Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) have released their Q4 FY25 results amid falling global crude prices. While IOC posted the highest net profit growth, BPCL saw a decline due to lower refining margins. Investors are evaluating which oil PSU stock offers stronger prospects based on financial results and crude oil trends.
In a key update from the oil and gas sector, three major state-owned oil marketing companies—Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL)—have declared their financial results for the fourth quarter of FY25, amid continued weakness in global crude oil prices.
Indian Oil Corporation Ltd., headquartered in New Delhi, is India’s largest oil refining and marketing enterprise. Bharat Petroleum Corporation Ltd., based in Mumbai, Maharashtra, is engaged in refining, distribution, and marketing of petroleum products. Hindustan Petroleum Corporation Ltd., also headquartered in Mumbai, is involved in fuel refining and retail operations across India.
Q4 Earnings Snapshot:
IOC reported a 50% year-on-year rise in standalone net profit to ₹7,264.85 crore for Q4 FY25, supported by inventory gains due to timely crude procurement at lower prices. Despite this, IOC’s revenue from operations declined slightly by 1% to ₹2.17 lakh crore. The company’s gross refining margins (GRM) for Q4 stood at $7.85 per barrel, compared to $8.39 per barrel a year ago.
HPCL recorded an 18% YoY increase in standalone net profit to ₹3,355 crore, while its revenue dropped to ₹1.19 lakh crore, down 2.7% from the previous year. The company achieved its highest-ever quarterly refinery throughput of 6.74 million tonnes. HPCL also announced a final dividend of ₹10.50 per equity share for FY25.
BPCL’s Q4 standalone net profit declined by 24% to ₹3,214.06 crore. Revenue from operations decreased by 4% YoY to ₹1.26 lakh crore. The company’s refining margins fell sharply to $6.82 per barrel from $14.14 in the same quarter last year. BPCL’s board declared a final dividend of ₹5 per share.
Impact of Crude Price Movement:
Brent crude prices briefly dropped below $60 per barrel before recovering to around $63. Despite this rebound, crude remains about 14% lower for the year. Lower crude prices generally improve margins for downstream oil marketing companies like IOC, BPCL, and HPCL.
Stock Performance YTD:
- IOC: Up 1.61%
- BPCL: Up 2.96%
- HPCL: Down 7%
With refining margins remaining strong and crude prices in a manageable range, oil PSU stocks continue to remain in focus for long-term investors evaluating their earnings performance and operational strengths.
