Hindustan Petroleum Corporation Ltd(HINDPETRO)

NSE: HINDPETROBSE: 500104

₹ 338-1.31%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 71,920 crWebsite: www.hindustanpetroleum.comUpdated: 24 Oct 2026

About

Hindustan Petroleum Corporation Ltd (HPCL) is India's second-largest public sector oil marketing company, refining crude oil at two refineries with a combined 35.8 MMTPA capacity and selling petroleum products through a network of 25,160 retail outlets. In FY26 the company posted revenue of ₹4,78,866 crore, achieved record refinery throughput of 26.04 MMT, and record market sales of 51.4 MMT.^[1]

Business segments

Downstream Petroleum is the sole reported segment, contributing 99.9% of revenue (Rs 478518.63 Cr) with a 5.0% EBIT margin in FY26.^[2]
Operations span refining, retail fuel marketing, LPG distribution (~97 million consumers), lubricants, aviation ATF, pipelines, petrochemicals, natural gas (CNG/PNG), LNG, and emerging fuels (CBG, SAF, EV charging).^[3]

Products and brands

Consumer brands include HP Gas (LPG), HP Durapol (polymers: HDPE, LLDPE, PP - 107.4 TMT sold in FY26), HP Lubricants (16% share in commercial automotive, 15% industrial), HP Paani, HaPpyShop and DriveTrack Plus.^[3]
HP Navya, a premium on-demand LPG product, was launched on 15 July 2026, piloted with Swiggy in Bangalore and own channel in Mumbai; target is 200 - 250 urban cities by Diwali 2026.^[4]
Lubricants exported over 6.0 TMT to 32 countries in FY26; HPCL entered new markets in Senegal, Malawi, Uganda, Vietnam and Indonesia.^[3]

Refining capacity and operations

In FY26 HPCL achieved highest-ever crude throughput of 26.04 MMT at 106.3% average utilisation; Visakh at 107% (16.04 MMT) and Mumbai at 105% (10.00 MMT).^[3]
The Residue Upgradation Facility at Visakh - world's first and largest LC-Max unit, 3.55 MMTPA - was commissioned in December 2025, enabling ~93% conversion of residues to distillates.^[3]
HPCL's 5,440 km pipeline network delivered 25.54 MMT throughput in FY26.^[3]
HMEL joint venture (Bathinda) achieved 11.92 MMT crude throughput, ethylene production of 1,209 KT (~105% utilisation) and polymer sales of 2.27 MMT (+12% YoY) in FY26.^[3]
As of FY26 the crude basket was diversified to 188 crude grades, with spot LPG sourced from outside the Gulf.^[3]

Key operating numbers

Full-year GRM was US$8.79/bbl in FY26; Q3 FY26 GRM was US$8.85/bbl (US$10.24/bbl absent the Mumbai B-80 crude contamination incident).^[5]
Market sales reached 51.4 MMT in FY26 (highest ever); retail channel 30.83 MMT (highest ever); ATF sales 1.16 MMT (+6.5% YoY); lubricants 686 TMT.^[5]
Distillate yield improved from 72.7% in Q1 FY25 to 77.7% in Q2 FY26 following refinery upgrades; Vizag RUF targets yield in the low-80s% once fully stabilised.^[6]
In Q1 FY27, under-recovery on MS, HSD and LPG totalled INR 26,000+ crore (INR 20,000 crore on MS+HSD; LPG at INR 510/cylinder average, rising to INR 680/cylinder in June 2026).^[4]
In Q1 FY27 HPCL sourced 50% of HSD from own refineries, 27% from HMEL JV and 24% from third parties; target is 56% own, 40% JV, ~4% third-party within two to three quarters.^[4]

Distribution and customers

Retail outlet count was 25,160 in Q1 FY27; FY26 close was 25,098, up from 23,747 a year earlier.^[4]
Retail network of 25,098 outlets as of 31 March 2026 included 2,253 CNG stations and 5,533 EV-enabled outlets (154 Battery Swapping Stations).^[3]
LPG consumer base approached 97 million as of H1 FY26; Direct Sales recorded HSD sales of 1,627 TMT (highest ever), making HPCL the second-largest HSD marketer in India.^[6]
Abhyuday 2.0 programme, covering 4,900 retail outlets, delivered 100 - 150 basis points higher volume growth versus non-programme outlets in Q1 FY27.^[4]

Expansion and capex

HRRL petrochemical complex (PP/PE, 2.4 MMTPA) expected to commission by end of FY27, taking HPCL petchem capacity from 2.2 MMTPA to 4.6 MMTPA by FY28; HRRL's 9 MMTPA refinery was under construction as of FY25.^[4][7]
As of FY25, a 540 km Visakh-Raipur cross-country pipeline was in progress and an 80 TMT LPG cavern, India's largest, was being built at Mangalore.^[7]
Chhara LNG terminal (5 MMTPA) commissioned by HPCL LNG Limited in Gujarat; throughput of 334 TMT in FY26.^[3]
Renewable energy capacity reached ~235 MW (100.9 MW wind, ~133.8 MW solar) as of 31 March 2026; target is 2,400 MW by FY28.^[5]
A 370 TPA green hydrogen plant, first in any Indian refinery, was commissioned at Visakh; green hydrogen capacity is targeted at 9,670 TPA by FY2029-30.^[5]
FY27 capex target is set at ≤INR 9,700 crore, with only essential capex being sanctioned; FY25 capex was 14,508 Cr including JV/subsidiary investments.^[4][7]
Total capex of ₹77,000 crore is planned for FY24 - FY28, with 36% toward renewables, biofuels, gas and net-zero, and 12% to non-fuel and petrochemicals.^[5]

Recent developments

The West Asia conflict and Strait of Hormuz closure in March 2026 drove crude price volatility, per the FY26 annual report.^[3]
Debt-equity rose to 1.5x (total debt INR 72,000 crore) in Q1 FY27 from 0.80x at FY26 end, as under-recoveries required adding ~INR 1,900 crore of debt per week over 13 weeks.^[4]
Samriddhi 2.0 cost and revenue programme was reinitiated after a three-month pause; targets INR 1,500 crore run-rate benefit and INR 1,000 crore accruals in the remaining nine months of FY27.^[4]
Vizag RUF faced catalyst-handling challenges in Q1 FY27; management expected stabilisation within Q2 FY27 and distillate yields in the 80s% by Q3 FY27.^[4]
HPCL signed a 10-year, 5 MMTPA LNG Sales and Purchase Agreement with ADNOC in Q3 FY26, priced on a Brent-linked slope.^[8]
The in-house Trading Desk, started July 2024, tied up ~8.2 MMT (~60 million barrels) of spot crude imports in FY26.^[3]
HP Green R&D Centre filed 118 patents in FY26, bringing cumulative applications to 779; granted patents reached 312.^[3]

Market Cap

₹71,920 Cr

High / Low

₹508 / 316

Stock P/E

44.1

Price / Book

1.1

Book Value

₹308

EPS

₹84.8

No. of Shares

212.78 Cr

ROCE

22.3%

ROE

30.9%

OPM

5.3%

Debt / Equity

0.78

Sales

₹4,78,866 Cr

Net Profit

₹18,047 Cr

Promoter holding

54.9%

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Hindustan Petroleum Corporation Ltd(HINDPETRO)

About

Business segments

Products and brands

Refining capacity and operations

Key operating numbers

Distribution and customers

Expansion and capex

Recent developments

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