Bharat Petroleum Corporation Ltd Management Discussions

hydrogen capacity by 2030, avert 50 MMT of CO2 annually,

and attract $ 100 billion in investments. Tenders for

862,000 TPA of green hydrogen production and 3,000 MW of electrolyzer manufacturing have already been awarded. Pilot projects have commenced in steel, mobility and shipping, and 15 states have announced supporting policies.

Green Hydrogen and Ammonia plants have been exempted from environmental clearance, and three ports – Kandla, Paradip and Tuticorin – will be developed as hydrogen hubs. However, risks remain around high production costs, infrastructure gaps, and the lack of standardized frameworks.

For BPCL, these developments create significant strategic opportunities, tempered by early-stage scaling challenges. The government continued to prioritize upstream reform to attract investment in exploration and production. The Oilfield (Regulatory and Development) Amendment Act,

2025 replaced multiple licensing layers with a single petroleum lease, streamlining approvals and ensuring investor confidence. Expanded access to Indias Exclusive Economic Zone (EEZ), policy support for the Open Acreage

Licensing Policy (OALP), and the establishment of a single-window clearance mechanism enhance the attractiveness of the sector.

With sedimentary basins remaining underexplored and new discoveries in the maritime zone, there is significant headroom for increasing domestic production. These reforms aim to strengthen Indias energy security while enhancing the countrys competitiveness as an upstream destination. Despite the forecasted surplus in global oil supply, geopolitical volatility remains a key threat. The European Union (EU)s planned ban on Russian pipeline gas by 2027 is likely to intensify global competition for LNG and influence price dynamics. The Middle East continues to face regional tensions, and recent conflicts have raised questions about the security of supply corridors. The IEA notes that global oil markets will remain sensitive to sudden shocks, with recent collective stock releases underscoring the continued relevance of emergency response mechanisms. Indias approach of diversifying supply sources and pricing indices, including Henry Hub-linked contracts, provides greater hedge against volatility.

Geopolitical instability in West Asia has once again underscored the strategic vulnerabilities of global energy supply chains. The region remains critical to global oil and

LNG and any disruption to its infrastructure or transit corridors can trigger price volatility and elevate supply-side risks. Recent developments have reinforced the need for diversified import strategies, resilient logistics networks, and robust emergency stockholding frameworks to ensure uninterrupted access to energy.

The proliferation of drone and missile technologies has introduced new dimensions of risk to energy infrastructure worldwide. Refineries, storage terminals, pipeline networks, and offshore installations are increasingly vulnerable to precision strikes that can disrupt operations and supply flows with little warning. These asymmetric threats heighten the need for enhanced surveillance, hardened infrastructure, and coordinated response protocols to mitigate the impact of kinetic military actions on critical energy assets.

Indias rising dependence on oil and gas imports, which reached 88.2% and 50.8%, respectively in FY 2024-25, highlights the importance of supply diversification and risk management. Currency volatility, freight costs and shifting trade dynamics remain ongoing risks for downstream operations.

Since early June 2025, freight and insurance costs for oil shipments from West Asia have risen sharply due to escalating geopolitical risks. Spot charter rates for Very Large Crude Carriers (VLCCs) on Gulf-to-Asia routes surged by over 30%, reaching $ 60,000v - $ 70,000 per day, up from $ 45,000 - $ 50,000 earlier in the year. War-risk insurance premiums have also increased significantly, adding an estimated $ 300,000-$ 400,000 per voyage through high-risk corridors such as the Strait of

Hormuz and Bab el-Mandeb. Tanker operators are factoring in longer routing times and the elevated threat environment into pricing, particularly following the Israel-Iran hostilities. These increases in freight and coverage costs have begun to influence landed crude prices and logistics planning, especially for major importers like India. For BPCL, the rising cost of maritime transport reinforces the importance of supply diversification, efficient cargo planning, and risk-hedging strategies.

Beyond Israel-specific routes, war-risk insurance premiums have edged higher across the broader Gulf region. Insurers are reassessing key shipping corridors, including the Strait of Hormuz and Bab el-Mandeb, amid escalating tensions.

Further deterioration in the security environment could lead to wider premium hikes and tighter underwriting conditions. Though the ceasefire gave relief to oil prices and insurance risk premium, any geopolitical tension across the region exhibits sensitivity to shipping routes, oil prices and insurance premiums.

Electric vehicles are set to displace slightly over 5 million barrels per day of global oil demand by 2030. Sales reached

17 million units in 2024 and are expected to exceed 20 million in 2025. While the impact in India is initially concentrated in two and three-wheelers, public transport electrification and battery storage deployments are picking up. Hydrogen, sustainable aviation fuel, and synthetic fuels are progressing from pilot to early commercialization phases. These shifts will gradually impact demand for transport fuels and require ongoing portfolio adaptation.

Digital technologies are emerging as a strategic backbone of the energy sector, with Artificial Intelligence (AI) playing a pivotal role in optimizing operations, enhancing asset reliability, and deepening customer engagement. AI-powered systems are now central to predictive maintenance, dynamic supply chain routing, energy demand forecasting, and refinery process optimization. Alongside blockchain for transaction security and smart contracts, as well as Internet of Things (IoT)-enabled terminals for real-time monitoring, these technologies are redefining operational benchmarks.

The integration of AI-driven decision intelligence across business functions – from procurement to retail – offers the potential for both cost efficiencies and adaptive resilience in a volatile energy landscape. BPCLs investments in digital logistics, smart terminals, and real-time analytics are critical enablers of operational efficiency and risk mitigation. Climate-related disruptions such as extreme weather, floods, and cyclones pose physical threats to energy infrastructure.

Refineries, pipelines and coastal terminals must be fortified to withstand such shocks. ESG compliance requirements, including Scope 3 emissions disclosures and reductions in carbon intensity, are becoming increasingly stringent across supply chains.

Cybersecurity has emerged as a significant operational risk. With increasing digitalization, the risk of attacks on critical infrastructure such as refinery control systems, pipeline networks, and payment platforms has grown. BPCL continues to strengthen its cyber resilience through robust firewalls, system audits, and coordination with national cyber agencies.

The outlook for the Indian energy sector in

FY 2025-26 is shaped by a unique confluence of robust domestic fundamentals, ongoing energy transition, and shifting global economic and geopolitical paradigms. For BPCL, this landscape presents an opportunity to reinforce strategic alignment with national goals, diversify energy offerings, and deepen operational resilience amid evolving challenges.

India continues to be the epicenter of global oil demand growth. According to the IEA, India is expected to account for the largest absolute increase in oil demand globally through 2030, with an incremental 1 million barrels per day, led by gasoline and jet fuel. This growth is underpinned by urbanization, increased private vehicle ownership, expanding middle-class consumption, and a growing appetite for air travel. The demand profile is also being reinforced by structural shifts such as deeper LPG penetration and a growing petrochemical base. For BPCL, this translates into sustained opportunities across marketing, refining, and petrochemical segments.

Domestic economic momentum, although facing global headwinds, remains resilient. India has emerged as the worlds fourth-largest economy and continues to lead among major economies in terms of growth. While global GDP forecasts for 2025 have been revised downwards to post-financial-crisis lows, Indias growth is expected to hold at 6.5% as per the RBI. This resilience is driven by strong domestic demand, government capital expenditure, and relatively moderate exposure to global trade disputes. Indias energy transition trajectory is gaining traction. Ethanol blending reached 18.4% in the current Ethanol Supply

Year, with a 20% target set for October 2025. Biofuels, compressed biogas, and electric mobility are seeing strong policy support, creating adjacent business opportunities.

The National Green Hydrogen Mission, with a 5 MMT capacity goal by 2030, offers a new frontier for clean fuel innovation.

As global oil demand growth slows – forecast to plateau at 105.5 million barrels per day by 2030 – the share of demand from combustion uses is set to decline. However, demand from petrochemicals and jet fuel remains strong.

This shift underscores the need for refineries to integrate with petrochemical units and adjust product slates. BPCLs ongoing capacity augmentation and strategic investments in high-value downstream products position it well to adapt.

Emerging risks require enhanced operational foresight. Heightened instability in West Asia underscores vulnerabilities in energy corridors and infrastructure. Drone and missile technologies now present real-time threats to refineries, pipelines, and offshore installations. Indias strategic petroleum reserves, diversified import routing, and ongoing investments in infrastructure financial resilience are critical buffers.

The IMFs World Economic Outlook notes that sweeping new tariffs and increased policy uncertainty have led to a downgrade in global growth forecasts. Global GDP is now expected to grow at 2.8% in 2025, with advanced economies projected to expand by only 1.4%. Growth in emerging markets has also been revised down to 3.7%, led by a sharp decline in Chinas projections. These changes signal tightening conditions in global trade, capital flows and investor sentiment.

Global inflation is expected to moderate more slowly than anticipated, and the global currency environment adds another layer of complexity. The share of US Dollar holdings in the allocated reserves decreased marginally to 57.74% in Q1 of 2025 from 57.79% in Q4 of 2024. India has already begun settling energy trade in rupees and dirhams in specific corridors. This trend, while early, may help mitigate forex risk in the long term. Nevertheless, increased volatility across currency pairs necessitates strong treasury operations and hedging strategies.

In summary, FY 2025-26 will be a year of consolidation and strategic pivoting. BPCLs integrated presence across refining, marketing, and gas positions it strongly in a demand-led economy. However, success in this environment will hinge on innovation, digital acceleration, low-carbon investments, and robust risk management. The outlook remains positive, with agility and foresight as the defining imperatives.

The closure of financial year 2024-25 is a milestone in the history of BPCL. Besides leading BPCL into the 50^th year of its foundation, it also has written several first-time ever records into its history books. BPCL refineries have marked the highest ever crude throughput of 40.51 MMTPA, highest-ever market sales of 52.40 million Metric Tonnes

(MMT) and highest ever capital expenditure of H 16,967 crore. BPCL also recorded the highest Gross Refining Margin (GRM) of 6.82 $/bbl, highest distillate yield of 84.3% amongst PSU refineries, and highest capacity utilization of

115% in the industry. These accomplishments showcase financial the meticulous planning in sourcing and processing an optimum crude mix, stringent monitoring and inspection practices for safe and reliable operations, focused attention for process and energy optimization and most importantly, the innovation driven by dedicated employees. The results strengthen the position of BPCL as a key refiner and pioneer in the Indian Oil and Gas sector and bolster its confidence to devise key strategies for the future.

The refineries of BPCL alongside the supply chain play a critical role in scouting, validating and widening their crude basket every year. This crucial activity enhances flexibility of refinery operation and maximizes profitability in the volatile market while ensuring energy security amidst the turbulent geopolitical environment. In this year, BPCL introduced four new crude varieties in its refineries.

These activities alongside high capacity utilization have made refinery margins soar above the Singapore GRM in the recent past. To sustain the capacity utilization, the refineries take due focus for reliability in every activity.

The Centralized Reliability team coordinates these efforts and enables seamless experience sharing and knowledge transfer across refineries. Digitally connected refineries and automated Artificial Intelligence (AI) and Machine Learning

(ML) - based failure prediction systems make the decision-making process faster and reliability-centric.

Safety remains the cornerstone of BPCL refinery operations, as encapsulated in our motto Safety First Safety Must.

