Bharat Petroleum Corporation Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 to the stock exchanges, in compliance with Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is prepared on a standalone basis, excluding joint ventures and subsidiaries, and covers the period from April 1, 2025 to March 31, 2026. The BRSR Core indicators have been independently assured by Bureau Veritas (India) Private Limited at a reasonable assurance level.

Company Overview and Financial Profile

Bharat Petroleum Corporation Limited is incorporated under CIN L23220MH1952GOI008931 and is listed on both the National Stock Exchange and the Bombay Stock Exchange. The company's paid-up capital stands at ₹4,272.58 crore. Key financial parameters for the reporting period are summarised below.

The company operates 341 national locations (281 plants and 60 offices) and serves customers across 28 states and 8 union territories domestically, as well as 8 countries internationally. Its primary business activity is the manufacture of coke and refined petroleum products, accounting for 100% of turnover.

Products and Workforce

The following products account for the majority of the company's turnover:

As of March 31, 2026, the company employed a total of 6,734 employees (5,969 male, 765 female) and 34,779 workers (33,569 male, 1,210 female). Of these, 139 differently abled employees and 51 differently abled workers are on the rolls. The Board of Directors comprised 6 members as on March 31, 2026, with no female representation, while Key Managerial Personnel included 5 members, of whom 1 (20.00%) is female.

Sustainability and Decarbonisation Performance

Bharat Petroleum has defined a decarbonisation pathway targeting Net-Zero Scope 1 and Scope 2 emissions by 2040. During FY 2025-26, the company reduced its combined Scope 1 and Scope 2 GHG emissions to 10.47 MMTCO₂e from 10.79 MMTCO₂e in the previous year, achieving a 3.04% reduction in absolute emissions and an 8.75% reduction in emission intensity based on sales throughput.

Key sustainability achievements during the year are outlined below:

The company also commissioned a 2.1 MTPD green hydrogen production plant at Bina Refinery and a green hydrogen refueling station at Kochi Refinery in collaboration with Cochin International Airport Limited. Additionally, 100 KLD First Generation (1G) and 100 KLD Second Generation (2G) bio-ethanol plants were commissioned at Bargarh, Odisha, with the first 87.6 KL of 1G ethanol produced and 60 KL dispatched under the Ethanol Blended Petrol program during the year.

Water Stewardship and Waste Management

Bharat Petroleum reduced its total water withdrawal from 56,366.30 TKL in FY 2024-25 to 50,909.25 TKL in FY 2025-26, and water consumption declined from 35,485.47 TKL to 33,711.59 TKL, reflecting a water consumption intensity reduction of approximately 11%. The Bina Refinery operates as a Zero Liquid Discharge (ZLD) facility, recycling 3,769.44 TKL of treated wastewater during the year. Mumbai Refinery recycled 874.07 TKL of treated wastewater and utilised 2,854.10 TKL of treated municipal sewage. Kochi Refinery recycled 6,901.33 TKL of treated wastewater. Rainwater harvesting infrastructure was expanded to a cumulative catchment area of 17.97 lakh square metres.

On waste management, all BPCL refineries and marketing locations achieved Zero Waste to Landfill certification. The company achieved 2,655 MT of Plastic EPR end-of-life credits for FY 2025-26 under the Extended Producer Responsibility framework. During FY 2025-26, 19.38 MT of e-waste was disposed of through authorised recyclers. The company procured 315.8 crore litres of ethanol during the year as part of its effort to reduce dependence on conventional fossil fuels.

Governance, ESG Ratings, and CSR

Bharat Petroleum's sustainability governance is led by a Board-level Sustainable Development Committee (SDC), comprising Shri Sanjay Khanna (Chairman & Managing Director), Shri A.P.M Mohammed Hanish (Government Nominee Director), and Shri Vetsa Ramakrishna Gupta (Director, Finance). The SDC oversees implementation of Business Responsibility policies and monitors ESG performance.

