LIMITED (BREL)
BREL was incorporated in June 2008 for undertaking the production,
procurement, cultivation and plantation of horticulture crops such as Karanj, Jathropha
and Pongamia, trading, research and development, and management of all the crops and
plantation, including biofuels in the State of
Uttar Pradesh, with an authorized share capital of I 30 crore.
The Company has been promoted by BPCL with Nandan
Cleantec Limited (Nandan Biomatrix Limited), Hyderabad and the
Shapoorji Pallonji group, through their affiliate SP Agri Management Services Pvt. Ltd. A
company petition was filed before the High Court of Judicature at Allahabad (Lucknow
Bench) for winding up BREL. By the judgement dated December 21, 2015 the Company was
ordered to be wound up and an OL was appointed to proceed in accordance with the
provisions of the Companies Act. All assets and records of the company have been deposited
with the OL and the OL has since submitted a status request to the High Court of
Judicature at Allahabad. A reply to the report submitted by the OL has been given and the
matter is pending in the High Court of Judicature at Allahabad.
RATNAGIRI REFINERY AND PETROCHEMICALS LIMITED (RRPCL)
Ratnagiri Refinery and Petrochemicals Limited (RRPCL) is a joint
venture company promoted by IOCL, BPCL and HPCL, with equity participation in the ratio of
50:25:25. RRPCL has planned to set up an integrated refinery-cum-petrochemical complex on
the west coast of Maharashtra. The allocation of land for the project has been delayed.
Land offered by the Government of Maharashtra in the Ratnagiri District of Maharashtra for
the project, has been found technically unviable for the proposed Refinery &
Petrochemical complex. The unsuitability of the land for the proposed project has been
conveyed to Government of Maharashtra with a request to identify alternate suitable land
parcel on the west coast of Maharashtra for the project. IOCL,
BPCL, HPCL, RRPCL, and Saudi Aramco signed an MoU in April, 2018, with
ADNOC joining as a strategic partner in June 2018.
Initially valid for one year, the MoU was extended periodically with
last extension up to April, 2024. While the extension process was underway, ADNOC withdrew
due to changing priorities, and Saudi Aramco sought to revisit the terms, putting further
extension discussions on hold.
IHB LIMITED (IHBL)
IHBL is a joint venture company of IOCL, BPCL and HPCL, with equity
participation in the ratio of 50:25:25. IHBL was incorporated in July 2019 as IHB Private
Limited to construct, operate and manage approximately 2,805 km long Kandla-Gorakhpur LPG
Pipeline (KGPL) for meeting the LPG demand of the bottling plants enroute to the pipeline
in the States of
Gujarat, Madhya Pradesh and Uttar Pradesh. The Company was converted
into a public limited company with effect from
April 6, 2021. The pipeline will cater to the LPG requirement of 22 LPG
bottling plants of IOCL, HPCL and BPCL located in the aforementioned states.
The Kandla-Gorakhpur Pipeline would connect and meet the requirement of
eight LPG bottling plants of BPCL situated at
Hariyala, Indore, Bhopal, Jhansi, Kanpur, Lucknow, Allahabad and
Gorakhpur. The approved total cost of the KGPL project was
I 10,088 crore and I 7,972 crore have been incurred till March 31,
2026 under the project. As on March 31, 2026, BPCL has made an equity
contribution of I 764.50 crore. The overall progress achieved for the KGPL Project as on
March 31, 2026 is 95%.
The scheduled completion date of the KGPL project was
December 2021, which was revised by PNGRB to December 2022 in view of
the COVID-19 pandemic. PNGRB has further revised the project scheduled completion
date to June 2026.
UJJWALA PLUS FOUNDATION (UPF)
UPF was incorporated in July 2017 as a joint venture company among the
three PSU Oil Marketing Companies, viz., BPCL, HPCL and IOCL (in the ratio of 25:25:50)
under Section 8 of the Companies Act, 2013 to provide LPG connections to poor women who
are left out of the Pradhan Mantri Ujjwala
Yojana. Subsequently, various schemes have been announced by the
Government of India, with an objective to expand the coverage/usage of LPG by the poor in
the country. Since the core purpose of the UPF formation is getting fulfilled by
way of various Government schemes announced from time to time, no major activity has been
undertaken under the UPF.
Accordingly, Board of all 3 OMCs have accorded to wind up this company.
UPF has filed the application for conversion of section
8 company to private limited and then strike off the same. The
conversion application is pending with ROC.
