BPCL to purchase 40% stake in Tiki Tar and Shell India for ₹85 crore; shares fall as crude oil prices surge

The acquisition, which has received approval from the Department of Investment and Public Asset Management (DIPAM), is expected to be completed within 90 days, Bharat Petroleum Corporation Ltd (BPCL) said in a regulatory filing.

The transaction is not a related-party deal.

Incorporated in October 2019, Tiki Tar and Shell India Pvt Ltd (TTSIPL) manufactures and markets bitumen and bituminous products used in highways and airport runways.

Its portfolio includes VG Grade Bitumen, Polymer Modified Bitumen (PMB), Crumb Rubber Modified Bitumen (CRMB), and emulsions.

The company also exports to Nepal, Bhutan and Bangladesh.

BPCL said the investment aligns with its strategy to tap growing demand for value-added bitumen driven by India's infrastructure expansion.

TTSIPL reported revenue of ₹404.6 crore in FY26 compared to ₹545.2 crore in FY25 and ₹317.8 crore in FY24. The company has an authorised share capital of ₹37 crore and a paid-up capital of about ₹36.1 crore.

BPCL stock performance

Shares of the Maharashtra PSU, however, declined as much as 3.23% to hit an intraday low of ₹299.75 per unit on the National Stock Exchange (NSE) on Monday, along with the shares of other oil marketing companies (OMCs).

Eventually the scrip settled at ₹300.80 per equity share, down by 2.89%, amid a surge in crude oil prices.

The scrip has fallen 3% in the past week but gained 1% over the month. On a year-to-date basis, it has lost more than 21%.

While the stock hit a 52-week high of ₹391.65 per equity share on February 5, 2026, it touched a year’s low of ₹266.60 apiece on April 2, 2026.

Q4 results

The state-owned company's standalone net profit remained flat at ₹3,191.49 crore in the fourth quarter of the 2025-26 financial year (Q4 FY26), after it took an impairment loss of ₹4,349 crore on its upstream assets.

In the year-ago period, it had posted a profit after tax of ₹7,545.27 crore.

The flat year-on-year (YoY) growth came after it took an impairment on investments its unit has made in oil and gas blocks globally and in India.

"During FY 2025-26, (BPCL's wholly-owned upstream subsidiary) Bharat PetroResources Ltd has impaired investments due to change in prospects of its blocks," it said.

Accordingly, "an impairment loss of ₹4,349.13 crore has been recognised based on the value in use of assets as on March 31, 2026."

BPCL has a total market capitalisation of ₹1.30 lakh crore as of June 29, 2026, according to data on the NSE.