BPCL Vs HPCL: Which oil stock delivered a stronger Q3 performance?

SYNOPSIS: This article compares BPCL and HPCL across Q3 FY26 financials, refinery throughput and sales volumes, highlighting which oil major delivered stronger operational and profit performance amid India’s energy expansion push.

On Tuesday, Prime Minister Narendra Modi said India is aiming to attract $100 billion in investments into the oil & gas sector by 2030, projecting the country as a major hub for global energy investments at India Energy Week 2026. He further highlighted that India’s wider energy ecosystem presents investment opportunities worth nearly $500 billion and outlined plans to raise the country’s oil refining capacity from 260 million tonnes per annum (MTPA) to 300 MTPA in the coming years.

Describing the India-EU pact as the “mother of all deals,” PM said the agreement has unlocked significant opportunities for both regions and stands as a strong example of coordination between two major economies. He added that the pact spans nearly 25 percent of global GDP and about one-third of global trade.

India Energy Week 2026 is being positioned as a major global forum bringing together policymakers, industry leaders and innovators to deliberate on energy security, sustainability and inclusive growth.

Against this backdrop, two major public sector oil refiners – Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited – merit closer comparison. This article examines their Q3 FY26 performance to assess how each has fared and reinforced its competitive positioning within India’s oil refining sector.

Price Movement

With a market cap of Rs. 1.57 lakh crores, shares of Bharat Petroleum Corporation Limited moved up by over 2 percent on BSE to Rs. 365.9 on Wednesday. The stock has delivered positive returns of over 40 percent in one year, but has fallen by around 2 percent in the last one month.

Meanwhile, shares of Hindustan Petroleum Corporation Limited surged nearly 4 percent to Rs. 437.5 on BSE, with a market cap of Rs. 92,198.5 crores. The stock has delivered positive returns of around 24 percent in one year, but has fallen by about 9 percent in the last one month.

Financials

For the quarter, BPCL posted a consolidated revenue from operations of Rs. 1,19,029 crores, reflecting a sequential growth of over 13 percent QoQ compared to Rs. 1,04,946 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased nearly 5 percent from Rs. 1,13,166 crores recorded in Q3 FY25.

Net profit for Q3 FY26 stood at Rs. 7,188 crore, indicating a marginal increase of around 16 percent QoQ from Rs. 6,191 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 89 percent from Rs. 3,806 crores reported in Q3 FY25.

On the other hand, HPCL posted a consolidated revenue from operations of Rs. 1,15,153 crores in Q3 FY26, reflecting a sequential growth of over 14 percent QoQ compared to Rs. 1,00,856 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased nearly 4 percent from Rs. 1,10,608 crores recorded in Q3 FY25.

Net profit for Q3 FY26 stood at Rs. 4,011 crore, indicating a marginal increase of around 4 percent QoQ from Rs. 3,859 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 58 percent from Rs. 2,544 crores reported in Q3 FY25.

Refinery Operations

For Q3 FY26, BPCL’s refinery throughput stood at 10.51 million metric tonnes (MMT). Of this, the Mumbai Refinery processed 4.02 MMT, the Kochi Refinery handled 4.49 MMT, and the Bina Refinery accounted for 2 MMT. Distillate yield during the quarter was recorded at 84.02 percent, while high-sulphur crude constituted 78 percent of the total crude processed.

On the marketing front, total domestic sales of petroleum products reached 14.07 MMT. This included LPG sales of 2.42 MMT, motor spirit (MS) sales of 2.85 MMT, high-speed diesel (HSD) sales of 6.08 MMT, superior kerosene oil (SKO) sales of 0.03 MMT, aviation turbine fuel (ATF) sales of 0.55 MMT, and other products totalling 2.13 MMT. Export volumes during the quarter stood at 0.38 MMT, taking total petroleum product sales to 14.45 MMT.

For HPCL, refinery operations recorded crude throughput of 6.38 MMT in Q3 FY26. The Visakh Refinery registered crude throughput of 4.01 MMT, operating at 106 percent of its nameplate capacity, while the Mumbai Refinery achieved throughput of 2.37 MMT, operating at 99 percent of its nameplate capacity.

Total sales volumes for Q3 FY26, including exports, stood at 13.34 MMT, reflecting a 3.7 percent YoY growth. Domestic sales increased by 3.1 percent YoY, combined sales of Petrol (MS) and Diesel (HSD) rose to 8.07 MMT, up 2.6 percent YoY, while total LPG sales (domestic and non-domestic) increased by 8.9 percent YoY to 2.52 MMT. Pipeline throughput stood at 6.24 MMT.

Bharat Petroleum Corporation Limited, a Government of India Enterprise, is engaged in the business of refining crude oil and marketing of petroleum products, with refineries in Mumbai, Kochi and Bina, LPG bottling plants and Lube blending plants at various locations. Its marketing infrastructure includes a vast network of Installations, Depots, Retail Outlets, Aviation Fueling Stations and LPG distributors.

Hindustan Petroleum Corporation Limited (HPCL) is India’s largest lubricant refinery and has the 2nd-largest retail network and LPG marketing presence. It is one of the largest public sector enterprises under the administrative control of the Ministry of Petroleum and Natural Gas, Government of India and continues to be accorded the ‘Maharatna’ status.

The company is engaged in the business of supplying mobility fuels and LPG solutions to households and continues to be the largest distributor of industrial and automotive lubricants in India. HPCL is also actively engaged in the sale of bulk petroleum products.

In summary, both BPCL and HPCL delivered steady performances in Q3 FY26, supported by revenue growth, improved profitability and stable refinery operations. While their financial and operational metrics differed in scale and pace, each company remains well-positioned within India’s evolving energy landscape as capacity expansion and investment momentum gather pace.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post BPCL Vs HPCL: Which oil stock delivered a stronger Q3 performance? appeared first on Trade Brains.