NEUEN GREEN ENERGY PRIVATE LIMITED
(NeuEN)
NeuEN Green Energy Private Limited is a joint venture incorporated on
May 22, 2025, with Sembcorp Green Hydrogen India Private Limited as the co-promoter on
50:50 basis, for the development, production, and supply of green hydrogen along with
renewable energy infrastructure in India. As on
March 31, 2026, the authorised share capital of company is I100
crore and paid up capital is I25 crore, out of which BPCL has contributed I12.50 crore.
The Company is currently in its pre-operational/development phase. The Company has secured
a contract with Numaligarh Refinery Ltd. (NRL) for the supply of 10,000 tonnes per
annum (10 KTPA) of green hydrogen. As part of this engagement, NeuEN will establish a
green hydrogen production facility at NRL's refinery located in the State of
Assam, supported by a long-term offtake agreement.
Bharat GPS Bioenergy Private Limited (BGBPL)
BGBPL is a joint venture company incorporated on June 9, 2025 between
BPCL and GPS Renewables Private Limited on 50:50 basis, for implementing Compressed Biogas
(CBG) projects across various locations in India. During the year,
GPS Renewables Private Limited transferred its entire equity
shareholding in BGBPL to its step down subsidiary, GPSR Arya Two Private Limited. Post
such transfer, GPSR Arya Two Private Limited holds 50% of the issued, subscribed and
paid-up equity share capital of BGBPL, with the balance 50% held by BPCL. The Company has
an authorised share capital of
I200 crore as on March 31, 2026, with a paid-up share capital of I32.24
crore, equally held by both shareholders. As on March 31, 2026, BGBPL is in the
project implementation stage, with construction activities underway at its Maharajganj project,
and other projects at various stages of land acquisition, statutory approvals, and
engineering.
ARUNACHAL GAS PRIVATE LIMITED (AGPL)
Arunachal Gas Private Limited (AGPL) was incorporated on November
15, 2025 as a Joint Venture between Bharat Petroleum Corporation Limited (BPCL) and Oil
India Limited (OIL) on 50:50 basis
The Company has been established to develop, establish, own, operate
and maintain City Gas Distribution (CGD) networks across the State of Arunachal Pradesh.
The Company's primary objective is to provide clean, safe and reliable natural gas through
the supply of Compressed Natural Gas (CNG) to the transportation sector and Piped Natural
Gas (PNG) to domestic households, commercial establishments and industrial consumers,
thereby contributing to the promotion of clean energy and sustainable development in the
State.
As on March 31, 2026, the Company's paid-up share capital stood at I5
crore. During the year, the Company was primarily engaged in preparatory activities for
establishing the CGD infrastructure and commercial operations are yet to be commenced as
on
March 31, 2026.
MANAGEMENT DISCUSSION & ANALYSIS REPORT (MDA)
The MDA for the year under review, as stipulated under Regulation
34(e) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is presented in a separate section forming part of the Annual Report.
The forward-looking statements made in the MDA are based on certain
assumptions and expectations of future events. The Directors cannot guarantee that these
assumptions are accurate or these expectations will materialize. The data, facts, figures
and information given in the portions of MDA other than Company performance have been
taken from reports, studies and websites of various credible agencies.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGICAL
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Sub-Section (3)(m) of Section 134
of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, are enclosed as
Annexure
A to the Directors' Report.
MEMORANDUM OF UNDERSTANDING WITH MINISTRY OF PETROLEUM & NATURAL
GAS
BPCL has entered into a Memorandum of Understanding
(MoU) for FY 2025-26 with MoP&NG. An MoU for FY 2026-27 is under
finalization. The Company has achieved an 'Excellent' performance rating for MoU
in FY 2024-25, with a composite score of 92.67%.
BOARD EVALUATION
As per the provisions of Section 134(3)(p) of the Companies Act, 2013,
a listed entity is required to include a statement indicating the manner of formal
evaluation of performance of the Board, its Committees and individual Directors. However,
the said provisions are exempted for Government Companies, as the performance evaluation
of the Directors is carried out by the Administrative Ministry, i.e., Ministry of
Petroleum and Natural
Gas (MoP&NG), as per the laid-down evaluation methodology. In line
with the Companies (Accounts) Rules, 2014, rule 8 (5) (iiia), in the opinion of the Board,
the Independent Directors possess integrity, requisite expertise and experience.
PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES
The provisions of Section 134(3)(e) of the Companies Act, 2013 are not
applicable to a Government Company. Consequently, details of Company's policy on
Directors' appointment and other matters are not provided under Section 178 (3) of
the Act. Similarly, Section 197 of the Companies Act, 2013 shall not apply to a Government
Company. Consequently, there is no requirement of disclosure of the ratio of the
remuneration of each Director to the median employee's remuneration and other such
details, including the statement showing the names and other particulars of every employee
of the Company, who, if employed throughout/part of the financial year, was in receipt of
remuneration in excess of the limits set out in the Rules in terms of Section 197(12) of
the Act read with Rule 5 (1)/(2) of the Companies (Appointment and Remuneration of
Managerial
Personnel) Rules, 2014.
The Chairman & Managing Director and the Whole-time Directors of
the Company did not receive any remuneration or commission from any of its Subsidiaries.
BPCL being a Government Company, its Directors are appointed/ nominated
by the Government of India as per the Government/ DPE Guidelines, which also include
fixation of pay criteria, determining of qualifications and other matters.
CORPORATE GOVERNANCE
The Report on Corporate Governance, together with the Auditors'
Certificate on compliance of Corporate Governance, is appended as Annexure D as required
under Listing Regulations and Department of Public Enterprises Guidelines of Corporate
Governance for Central Public Sector Enterprises.
SECRETARIAL STANDARDS
The Company complies with the mandatory Secretarial Standards issued by
the Institute of Company Secretaries of India.
SOCIAL, ENVIRONMENTAL, ECONOMIC, STAKEHOLDER, CUSTOMER, HEALTH AND
SAFETY RESPONSIBILITIES AND BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
The Company is committed to be a responsible Corporate Citizen in
society, which leads to sustainable growth and economic development for the nation as well
as all stakeholders. In order to be a responsible business to meet its commitment, the
Board of Directors of the Company have adopted and delegated to the Sustainability
Committee the implementation of a Business Responsibility Policy based on the principles
of
National Voluntary Guidelines on Social, Environmental and
Economic Responsibilities of Business as issued by the Ministry of
Corporate Affairs, Government of India. BPCL's Sustainability Report is in accordance
with the Global Reporting Initiative (GRI).
As stipulated under the Listing Regulations, the Business
Responsibility and Sustainability Report describing the initiatives
taken by the Company from the Environmental, Social and Governance (ESG) perspective is
appended as part of the
Annual Report.
TRANSACTIONS WITH RELATED PARTIES
In FY 2025-26, the Company has entered into contracts or arrangements
with related parties, which were in the ordinary course of business and on an arm's
length basis.
The required information on transactions with related parties are
provided in Annexure G in Form AOC-2 in accordance with Section 134(3) of the Act and Rule
8(2) of the Companies (Accounts) Rules, 2014.
The Policy on related party transactions, including material related
parties, is available on the Company's website at the link
https://www.bharatpetroleum.in/images/files/related-party-transaction-policy.pdf
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has provided Loans/Guarantees to its Subsidiaries/ Joint
Ventures and has made Investments in compliance with the provisions of the Companies Act,
2013. The disclosure in this regard as required under Regulation 34 read with Schedule V
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in
Annexure H.
RISK MANAGEMENT
The Company has laid down a Risk Management Policy that provides a
structured and disciplined approach to the risk process within the Company, to facilitate
informed decision-making on risks, with specific objectives elaborated as follows:
• Promote an effective risk management system that supports
BPCL's growth strategy and business objectives.
• Integrate risk management in strategic decision making.
• Establish a structured processes for early identification,
assessment, risk response, monitoring, and reporting of risks arising from internal and
external factors.
• Establish risk governance by providing clarity on the roles and
responsibilities in relation to risk management.
• Facilitate compliance with the applicable regulatory
requirements related to risk management and reporting.
• Foster a culture of innovation and risk awareness to actively
pursue opportunities that create value for the organization.
The Company's Risk Framework is based on leading risk management
standards such as ISO 31000:2018, that lay down the risk management process. The Company
has also implemented Commodity Risk Management Policy and Financial Risk Management
Policy.
A Risk Management Committee has been constituted by the Board of
Directors for reviewing and recommending the risk management plan comprising risks
assessed and their mitigation plans, along with reviewing and recommending the risk
management report for approval of the Board of Directors with the recommendation of the
Audit Committee. The Company's internal financial controls and risk management
systems are assessed by the Audit Committee / Board.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c)/(5) of the Companies Act, 2013, the
Directors of the Company confirm that: a) In the preparation of the Annual Accounts for
the year ended March 31, 2026, the applicable Accounting Standards have been followed
along with proper explanation relating to material departures; b) The Directors have
selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the profit and loss of
the Company for that period; c) The Directors have taken proper and sufficient care for
the maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; d) The Directors have prepared the annual accounts on a
‘going concern' basis; e) The Directors have laid down
internal financial controls to be followed by the Company and such internal financial
controls are adequate and are operating effectively; and f) The Directors have devised
proper systems to ensure compliance with the provisions of all applicable laws and such
systems are adequate and operating effectively.