In FY 2024-25 all three refineries Mumbai Refinery (MR), Kochi Refinery (KR) and Bina Refinery (BR) maintained nil Loss Time Accident (LTA) for employees. The successful completion of annual turnaround for one train at KR comprising 11 units with zero LTA demonstrates the effectiveness of our rigorous safety protocols. Recent incidents in other refineries globally substantiate the need for continuous vigil in this regard. Alongside robust safety management practices, BPCL has employed digitalization for monitoring of safety in critical jobs and for training needs of employees.

Improving operational reliability has been a priority target for

BPCL refineries. Several initiatives were carried out over the years, which pave the way for sustained operation and a high capacity utilization. The implementation of the Reliability initiatives like power stability, Operations Driven Reliability (ODR), lubrication management system, instrumentation reliability improvement, internal coating of cooler tubes, implementation of High Critical Reliability Issue (HCRI)/ Root

Cause Analysis (RCA) /Reliability advisories, and Reliability awareness at the field level have resulted in significant reduction of unplanned outages in BPCL refineries. Predictive Analytics for critical equipment at MR/KR/BR was also awarded this year, following successful trials at KR. Remote Monitoring & Diagnostic Services (RMDS) for 25 super-critical equipment was awarded with Original Equipment Manufacturer (OEM) as trial at MR. Additionally, a lubrication management system was implemented in all three BPCL refineries, which resulted in 50% reduction in lubrication related failures in rotating equipment.

BPCL has always supported innovation. Several novel initiatives were carried out to boost our operational efficiency in this year. Production of high quality Group-III base oil from MR was the highest during FY 2024-25. This premium grade of lube oil, which is growing in demand, possesses better thermal and oxidative stability, superior performance in extreme temperatures, lower volatility over other grades, and meets the stringent specifications set by the OEMs. KR revamped the DHDS heater to enable complete gas firing.

This was the last process unit which couldnt run solely on gaseous fuel. The change will eliminate the need for high-cost low sulphur crudes just to meet furnace oil requirements in refinery process units. With this and optimized blending and crude selection, KR has reduced its low sulphur fuel requirement by 75% from last year. KR has also enhanced niche petrochemical products by 8%, as compared to the previous year. Additionally, Super Absorbent Polymer (SAP) production trials with imported Glacial Acrylic Acid (GAA) were completed successfully in KRs Propylene Derivatives Petrochemical Project (PDPP) SAP pilot plant. The SAP produced meets the specifications of Hygiene grade SAP supplied by established manufacturers. KR successfully launched a new product Antioxidant

Pipeline Compatible Kerosene (AOPCK) – which has paved the way for Aviation Turbine Fuel (ATF) transfer through the Cochin Coimbatore Karur Pipeline (CCKPL) from Irimpanam Installation up to Irugur and further to Devangonthi (Bengaluru). This facilitates transfer of ATF through multi product pipelines instead of road or rail transportation. BR enhanced crude offloading reliability by commissioning an interconnection between BPCL and IOCLs Single Point Mooring (SPM) systems at the Crude Oil Terminal. This will strengthen the operational resilience of SPMs for BR.

BPCL is implementing its single largest CAPEX initiative ever through the Bina Petrochemical & Refinery Expansion Project (BPREP), with an investment of H 43,367 crore, targeted to commission by May 2028. The Project encompasses setting up a 1,200 Kilo Tonnes Per Annum (KTPA) Ethylene Cracker based Petrochemicals Complex along with expansion of BRs capacity from 7.8 MMTPA to 11 MMTPA. In addition to the Ethylene Cracker, the Petrochemicals Complex will include a Polypropylene (PP) unit, Linear Low-Density Polyethylene

(LLDPE) unit/ High-Density Polyethylene (HDPE) unit, and

Butene-1 unit producing 2,200 KTPA of petrochemical products. The project is BPCLs first major strategic footstep towards bulk petrochemicals. To strengthen its petrochemical portfolio in the south, BPCL is also implementing a 400 KTPA PP plant at KR. The project is conceptualized with an investment of H 4,460 crore and is targeted to complete by October 2027. Both these projects are on track, both physically and financially, for targeted commissioning dates.

Licensors for all process units are onboarded and Basic

Design and Engineering Package (BDEP) of units received. All Engineering, Procurement, Construction Management (EPCM) and Project Management Consultants (PMCs) for the project are onboarded and detailed engineering activities have commenced. BPCL has also successfully managed to execute a loan agreement of H 31,802 crore with M/s. State Bank of India Consortium, to finance the project at BR. This will invariably enable seamless cash flow for project execution and support timely execution. BPCL has also obtained Consent to Establish (CTE) from the respective

State Pollution Control Boards for both these projects. Aligning with the strategic investments in the petrochemical project, the BPCL Board has approved pre-project activities for a new refinery-cum-petrochemical complex at Andhra

Pradesh near Ramayapatnam Port. Currently, a Detailed

Feasibility Study, and studies for Environmental Impact Assessment (EIA) and Rapid Risk Assessment (RRA) are in progress. The project is targeted with a Petrochemical

Intensity Index (PII) of 35%. This will further enhance the petrochemical portfolio of BPCL and provide a strategic hedge against petroleum products.

BPCL has made significant strides toward sustainability initiatives in line with our vision to be a Net Zero Company for Scope 1 and Scope 2 emissions by 2040. We have made a noteworthy achievement towards Green Hydrogen by commissioning a 5 MW Green Hydrogen plant at BR and the H2 is routed for refinery application. This is one of the first of its kind and scale in Indian Refineries. The project shall provide much needed data and experience before the bigger units are commissioned in our refineries and helps to reduce

of 1 Lakh trees on a 90 hectare forest site at Kanjia village in Madhya Pradesh and has accomplished another milestone on the environmental front through biological commissioning through cowdung for our 150 Tonnes Per Day (TPD) Municipal Solid Waste (MSW) based Compressed Bio-Gas (CBG) Plant at Kochi. The plant is getting ready for MSW feed in later this year, which would achieve the twin benefit of waste mitigation and alleviating the surroundings from the pollution it faces through the accumulated waste pyre. We have also commissioned a one of a kind 3.7 MW floating solar plant at our fire water reservoir pond at Kochi Refinery. The facility is designed to have maximum solar irradiation whilst ensuring adequate sunlight for the aquatic lives. On a separate initiative, combinedly BPCL refineries have harnessed 10.7 Lakh KL of water through rainwater harvesting and further augmentation of rainwater management facility is in progress as a part of Natural Water Resource Conservation. Toward Sustainable Aviation Fuels (SAF), BPCL plans to set up a standalone Hydrotreated Esters and Fatty Acids (HEFA) unit at KR and Co-processing plant at MR. Pre-feasibility has been completed and pre-project activities for these projects have commenced. In addition, BPCL is also exploring the Alcohol to Jet route for SAF. BPCL is also planning to replace one of the old Sulphur Recovery Units (SRU) with an energy efficient Sulphuric Acid Unit. These initiatives substantiate the efforts taken by the refineries to be model sustainable refineries. BPCL is committed to driving energy efficiency at our refineries and minimizing its carbon footprint through continuous innovation. All the three refineries have a sound and effective Energy Management System (EnMS), accredited and upgraded with ISO 50001:2018 certifications and a dedicated Energy department. In FY 2024-25, the refineries implemented energy conservation initiatives saving 40,938 metric tonnes of Oil Equivalent (MTOE) per annum ^{with potential CO}2 emission reduction of 1.3 Lakh tonnes per annum. By implementing impactful energy-saving initiatives,

BPCL achieves significant cost savings and simultaneously reduces environmental impact. These initiatives include switching operation to a single Circulating Fluidized Bed Combustion (CFBC) Boiler from two CFBC Boilers in the captive power plant at BR, revamp of the heater to improve efficiency, Air Preheater (APH) replacement with plate type APH, replacing tracing with electrical heat tracing for offsite lines, solar power integration, prioritizing electrification and cleaner fuel transitions, steam size reduction and advanced process control. BPCL has always been a leader in implementing digital solutions for business, and it remains the primary enabler of critical business operations of refineries. The connected refineries with Industrial Internet of Things (IIoT) applications make informed decisions faster and more efficiently at BPCL.

BPCL will continue to scout for new opportunities in the digital space. In FY 2024-25, several significant applications/ processes have been implemented in the refineries. One of the major ones was the Project for AI based Predictive Analytics for Asset Reliability and Performance Management, which was initiated for implementation across MR, KR and BR. The cloud-based solution will provide early warnings in the form of Predictive Alerts for potential equipment failures and performance degradation for identified critical equipment for the Refineries. This is an extension of the similar successful trial at KR. Similarly, Ultra Critical Video Analytics (UCVA) was implemented across all three refineries. The solution leverages the use of AI-based algorithms to detect non-compliance and safety hazards using video feed captured from the field. The UCVA solution is a cloud-based solution tightly integrated with the in-house Work Permit System (WPS). Additionally, Operations Driven Reliability (ODR) is fully implemented at MR, KR & BR. Field log sheets are digitized with validated ranges, enabling easy detection and systematic tracking of abnormalities. The system also provides operators with instant alerts on abnormal parameters with clear instructions for corrective action, enabling timely response. Digital history enables analysis, trend monitoring, and continuous improvement in equipment reliability and plant performance through otherwise non-available data. Augmented Reality (AR)/Virtual Reality (VR) are new and emerging technologies in the oil and gas field. BPCL has successfully implemented AR/VR based immersive training for the first time for imparting effective training for low frequency high impact scenarios related to

Operations, Maintenance and Safety. This enables near on hand scenario handling and faster knowledge transfer.

FY 2024-25 has been marked by sustained momentum in Indias economic growth, underpinned by a resilient macroeconomic environment and evolving global dynamics. The Indian economy continued its upward trajectory, demonstrating strength amid global headwinds, including geopolitical tensions, commodity price volatility, and shifting monetary policies across major economies. During FY 2025-26, Indias GDP growth is estimated to remain robust in the range of 6.3% to 6.8%, supported by strong private consumption, increased infrastructure investments, and the continued focus on digital and green transitions. The manufacturing and services sectors continued to perform well, while agricultural output remained stable, aided by supportive policy measures and improved rural demand. Indias economic resilience has further reinforced its position as a key global growth engine, offering a favorable backdrop for the energy sectors strategic evolution.

Consumption of petroleum products continued to grow, reflecting an increased demand in transportation fuels and industrial applications. This growth has been primarily driven by heightened demand in transportation fuels and industrial applications. The fuel retail industry grew by 3.6%, while the

PSU Oil Marketing Companies (OMCs) grew by 2.1%.

The Companys retail business segment reported a 2.6% growth in FY 2024-25, with total sales volumes reaching 33.52 MMT. In comparison, the Public Sector OMCs collectively posted a growth of 2.1% during the same period. Sales of MS or petrol grew by 6.4%, rising to 10.74 MMT in FY 2024-25, from 10.09 MMT in FY 2023-24. In the MS retail business, the Company has consistently demonstrated strong performance, steadily increasing its market share each year since FY 2018-19. Over the past five years, the

Company recorded the highest gain in MS retail market share among PSU OMCs, with a cumulative increase of

0.97%. During FY 2024-25, the Companys MS retail market share rose by 0.01%, reaching 29.7% among PSU OMCs. Diesel (HSD) sales saw a marginal decline of 0.1%, totalling 21.56 MMT, compared to 21.58 MMT in the previous year. In contrast, PSU OMCs collectively registered a degrowth of 0.6% in diesel sales. The Companys market share in the

HSD retail business increased by 0.15% during the year and reached 30.0% among PSU OMCs. The Company is actively expanding its presence in the alternate fuels segment at retail outlets. In FY 2024-25, it increased its Compressed

Natural Gas (CNG) market share among PSU OMCs by

0.54%, achieving sales volumes of 1,200 Thousand Metric

Tonnes (TMT) and reaching a market share of 31.1%. The Company is continuing its dominance on national highways with achievement of the highest market share of 31.7% in

HSD in the last 10 years.

