State-run fuel retailers clock Rs 30,106 crore profit in July-September quarter
Combined earnings of IOC, BPCL and HPCL represent nearly 39 per cent of their total FY26 profit.
India's three state-run fuel retailers recorded a combined standalone net profit of Rs 30,106 crore during the July-September quarter, according to company filings reported by Business Standard. This figure represents nearly 39 per cent of the combined FY26 profit of Rs 77,281 crore for Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).
The quarterly profit is 68.3 per cent higher than the earnings in the same period last year. It marks a recovery from a combined loss of approximately Rs 18,150 crore during the April-June quarter. The boost was driven by inventory gains and higher refining margins, which helped offset losses from fuel sales and unpaid LPG subsidies.
IOC reported its highest-ever standalone quarterly net profit of Rs 21,630 crore, which is nearly triple the Rs 7,610 crore earned a year earlier. However, BPCL saw its standalone net profit drop by 22.5 per cent to Rs 4,993 crore, while HPCL recorded a 9 per cent decrease in profit to Rs 3,483 crore.
IOC Director (Finance) Anuj Jain stated during an investor call on Saturday that LPG under-recoveries were Rs 184 per cylinder in September. He noted these losses rose to Rs 229 in October and are projected to reach Rs 370 per cylinder by December.
By the end of September, the three companies had accumulated total fuel under-recoveries of Rs 67,900 crore. IOC reported Rs 32,505.69 crore, BPCL reported Rs 17,334.40 crore, and HPCL reported Rs 18,048.82 crore in under-recoveries.