Financial Performance (Standalone)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from Operations: ₹1,57,778.58 crore (Q2 FY27) vs ₹1,21,570.90 crore (Q2 FY26) vs ₹1,59,479.28 crore (Q1 FY27)
  • Other Income: ₹466.74 crore (Q2 FY27) vs ₹1,190.69 crore (Q2 FY26) vs ₹1,253.44 crore (Q1 FY27)
  • Total Income: ₹1,58,245.32 crore (Q2 FY27) vs ₹1,22,761.59 crore (Q2 FY26) vs ₹1,60,732.72 crore (Q1 FY27)
  • Profit Before Tax: ₹6,686.11 crore (Q2 FY27) vs ₹8,595.55 crore (Q2 FY26) vs (₹5,305.18) crore (Q1 FY27)
  • Tax Expense: ₹1,692.94 crore (Q2 FY27) vs ₹2,153.02 crore (Q2 FY26) vs (₹1,343.05) crore (Q1 FY27)
  • Net Profit: ₹4,993.17 crore (Q2 FY27) vs ₹6,442.53 crore (Q2 FY26) vs (₹3,962.13) crore (Q1 FY27)
  • EPS: ₹11.69 (Q2 FY27) vs ₹15.08 (Q2 FY26) vs (₹9.27) (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹3,17,257.86 crore (H1 FY27) vs ₹2,51,148.79 crore (H1 FY26)
  • Other Income: ₹1,720.18 crore (H1 FY27) vs ₹1,939.40 crore (H1 FY26)
  • Total Income: ₹3,18,978.04 crore (H1 FY27) vs ₹2,53,088.19 crore (H1 FY26)
  • Profit Before Tax: ₹1,380.93 crore (H1 FY27) vs ₹16,752.05 crore (H1 FY26)
  • Tax Expense: ₹349.89 crore (H1 FY27) vs ₹4,185.59 crore (H1 FY26)
  • Net Profit: ₹1,031.04 crore (H1 FY27) vs ₹12,566.46 crore (H1 FY26)
  • EPS: ₹2.41 (H1 FY27) vs ₹29.41 (H1 FY26)

Physical Performance (Standalone)

  • Refinery Throughput: 10.41 MMT (Q2 FY27), 10.15 MMT (Q1 FY27), 9.82 MMT (Q2 FY26); 20.56 MMT (H1 FY27) vs 20.24 MMT (H1 FY26)
  • Market Sales:
  • Domestic: 13.47 MMT (Q2 FY27), 13.62 MMT (Q1 FY27), 12.67 MMT (Q2 FY26); 27.09 MMT (H1 FY27) vs 26.25 MMT (H1 FY26)
  • Export: 0.59 MMT (Q2 FY27), 0.51 MMT (Q1 FY27), 0.36 MMT (Q2 FY26); 1.10 MMT (H1 FY27) vs 0.81 MMT (H1 FY26)
  • Domestic Market Sales Growth: 6.33% (Q2 FY27), 0.29% (Q1 FY27), 2.26% (Q2 FY26); 3.21% (H1 FY27) vs 2.74% (H1 FY26)

Financial Performance (Consolidated)

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Revenue from Operations: ₹1,57,817.93 crore (Q2 FY27) vs ₹1,21,604.70 crore (Q2 FY26) vs ₹1,59,527.05 crore (Q1 FY27)
  • Other Income: ₹349.43 crore (Q2 FY27) vs ₹952.77 crore (Q2 FY26) vs ₹1,249.30 crore (Q1 FY27)
  • Profit Before Tax: ₹6,559.80 crore (Q2 FY27) vs ₹8,344.59 crore (Q2 FY26) vs (₹3,215.64) crore (Q1 FY27)
  • Net Profit: ₹4,863.05 crore (Q2 FY27) vs ₹6,191.49 crore (Q2 FY26) vs (₹1,872.70) crore (Q1 FY27)
  • EPS: ₹11.38 (Q2 FY27) vs ₹14.49 (Q2 FY26) vs (₹4.38) (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹3,17,344.98 crore (H1 FY27) vs ₹2,51,219.39 crore (H1 FY26)
  • Profit Before Tax: ₹3,344.16 crore (H1 FY27) vs ₹17,216.28 crore (H1 FY26)
  • Net Profit: ₹2,990.35 crore (H1 FY27) vs ₹13,030.51 crore (H1 FY26)
  • EPS: ₹7.00 (H1 FY27) vs ₹30.50 (H1 FY26)