As part of plans on expanding our Petroleum, Oil and

Lubricant (POL) storage capacities in Northeast India, a greenfield POL Depot has been developed at Chumukedima, Nagaland. In line with the Governments Ethanol Blending Program (EBP) aimed at addressing environmental concerns, reducing import dependency, and providing a boost to the agriculture sector, the Company has augmented

Ethanol tankage capacity from 135 Thousand Kilolitre (TKL) to 153 TKL during the year. The Company has achieved the highest ever Ethanol Blending of 16.35% during FY 2024-25 against 11.70% achieved during FY 2023-24. The Company also achieved Biodiesel blending of 0.33% during the year.

During FY 2024-25, E20 (Ethanol Blended Petrol with 20% Ethanol) has been made available across the country at

BPCL retail outlets.

The Company is committed to building an inclusive and equitable work environment. A key initiative in this direction is #SilentVoices, launched in FY 2023-24, to promote inclusivity across its retail network. The program has grown from 120+ outlets in 25 cities to over 400 outlets in 80+ cities by FY 2024-25. Under this initiative, 560+ Speech & Hearing Impaired (SHI) individuals have been employed by dealers at retail outlets. This marks an important step in the Companys diversity and inclusion journey. Plans are in place to expand

#SilentVoices further in the coming years.

The Company has expanded its retail network to 23,642 outlets, adding 1,805 New Retail Outlets (NROs) in FY 2024-25. We further strengthened our presence on highways with the addition of 11 Company Owned Company

Operated (COCOs) outlets, including GHAR outlets, bringing the total to 355 COCO outlets. Our GHAR outlets, designed as One Stop Trucker Shops (OSTSs), provide a home away from home for truckers. In line with the National Highways Authority of Indias (NHAI) Way Side Amenities (WSAs) initiative, the Company made strong progress. These WSAs include resting facilities such as parking, dormitories, dhabas, and fuelling stations. We won bids for seven new WSAs sites during the year. Three WSAs facilities were commissioned in Gujarat, Haryana, and Jharkhand. With these, the total number of WSAs sites reached 85. Aligned with our Honble Prime Ministers vision, we commissioned

152 ‘Apna Ghar trucker amenities centers across highways, ensuring safe and comfortable spaces for drivers. To capture growth opportunities in new regions and along upcoming expressways, the Company has planned to commission 5,000 New Retail Outlets (NROs) over the next five years. In addition to conventional fuels, the Company is expanding its footprint in alternate fuels such as CNG and Liquefied Natural Gas (LNG). During the year, 340

CNG stations were commissioned, bringing the total to 2,370 retail outlets offering CNG across the country. The Company is also investing in future-ready fuels, marking a significant step with the commissioning of two LNG stations at BP Avinashi in Tamil Nadu and BP Panancherry in Kerala.

LNG is set to redefine long-haul transportation with cleaner, more efficient energy solutions.

In todays digital-first world, customer empowerment and trust are pivotal to building lasting relationships. Recognizing this, the Company has pioneered digital innovations, that not only transform fuel retailing, but also redefine customer experience. One such standout initiative is UFill an industry-first offering that embodies our commitment to transparency and convenience. During FY 2024-25, UFill scaled to over 14,000 retail outlets, recording 118 million transactions. UFill enables customers to preset the dispensing unit directly from their mobile devices, putting them in complete control of the fuelling process. This ensures seamless, transparent transactions, reinforces trust in the brand, and sets new benchmarks for customer-centric service in the energy sector.

In FY 2024-25, BeCafe emerged as a key pillar of our customer-centric retail transformation. Building on the initial success of 6 BeCafes launched in FY 2023-24, the Company scaled up the initiative significantly by commissioning 105 new BeCafes, taking the total network to 111 across the country. BeCafe continues to redefine the on-the-go dining experience by offering value-for-money, and world-class food and beverage services within our retail outlets. With strong customer response and growing dealer interest, the

Company plans to aggressively expand the BeCafe footprint in the coming years.

To enhance customer convenience across diverse user segments, the Company continued to scale up its innovative retail offerings during FY 2024-25. For users of stationary equipment such as generators, mobile towers, construction machinery, and heavy-duty vehicles, the

FuelKart and FuelEnt models have expanded steadily, with a total of 768 FuelKarts and 313 FuelEnt startups serving customers as on date. Addressing the needs of two-wheeler riders seeking quick and efficient service, the MAK Quik initiative – delivering oil change service through automated machines has now been extended to over 8,000 retail outlets across the country. For BS VI-compliant truckers requiring Diesel Exhaust Fluid (DEF) on highways, the

Company has further strengthened its reach by installing

506 new DEF dispensers this year, taking the total network to

1,251 outlets, ensuring wider accessibility and uninterrupted operations for fleet customers.

The Company enhances every customer visit with a spectrum of value-added services at its retail outlets, which underscore its commitment to convenience and a superior customer experience. These services are designed to cater to the dynamic needs of our diverse customer segments from rural, urban, and highway, differentiating the Company from competitors. The Company has continued its collaboration with M/s. Fino Payment Services to provide comprehensive banking services to our esteemed customers, which includes AePS, Micro ATMs, Domestic Money Transfer, Cash Management System (CMS), and Government to Citizen (G2C) services. BPCL SBI Card, Indias fastest-growing and best-in-class co-branded credit card, has crossed a milestone of 4 million customer base.

The Company continues to lead in customer loyalty through its flagship SmartFleet program, serving 1.5 Lakh transporters,

Application Programming Interface (API) integration with the systems of 153+ key fleet customers have enhanced engagement and ensured long-term loyalty. Demonstrating care beyond business, the Company disbursed H 3.1 crore through the insurance company to families of 68 drivers/ helpers in FY 2024-25, reaffirming its commitment to the welfare of those who keep our country moving.

As India accelerates its journey toward a sustainable future, the Company is proud to be at the forefront of the electric vehicle (EV) revolution not just supporting green mobility, but shaping its ecosystem with innovation and scale.

Building on the Highway Fast Charging concept launched in FY 2022-23 designed to address range anxiety by placing chargers approximately every 100 km the Company has significantly expanded its network in FY 2024-25. Today, 4,256 EV fast chargers, mostly on 270 highway corridors, make long-distance EV travel more accessible than ever.

Further advancing accessibility, 119 fast chargers for two-wheelers have been installed in collaboration with leading OEMs like Ola, Ather, and Hero. With this expansion, the Companys total EV charging footprint now stands at 6,563 stations. To enhance visibility and convenience for users, a strategic partnership with M/s. Lonage Technologies, a charger aggregator platform, has been established – offering customers seamless discovery and refighting usage of charging stations nationwide.

The Company continues to lead in tech-enabled fuel retailing, setting benchmarks in efficiency and customer experience.

All 23,000+ retail outlets are fully automated, capturing real-time transaction and inventory data. The Integrated Payment System (IPS) allows seamless payments through a single Point Of Sale (POS) at the forecourt, ensuring accuracy and convenience. Our automation is integrated with Integrated Risk and Information System (IRIS), an AI-driven digital nerve center that monitors equipment health and connectivity, ensuring adherence to operational standards.

This intelligent system empowers us to efficiently manage and enhance retail initiatives across the network. BPCL is set to transform the management of retail outlets with the introduction of its cutting-edge IoT-based automation solution, Intellifuel. This breakthrough eliminates the need for a physical Forecourt Controller (FCC), reducing on-site hardware and by leveraging cloud-based technology,

Intellifuel enhances operational efficiency, security, and real-time monitoring, while also reducing the asset footprint at outlets. This solution also delivers a real time 360? operational view of every retail outlet.

During FY 2024-25, the Company significantly scaled up its capability-building initiatives for both dealers and frontline staff. Under Project Utkarsh, 92 workshops were held at top management institutes, training 2,462 dealers, marking strong growth over the previous year. Project Sangam saw a full-scale rollout, with 700 classroom sessions covering 19,000+ Driveway Sales Men (DSMs)/Driveway Sales

Women (DSWs). Delivered through a hybrid model, these efforts are key to enhancing service quality and strengthening customer experience at our retail outlets.

Strengthening safety and operational efficiency, the

Company embraced digital innovation across its supply chain operations during the year. We have introduced the Vehicle Tracking System (VTS) to ensure functional tracking on trucks deployed from supply locations. The real-time monitoring capability of VTS significantly enhances safety and helps reduce accidents during tank lorry movement. In parallel, the business rolled out RAIS 2.0 (Retail Auto Invoicing System), a fully automated, in-house developed solution for tank lorry loading and invoicing. This customer-centric system eliminates manual intervention, offering features such as one-step tank truck reporting and automated invoice printing – enabling seamless, real-time operations at supply locations.

Reaffirming our commitment to safety and sustainability, the Company implemented several key initiatives during FY 2024-25 to strengthen safety practices across retail operating locations. Emphasis was placed on empowering on-ground personnel through targeted awareness campaigns and simulator-based Defensive Driving training, significantly enhancing the skillsets of tank lorry drivers and contributing to a reduction in in-transit incidents.

To ensure field readiness, 94 newly inducted officers underwent intensive live training as part of our capability-building drive. Our safety excellence was recognized globally, with five Retail Supply Locations receiving the prestigious International Safety Award from the British Safety Council and three others honored with the ‘Suraksha Puraskar by the National Safety Council. Furthering our environmental responsibility, all Retail

Operating Locations continue to be certified as Zero Waste to Landfill (ZWL), reinforcing our drive toward a greener and safer operational ecosystem.

Overall, during FY 2024-25, the Companys Retail business further strengthened its industry leadership, driven by a sharp focus on customer-centric innovation, operational excellence, and digital transformation. With a rapidly expanding network, robust adoption of alternate fuels, and enhanced service delivery across forecourts, BPCL continues to redefine convenience, trust, and value creation for all stakeholders – setting new benchmarks in fuel retailing for a smarter and sustainable tomorrow.

In line with the Governments Ethanol Blended Petrol (EBP) program, BPCL achieved the highest ever Ethanol blending percentage of 16.35% (consuming ~247 crore litres of Ethanol) during the year, up from 11.7% in the previous year and aims at exceeding 19% in 2025-26. The Company has been procuring and blending 1G Ethanol produced from molasses, sugarcane, damaged foodgrains, surplus rice and maize in petrol across all its locations pan India. BPCL is currently selling 20% EBP pan-India. It has also augmented

Ethanol storage capacity at its supply locations, from 135 TKL to 148 TKL during the year. BPCL is the Industry Coordinator for Ethanol procurement and is spearheading the EBP Program by procuring 1G Ethanol from multiple sources and developing the vendor base. BPCL, on behalf of OMCs, registered 69 new Ethanol vendors on long term basis for supply of Ethanol, thereby increasing the overall vendor base to 409. BPCL, as Industry Coordinator, also led the initiative of building Ethanol production capacity in deficit states, which culminated with signing Long Term Offtake Agreements (LTOAs) with project proponents planning to set up 101 dedicated Ethanol Plants for an annual offtake quantity of

361 crore litres.