DIRECTORS AND KEY MANAGERIAL
PERSONNEL
Shri Krishnakumar Gopalan, Chairman & Managing Director
superannuated from the services of the Company at close of work on April 30, 2025. Shri
Sanjay Khanna, Director (Refineries) was entrusted with additional charge of Chairman and
Managing Director w.e.f.
May 1, 2025. He was appointed as Chairman & Managing Director
(C&MD) of the Company w.e.f. April 9, 2026, and was also given additional charge of
Director (Refineries) w.e.f. April 9, 2026. Shri Sukhmal Kumar Jain, Director (Marketing)
superannuated from the services of the Company at close of work on
April 30, 2025.
Shri Rajkumar Dubey, Director (Human Resources) was entrusted with
additional charge of Director (Marketing) w.e.f. May 1, 2025 till July 13, 2025.
Shri Subhankar Sen was appointed as an Additional Director and Director
(Marketing) of the Company w.e.f. July 14, 2025. Thereafter, he was appointed as Director
(Marketing) by the shareholders at the Annual General Meeting held on
August 25, 2025.
Smt. Kamini Chauhan Ratan, Government Nominee Director, ceased to be
Director w.e.f. June 20, 2025 and Shri Asheesh Joshi,
Government Nominee Director was appointed as an Additional
Director of the Company w.e.f. June 20, 2025. Subsequently, he was
appointed as Director by the shareholders at the Annual
General Meeting held on August 25, 2025. He ceased to be the Director
of the Company w.e.f. December 1, 2025 on account of completion of his tenure as it was on
co-terminus basis with his tenure at Ministry of Petroleum & Natural Gas.
Dr. (Smt.) Sushma Agarwal, Independent Director ceased to be the
Director of the Company w.e.f. March 10, 2026 on account of completion of her tenure.
Shri Pradeep Vishambhar Agrawal, Prof. Bhagwati Prasad Saraswat and
Shri Gopal Krishan Agarwal, Independent Directors were appointed as Additional
Directors of the Company w.e.f.
March 28, 2025 for a period of one year or until further orders from
the Ministry of Petroleum & Natural Gas, whichever is earlier. They were appointed as
Independent Directors by the shareholders at the Annual General Meeting held on August 25,
2025.
They ceased to be the Directors of the Company w.e.f.
March 28, 2026 consequent to completion of their tenure. Shri Rajkumar
Dubey, Director (Human Resources) superannuated from the services of the Company at close
of work on
March 31, 2026. Shri Subhankar Sen, Director (Marketing) was
entrusted with additional charge of Director (Human
Resources) w.e.f. April 1, 2026 up to May 26, 2026. Shri Vedveer Arya,
AS&FA, MoP&NG, was appointed as an Additional Director of the Company w.e.f. March
9, 2026. As he has been appointed as Additional Director, he will hold office till the
ensuing Annual General Meeting (AGM). Notice under Section 160 of the Act has been
received proposing his candidature for the appointment as Director at the AGM.
Shri Pushp Kumar Nayar was appointed as Additional Director and
Director (Human Resources) of the Company w.e.f. May 27, 2026. As he has been appointed as
Additional Director, he will hold office till the ensuing Annual General Meeting (AGM).
Notice under Section 160 of the Act has been received proposing his candidature for the
appointment as Director at the AGM.
Shri Vetsa Ramakrishna Gupta, Director (Finance), will retire by
rotation at the ensuing AGM as per the provisions of Section 152 of the Act, and being
eligible, has offered his candidature for reappointment as Director at the said meeting.
As required under the Regulation 36(3) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a brief resume of the above Directors who are
being reappointed at the AGM is provided in the Notice.
DECLARATION OF INDEPENDENCE
The Independent Directors of the Company have provided a declaration
confirming that they meet the criteria of independence as prescribed under the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
FAMILIARIZATION PROGRAMS
The Company has adopted a policy for the training requirements of Board
Members. The details thereof with the programs sponsored for familiarization of
Independent Directors with the Company are available at the Company's web link
https://www.
bharatpetroleum.in/images/files/details-of-familiarization-programmes-2024-25.pdf
AUDIT COMMITTEE
BPCL had Audit Committee till March 27, 2026 in the year comprising all
Independent Directors. All the meetings of Audit Committee were held during the year till
that date. The tenure of all members of Audit Committee was till March 27, 2026.
