Bharat Petroleum Corp Ltd (BPCL) carries out upstream and downstream operations. The company operates three refineries in India including its Mumbai Refinery, Kochi Refinery and Bina Refinery. Through this, the company offers a portfolio product and services such as automotive fuels, lubricants, liquified petroleum gas, aviation fuels, commercial fuels, among others. It also distributes its products through a vast network of pipelines and retail outlets, which include 3,537 km of pipelines and 23,642 retail outlets. The company operates through two reportable business segments: Downstream Petroleum, and Exploration and Production of Hydrocarbons (E&P). In FY2025, the company incurred a capital expenditure of INR155,773.5 million which was 3.1% of the company's total revenue and grew 40.2% YoY.

BPCL undertook several R&D initiatives during FY2025, focusing on sustainability, self-reliance, and energy transition. The company developed innovative technologies in renewable energy, green hydrogen, biofuels, petrochemicals, advanced lubricants, and net-zero solutions. Key achievements included the development of a Net Zero Retail Outlet model, renewable power generation from ocean waves, and CO2 capture and conversion technology. BPCL also progressed in establishing hydrogen refueling stations and developed compostable bioplastics, green silica, and enriched organic manure. In the chemicals segment, the company successfully trialed Super Absorbent Polymer (SAP) and planned a commercial-scale SAP plant. Collaborations led to the conversion of petcoke into graphene for energy storage applications. Additional innovations included specialized lubricants and the implementation of the BHARAT-BCA FCC additive to enhance gasoline yield. The R&D units of BPCL are the Corporate Research & Development Centre (CRDC) located in Greater Noida and the Product & Application Development Centre (P&AD) in Mumbai. The CRDC is responsible for developing innovative technologies and aligning R&D efforts with the company's strategic goals, while the P&AD Centre focuses on product and application development, particularly in lubricants and specialized products. During the FY2025, the company was granted three patents and filed 12 new patent applications. In FY2025, the company incurred a research and development expenditure of INR2,209.9 million which was 0.04% of the company's total revenue and grew 16.3% YoY.