Augmentation of Ethanol production capacities, coupled with a robust digitalized Ethanol procurement and allocation methodology, ensured uniform availability of Ethanol for blending across the length and breadth of the country.

The Companys integrated 1G/2G Bio-Ethanol Refinery at Bargarh, Odisha, of a combined production capacity of

200 KL per day, is under final stages of construction and expected to be commissioned in FY 2025-26. The Company has procured 83.8 TKL of Biodiesel in FY 2024-25 and achieved sales of 1,379 TKL of Biodiesel-blended Diesel, thereby achieving a blending of 0.33%.

In alignment with the national vision of sustainable energy and waste-to-wealth conversion, BPCL has undertaken significant initiatives in the production of Compressed

Biogas (CBG) from biomass and organic waste sources such as agricultural residues, MSW, sugarcane press mud, etc. CBG is an important alternative to natural gas and other fossil fuels. By promoting local production of biogas, India can reduce its dependence on imports of natural gas and petroleum products.

The government encourages the establishment of CBG production plants across the country, through the Sustainable Alternative Towards Affordable Transportation

(SATAT) Scheme by offering financial incentives and policy enablers to make CBG production commercially viable.

PSU OMCs, including BPCL, are promoters of the SATAT scheme and provide offtake support for marketing of CBG. A total of 10 CBG plants were commissioned financial by BPCL SATAT LOI holders, and BPCL initiated CBG sales from 62 NROs, bringing the total number of CBG-initiated dispensing stations to 112, with cumulative CBG sales reaching 15.25 TMT. BPCL is planning to set up 26 CBG plants with aggregate capacity of approximately 50 TMTPA in the next two to three years with own investment or through private partnership.

On the occasion of Gandhi Jayanti, our Honble Prime

Minister, Shri Narendra Modi laid the foundation stone for two CBG plants at Kochi and Bina based on MSW and Agri-Residue respectively. A concession agreement was also executed with Chhattisgarh Biofuel Development

Authority (CBDA), and Bhilai Nagar Nigam for CBG project implementation at Bhilai, Chhattisgarh. Construction activities have commenced for the CBG plants at Kochi, Bina and Bhilai.

The BPCL Board approved two Joint Venture (JV) proposals for the establishment of CBG plants. Approvals from the Ministry of Petroleum & Natural Gas (MoPNG) and the Department of Investment and Public Asset Management

(DIPAM) have been accorded for a Joint Venture Company (JVC) with M/s. GPS Renewables Private Limited.

In addition to infrastructure development, BPCL actively promoted Ethanol and CBG through sustained social media engagement and awareness campaigns. BPCL also conducted CBG workshops at Bengaluru and Pune, aimed at fostering broader participation in the CBG ecosystem.

The I&C Strategic Business Unit (SBU) continues to serve as the dedicated marketing arm for BPCLs B2B segment.

In a year once again defined by complex market dynamics, volatility in prices, and emerging opportunities in varied sectors, the I&C SBU upheld its commitment to customer-centricity, delivering innovative and value-driven solutions that strengthened long-term business relationships.

Guided by deep market intelligence and agile strategy execution, the SBU navigated shifting customer preferences and an evolving competitive landscape with precision. Notably, in the Petrochemical segment, the heightened interdependence between global and domestic markets underscored the importance of real-time insights into international production trends and demand patterns.

Leveraging this intelligence, the I&C SBU effectively penetrated traditionally import-reliant markets through nimble and responsive pricing strategies.

Our relentless focus on enhancing customer experience was further supported by continued investment in developing the functional capabilities of our field force and embracing technology as a strategic enabler. By fostering trust, ensuring convenience, and driving personalization, these initiatives were instrumental in not only retaining, but also growing our value and volume in the face of market headwinds.

As we reflect on the year gone by, the resilience and adaptability demonstrated by the I&C SBU stands as a testament to our commitment to delivering sustainable growth and superior stakeholder value.

During this year, the I&C SBU achieved record sales of 7.32 MMT in volume. Moreover, the SBU achieved its highest ever sales in HSD in the ever-dynamic, turbulent environment. However, with our close customer relationships, we were able to not only sustain, but also increase our value by focusing on key sectors and customer segments. Records were also breached in Very Low Sulfur Fuel Oil (VLSFO),

Hexane, Toluene, and Propane.

Continuing our foray into petrochemicals, I&C continues to challenge the volatility in the international market by setting new strategic benchmarks in pricing and logistics, and were able to create new record sales of 255 TMT.

I&C pursued beyond refinery sourcing, leveraging strategic sourcing and imports, and supply chain optimizations to enhance resilience and responsiveness. This year also saw our export foray into key geographies which were very successful. This new revenue stream added a volume of 137 TMT.

In alignment with the nations commitment to a greener future, the I&C SBU undertook several forward-looking initiatives to promote sustainability and cleaner energy alternatives. A landmark agreement was formalized with Petronet LNG Ltd. at Kochi, along with other statutory authorities, to enable LNG bunkering – paving the way for low-emission marine fuel solutions. Demonstrating industry leadership, the SBU Biofuel High Flash High Speed Diesel (HFHSD) Bunker at Mumbai, a significant step towards reducing the carbon footprint in the marine sector.

Additionally, an advanced EPA-grade HSD was developed and presented to major OEMs, showcasing our commitment to innovation in green fuels. Strengthening this commitment further, a Memorandum of Understanding was signed with the Mumbai Port Authority (MbPA) and the Mumbai Port Sustainability Foundation (MPSF) to collaboratively develop a comprehensive green fuel ecosystem at Mumbai Port.

During the year, the I&C SBU strengthened its talent development efforts through a comprehensive induction program for new management trainees, covering technical, logistics, and domains. Officers were nominated to internal and external management development programs from premium institutions, conferences, and workshops to stay updated on market trends and industry developments. A dedicated training on fuel conversion was conducted to support the transition to greener fuels.

Additionally, the NextGen Pulse Survey was launched to align new joiners expectations with organizational goals and promote a culture of continuous feedback.

Customer and industry engagement remained a cornerstone of our strategic outreach efforts. I&C made a strong brand presence at key industry events. These platforms served as excellent opportunities to foster collaborations, showcase

BPCLs capabilities and build stronger customer relationships.

Our flagship B2B customer connect program, Tarang was successfully conducted in March 2025, reinforcing our value proposition to core customers. Regional customer engagement events were held across India facilitating direct interaction and strengthening partnerships.

Continuing its legacy of excellent performance, the I&C SBU is committed to sustaining its momentum with strategies in place to circumvent challenges and underscore its commitment to excellence, responsiveness, and customer-centric service delivery during this pivotal period of the countrys growth.

The Gas SBU is at the forefront of reshaping Indias energy landscape, leading the countrys shift towards a cleaner, more sustainable gas-driven energy system. With a steadfast focus on innovation and efficiency, the Gas SBU is redefining how natural gas is sourced, distributed, and utilized across the nation.

The business continues to drive Indias energy transition by accelerating the adoption of natural gas and transforming the entire value chain to enhance reliability, affordability, and sustainability. Through strategic investments in infrastructure, BPCL is reinforcing its presence in critical areas such as import terminals, regasification plants, and pipeline networks, laying a strong foundation for long-term growth.

On the demand side, the business is rapidly expanding -ever its City Gas Distribution (CGD) network, providing access to clean energy for millions of households, commercial establishments, and industries across both urban and rural India. The vision is to build an integrated and seamless network that delivers cost-effective, sustainable energy solutions to every corner of the country.

Further advancing its decarbonization journey, BPCL is actively promoting the use of natural gas in mobility segments including commercial vehicles, public transportation, and industrial applications, thereby enabling cleaner, more efficient alternatives and significantly reducing carbon emissions.

Throughout this expansion, the Company remains deeply committed to creating value for all stakeholders.

This is reflected in its pursuit of operational excellence, customer-centric approach, and contributions to Indias long-term energy security. With a strong foundation in sustainability and innovation, the Gas SBU is well-positioned to lead the countrys transition to a greener, low-carbon future.

In FY 2024-25, the Gas SBU demonstrated remarkable agility in navigating a highly volatile and dynamic market.

Leveraging a well-diversified sourcing strategy, the business optimized costs and mitigated risks by combining long-term contracts, strategic spot purchases, domestic gas procurement via e-auctions, and active trading on the

Indian Gas Exchange (IGX). This multifaceted approach, not only ensured a reliable and cost-efficient supply, but also maximized profitability. The Gas BU sourced 21 cargoes under long-term contracts, 5 through spot purchases, 6 TMT via e-bidding, and 82 TMT from IGX, reinforcing BPCLs resilient supply chain management. To further strengthen its portfolio, the business has strategically entered into an agreement with ADNOC Trading for medium-term LNG supply starting from 2025.

During the year, a total of 1,829 TMT of gas was supplied across key customer segments, registering a 3% year-on-year growth. Of this, 1,009 TMT was sold to sectors, including fertilizers, power, petrochemicals, steel, and others – marking a 5% growth. Additionally, 669 TMT was utilized for internal consumption by BPCLs refineries 267

TMT in Mumbai and 402 TMT in Kochi. The CGD network also saw exceptional performance, contributing 150 TMT in sales, reflecting an impressive 80% growth over the previous year.

To support this robust expansion, BPCL invested H 2,283 crore in capital expenditure during FY 2024-25, focused on

CGD network development. Further, the Company plans to invest H 1,360 crore in FY 2025-26, strengthening its infrastructure pipeline to meet future demand.

BPCL currently holds standalone authorization for 26 Geographical Areas (GAs) for CGD network development. Of these, 25 GAs covering 64 districts awarded in the 11^th and 11A Petroleum and Natural Gas Regulatory Board (PNGRB) bidding rounds have already been commissioned.

The remaining GA, spanning 17 districts across Jammu &

Kashmir and Ladakh, secured in the 12^th round, is slated for commissioning in FY 2025-26, including JVCs, BPCLs CGD footprint now extends to 52 GAs across 154 districts.

As of March 31, 2025, BPCL has mechanically commissioned

840 CNG stations, of which 634 are operational and serving customers. An additional 100 CNG stations are planned for construction in FY 2025-26. Reinforcing domestic gas penetration, the Company added a record 2.33 Lakh Piped Natural Gas (PNG) connections during the year, bringing the cumulative total to 5.64 Lakh. Supporting this growth, BPCL has laid 23,500 inch-km of steel pipelines to enable wider and more reliable last-mile connectivity.

To further boost consumer engagement and awareness, BPCL conducted a focused mass awareness campaign

‘Aage Badho PNG Chuno between January 26 and March

31, 2025. The campaign generated encouraging results with

18,660 new PNG registrations, and outreach to over 41,000 households during FY 2024-25.

Guided by a forward-looking energy vision, BPCL continues to reengineer its portfolio to meet the rising demand for sustainable energy solutions. Despite market headwinds, the Company has maintained uninterrupted service while expanding its footprint.

As per the Petroleum Planning & Analysis Cell (PPAC), the Indian Lubricant market has grown to 4.59 MMT with growth of 12.3% in FY 2024-25. In this period, MAK Lubricants has registered the highest ever volume of 471.8 TMT.

In our pursuit of heightened brand visibility, the MAK Brand has electrified all media platforms. We have leveraged cricket icon, Rahul Dravid, who joined the MAK family as Brand Ambassador. The ‘Mr. Dependable strategic TV Commercial during the T20 World Cup has entrenched us in the minds of our audience. We also collaborated with Salman Khans movie, Sikandar to further cement our position in the minds of our customers, as well as the influencer mechanic community.

