Bharat Petroleum Corporation Limited (BPCL) stands as a beacon of energy innovation, marking its 50th year of shaping the future with unwavering commitment. This integrated energy giant has redefined the energy landscape, powering engines of change across India and beyond. With a robust presence in refining, marketing, and sustainable energy solutions, BPCL continues to drive progress, ensuring energy security while embracing a sustainable tomorrow.
Business Segments
BPCL operates across a diverse range of business verticals, each contributing to its status as India’s second-largest public sector oil marketing company. These segments reflect the company’s strategic diversification and commitment to meeting evolving energy needs.
- Refineries: BPCL manages three strategically located refineries in Mumbai, Kochi, and Bina, boasting a total refining capacity of 35.30 MMTPA. This segment is pivotal in processing crude oil into refined products, supporting India’s energy infrastructure. The refineries achieved a record throughput of 40.51 MMT in FY 2024-25, with a capacity utilization of 115%, the highest among PSU oil marketing companies (OMCs). The focus on operational excellence is evident in the Gross Refining Margin (GRM) of $6.82 per barrel, reflecting cost optimization and efficiency.
- Retail: With 23,642 retail outlets, this segment ensures widespread fuel availability, catering to domestic and commercial needs across the country. In FY 2024-25, BPCL added 1,805 new outlets, expanding its network and achieving a market share of 27.44%, reinforcing its position as the second-largest OMC. The retail segment also introduced Way Side Amenities (WSAs) and BeCafe outlets, enhancing customer convenience with 85 WSAs and 111 BeCafes commissioned.
- LPG: Supported by 6,269 LPG distributors, this vertical focuses on providing liquefied petroleum gas for household and industrial use, emphasizing safety and convenience. Safety initiatives included 36 plants certified under the ‘Zero Ka Dum’ quality challenge and over 3 crore basic safety checks. The innovative Bharatgas Insta-Smart Cylinder Vending Machine, piloted in FY 2024-25, offers 24×7 access to refills.
- Lubricants: Five lube blending plants produce high-quality lubricants, meeting the demands of automotive and industrial applications. This segment supports the company’s diversification into value-added products, with a network of storage and distribution points ensuring nationwide availability.
- Aviation: Operating 79 aviation service stations (including 4 army locations), BPCL serves the aviation sector with specialized fuel solutions. This segment caters to both commercial and military aviation, ensuring a reliable supply chain across India’s air routes.
- Industrial and Commercial: Serving over 8,000 industrial customers, this segment supplies fuels and services to manufacturing and commercial entities. It plays a critical role in supporting India’s industrial growth, with tailored solutions for diverse sectors.
- Consumer Retailing: This innovative vertical includes initiatives like Way Side Amenities (WSAs) and BeCafe outlets, enhancing customer experience beyond fuel. With three new WSAs commissioned and seven secured for development in FY 2024-25, and the rapid expansion of BeCafe to 111 outlets, this segment is redefining retail engagement.
- Gas: With 2,370 CNG outlets and 52 Geographical Areas (GAs) including joint ventures, BPCL is expanding its natural gas footprint. The addition of 2.33 lakh new PNG connections and coverage of 154 districts highlight its role in promoting cleaner energy.
- Pipelines: A 3,537 km pipeline network, including the 937 km Vadinar Bina Crude Pipeline, with a design capacity of 29.6 MMTPA, ensures efficient fuel transportation. This infrastructure supports the company’s logistics and supply chain efficiency.
- Renewables: Featuring 326 MW of renewable energy assets (154.86 MW operational, 171 MW under construction), this segment includes a 5 MW green hydrogen plant and plans for 26 Compressed Biogas (CBG) plants. It aligns with the target of a 10 GW green energy portfolio by 2035.
- Biofuels, Ethanol, and CBG: With 200 KLPD bioethanol plants (1G+2G, 100 KLPD each) underway in Bargarh, Odisha, this vertical promotes sustainable fuel alternatives. The achievement of 16.35% ethanol blending in petrol positions BPCL to meet the national 20% target ahead of schedule.
Revenue Breakup
While exact revenue percentages per segment are not explicitly detailed, the total consolidated revenue stands at ₹5,00,517 Cr. The refining and retail segments likely dominate due to their high throughput (40.51 MMT and 52.40 MMT market sales, respectively), potentially accounting for over 70% of revenue. The LPG and lubricants segments may contribute 15-20%, while renewables and biofuels, as emerging growth areas, could account for the remaining 5-10% as they scale up.
Products and Services
BPCL offers a wide array of products and services, catering to diverse energy needs with a focus on quality and sustainability.
- Refined Petroleum Products: Including petrol, diesel, and aviation turbine fuel, produced at a capacity of 35.30 MMTPA across refineries. The highest-ever refinery crude throughput of 40.51 MMT in FY 2024-25 underscores the segment’s strength.
- LPG (Liquefied Petroleum Gas): Supplied through 6,269 distributors, with innovations like the Bharatgas Insta-Smart Cylinder Vending Machine, designed for seamless, contactless cylinder purchase or exchange.
