Bharat Petroleum Corporation Ltd has approved a Rs 5,000 crore debt raise to fund expansion and renewable projects, after reporting a record year with doubled net profits and increased refining performance.
Bharat Petroleum Corporation Ltd has approved a plan to raise up to Rs 5,000 crore through secured or unsecured redeemable non-convertible debentures, giving the state-run refiner another route to fund expansion over the next year. The board cleared the proposal on August 18, 2026, and BPCL said the issue may be split into as many as 10 tranches, though it did not disclose pricing, tenor or other terms.
The fundraising comes after a strong year for the company. In its annual report, BPCL said consolidated revenue from operations rose to Rs 5.22 lakh crore in FY26 from Rs 5.01 lakh crore a year earlier, while net profit attributable to the company more than doubled to Rs 25,843.45 crore from Rs 13,336.55 crore. Earnings per share increased to Rs 60.49 from Rs 31.21, operating cash flow climbed to Rs 50,769 crore, and return on capital employed improved to 33% from 19.90%.
BPCL also reported record refining performance. Refinery throughput increased to 41.15 million tonnes in FY26 from 40.51 million tonnes in FY25, domestic sales rose 3.4% to 54.18 million tonnes, and the company said gross refining margins stood at $11.74 a barrel. Refinery capacity utilisation reached 116.6%, with the annual report crediting crude sourcing, refinery optimisation and better product yields for the performance.
The debt plan also underlines BPCL’s continued spending on both legacy operations and cleaner energy projects. The company said capital expenditure hit a record Rs 21,372 crore in FY26, while it expanded into refining, petrochemicals, natural gas, renewables and biofuels. BPCL said it commissioned a 5 MW green hydrogen plant at its Bina refinery and a 71 MW solar project at Prayagraj, lifting installed renewable capacity to 251 MW. Shares of BPCL closed at Rs 310.80 on the BSE on August 18, down 1.96%, giving the company a market value of about Rs 1.35 lakh crore.
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