During FY 2024-25, MAK Lubricants has been honored with three prestigious awards - Brand of the Decade 2024

(Herald Global), Most Preferred Brand 2024-25 (Marksmen

Daily) and Most Trusted Brand of India 2025-26 (Marksmen Daily). These prestigious awards celebrate MAK Lubricants unwavering commitment to quality, innovation and customer centricity.

As we propel toward the future, we are committed to innovation and meeting market demands. Introduction of

12 new grades and 71 SKUs across gas, OEM, tractor, hydraulic oil, two-wheeler and premium grease (Ruby plus 100,000 km) segments underscores our dedication to excellence. Our Product & Application Development (P&AD) team also worked on 62 new product and 44 alternate formulations. MAK Aero Smoke Oil passed all the technical evaluation criteria of our defense forces and was used during Aero India 2025, Indias biggest air show. This marks a proud contribution of BPCL in indigenization of lubricant related products required by our defense forces. BPCL has also been nominated as the Chair of ISO ad hoc group for creation of Aviation Specifications, with representation of more than 15 countries.

We strengthened MAK Serve, our branded garage chain to reach a strong 659 numbers spread across 230 cities, and also forayed in the e-commerce space in a tie-up with Indiamart, touching 5,428 active industrial customers.

Year-round, we kept our mechanic community continuously engaged with campaigns touching 59,693 mechanics with 39,142 new enrolments. We differentiated ourselves in the industrial segment through MAK Lubricant Solutions, moving away from a product-centric to a solution-centric approach, especially leveraging our Mobile Labs. With our network of retail outlets, we continue to improve our connect with consumers through multiple campaigns at the forecourt. We have broadened our secondary network of retailers and mechanics through our digital interface, Hello

BPCL. We have onboarded 36 new distributors, bolstering our market presence. Furthermore, we introduced new grades like Drillol and Light Liquid Paraffin Oil (LLPO) to strengthen our successful foray into international markets. Our strategic collaborations have been instrumental in moving beyond business to areas of development and collaboration with our prestigious customers, Kirloskar Oil

Engines Limited and TVS Motor Company Limited. Our digital endeavors have been transformative. Unveiling

MAKonnect, an integrated platform revolutionizing our network, has streamlined operations. It provides business insight for informed decision-making and Retailer App has brought us closer to our secondary network through digital interface. With sustainability as core to our business principles, we are ready to explore innovative packaging solutions like recycled plastic containers, bamboo bottles and tin cans. At MAK, continuous improvement is ingrained in our ethos. Were proud to announce that BPCL Marketing Quality Assurance has been accredited as a certification and inspection body by National Accreditation Board for Certification

Bodies (NABCB).

As we propel toward the future, MAK remains steadfast in its commitment to innovation, sustainability and customer satisfaction.

During FY 2024-25, LPG demand witnessed a notable surge with industry growth of 4.72%. This was driven by low cost of LPG refills, enhanced subsidy for Pradhan Mantri Ujjwala Yojana (PMUY) customers, State free refill schemes, promotion of clean energy and rural penetration. By intensifying customer-focused safety and service enhancements, the LPG SBU not only achieved consistent growth but also safeguarded its profitability through the effective preservation of margins in commercials.

The business registered its highest-ever packed LPG sales of 8,339 TMT for the year along with achieving the highest ever market share of packed LPG, i.e. 27.49% and securing the highest packed LPG sales growth of 5.19% in the industry. The business has secured the no.1 position in Domestic, Packed, Bulk and Total LPG. With the objective of ensuring promotion of clean fuels and to increase the proliferation of LPG further, another 12.42 Lakh customers were enrolled in FY 2024-25, taking the total of BPCLs domestic LPG customer base to 9.46 crore (including PMUY - 2.68 crore) at the end of the year.

To ensure uninterrupted availability of cooking fuel at home, the Company encouraged customers to opt for Double Bottle Connections (DBCs) and upgraded 11.06 Lakh customers to DBCs. To ensure that Bharatgas is available at places closer to customers, the business unit added 20 new distributorships during the year, taking the total to 6,269 distributors as on March 31, 2025. Further, 43 non-domestic distributors were added by the Company to increase the commercial LPG footprint. BPCL added 2,658 village level women entrepreneurs, called ‘Urja Devis, to boost the

Companys efforts for rural outreach and improve awareness/ accessibility of LPG in rural areas. These entrepreneurs actively promote clean cooking fuel, educate customers on safety measures and advocate for non-fuel offerings in rural regions. To address the affordability issue of the low-income segment of consumers, we are piloting financial assistance in the states of Madhya Pradesh, Bihar and Assam through the State Rural Livelihood Mission (SRLM).

To enhance the 24x7 availability of LPG refills, the ‘Bharatgas

Insta – Smart Cylinder Vending Machine was piloted in the Bengaluru market to assess feasibility and conduct testing. A prototype of the machine was showcased at Assam

Advantage 2.0, where our Honble Prime Minister visited our stall and appreciated the initiative. It was also displayed at India Energy Week 2025, where our Honble Minister and Secretary, MoPNG, witnessed a live demonstration of the machine.

The Pure for Sure initiative in LPG has successfully completed its proof of concept, and trials have been extended to 20 distributors, covering the delivery of 1,500 refills per day. Launched in FY 2023-24, the initiative is being continued to assess its scalability. First time ever, the business has filed two patents in FY 2024-25 viz. Pure for

Sure seal and Bharatgas Insta.

The LPG business worked on three pillars of growth, viz. Safety, Trust and Convenience. Toward our safety commitment, a total of 36 plants have been certified under ‘Zero Ka Dum (the quality challenge which guarantees that all LPG cylinders in the market are entirely free from defects, improving trust and enhancing process efficiencies). A Safety campaign, as part of a MoPNG initiative, was launched across the country for quick safety inspection at customer premises with a discounted price for Suraksha hose replacement. A total of 3 crore Basic Safety Checks have been successfully conducted nationwide under this initiative during the period March 2024 to December 2024. Out of Home (OOH) - another initiative of MoPNG to promote the safety campaign through the digital mode (Hoardings had 2,749 hoardings across 530 cities for two months). Under Sense of Duty, we conducted various activities, viz. display of banners, posters, Pradhan Mantri LPG Panchayats (PMLPs)/ safety clinics and cooking competitions to reinforce the safety campaign. To further raise safety awareness among customers, our LPG distributors conducted 48,227 safety clinics in FY 2024-25.

In our continuous efforts to strengthen consumer retailing, the LPG business commissioned seven ‘In & Out convenience stores at LPG distributorships during the year, taking the cumulative number to 60. To further proliferate our offerings to end consumers, we have also introduced the

‘LPG Lite Store, which are micro fulfillment centers at our LPG distributors, for catering to the demand of Urja Devis and LPG consumers by home delivery. A total of 13 LPG Lite stores have been commissioned in FY 2024-25.

To enhance customer experience, BPCL has launched many customer facing initiatives like a Feedback process to capture star ratings and reviews on customer service, Digital Cash Memo to reduce the carbon footprint, provision of Delivery Authentication Code to control the diversion of refills and the revamped website, eBharatgas.com to enhance user experience with the on-screen Urja Chatbot.

LPG bottling achieved the highest-ever bottling volume of

8,348 TMT, recording a growth of 5.2%. To cater to the rising LPG demand in the country, we have commissioned one LPG Bottling Plant (own) and two Private Marketing Companies (PMC) plants in FY 2024-25, taking the total to 54 own plants as on March 31, 2025. We continued to maintain the best practices in Health, Safety, Security and Environment (HSSE), while maintaining cost leadership.

Toward our commitment to technology, we have completed automation of all LPG bottling operations at Bengaluru LPG plant, and it was inaugurated by Joint Secretary (M&OR), MoPNG. To further expand the automation in LPG plants, we have converted 75% of processes with automation in three other plants, which will be completed in FY 2025-26. The LPG Business has also started to implement Vehicle Access

Management in all plants, which is expected to complete in

FY 2025-26.

To reduce the cost of LPG sourcing, BPCL has executed an agreement for Purchase of Propane and Butane from

M/s. Equinor on Delivered at Place (DAP) basis at Mundra port. Augmentation of the cryogenic storage facility at

Uran Terminal is currently in progress, which will enhance storage infrastructure on the west coast, facilitating higher imports. During the year FY 2024-25, BPCL has executed an agreement with M/s. SHV Tuticorin for import of LPG and tie-up with HPCL for using the Mangalore-Hassan-

Cherlapalli Pipeline up to Anantpur for feeding Kurnool LPG plant, which optimized the transportation cost with additional savings.

Toward our commitment to the greening initiative, we have installed solar power capacity of 3,537 kilowatt-peak (kWp) at various LPG bottling plants. During the year, BPCL marketed more than 2.87 Lakh High Thermal Efficiency (HTE) hotplates with in-house developed patented technology, that delivers more than 74% thermal efficiency, i.e. the best available in the industry. Additionally, we have launched a PNG-based hotplate to cater to a different customer segment which is using PNG, incorporating the same technology that delivers over 74% thermal efficiency.

To enhance the quality check of incoming Domestic Pressure

Regulators (DPRs) at plants, we have commissioned a DPR Testing Machine which comprises Ball Drop & Performance/ Soundness Test machine at all LPG Bottling Plants.

The LPG SBU also introduced Fluoroelastomer (FKM) tight joint in DPR to enhance the quality of equipment, which will assist in reducing leakage complaints from customers and improve safety at customers premises. To build competency and develop the skills of staff at the distributorship, BPCL has launched a Sangam mobile app equipped with all training modules pertaining to LPG refill delivery, and safety at customer premises with all relevant learning material. To enrich the knowledge of our staff, the SBU has continued the ‘Eklavya: Knowledge portal, which was launched last year, conducting a daily quiz and having an archive of sales, operations, logistics and finance manuals. To equip our Distributors with the competencies to face the challenging business landscape, we trained 1,140 Distributorships in IIMs and other premier Management Institutes.

The year 2024-25 witnessed the highest domestic traffic and ATF sales in the domestic segment. ATF sales crossed the pre-pandemic highest total sales of 2019-20. After becoming the third largest domestic market in 2024, India is now aiming to become the third-largest market for overall passenger traffic within a couple of years. The Government of India is encouraging growth in the Aviation sector by adopting favorable policies covering pan-India expansion and development of airports.

The Aviation SBU achieved ATF sales of 1,968.1 TMT, and market share of 24.7% with a growth of 3.6%. International Airlines, Domestic Airlines and defense segments contributed

56.2%, 41.0% and 2.8%, respectively within our own pie. Major contributors from international airlines were Emirates,

Qatar Airways, Lufthansa Group of Airlines, Arab Air Carrier organization (AACO) Airlines, Etihad Airways, British

Airways, Air Canada, Air France, KLM Royal Dutch Airlines and Qantas, contributing 44.5% segment share amongst OMCs. We have also contracted 16 new international airline businesses. In the domestic segment, the major contributors were IndiGo, the Air India group, Akasa Air and SpiceJet. In the last quarter of the year 2024-25, the SBU got additional volume in IndiGo, AACO, British Airways, Akasa Air and Sri Lankan Airlines for the contracts of FY 2025-26. The Aviation

SBU performed outstandingly in garnering new customers and the domestic non-schedule business, recording an all-time high growth of 83%. The SBU recorded 19% growth in the international non-scheduling segment and overall, 29% growth in non-schedule business.

