BPCL Chairman Delivers 73rd AGM Statement, Highlights FY26 Performance & Future Strategy

Bharat Petroleum Corporation Limited (BPCL) has released the Chairman's Statement delivered at the 73rd Annual General Meeting (AGM) held on 27th August 2026. The statement by Chairman & Managing Director, Mr. Sanjay Khanna, reviewed a landmark year for the company, marking its fifty years of national service.

The company showcased resilience and strong performance in FY 2025-26 despite a complex global environment characterized by geopolitical tensions and volatile commodity prices. Key operational highlights include a record crude throughput of 41.2 million metric tonnes at its refineries with 116.6 percent capacity utilization, and a Gross Refining Margin of $11.74 per barrel. Market sales reached a record 54.2 million metric tonnes. Consolidated capital expenditure for the year was ₹21,372 crore, contributing to a consolidated Profit After Tax of ₹25,843 crore.

BPCL's strategic program, Project Aspire, focuses on strengthening core businesses and investing in future growth engines like petrochemicals, gas, green energy, and digital businesses. Significant ongoing projects include a Petro Resid Fluidized Catalytic Cracker at Mumbai Refinery (₹14,000 crore), expansion at Kochi Refinery, and an integrated refinery expansion and petrochemical project at Bina Refinery.

The marketing network expanded to 25,323 outlets, with a market share of 27.3 percent. Initiatives like BeCafe, DriveFresh, and Wayside Amenities are transforming retail outlets into customer destinations. The LPG business, under the Bharatgas brand, continues to focus on safety, trust, and convenience, with new offerings like Bharatgas Lite ZIP. The Industrial and Commercial Solutions business achieved sales of 7.2 Million Metric Tonnes, and the Aviation business recorded its highest-ever sales of 2.2 Million Metric tonnes. The company also acquired a 40% stake in Tiki Tar and Shell India Pvt. Ltd. to strengthen its bitumen products business.

In the upstream segment, BPCL is progressing with its joint venture in Brazil and the LNG development in Mozambique, with a combined investment of approximately $6.5 billion. A new trading arm, Bharat Petroleum Global Energy Services, has been established in Singapore to enhance global sourcing capabilities.

BPCL is actively building its petrochemical portfolio with projects at Bina and Kochi, and pre-project activities underway for a proposed refinery-cum-petrochemical complex at Ramayapatnam. The natural gas business saw strong growth, with volumes handled increasing by 25 percent, and the company achieved a significant 4.2 percent blending of Compressed Biogas (CBG), exceeding the mandated requirement. The company also commissioned its first municipal solid waste-based CBG plant in Kochi and a district in Satna, Madhya Pradesh, operating entirely on CBG.

In green energy, BPCL commissioned a 71 MW solar power project at Prayagraj, increasing its installed renewable capacity to 251 MW. It is also progressing with green hydrogen projects, including a 5000 tonnes per annum project at Bina scheduled to commence supply in 2028, and has commissioned South India’s first Green Hydrogen Refueling Station in Kochi. The company plans to establish 26 CBG plants over the next two years.

Digital transformation efforts are underway with platforms like HelloBPCL, SmartFleet, and UFill, alongside an AI and machine-learning-enabled command-and-control platform, IRIS. R&D investments of ₹296 crore were made during the year, with 22 patent applications filed, focusing on decarbonization, green hydrogen, biofuels, and more.

The company welcomed Shri Pushp Kumar Nayar to the Board as Director (Human Resources) and congratulated Shri Chacko Jose on his recommendation for Director (Refineries). The statement concluded with gratitude to the government, board, employees, and shareholders, emphasizing BPCL's commitment to reliability, bold choices, disciplined investments, and humane purpose to energize lives and advance India's journey towards an Atmanirbhar Bharat.

The first quarter of FY 2026-27 reported a loss of ₹3,962 crore due to elevated crude prices and compressed marketing margins.