The company's ESG ratings improved across multiple platforms during the reporting period:

On CSR, Bharat Petroleum invested ₹267.17 crore in FY 2025-26, positively impacting more than 25 lakh beneficiaries across healthcare, education, skill development, environmental conservation, and community welfare. CSR interventions were expanded across 40 Aspirational Districts in 13 states. The company also facilitated 6.25 lakh new PMUY connections under Ujjwala 3.0.

Procurement and Inclusive Development

During FY 2025-26, total procurement of goods and services where MSEs were eligible to participate stood at ₹11,874.27 crore. Of this, ₹3,821.96 crore was procured from MSEs, achieving 32.19% — exceeding the mandated target of 25%. Procurement from MSE (SC/ST) vendors amounted to ₹501.08 crore (4.22%) and from MSE women vendors to ₹558.60 crore (4.70%).

Thirteen BPCL-backed Compressed Biogas (CBG) plants were commissioned during the year under the SATAT initiative, with a cumulative installed capacity of approximately 120 MTPD. The company plans to establish 26 CBG plants over the next 2–3 years with an aggregate capacity of approximately 50 TMTPA. Refineries achieved 113 million man-hours for employees without a Lost Time Accident during the year, maintaining a Zero Reportable LTIFR for employees. More than 16,000 training programs were conducted during the year covering various principles of the National Guidelines on Responsible Business Conduct.

Bharat Petroleum Corporation Limited will hold its 73rd Annual General Meeting (AGM) on Thursday, August 27, 2026, via Video Conferencing to approve a strategic entry into the digital payments sector. The most material agenda item is a special resolution to amend the company’s object clause in the Memorandum of Association, enabling operations in electronic payment systems including Unified Payments Interface (UPI) and Bharat Quick Response (QR) codes. This move aims to establish an integrated, self-owned payments ecosystem to capture customer data, reduce dependency on third-party aggregators, and lower merchant discount rates.

The meeting will also transact ordinary business, including the adoption of audited financial statements for the financial year ended March 31, 2026, and confirmation of interim dividends. Shareholders will vote on the reappointment of Vetsa Ramakrishna Gupta as Director and the appointment of Vedveer Arya and Pushp Kumar Nayar as Directors. Additionally, the Board seeks ratification for the remuneration of cost auditors for FY 2026-27.

Strategic Expansion into Payments

The proposed amendment to Clause 3(a)(ix) of the Memorandum of Association permits the company to undertake business related to electronic and virtual payment systems. This includes payment aggregation, e-wallets, mobile wallets, cash cards, payment gateways, and Near Field Communication (NFC) payments. The resolution allows collaborations with banks, financial institutions, and Non-Banking Financial Companies (NBFCs) to implement this ecosystem. Management cites end-to-end data ownership, cost optimization, and enhanced customer experience as primary drivers for this expansion.

Director Appointments

The AGM will finalize the composition of the Board with three key resolutions:

• Vetsa Ramakrishna Gupta: Reappointment as Director by rotation. He serves as Director (Finance) and has been instrumental in Project Aspire and the merger of Bharat Oman Refineries Limited and Bharat Gas Resources Limited.
• Vedveer Arya: Appointment as Director. An Additional Secretary & Financial Advisor at the Ministry of Petroleum & Natural Gas, he was initially appointed as an Additional Director on March 09, 2026.
• Pushp Kumar Nayar: Appointment as Director (Human Resources). He brings over 35 years of experience in marketing and HR functions within BPCL and was appointed as an Additional Director on May 27, 2026.

Cost Auditor Remuneration

Shareholders are asked to ratify the remuneration of cost auditors for FY 2026-27 under Section 148 of the Companies Act, 2013. The fee increase is attributed to the expanded scope of work following the commissioning of biofuel plants for ethanol production and the planned commissioning of the Rasayani Lubricants Oil Blending Plant.

Voting and Logistics

The remote e-voting period runs from Saturday, August 22, 2026, at 9:00 A.M. to Wednesday, August 26, 2026, at 5:00 P.M. The record date for voting rights is Thursday, August 20, 2026. Members holding shares in physical form must register nominations via Form SH-13 with KFin Technologies Limited. Unclaimed dividends for FY 2018-19 become due for transfer to the Investor Education & Protection Fund on October 04, 2026, if not claimed.