Under network expansion, this year the SBU added 10

Aviation Fuelling Stations (AFS) at airports in Prayagraj,

Belagavi, Hubballi, Silchar, Surat, Aurangabad, Ayodhya,

Dehradun, Aligarh and Azamgarh, making a total of 77 operational AFS, apart from Operatorship at three open access Fuel Farms.

Having been the pioneer in Indian Aviation, the SBU is strengthening its secondary infrastructure. A 34 km ATF pipeline from Piyala (Haryana) to Jewar (Uttar Pradesh) is in the final stages of completion; this will be the main supply source of ATF for the new greenfield open access airport at Jewar. BPCL has also been awarded the construction of a dedicated ATF pipeline from Malkapur to Hyderabad. As a digitally-focused organization, the SBU has initiated installing End to End Real Time Automation on a pan-India basis and the pilot project was completed at Mopa AFS. It is going to be the first time in India that such type of technology will be adopted – this will lead to errorless data capture free of human intervention, remote monitoring, faster accounting, enhanced customer support and digitization of fuel challans.

As a quality and safety focused organization, this year the SBU has launched benchmarking of AFS in line with international standards with respect to quality, safety and operations, further enhancing service standards.

As a true customer focused organization, this year, the

Aviation SBU has formed a 24x7 Customer Care Cell which coordinates and attends to all the queries of customers and supports airlines round the clock, achieving customer delight.

The Aviation SBU is jointly working with the Companys Research & Development (R&D) Centre and Refinery

Projects team to meet the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) mandate and MoPNGs indicative Sustainable Aviation Fuel (SAF) blending target of 1%, 2% and 5% by 2027, 2028 and 2030 respectively, initially for Airlines flying in the international sector. A detailed feasibility study for co-processing of SAF at Mumbai Refinery and oil to jet Hydroprocessed Esters and Fatty Acids (HEFA) technology based standalone SAF plant at Kochi Refinery is in progress.

BPCLs Consumer Retailing Business Unit is driving the expansion of fuel and non-fuel retailing across Indias rural and urban markets through an integrated omnichannel,

Village Ecosystem. This modern phygital retail model combines walk-in stores with digital platforms, offering a seamless shopping experience for fuel and non-fuel products at BPCL Fuel Stations and LPG distributorships. The business model represents the ethos and values that BPCL has stood for over the years. It provides the rural woman necessary support and inputs to become a village level entrepreneur. These village-level entrepreneurs –

Urja Devis are BPCLs mascots in deep rural areas of the country, taking fuel and non-fuel offerings to the rural customers.

The Company has commissioned 200+ In & Out stores in rural India and enrolled 1,000+ Urja Devis by March 2025. It aims to expand aggressively in this space going forward.

BPCL is reaching out to lakh of customers in rural India, catering to the wide assortment of consumer products. The rural consumer retailing model not only helps in increasing fuel turnover but also gives an avenue for revenue generation to BPCL as well as its channel partners.

BPCL is committed to combating climate change by advancing comprehensive, sustainable energy solutions. The Company recognizes that the path to environmental stewardship lies in a multi-pronged approach – focused on energy efficiency, adoption of cutting-edge technologies, and accelerated deployment of renewable energy, biofuels, and green hydrogen.

Aligned with Indias national objective of achieving Net Zero by 2070, BPCL has set an ambitious target to achieve Net Zero Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions by

2040. A detailed assessment across all business units has enabled the identification of both immediate and long-term strategies to lower emissions.

Renewable energy has emerged as a strategic focus area, with BPCL aiming to meet its internal power demand through clean energy sources as well as aiming to have a Renewable

Energy asset portfolio of 10 GW by 2035.

As of FY 2024-25, BPCLs total installed renewable energy capacity stands at 154.86 MW, comprising 143.06 MW from solar and 11.8 MW from wind sources. In addition, three renewable energy projects totalling 171 MW are currently under various stages of development.

• Ground mounted solar project at Prayagraj, U.P. of capacity 71 MWp is in the final stage of construction

• Tender for two Windfarm projects in the states of Madhya Pradesh and Maharashtra of capacity 50 MW each has been awarded

Notably, BPCL secured 150 MW capacity through NTPCs solar utility tender, marking a significant step forward in expanding its green portfolio.

BPCL is also making strong headway in its green hydrogen initiatives. A 5 MW electrolyzer has been commissioned at the Bina Refinery in Madhya Pradesh to support in-house green hydrogen production. In parallel, aligning with the Government of Indias vision for green hydrogen adoption in the transport sector, BPCL has reached the final leg of the proposed Green Hydrogen Refueling Station in Kochi, in partnership with Cochin International Airport Limited (CIAL).

Further, under SECIs Mode-1 Tranche-1 of the Strategic Interventions for Green Hydrogen Transition (SIGHT)

Scheme, BPCL is developing green hydrogen production units via the biomass route for captive use at Kochi and

Bina refineries, targeting a total output of 2,000 MTPA. Additionally, the Company has floated a tender to develop a 5,000 TPA green hydrogen facility on a Build Own

Operate (BOO) basis for refinery operations, with results currently awaited.

Demonstrating its commitment to innovation, BPCL has signed a quadripartite MoU with BluJ AeroSpace, Agency for New and Renewable Energy Research and Technology (ANERT), Government of Kerala, and CIAL to develop a green hydrogen-powered Vertical Take-Off and Landing (VTOL) aircraft ecosystem. BPCL has also entered into a partnership with KPIT Technologies to jointly promote hydrogen fuel cell electric buses, supporting the transition to clean and safe mobility solutions.

In FY 2024-25, the Brand & Public Relations function played a pivotal role in strengthening Bharat Petroleums positioning as a future-ready and trusted energy brand. The year was marked by strategic visibility across national and global platforms, robust stakeholder engagement, and continued digital leadership. Through impactful campaigns, partnerships with marquee sporting events, thought leadership initiatives, and innovative digital outreach, the brand narrative was significantly amplified. With focused alignment to business priorities and customer engagement, Brand & PR initiatives contributed meaningfully to enhancing BPCLs reputation and relevance in an evolving energy landscape.

In FY 2024-25, a series of high-impact brand and communication campaigns significantly enhanced BPCLs visibility and resonance with diverse stakeholder groups. The ‘Speed ATL campaign, strategically timed during the

General Elections, was broadcast across 26 television channels, achieving a reach of over 26 crore viewers within five days. BPCLs presence was further amplified during the T20 World Cup through integrated campaigns on Star

Sports and Disney+ Hotstar, coinciding with Indias title win and Rahul Dravids farewell, generating strong brand association and emotional connect. A long-term partnership was also formalized with the Indian Olympic Association

(IOA), spanning from Paris 2024 to Los Angeles 2028, reinforcing the brands association with national pride and sporting excellence. Complementing these initiatives, the

Corporation launched a nationwide LPG Safety campaign, an influencer-led International Yoga Day wellness series, and a comprehensive awareness drive around Ethanol

Blended Petrol and the Global Biofuel Alliance. These initiatives reflected BPCLs alignment with national priorities and its sustained commitment to safety, sustainability, and inclusive outreach.

BPCL reinforced its leadership at flagship events and global exhibitions, ensuring visibility at the highest levels. At India Energy Week (IEW) 2025, BPCL unveiled a theme-based pavilion titled Shaping the Energy of Tomorrow, accompanied by a dedicated Net Zero Pavilion that garnered widespread attention. The event facilitated the signing of seven MoUs and received significant media coverage. A high-profile curtain-raiser for IEW was also hosted in Mumbai with the Honble Minister of Petroleum &

Natural Gas, amplifying BPCLs industry engagement. On the international front, BPCL participated in ADIPEC 2024 at Abu Dhabi and Gastech 2024 at Houston through the India

Pavilion, underlining the Corporations active role in global energy discourse and diplomacy.

BPCLs digital initiatives in FY 2024-25 focused on strengthening engagement, enhancing platform resilience, and fostering positive brand sentiment. The digital strategy was effectively aligned to leverage the strengths of each platform, resulting in an average engagement rate of 8.4% and active user interaction across key digital touchpoints. A consistently positive sentiment was maintained on platforms such as Facebook, Instagram, Twitter and LinkedIn, with communication centered around priority themes including

Ethanol, CBG, Gas, and LPG Safety. In a proactive step towards digital security, BPCL successfully mitigated a major Distributed Denial of Service (DDOS) attack and conducted Web Application Penetration Testing, ensuring robust site security and adherence to compliance standards.

In FY 2024-25, BPCL maintained a robust media presence through well-structured communication and consistent dissemination of key corporate developments. Strategic media coverage was ensured around financial milestones, including the Quarterly and Half-Yearly Results, with the Corporations leadership featured across prominent platforms such as the Economic Times, Reuters, CNBC,

NDTV, and Mint. The Annual Report for 2023-24 was meticulously conceptualized and produced, accompanied by comprehensive communication support for the Annual General Meeting. The overall brand narrative was reinforced through tailored content aligned with campaigns such as the BPCL SBI Card, LPG Safety, and Financial Results, contributing to enhanced investor confidence and sustained public trust.

The year saw BPCL earn accolades across prestigious national platforms for its communication excellence. At the PRCI Excellence Awards 2024, BPCL secured a

Silver for Corporate Brochure and Community Impact Communication, a Bronze for TV Commercial and PR Case Study, along with individual awards in Corporate Reputation,

Event Management, and Digital Media Innovation. At the

11^th National Marketing & Branding Awards, BPCL won in the categories of Best In-house Magazine and Best Use of

Social Media in Marketing, with two individual recognitions for PR and Corporate Communications leadership.

The Corporation also received a Bronze at the Brandon Hall Technology Awards for its AR/VR Experience Centre and was honored at the Indian PSU Awards for Excellence in

Internal Communication and Public Relations Campaign of the Year.

BPCL celebrated a landmark moment in its legacy with the launch of the Foundation Day Golden Jubilee celebrations, marking 50 years since its formation as a Corporation. A refreshed brand identity was unveiled to commemorate this milestone, blending BPCLs rich heritage with its forward-looking aspirations.

At the forefront of our digital transformation, UFill continues to redefine the fuel station experience by offering seamless, contactless fueling. With over 11.8 crore transactions in FY 2025, and now enhanced with real-time dynamic offers and personalized promotions, UFill combines convenience with value, reinforcing BPCLs commitment to customer-first innovation.

The Hello BPCL mobile app and web portal further empower customers with a secure platform for online fuel purchases. LPG consumers can use this app to book and pay for LPG cylinders. Integration of Aadhaar Face RD (Remote Device) and eKYC (electronic Know Your Customer) via facial recognition, powered by Unique Identification Authority of India (UIDAI), has simplified the KYC process, elevating the overall experience. To enhance safety and transparency for our LPG consumers, the distributors mobile application has been enhanced, enabling real-time delivery confirmation and in-field safety checks by the delivery personnel. On an average, 3.5 Lakh delivery confirmations are done daily through this app. This digital intervention ensures that every cylinder is delivered with the highest standards of safety and compliance, reinforcing our commitment to customer well-being.

In the lubricants space, over 1.4 Lakh Lubricant mechanics and customers engaged actively through the Hello BPCL app by scanning over 39 Lakh Instant Gratification coupons to avail exclusive offers and rewards, deepening loyalty and driving product adoption.