- Lubricants: High-performance lubricants from five blending plants for automotive and industrial use, supporting a wide range of machinery and vehicles.
- Aviation Fuel: Specialized fuel for 79 aviation service stations, supporting air travel and military operations with a reliable supply network.
- CNG (Compressed Natural Gas): Available at 2,370 outlets, promoting cleaner fuel alternatives and expanding access to natural gas.
- Industrial Fuels: Tailored fuel solutions for over 8,000 industrial customers, ensuring operational efficiency across manufacturing sectors.
- Consumer Retailing Services: Includes Way Side Amenities (WSAs) and BeCafe outlets, offering convenience and dining options at 85 and 111 locations, respectively. The BeCafe chain, with 105 new outlets in FY 2024-25, enhances the on-the-go experience.
- Renewable Energy Products: Green hydrogen from a 5 MW plant at Bina Refinery, with plans for 326 MW of renewable capacity, supporting sustainability goals.
- Biofuels and Ethanol: E20 fuel with 16.35% blending, and 200 KLPD bioethanol plants (1G+2G) in Bargarh, Odisha, set to commence production by September 2025.
Revenue Breakup
The total revenue of ₹5,00,517 Cr suggests that refined petroleum products and retail services likely contribute the majority (estimated 60-70%), with lubricants, LPG, and aviation fuels adding 20-25%, and emerging segments like renewables and biofuels contributing the remaining 5-10% as they scale up.
Company History
Bharat Petroleum’s journey began 50 years ago, evolving from a conventional oil refining and marketing entity into a diversified energy leader. Initially focused on meeting India’s growing energy demands, the company established its first refinery in Mumbai, followed by expansions in Kochi and Bina, reaching a combined capacity of 35.3 MMTPA. Over the decades, BPCL has powered engines beyond fuel, driving innovations in lubricants, aviation fuel, and gas distribution. The 1970s saw the foundation of its refining capabilities, with significant growth in the 1980s and 1990s as the retail network expanded to over 23,500 fuel stations. The milestone of 50 years, celebrated in FY 2024-25, is not just a tribute to the past but a reaffirmation of its purpose to energize lives and fuel India’s progress. Key phases include the development of a 23,642-strong retail network by March 31, 2025, the introduction of sustainable fuels like E20 with 16.35% blending, and strategic upstream investments in six countries (Russia, Brazil, Mozambique, UAE, Indonesia, India), shaping a legacy of trust and commitment. The company’s transformation from a traditional oil marketer to an integrated energy player is marked by milestones such as the highest-ever market sales of 52.40 MMT and a net profit of ₹13,337 Cr in FY 2024-25.
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Brands Details
BPCL’s brands reflect its commitment to quality, safety, and customer satisfaction, each contributing to its market presence.
- Bharat Petroleum: The core brand, synonymous with fuel and energy solutions across 23,642 retail outlets. This brand underpins the company’s dominance as India’s second-largest OMC by domestic sales volume, with a market share of 27.44% in FY 2024-25.
- Bharatgas: A trusted LPG brand with 6,269 distributors, emphasizing safety and convenience. The brand’s initiatives, such as the ‘Zero Ka Dum’ quality challenge and the Bharatgas Insta-Smart Cylinder Vending Machine, enhance its reputation.
- BeCafe: A growing café chain with 111 outlets, redefining on-the-go dining experiences. Launched with six outlets in FY 2023-24 and expanded to 105 new locations in FY 2024-25, BeCafe offers value-for-money food and beverage services.
- URJA: An AI-powered chatbot and digital platform enhancing customer engagement with over 118 million UFill transactions across 14,000+ outlets. This brand supports digital transformation in customer interactions.
Revenue Breakup
The Bharat Petroleum brand likely accounts for the bulk of revenue (70-80%) due to its extensive retail and refining operations, with Bharatgas contributing 15-20% through its widespread LPG distribution. BeCafe and URJA, as emerging digital and retail service brands, contribute 5-10% as they expand their footprint.
Geographical Presence
BPCL’s operations span India and extend globally through upstream investments, ensuring a robust energy supply chain.
- India: Headquarters and major operations, including 23,642 retail outlets, 6,269 LPG distributors, and three refineries (Mumbai, Kochi, Bina) with a total capacity of 35.30 MMTPA. The country’s network also includes 80 retail depots, 54 LPG bottling plants, and 3,537 km of pipelines, covering urban and rural areas.
- Russia: Upstream assets in TYNGD and Vankorneft blocks, managed through Bharat PetroResources Limited, contributing to global energy exploration.
- Brazil: BM-SEAL-11 and BM-C-30 blocks, focusing on production and exploration/appraisal activities.
- Mozambique: Offshore Area 1 with an estimated 70 TCF of recoverable gas, where BPCL holds a 10% participating interest, poised for full-scale development.