Presently, BPCL does not have any Independent Director. BPCL, being a
Government Company, Government of India has been approached for nomination of requisite
number of Independent Directors. On receipt of the nomination from Government of India,
the Audit Committee would be reconstituted.
The details of the composition of the Audit Committee, terms of
reference, meetings held, etc. are provided in the Corporate Governance Report, which
forms part of this Report. During the year, there were no cases where the Board had not
accepted any recommendation of the Audit Committee.
VIGIL MECHANISM
There exists a vigil mechanism to report genuine concerns in the
Company. The Company has implemented a Whistle Blower Policy to ensure greater
transparency in all aspects of the Company's functioning. The objective of the policy
is to build and strengthen a culture of transparency and to provide employees with a
framework for responsible and secure reporting of improper activities.
The vigil mechanism provides adequate safeguards against victimization
of persons who use the mechanism and has provision for direct access to the Chairperson of
the Audit Committee in appropriate or exceptional cases. The details of establishment of
this mechanism are disclosed at the Company's web link
https://www.bharatpetroleum.in/images/files/whistle-blower-policy-final.pdf
NUMBER OF MEETINGS OF THE BOARD AND COMMITTEES OF THE BOARD
Seventeen meetings of the Board of Directors were held during the year.
The details of the Board and Sub-Committee meetings held during the year and attendance of
the members thereat are provided in the Corporate Governance Report, which forms a part of
this Report. The intervening gap between the Board meetings was within the period
prescribed under the Companies
Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
ANNUAL RETURN
As required under Section 92 (3) of the Companies Act, 2013, the Annual
Return of the Company for the FY 2025-26 is available on the Company website at the
following link: https://www.
bharatpetroleum.in/bharat-petroleum-for/investors/disclosure-under-regulation-46-and-62-of-sebi-lodr-regulations/
shareholders-meetings/annual-general-meeting
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL
STATEMENTS
The details are included in the Management Discussion and
Analysis Report (MDA), which forms part of this Report.
STATUTORY AUDITORS
The Comptroller & Auditor General of India (C&AG), under the
provisions of Section 139(5) of the Companies Act, 2013, had appointed M/s. M M NISSIM
& CO. LLP, Chartered Accountants,
Mumbai and M/s. Manohar Chowdhry & Associates, Chartered
Accountants, Mumbai, as Statutory Auditors for FY 2025-26.
These appointed auditors will hold office till conclusion of the
ensuing Annual General Meeting. C&AG is in the process for appointment of Statutory
Auditors for FY 2026-27. The Auditors' Report for FY 2025-26 does not contain any
qualification, reservation or adverse remark.
REPORTING OF FRAUDS BY AUDITORS
The Auditors have not reported any instance of fraud under sub-section
(12) of section 143 of Companies Act 2013.
COST RECORD AND COST AUDIT
The Company has prepared and maintained cost records as prescribed
under Section 148(1) of the Companies Act, 2013 for FY 2025-26. The Cost Audit Report for
FY 2024-25 has been filed with the Ministry of Corporate Affairs before due date in XBRL
Format. The Cost Auditors for FY 2024-25 were M/s. Dhananjay V. Joshi &
Associates and M/s. Diwanji & Co. The Cost Auditors appointed for FY 2025-26 are M/s.
Dhananjay V. Joshi & Associates and M/s. Rohit & Associates. The Cost Auditor
shall, within a period of 180 days from the closure of the financial year, forward the
Cost Audit Report and the Company is required to file the Cost Audit Report within 30 days
of receipt of the same.
SECRETARIAL AUDITOR
M/s. Ragini Chokshi & Co., Company Secretaries, has been appointed
as the Secretarial Auditor of the Company from FY 2025-26 till FY 2029-30, to conduct the
Secretarial Audit. The Secretarial Audit Report for the year ended March 31, 2026 is
appended as Annexure I to this Report.
The Secretarial Audit Report contains observations that during the
period under review, the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. as applicable to the Company, except to the
extent as mentioned below:
• The Company has not complied with the requirement under
Regulation 17(1)(a)/(b) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as the
Chairman of the Company is an Executive Director and the number of
Independent Directors is less than half of the Board of Directors and the requirements
under Regulations 18 to 21 of the said Regulation in respect of constitution of statutory
sub-committees for the period from March 28, 2026 to March 31, 2026 in the financial year.
