BHARAT PETROLEUM (BPCL) Q2 CONCALL : TARGETS ₹25,000 CR FY27 CAPEX & ₹40,000–45,000 CR FY28 CAPEX, WITH BINA PETROCHEMICALS & MOZAMBIQUE LNG PROJECTS TARGETING MID-2028 COMPLETION

• MANAGEMENT MAINTAINS FY27 CAPEX TARGET AT ₹25,000 CR, WITH SPENDING POTENTIALLY EXCEEDING GUIDANCE BY 5–10% • FY28 CAPEX EXPECTED AT ₹40,000–45,000 CR, EXCLUDING ADDITIONAL INVESTMENT REQUIREMENTS FOR THE PROPOSED ANDHRA REFINERY • BINA PETROCHEMICAL PROJECT 40.2% COMPLETE, WITH ₹43,367 CR INVESTMENT & COMMISSIONING TARGETED BY MID-2028 • KOCHI POLYPROPYLENE PROJECT 55.1% COMPLETE, WITH ₹4,850 CR INVESTMENT & COMPLETION TARGETED FOR OCTOBER 2027 • MUMBAI PRFCC PROJECT TARGETS SEPTEMBER 2029 COMPLETION, WITH APPROVED INVESTMENT OF ₹13,626 CR • MOZAMBIQUE LNG PROJECT 47% COMPLETE, WITH FIRST GAS EXPECTED BY MID-2028 & BPCL'S PHASE-1 SHARE ESTIMATED AT 1.3 MMTPA • MANAGEMENT TARGETS CUSTOMER TIE-UPS FOR APPROXIMATELY 1 MMTPA MOZAMBIQUE LNG OVER THE NEXT 2–3 QUARTERS • PROPOSED ANDHRA REFINERY PLANNED AT 10 MMTPA CAPACITY WITH 32–33% PETROCHEMICAL INTENSITY; FINAL INVESTMENT DECISION PENDING • MUMBAI SUSTAINABLE AVIATION FUEL PROJECT PHASE-1 COMMISSIONING TARGETED FOR JANUARY 2027 • REFINERY CAPACITY UTILIZATION REACHED 117%, WITH Q2 THROUGHPUT AT 10.4 MMT & REPORTED GRM AT $32.53/BARREL • GRM ADJUSTED FOR SAED STOOD AT APPROXIMATELY $14/BARREL; MANAGEMENT EXPECTS STRONG REFINING SPREADS TO CONTINUE, SUBJECT TO MARKET CONDITIONS • REFINERY UTILIZATION MAY DECLINE DURING Q3–Q4 FY27 DUE TO PLANNED MAINTENANCE AT MUMBAI, KOCHI & BINA • MANAGEMENT EXPECTS PETROL DEMAND GROWTH OF 5–6%, WHILE DIESEL DEMAND GROWTH COULD REACH 3.5–4% • LPG UNDERRECOVERIES EXPECTED TO INCREASE TO ₹328 PER CYLINDER IN NOVEMBER VS APPROXIMATELY ₹290 Q2 AVERAGE; ADDITIONAL GOVERNMENT COMPENSATION REMAINS UNCERTAIN • STANDALONE DEBT/EQUITY AT 0.16X, BUT HIGHER CAPEX MAY INCREASE LEVERAGE; ELEVATED CRUDE PRICES, NARROWING RUSSIAN CRUDE DISCOUNTS & PROJECT EXECUTION REMAIN KEY RISKS

BHARAT PETROLEUM CORP LT

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