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Bharat Petroleum Corporation Margin Trend — Quarter by Quarter

Bharat Petroleum Corporation's EBITDA margin moved from 14.0% in Q1 FY24 to 9.0% in Q1 FY26 across 9 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q1 FY269.0%—
Q4 FY257.0%—
Q3 FY257.0%—
Q2 FY254.0%—
Q1 FY255.0%—
Q4 FY248.0%—
Q3 FY245.0%—
Q2 FY2413.0%—
Q1 FY2414.0%—

What management said about ebitda margin

G

Q4 FY25 · GRM guidance of $7-$9/bbl

Assuming current spreads and Russian discounts of ~$3/bbl continue, management expects GRMs in the $7-$9/bbl range.

G

Q3 FY25 · CGD business to turn EBITDA positive from FY26

Management expects the CGD business to generate positive EBITDA from FY26 onwards, driven by volume growth and cost pass-through.

G

Q2 FY25 · LPG losses to rise to ~₹3,000 crore per quarter in H2

Assuming Saudi CP at $620-630/ton, management estimates monthly LPG under-recovery of ₹900-1,000 crore, implying ~₹3,000 crore per quarter.