NSE: HINDPETRO · BSE: 500104
HINDUSTAN PETROLEUM CORP
Refines crude oil and markets petroleum products through a single Downstream Petroleum business that accounted for 99.9% of FY26 segment revenue. Sells diesel (46% of FY26 product mix), petrol (27%) and LPG (14%) through a retail and bulk network. The new HRRL Rajasthan refinery was declared commercial on 22 June 2026 and is ramping up, with CDU at 60% utilisation and full refining run expected in Q3 FY27. Q1 FY27 swung to a ₹11,526 cr standalone net loss, driven by roughly ₹26,000 cr of marketing under-recovery and crude inventory mark-down after Brent fell about $25 in two weeks. The biggest input cost is raw crude — materials were 30.6% of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Downstream Petroleum (100%), Others (0%). Cyclical, asset-heavy refining and petroleum product marketing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,74,127 | 4,66,499 | 4,61,969 | 4,66,724 | 4,78,866 |
| EBITDA (ex other income) | 10,244 | (7,207) | 24,928 | 16,551 | 30,633 |
| margin % | 2.7 | (1.5) | 5.4 | 3.5 | 6.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 18,047 |
| EPS, as reported (₹) | 51.36 | (49.21) | 112.89 | 31.66 | 84.81 |
| ROE % · ROCE % | 17.6 · 10.4 | (21.6) · (11.8) | 34.1 · 22.0 | 13.2 · 12.7 | 27.5 · 22.2 |
| Debt / equity (x) | 1.09 | 2.08 | 1.34 | 1.30 | 0.78 |
| Cash from operations | 15,810 | (3,466) | 23,852 | 14,228 | 36,111 |
| Capex | (12,345) | (9,447) | (10,071) | (9,579) | (8,331) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,08,268 | 1,19,039 | 1,18,474 | 1,20,193 | 1,10,397 | 1,24,583 | 1,23,693 | 1,45,225 |
| Profit before tax | 740 | 3,973 | 3,989 | 5,658 | 4,938 | 5,196 | 6,354 | (18,199) |
| Net profit | 143 | 2,544 | 3,415 | 4,111 | 3,859 | 4,011 | 6,065 | (12,265) |
| EPS (₹) | 0.67 | 11.95 | 16.06 | 19.32 | 18.14 | 18.85 | 28.50 | (57.64) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Downstream Petroleum | 4,78,519 | 99.9 |
| Others | 475 | 0.1 |
| Total, before eliminations | 4,78,993 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 16,18,817 | 21.7 | 1.49 | 8.9 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,86,047 | 5.4 | 0.82 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,26,297 | 7.4 | 1.26 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP ◆ | 75,325 | 45.1 | 1.15 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 33,010 | 10.5 | 2.33 | 7.3 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 23,303 | 5.6 | 2.10 | 5.0 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 687 | 362.5 | 17.79 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 462 | 5.7 | 3.95 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.1 | 8.0 | 12 of 13 | 8% |
| P/B | 1.1 | 1.8 | 4 of 12 | 73% |
| ROCE | 19.3 | 16.4 | 4 of 12 | 73% |
| ROE | 27.5 | 13.6 | 3 of 11 | 80% |
| Debt / Equity | 0.8 | 0.4 | 10 of 12 | 18% |
| EBITDA margin | (10.7) | 5.4 | 10 of 11 | 10% |
| Revenue growth | 20.8 | 24.2 | 6 of 8 | 29% |
| Profit growth | (398.3) | 4.3 | 9 of 9 | 0% |
| Market cap | 75325 | 687 | 4 of 13 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Hindustan Petroleum posts Q2 FY27 conference call transcript | investor communications | medium | — | — |
| 23 Oct 2026 · Conference call audio recording shared | investor communications | low | — | — |
| 23 Oct 2026 · HPCL posts Rs 3,625 crore consolidated profit for September 2026 quarter | compliance | minimal | — | — |
| 22 Oct 2026 · Investor presentation posted for October 23 conference call | investor communications | medium | — | — |
| 22 Oct 2026 · Q2 FY27 Results: Revenue Up 26%, H1 Swings to Net Loss | results | high | — | — |
| 22 Oct 2026 · HPCL Q2 FY27 Results: PAT at Rs 3,483 Cr on GRM of $32.15/bbl | investor communications | medium | — | — |
| 22 Oct 2026 · HPCL September quarter revenue rises 26%, profit slips 6%; half-year loss | results | high | — | — |
| 22 Oct 2026 · Total income rises 26%, but half-year loss and cash burn persist | results | high | — | — |
| 14 Oct 2026 · HPCL schedules analyst call on 2QFY27 earnings for Oct 23 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · HPCL files SEBI Reg 74(5) compliance certificate for Sept quarter | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.