Our digital platforms continue to power large-scale transactions across customer segments. Over 1.31 Lakh unique Fleet customers have conducted more than 360 Lakh transactions, amounting to a value exceeding H 55,900 crore through our app. In the Industrial segment, 3,831 unique customers have placed business orders digitally, resulting in the generation of over 2.26 Lakh invoices, reflecting the growing trust and adoption of our digital ecosystem. These digital initiatives, not only accelerate adoption, but also strengthen our ecosystem-wide engagement, delivering a unified and seamless experience across touchpoints.

URJA, our Conversational AI platform, is revolutionizing customer engagement by enabling real-time feedback collection via WhatsApp. Over 90,000 customer inputs have been analyzed, using advanced analytics to identify service gaps, with low-rated feedback automatically escalated through our Customer Relationship Management (CRM) system. This triggers timely intervention by the concerned distributor or officer, ensuring prompt resolution and enhanced customer satisfaction.

Extending its capabilities to our I&C customers, URJA also provides instant access to order status, account information, and product updates. This has significantly improved communication, transparency, and overall service responsiveness.

URJA reflects our focus on customer-centricity and continuous service improvement through intelligent, integrated technology.

In our Aviation business, automation was successfully implemented at 15 Aviation Stations and 18 work-in-progress, marking a key milestone in digitizing fuelling operations. Expansion to other locations is in progress, reinforcing our focus on efficiency and safety.

Our CGD Business is also progressing towards IoT-based automation, aimed at enhancing monitoring, control, and delivery accuracy.

At the heart of our digital ecosystem, IRIS – the Digital Command and Control Centre – continues to drive excellence using AI / ML and predefined logic, which controls operations centrally without any human intervention. A major development this year was the integration of Jaipur Railway

Diesel Installation (RDI), enabling real-time, data-driven decisions and proactive infrastructure management.

The year gone by has seen unprecedented levels of uncertainty and volatility in global energy markets, essentially driven by geopolitical events. In this environment, BPCL continued to successfully adopt a strategy aimed, not just at mitigation of risk and volatility, but also ensuring a security of supply, securing new suppliers, growing its customer base and expanding the dimensions of its business through newer offerings to customers.

At the national level, global events have catalyzed into long-term policy shifts, refocusing attention on energy security, diversification of supplies and enhancement of domestic production. This approach emphasizes the critical need for sustained investment in oil and gas, to facilitate a smooth transition. The industry, as a whole, is also currently facing increasing instability due to geopolitical conflicts and needs to handle multi - dimensional challenges. These developments have accelerated a global push toward energy transition, signaling the onset of a significant

industrial scale-up in clean energy. India is emphasizing universal energy access and just, affordable, and inclusive energy transitions. This policy direction aligns with global environmental goals and underscores Indias commitment to fostering an energy sector that is both sustainable and equitable.

In the midst of these global shifts and national policy alignments, the Companys Project Aspire continues to provide impetus to its strategic initiatives, and is poised to propel the Company forward toward growth and profitability, thereby creating long-term value for its shareholders, while committing to sustainability and innovation.

India, over the last few years, has become home to a flourishing ecosystem for Startups. Under the Startup

India Initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized over 1.60 Lakh companies as Startups as of March 2025. Equipped with agile ways of working, technology-driven businesses, with innovative approaches to solve challenges in various sectors, Startups have emerged as favorite destinations for angel investors, Venture Capital Funds and Corporates for investments. The Company, in its own way, has become part of Indias Startup growth story through its Startup initiative, ‘Project Ankur - supporting budding and promising startups through grant funding and collaboration since 2016. The Company, with an initial fund of H 25 crore, has supported 25 Startups in various sectors with grant funding of up to H 1.5 crore per

Startup in Phase I. As part of Phase II, BPCL supported six more Startups through BPCL Startup Grandslam Season#1

(a pan-India business challenge for Startups) with grant funding of H 50 Lakh each.

To amplify the outreach and effectiveness of Ankur, the Company continuously engages with the Startup ecosystem in India, including Startup India, leading academic institutions, incubators, accelerators and venture capital investors. The Company has established the BPCL Ankur Fund for making investments in Startups, with an initial corpus of H 50 crore. The objective of these investments is to support high potential early-stage Startups, primarily working in sectors which are affiliated to the areas of the business of the

Company. In March 2025, the BPCL Ankur Fund launched its first Startup cohort, ‘Emerge, focused on supporting innovations in Energy Efficiency and CGD - reflecting the

Companys commitment to building a sustainable and technology-driven energy future.

For details on HSSE, refer page 211 under the Business

Responsibility and Sustainability Report.

We are deeply invested in cultivating a future-ready talent ecosystem that serves as a catalyst for achieving our long-term strategic vision. Through a rigorous talent acquisition process, comprehensive learning programs, and continuous capability enhancement, we aim to nurture professionals who are, not only experts in their domains, but also agile in responding to the dynamic shifts of the flagship energy sector. Our steadfast commitment to developing and empowering our people serves as a strategic pillar in driving organizational resilience and long-term value creation. We firmly believe that the progress of the Corporation is deeply intertwined with the personal and professional growth of our people. Driven by this conviction, we have launched a series of thoughtfully designed initiatives that tap into the inherent talent of our workforce. These initiatives cultivate a culture of innovation, operational excellence, and strategic foresight that cascades through every level of the organization.

To celebrate the unique strengths of our employees and illuminate their individual growth journeys, BPCL continued to advance ASCEND, our strategic talent management initiative. Now in its fifth cycle, ASCEND has evolved into a powerful platform for recognizing potential, articulating career aspirations, and aligning personal development with organizational goals. This year witnessed the culmination of the two-year cycle of ASCEND 5.0 with comprehensive Talent Review Discussions conducted for 656 officers selected for Phase II and structured feedback conversations completed for officers covered in Phase I, thereby reinforcing our culture of continuous development and leadership readiness. These structured conversations provided a meaningful opportunity for employees to reflect on their career trajectories, areas of development and growth.

As we stand today at the inflexion point of energy transition,

Learning and Development continues to be a key strategic lever. Over 20,000+ hours of e-learning content were consumed on My Sphere our Learning Experience

Platform, where we offer a wide and rich repository of learning resources to our employees. Learning Sphere

an exclusive program curated for BPCL employees on the Coursera platform – witnessed over 1,500 employees engaged with the platform, resulting in 16,000 learning hours over 11 months, 7,052 course enrolments, and 1,994 course completions. These numbers reflect more than just participation – they represent a growing culture of self-directed learning at BPCL. By empowering employees to take ownership of their development journeys, we are fostering a workforce that is not only skilled and future-ready, but also deeply invested in continuous learning and personal growth.

More than 80 custom learning interventions were rolled out across business units with over 3,000 employees covered.

These included a blend of classroom, virtual and experiential formats such as outbound programs, simulation-based learning, all tailored to business context. Future-skilling continued to be a priority, with high-impact programs such as Demystifying AI, AI Smart, and Data Smart empowering employees with new-age knowledge and capabilities. Curated learning journeys were introduced in critical domains such as operations, energy transition, data-driven decision-making, and leadership development. Onboarding programs for new hires, cultural immersion for lateral recruits, and retirement readiness sessions were delivered with renewed vigor. A growing coaching culture was fostered through initiatives like ‘Leaders as Coaches, ‘Mpower for Finance, and workshops on impactful conversations.

Our leadership development programs,

‘eXcelerator and ‘eXceed, continued to nurture high-potential talent through immersive classroom modules, global certifications, executive coaching, masterclasses, and action learning projects. Senior leaders benefited from ‘Executive Coaching and curated learning experiences with premier global institutes. Our leadership development efforts were recognized with two prestigious accolades: the SHRM Award for ‘Excellence in Developing Emerging Leaders and the TISS LeapVault Award for ‘Best Leadership Development Program.

Experiential and alternate learning platforms also saw significant momentum. Talent Triathlon 2025, aligned with

BPCLs 50^th Foundation Day theme of ‘Shaping the Future, brought together 1,081 officers across four challenges Socratix, Mercurix, Biz-X, and The Ultimate Challenge.

These events were mapped to future-focused themes such as digital transformation, energy transition, and value-based decision-making, testing participants on agility, collaboration, and embodiment of BPCLs core values.

Rytink 2024-25 marked a decade of capturing strategic foresight and leadership dilemmas. This year, Rytink introduced a new Caselet Writing category alongside the traditional case format, recognizing the power of concise, high-impact narratives. With 49 case submissions and 57 caselets, participants engaged in expert-led workshops and stakeholder interactions, producing work of exceptional quality. Eight BPCL-authored papers have already been published externally, and the latest submissions now enrich the learning repository within ‘My Sphere.

To drive functional excellence, enhance safety awareness, and build organizational capability, BPCL established a dedicated vertical, ‘Centre of Excellence. In its inaugural year, the Centre delivered an impressive 122 training programs, collectively generating approximately 38,000 learning hours. This initiative marks a significant step toward institutionalizing best practices and fostering a culture of continuous improvement across operational domains. BPCLs commitment to data-driven decision-making was further strengthened through the institutionalization of a dedicated HR Analytics Cell, to embed data-driven intelligence into key people practices. The cell piloted a range of AI-powered interventions across critical HR domains such as workforce planning, success profiling for critical roles, introduction of an AI-based continuous listening platform to assess employee engagement of recent hires and proactively predict attrition risks. Additionally, dynamic dashboards and reporting frameworks were introduced to monitor key HR metrics and enable strategic decision making. These pioneering interventions earned

BPCL recognition at the prestigious Economic Times HR

Awards, underscoring our leadership in leveraging analytics for human capital transformation.

We believe that recognition is a powerful driver of engagement and performance. To embed appreciation into the fabric of our organizational culture, we introduced KUDOS our in-house, values-based employee recognition platform. This initiative empowers both peers and leaders confidential to acknowledge contributions that reflect BPCLs core values.

Since its launch, over 14,000 appreciation badges and accolades have been shared across the platform, reinforcing a culture where achievements are celebrated, efforts are valued, and individuals feel seen and appreciated. In our pursuit of cultivating a culture of innovation, the iDEAS platform was relaunched in a dynamic new avatar, encouraging employees to contribute forward-thinking solutions and creative ideas. During the year, over 670 ideas have been submitted, of which 92 have been implemented, reflecting the growing innovation mindset across the organization. We continued to advance our commitment to holistic employee well-being by integrating sports and physical activity into the workplace culture. Through initiatives such as City Marathons, the Fitness Premier League, and the development of sports infrastructure across operational sites and residential complexes, we have created vibrant avenues for promoting health, camaraderie, and overall well-being. City Marathons, which were conducted in 15 cities, saw active participation of over 2,000 employees. Step-A-Thon, our four-week health challenge, witnessed outstanding participation, with over 1,600 employees coming together to demonstrate the spirit of teamwork and wellness.

Collectively, we achieved an inspiring milestone of 26.5 crore steps, setting a benchmark for excellence in employee engagement and reinforcing our commitment to promoting a healthy and active lifestyle across the organization. These efforts reinforce our philosophy that a healthy workforce is a high-performing workforce.

The ESE entity is a flagship initiative of BPCL, reinforcing our commitment to become A Great Place to Work. With a dedicated focus on enriching employee experience, ESE aims to cultivate a vibrant, energized, and emotionally resilient workforce by fostering a culture of psychological safety and holistic well-being.