Explanation by the Board to the above observations in the
Secretarial Audit Report:
1. BPCL is a Government Company under Section 2(45) of the Companies
Act, 2013 under the administrative control of Ministry of Petroleum & Natural Gas
(MoP&NG). The nomination of all categories of Directors are done by the Government of
India in accordance with the laid down
guidelinesofDepartmentofPublicEnterprises.Accordingly, the subject matter of nomination/
appointment of adequate number of Independent Directors falls under the purview of the
Government of India. BPCL has from time to time communicated to the Ministry of Petroleum
& Natural Gas with respect to the requirement of requisite number of Independent
Directors under the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 (SEBI LODR).
2. BPCL had shortage of one Independent Director since May 1, 2023.
Consequent to completion of tenure, four
Independent Directors ceased to be the Directors of the
Company in March 2026. As a result, BPCL did not have any Independent
Director on the Board for the period starting from March 28, 2026 to March 31, 2026.
Hence, the Company was not able to comply with provisions of
Regulation 17(1)(a)/(b) of SEBI (LODR) relating to optimum combination
of Executive and Non-executive Directors, requisite number of Independent Directors, for
the entire year and provisions of Regulation 18 to 21 regarding proper composition of
Audit Committee & Nomination and Remuneration Committee, Stakeholders Relationship
Committee, Risk Management Committee for the period as stated in the
observations under the Secretarial Audit.
BPCL will be able to comply with the requirements under the
SEBI LODR / Act on receipt of nomination of Independent
Directors from Government of India.
GENERAL
There were no significant or material orders passed by the Regulators
or Courts or Tribunals impacting the going concern status and Company's operations in
future. The Company has not issued equity shares with differential rights/sweat equity
shares.
The provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act 2013, have been implemented across the
organization with the clear objective of providing protection to women against sexual
harassment at the workplace and for the prevention and redressal of complaints of sexual
harassment. Central as well as Regional / Refinery Internal
Committees (IC) have been constituted, headed by senior women
employees, to receive and redress complaints of sexual harassment in the workplace and to
drive awareness about the provisions of the Act.
In FY 2025 26, one complaint of sexual harassment was received. The
matter was addressed and closed within the same financial year.
The Internal Committees have worked extensively on creating awareness
on the relevance of sexual harassment issues. Apart from the sensitization workshops
conducted for employees of the organization, it is ensured that a session on Prevention of
Sexual Harassment at the Workplace (POSH) is included as part of the Induction Training of
all new recruits. Additionally, an e-learning module on POSH has been included as part of
the mandatory trainings and was assigned to all employees.
Capability building of IC members and HR role holders was also
facilitated in FY 2025-26 through an interactive workshop that aimed to enhance the
understanding of participants of both the legal frameworks and human aspects of redressal.
The workshop sought to equip participants with practical tools to handle complaints with
empathy, impartiality, and confidentiality.
ACKNOWLEDGEMENTS
The Board of Directors expresses its heartfelt gratitude to every
employee for their relentless dedication and tireless efforts. Their steadfast commitment
has enabled BPCL to accomplish its objectives and enabled the organization to reach new
heights of success. The Directors' are extremely proud of the crucial role each and
every employee has played in the continuous growth of the Company and sincerely
acknowledge their effort. The Directors are profoundly thankful to the Government of
India, particularly the Ministry of Petroleum & Natural Gas and various State
Governments for their invaluable support. It has empowered the Company to confidently
navigate market complexities and seize new growth opportunities.
The customer-centric approach of BPCL and its emphasis on innovation
has earned the Company the trust and enduring support of business partners and
shareholders alike. It has inspired BPCL to actively build a dynamic Company that plays a
pivotal role in India's evolving energy landscape.
As India advances on its energy transition journey, BPCL remains
committed to supporting the nation's clean energy ambitions through focused
investments in sustainable and future-ready energy solutions. The Company is steadily
advancing its clean and future-ready energy portfolio as part of its broader strategy to
achieve Net-Zero operational emissions by 2040. Through these efforts, BPCL aims to
strengthen energy resilience, create sustainable growth opportunities and contribute
meaningfully to building a low-carbon future for India.
|
For and on behalf of the Board of Directors |
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Sd/- |
| Place: Mumbai |
Sanjay Khanna |
| Date: July 31, 2026 |
Chairman & Managing Director |
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