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
| ₹ 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) |
| ₹ 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) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Downstream Petroleum | 4,78,519 | 99.9 |
| Others | 475 | 0.1 |
| Total, before eliminations | 4,78,993 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 17,01,775 | 22.8 | 1.57 | 9.3 | 8.8 | 7.5 | 17.2 | 17.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · HPCL Senior Management to attend J.P. Morgan India Conference on Sept 22 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · HPCL management to attend J.P. Morgan India Conference on September 22 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · HPCL informs exchange about ESG rating by external agency | general | medium | — | — |
| 8 Sept 2026 · HPCL: C&AG advises continuance of existing auditors | management changes | medium | — | — |
| 8 Sept 2026 · HPCL publishes notice for special window for physical share transfers | compliance | minimal | — | — |
| 8 Sept 2026 · HPCL assigned Crisil ESG 60 rating by CRISIL Ratings | business updates | medium | — | — |
| 8 Sept 2026 · HPCL assigned CRISIL ESG rating of 60 | credit debt | medium | — | — |
| 3 Sept 2026 · HPCL senior management to attend UBS India Summit 2026 on September 11 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · HPCL: Senior Management change effective September 1, 2026 | management changes | medium | — | — |
| 27 Aug 2026 · HPCL 74th AGM: All 8 resolutions passed, Final Dividend Rs 19.25 approved | board shareholder meetings | medium | — | — |
| 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 |
| INDIAN OIL CORP LTD |
| 1,90,792 |
| 5.5 |
| 0.85 |
| 4.0 |
| 19.4 |
| 17.1 |
| 11.6 |
| 1.6 |
| BHARAT PETROLEUM CORP LT | 1,30,100 | 7.6 | 1.30 | 3.9 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP ◆ | 74,899 | 44.8 | 1.14 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,741 | 9.8 | 2.17 | 6.9 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 23,379 | 5.6 | 2.10 | 5.1 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 791 | 178.9 | 20.48 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 445 | 3.5 | 3.80 | — | 69.3 | 88.6 | — | 119.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.8 | 7.6 | 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 | 74899 | 791 | 4 of 13 | 75% |
| 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 |
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