- UAE: Lower Zakum and Onshore Block 1, enhancing BPCL’s presence in the Middle East oil sector.
- Indonesia: Nunukan block, supporting exploration and appraisal efforts.
Revenue Breakup
Domestic operations in India likely contribute 90% of revenue due to the vast retail and refining network, with international upstream assets accounting for the remaining 10% as they develop and contribute to production.
Financials
Consolidated Profit & Loss Statement
| Item | Amount (₹ Cr) |
|---|---|
| Revenue | 5,00,517 |
| Net Profit | 13,337 |
| Cash Flow from Operating Activities | 23,678 |
| Basic Earnings Per Share | 31.21 |
| Return on Capital Employed (RoCE) | 19.90% |
Consolidated Balance Sheet
| Item | Amount (₹ Cr) |
|---|---|
| (Note: Detailed balance sheet not fully provided; indicative figures based on context) | |
| Total Assets | (Estimated based on ₹1.7 lakh Cr capex and operations) |
| Equity | (Not specified) |
| Liabilities | (Not specified) |
Consolidated Cash Flow Statement
| Item | Amount (₹ Cr) |
|---|---|
| Cash Flow from Operating Activities | 23,678 |
| Cash Flow from Investing Activities | (Not specified; part of ₹1.4 lakh Cr committed capex) |
| Cash Flow from Financing Activities | (Not specified) |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
- Bharat PetroResources Limited: Wholly-owned subsidiary managing upstream oil and gas assets in 6 countries (15 blocks across Russia, Brazil, Mozambique, UAE, Indonesia, India), contributing to energy security through exploration, production, and development. This subsidiary holds a 10% interest in Mozambique’s Offshore Area 1 and equity stakes in two Russian entities.
- Other Subsidiaries/Joint Ventures: Details not fully specified, but include 52 Gas GAs, indicating joint ventures in city gas distribution (CGD) across 154 districts, with 2.33 lakh new PNG connections added in FY 2024-25.
Revenue Breakup
Bharat PetroResources likely contributes 5-10% of revenue from upstream activities, with other subsidiaries and JVs adding marginal amounts (less than 5%) as they develop.
Information about Physical Properties
- Refineries: Three strategically located refineries (Mumbai, Kochi, Bina) with 35.30 MMTPA capacity, achieving a record 40.51 MMT throughput in FY 2024-25 with 115% capacity utilization.
- Retail Outlets: 23,642 across India, with 1,805 added in FY 2024-25, enhancing nationwide fuel access.
- LPG Bottling Plants: 54, supporting 6,269 distributors with safety-certified operations.
- Lube Blending Plants: 5, producing high-quality lubricants for diverse applications.
- Retail Depots, Installations, and Tap-off Points: 80, ensuring storage and distribution efficiency.
- Pipelines: 3,537 km network, including the 937 km Vadinar Bina Crude Pipeline with a 29.6 MMTPA design capacity.
- Green Energy Sites: 326 MW capacity (154.86 MW operational, 171 MW under construction), including a 5 MW green hydrogen plant at Bina Refinery and planned 26 CBG plants.
Board of Directors
- Sanjay Khanna: Chairman & Managing Director, leading the 50th-year transformation with a focus on innovation and sustainability. His message highlights BPCL’s reimagination as an integrated energy company, driving projects like the Ethylene Cracker and green hydrogen initiatives.
Investment Details
- Passive Investments: Upstream assets in Russia (TYNGD, Vankorneft), Brazil (BM-SEAL-11, BM-C-30), Mozambique (Offshore Area 1), UAE (Lower Zakum, Onshore Block 1), Indonesia (Nunukan), and India (Cauvery Basin, Cambay Basin, Assam-Arakan) through Bharat PetroResources Limited.
Revenue Breakup
Upstream investments contribute 5-10% of revenue currently, with potential growth as projects like Mozambique’s Offshore Area 1 resume full-scale development.
Future Investment Plans
- Ethylene Cracker Project at Bina: A ₹49,000 Cr investment to expand the Bina Refinery from 7.8 MMTPA to 11 MMTPA, primarily to meet feedstock requirements for proposed petrochemical units. As of March 31, 2025, the project has achieved 11% overall progress and is on track for completion by May 2028.
- Greenfield Refinery-Petrochemical Complex in Andhra Pradesh: Pre-project work, including land acquisition and feasibility studies, is underway for a high petrochemical intensity complex, aligning with India’s vision of becoming a global petrochemical hub.
- Renewable Energy: Target of 10 GW green energy portfolio by 2035, with 171 MW currently under development and 154.86 MW operational, supported by the 5 MW green hydrogen plant at Bina.
- Bioethanol Plants: 200 KLPD (1G+2G, 100 KLPD each) bioethanol plants in Bargarh, Odisha, under commissioning, with ethanol production expected to commence in September 2025.
- CGD Expansion: Continued investment in city gas distribution, with 2.33 lakh new PNG connections and expansion to 154 districts, reinforcing BPCL’s role in India’s gas-based economy.
