India's Bharat Petroleum falls as J.P. Morgan flags challenging near-term outlook

Bharat Petroleum

20/05/2026 05:19

** Bharat Petroleum Corporation BPCL.NS shares fall 1% to 283.5 rupees

** Co posts 42.6% rise in profit before exceptional items and tax; revenue from operations rises 6.3%

** BPCL is recalibrating its crude import strategy almost daily and ramping up spot purchases after the U.S.-Israeli conflict with Iran disrupted Middle East supplies, Chairman says

** Peers Hindustan Petroleum and Indian Oil also post higher quarterly profit

** J.P. Morgan says (BPCL) results follow a similar trend as HPCL and IOCL, as the strong performance was likely driven by inventory gains, stronger refining margins

** Adds the near-term outlook remains challenging despite the retail fuel price hikes

** Says we think the stock has priced in near-term headwinds; maintains 'overweight', TP: 465 rupees

** YTD, stock down 26.1%

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.Parmar@thomsonreuters.com;))