In FY 2024-25, the Employee Support & Engagement team made meaningful progress in embedding emotional well-being at the heart of BPCLs people philosophy. Through every initiative, session, and interaction, ESE continued to shape a workplace where employees feel acknowledged, supported, and valued, nurturing not just performance, but also a sense of purpose and belonging. As part of its extensive outreach, ESE role holders visited 63 locations across the country, directly engaging with over 1,091 employees. These interactions served as vital touchpoints, offering a safe and empathetic space for employees to voice concerns, navigate challenges, and access confidential support.

At the heart of ESE is Roshni Plus, BPCLs comprehensive Employee Assistance Program (EAP), offering professional psychological counselling services to employees and their dependent family members entirely and cost-free. In a significant move this year, BPCL partnered with YourDOST as the new EAP provider. A robust awareness and registration campaign was rolled out across platforms, supported by both digital and in-person initiatives to ensure maximum reach.

Additionally, 63 Sahkarmi Mitras, trained employee peer counsellors at large locations, were onboarded and sensitized through in-person training sessions. These champions act as emotional first responders, playing a critical role in normalizing conversations around mental health at the grassroots level. These Sahkarmi Mitras are given soft skills training to hone their talents.

A total of 20 curated sessions focused on work-life balance, mindfulness, and healthy living were delivered fortnightly in the form of Activ Life Webinars. 11 in-person sessions were organized on themes such as workplace motivation and holistic health-oriented lifestyles. A Resilience Webinar

Series was initiated which featured six remarkable employee journeys – including a specially-abled employee, a para-badminton champion, a top leader who is also a former sportsperson, and an employee with a massive weight loss journey of over 40 kg. These stories of personal transformation inspired audiences across the organization.

A strong content-led approach anchored BPCLs emotional wellness initiatives under the theme ‘Inform. Inspire. Impact. Over the year, 26 editions of Interconnect, our fortnightly wellness e-publication, were released to provide timely insights and support emotional well-being. ESE EnerG, the quarterly e-magazine, brought out four vibrant editions focused on positive psychology and uplifting employee stories. Additionally, 19 ESE Mailers were shared across the organization, offering curated insightful articles, self-assessments, and practical wellness tips, further strengthening our commitment to building a resilient and emotionally healthy workplace.

BPCLs Employee Support & Engagement team led an impactful Mental Health Awareness Campaign to mark World Mental Health Day on October 10, 2024. As part of the initiative, employees across locations took a Mental

Well-being Pledge at their workplaces, reaffirming a shared commitment to emotional wellness. The campaign also featured online contests and offline seminars, which enhanced awareness, encouraged meaningful conversations, and strengthened the culture of mental well-being across the organization.

Recognizing the vital link between leadership well-being and organizational resilience, BPCL hosted two exclusive residential wellness retreats for 52 senior leaders. Designed as immersive experiences, these retreats offered a rare opportunity to pause, reflect, and rejuvenate, blending ancient healing traditions with modern scientific approaches.

With a strong focus on daily self-care rituals, the initiative reinforced the importance of holistic well-being at the leadership level. The overwhelmingly positive feedback underscored the retreats impact in fostering personal vitality and enhancing leadership effectiveness.

This year, BPCL piloted Vitality Plus – The Well-being

Project across five locations, including all four regions and the Kochi Refinery, in collaboration with 1to1help.net. The initiative engaged 135 employees in a structured journey of holistic well-being through comprehensive physical and mental health assessments, personalized counselling, and expert-led workshops by psychologists and nutritionists. Post-program evaluations reflected marked improvements in both physical and emotional wellness, earning strong appreciation from participants and leadership for its positive impact and thoughtful execution.

To position leaders as catalysts for workplace happiness,

BPCL hosted THRIVE25 The Leadership Conclave on

February 25, 2025 in Mumbai. The conclave brought together leaders from across the country to deepen awareness around workplace well-being, exchange strategic insights, and reinforce the importance of self-care and team wellness.

Through expert-led sessions, panel discussions, and peer-sharing formats, participants were equipped with actionable tools to build emotionally intelligent teams and foster a culture rooted in empathy, engagement and well-being.

BPCL continues to be a flag bearer in using technology across the spectrum of its functioning, i.e. for enabling implementation of Government initiatives, improving experience for customers, business process re - engineering for boosting efficiencies, strengthening governance and cyber security, supporting initiatives for Net Zero Targets, enhancing employee engagement, and creating new revenue opportunities for businesses to grow. Some examples of the above initiatives during the year include implementation of LPG subsidy schemes for various State Governments,

Retail Smart Terminal, Right of Use application for pipelines, enabling various consumer-friendly features on Mobile Apps and the revamped Ideas platform for employees. BPCL has also used innovative system solutions to optimize its logistics and supply chain processes. BPCL conducted a comprehensive cyber security assessment of Information Technology (IT) and Operational Technology (OT) systems for enhanced cyber security controls.

In order to ensure that our systems are future-ready to meet the Corporations aspirations, BPCL has embarked upon a journey to upgrade its ERP Systems under Project ENTRANS 2.0. Further, BPCL is implementing the latest cloud-based Utilities solution to cater to expanding Gas BU needs. Projects/studies have also been initiated for leveraging AI/Gen AI technologies in various processes/ domains.

BPCLs ITRM set-up is responsible for all activities related to the import of Crude Oil, import/export of products and Commodity Risk Management through derivative transactions.

To meet the requirement of BPCL Refineries, ITRM procures

Crude Oil, both indigenously and through imports. After considering the domestic demand and supply situation, petroleum products are imported and exported. Allied services of ship chartering and operations are also facilitated by ITRM. Further, the ITRM set-up includes an active Derivatives Desk engaged in risk management activities via the paper (financial derivatives) market.

During the financial year, the highest-ever quantity of 41.2 MMT of Crude Oil was procured for BPCL Group refineries.

Four new grades of Crude Oil were procured for processing during the year. Continuing its success in procuring spot Crude Oil through its own Crude Oil Trading Desk, a total of 19.6 MMT was bought through spot procurement in the fiscal year, thereby capturing opportunities in the oil market across the globe. ITRM has been successful in mitigating the geopolitical and concentration risks by diversifying the crude basket across geographies and suppliers. The Trading Desk follows a comprehensive trading policy and has a robust governance framework that ensures the highest levels of controls in spot Crude Oil procurement at all times.

FY 2024-25 was a tumultuous year for the oil market with unprecedented supplies disruption. Restrictions on Russian exports and OPEC+ production cuts contributed to intensified market volatility. The ongoing geopolitical issues in

Russia-Ukraine and the Middle East further de destabilized global energy flows through the Red Sea and Suez Canal, adding another layer of complexity, causing significant turbulence in crude, LPG procurement and transportation. Despite these headwinds, the ITRM team demonstrated exceptional resilience and agility by leveraging deep market intelligence, ensuring an uninterrupted and cost-effective supply of crude to our refineries and refined products, including LPG, to cater to the domestic demand. The ITRM team always looked into opportunities across geographies to diversify the sourcing, to ensure optimal imports cost for the Corporation.

The ITRM Chartering team was always cognizant of the freight arbitrage that arises periodically between Suez max and VLCC vessels, and captured significant value for the Corporation by exploiting such arbitrage opportunities throughout the year. During the year, the Risk Management practice of ITRM was crowned Masters of Risk – Large Cap Category at the 10^th edition of the CNBC TV18 India Risk Management Awards.

Competing with nearly 500 top companies, BPCLs stellar risk management practices stood out, securing BPCL the top spot among large-cap PSU companies.

ITRM has proven to be an invaluable asset for the Corporation in creating value through identifying new geographies for sourcing better-value Crude Oils, efficient freight management by leveraging all options available in the market, containing the risk of volatile prices through effective risk management, and meeting the challenges of ever-changing and dynamic oil markets. These achievements are a result of synergies that are nurtured through interactions with various stakeholders. With robust policies, a sound governance framework and a world-class team of professionals at the helm, ITRM continues to contribute in

BPCLs journey toward excellence.

BPCL actively engages in R&D through its Corporate Research & Development Centre (CRDC) at Greater Noida,

Uttar Pradesh, and Product & Application Development

Centre (P&AD) at Mumbai. These divisions are dedicated to adding value to BPCLs businesses through various research activities, aligning with the Aatmanirbhar Bharat initiative.

BPCL has demonstrated significant technological advancements and commercial successes, particularly in FY 2024-25. Key highlights of BPCLs R&D efforts include:

• Hydrogen Technologies:

Hydrogen Refueling: The BharatH2Sep membrane technology was successfully field-tested for hydrogen recovery from refinery off-gas, achieving 98-99 mol% purity with 75-80% recovery.

Hydrogen Refueling Stations (HRS): CRDC has progressed in establishing an HRS at Cochin

International Airport Ltd. (CIAL), placing orders for electrolyzers and dispensers. Joint proposals for HRS were also submitted with Maruti Suzuki and ANERT.

Hydrogen Blending: In collaboration with Centre of Excellence in Oil Gas and Energy (CoEOGE) IIT-Bombay, IOCL, and GAIL, CRDC is quantifying the impact of hydrogen permeation through pipeline steel weldments using computational phase field modeling to ensure safe and reliable blended hydrogen gas transport.

• Efficiency and Technology Initiatives:

High-efficiency PNG Stove: The Bharat Hi-Star PNG stove achieved 74% thermal efficiency, which is 15-20% higher than commercial burners. Technology licensing agreements were signed for commercial production, and the burner was rolled out at a BPCL housing complex in Noida.

Super Absorbent Polymer (SAP): CRDC has advanced

SAP technology commercialization, including finalizing

Process Flow Diagrams (PFDs) and Piping and Instrumentation Diagram (P&ID) reviews for a 20 KTPA commercial SAP plant at KR. Trials with glacial acrylic acid produced a superior grade of SAP, and

BPCL received the Centre for High Technology (CHT)

Innovation Award for this indigenously developed technology.

Fluid Catalytic Cracking (FCC) Catalyst Technology:

An innovative FCC catalyst, BHARAT-BCA, was developed to upgrade Clarified Oil (CLO) into gasoline.

A commercial trial at MR showed a 2% reduction in

Hydrogenated Castor Oil (HCO)+CLO and a 1.75% increase in gasoline yield.

Bioplastic Production: CRDC developed compostable bioplastics from biorefinery waste/byproduct as a sustainable alternative to single-use plastics, certified by Central Institute of Petrochemicals Engineering & Technology (CIPET) for compostability.

Green Silica Production: A process to produce green silica from biomass ash has been developed, with 500 kg pilot trials completed. This technology is being scaled up to a demonstration level at BPCL Bargarh biorefinery.

Enriched Fermented Organic Manure (EFOM): To enhance the nutritional value of Fermented Organic Manure (FOM) from CBG plants, CRDC developed

EFOM with improved nitrogen, phosphorus, and potassium (NPK) content for agricultural application and to mitigate storage/disposal challenges.

Green Initiatives: A hybrid (solar+wind) pilot project with battery storage was initiated to power a retail outlet using green energy, with successful trials and ongoing development.

Renewable Power from Ocean Wave: An MOU was signed with M/s. Eco Wave Power, Israel, to install a 100-300 kW pilot project at BPCLs Mumbai Oil Terminals.

Bioethanol from Sorghum: BPCL signed an MoU with the National Sugar Institute, Kanpur, to optimize sweet sorghum as bioethanol feedstock.

Integrated Carbon Capture and Utilization (CCU): In collaboration with M/s. UrjanovaC, BPCL showcased an innovative aqua-based CCU technology that captures

at ambient conditions. This technology offers 10-15%

higher ^CO2 ^{capture efficiency than traditional amine}