State-run Bharat Petroleum Corp on Wednesday reported a consolidated net loss of Rs 1,872.70 crore for the first quarter of the financial year 2026-27 as against profit of Rs 6,839.02 crore reported in the same period of the previous fiscal.
The loss during the current quarter is mainly due to suppressed marketing margin on certain petroleum products which was partially offset by higher refining margin, the company said.
The company’s revenue from operations stood at Rs 1.59 lakh crore in Q1FY27, up 23 percent from Rs 1.29 lakh crore in Q1FY26. Total income also registered an increase of 23 percent on-year to Rs 1.61 lakh crore.
The company’s refinery throughput for the quarter under review stood at 10.15 million tonnes, down by 3 percent from 10.42 million tonnes in the same quarter of previous fiscal.
Domestic sales remained largely unchanged to 13.62 million tonnes from 13.58 million tonnes in the same quarter of FY26. Exports also rose marginally to 0.51 million tonnes during Q1FY27 from 0.45 million tonnes in Q1FY26.
The oil ministry last year had approved a compensation of Rs 7,594 crore to the company towards under-recoveries incurred on sale of domestic LPG up to March 31, 2025 and likely to be incurred up to March 31, 2026.
“Accordingly, three equal monthly installments aggregating to Rs 1,898.49 crore have been recognised during the reporting period and five equal monthly installments aggregating to Rs 3,164.15 crore were recognised during FY26 under 'Revenue from Operations'. The negative buffer reported has been duly reduced to that extent,” the company said in its exchange filing.
OMCs reported huge losses in April-May, led by elevated benchmark prices, premiums, logistic costs, weak rupee and delayed retail price rise amid West Asia conflict.
Global oil prices had a "rollercoaster" ride during the April-June period, with prices dictated by developments in the West Asia conflict, where intense escalations were followed by a fragile, short-lived ceasefire.
Brent crude, the global benchmark, dropped to around $90 on April 17 after the US and Iran announced a temporary ceasefire but hit a four-year high of $126.41 on April 30 on fears of renewed hostilities. The monthly average was around $117 a barrel.
Crude prices remained above $110 in the first half of May before plunging to $92.05 a barrel by the end of the month on renewed hopes of peace. In June, it slipped further, averaging $85 a barrel.
Brent is experiencing renewed volatility this month, with prices hovering at $97 a barrel amid renewed tensions in the Strait of Hormuz after the ceasefire collapsed.