Key Financial Ratios (Standalone)

  • Debt Equity Ratio: 0.16 (Q2 FY27) vs 0.13 (Q2 FY26)
  • Current Ratio: 0.82 (Q2 FY27) vs 0.92 (Q2 FY26)
  • Operating Margin: 3.94% (Q2 FY27) vs 6.09% (Q2 FY26); (0.11)% (H1 FY27) vs 5.90% (H1 FY26)
  • Net Profit Margin: 3.16% (Q2 FY27) vs 5.30% (Q2 FY26); 0.32% (H1 FY27) vs 5.00% (H1 FY26)
  • Outstanding Debt (excluding lease liabilities): ₹15,245.96 crore (Q2 FY27) vs ₹12,261.86 crore (Q2 FY26)

Balance Sheet Position (Standalone as of 30/09/2026)

  • Total Assets: ₹2,16,819.17 crore
  • Non-Current Assets: ₹1,33,904.66 crore
  • Property, Plant & Equipment: ₹93,500.08 crore
  • Capital Work-in-Progress: ₹21,384.95 crore
  • Current Assets: ₹82,914.51 crore
  • Inventories: ₹58,635.59 crore
  • Trade Receivables: ₹7,850.62 crore
  • Total Equity: ₹96,199.12 crore
  • Non-Current Liabilities: ₹20,035.71 crore
  • Current Liabilities: ₹1,00,584.34 crore

Cash Flow Statement (Standalone H1 FY27)

  • Net Cash from Operating Activities: (₹3,284.54) crore
  • Net Cash from Investing Activities: ₹586.03 crore
  • Net Cash from Financing Activities: ₹2,759.78 crore
  • Net Increase in Cash: ₹61.27 crore
  • CSR Expenditure: ₹151.11 crore (April-September 2026) vs ₹92.40 crore (previous period)

Governance and Compliance Issues

  • The company did not comply with requirements for optimum combination of Independent Directors throughout H1 FY27
  • Owing to non-availability of requisite number of Independent Directors, the company was not in compliance with:
  • Board composition requirements under Sections 149(4), 177 and 178 of Companies Act, 2013
  • Constitution of mandatory committees under Regulations 18, 19, 20 and 21 of SEBI Listing Regulations
  • Requirement for woman director under Section 149(1) of Companies Act, 2013 and Regulation 17(1)(a) of SEBI Listing Regulations
  • No Audit Committee constituted at the time of approval of financial results

Significant Accounting Matters

LPG Buffer Account

  • Cumulative net negative buffer of ₹17,334.40 crore as on 30th September 2026 (₹12,318.52 crore as on 31st March 2026)
  • Revenue from sale of LPG not recognized to this extent
  • Government approved compensation of ₹7,594.00 crore for under-recoveries on domestic LPG sales up to 31st March 2026
  • Six monthly instalments aggregating ₹3,796.98 crore recognized during reporting period (five instalments of ₹3,164.15 crore recognized in FY 2025-26)

Exceptional Items

  • FY2026 included impairment loss of ₹4,349.13 crore on investment in subsidiary

Foreign Exchange Impact

  • Other expenses include foreign exchange loss of ₹51.03 crore (H1 FY27) vs ₹541.00 crore (H1 FY26)

Subsidiary and Joint Venture Updates

  • BPRL Ventures BV acquired remaining stake in BPRL Brasil Limitada, making it an indirect wholly owned subsidiary effective 30th June 2026
  • Provisional capital reserve of ₹217.30 crore recognized due to gain on bargain purchase
  • Restructuring of Mozambique Area 1 project: ₹7,804.75 crore derecognized from Capital Work in Progress and reclassified as investment in equity-accounted investees
  • Force Majeure in Mozambique resolved during previous year, with abnormal costs related to suspension expensed off