State-run Bharat Petroleum Corporation Ltd. (BPCL) has approved raising up to ₹5,000 crore through non-convertible debentures (NCDs), giving the refiner flexibility to tap the debt market in as many as 10 tranches over the next one year.
“The Board has approved the issuance of secured or unsecured redeemable Non-Convertible Debentures, in one or more series or tranches, for an aggregate amount not exceeding ₹5,000 crore,” BPCL said in a regulatory filing. The allotment size, pricing and other terms will be determined at the time of each issuance.
The fundraise comes as BPCL continues investments across its refining and downstream businesses, while its latest earnings were weighed down by a sizeable impairment linked to its upstream subsidiary.
BPCL reported a net profit of ₹3,192 crore in Q1 FY27, below market expectations, after taking an exceptional ₹4,349-crore impairment charge on investments in Bharat PetroResources Ltd (BPRL). Operational performance remained stronger, with EBITDA at ₹10,061 crore and margin at 8.5%, supported by refining and marketing operations.
The refiner had cumulative impairment losses of ₹11,313.83 crore on its investment in BPRL as of March 31, 2026. Foreign-exchange losses also increased sharply to ₹1,644.22 crore in FY26, from ₹357.96 crore in the previous financial year.
BPCL has separately been expanding its downstream portfolio. In June, it signed an agreement to acquire a 40% stake in Tiki Tar and Shell India Pvt Ltd for ₹85 crore. Upon completion, BPCL will become an equal joint-venture partner in the bitumen products company. The transaction remains subject to regulatory approvals and other conditions.
Tiki Tar and Shell India manufactures modified bitumen, emulsions and other products used in road construction and maintenance.
BPCL shares closed at ₹310.80, down ₹6.20, or 1.96%, on the BSE.