BPCL’s standalone recurring EBITDA/adj PAT came in at Rs42.3 bn/ Rs19.6bn respectively, vs I-Sec estimates of Rs17.8bn EBITDA (profit) and PAT loss of Rs0.2bn. Higher-than-estimated GRMs and higher blended marketing margins drove the beat, with Rs5/ltr improvement in blended retail loss and higher other product margins being a material positive.