HINDPETRO
H P C L share price & financials
- Price
- ₹392.1
- Market cap
- ₹82.7k Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 5
H P C L Q1 FY27
What went well
- Rajasthan Refinery (HRRL) declared scheduled commercial operation on June 22, with the CDU currently running at 60% capacity and expected to reach full capacity by Q3 FY27.
- Successfully launched HP Navya, a premium LPG product, on July 15, piloting in Bangalore and Mumbai, with plans to expand to 5 cities by July 31, 25 cities by August 31, and 200-250 cities pan-India by Diwali.
- Reinitiated the Samriddhi 2.0 program after a 3-month hiatus, setting an aggressive target of INR1,500 crores on a run rate basis and aiming for INR1,000 crores in accruals.
What to watch
- Reported significant marketing under-recoveries of INR26,000 crores for Q1 FY27, with INR20,000 crores attributed to MS and HSD.
- Incurred an average loss of INR510 per LPG cylinder for the quarter due to under-recoveries.
What H P C L does
Hindustan Petroleum Corporation Limited (HPCL) is a Maharatna public-sector oil & gas company that refines crude oil at its own refineries in Mumbai and Visakhapatnam, and markets petroleum products, LPG, lubricants and natural gas across India. It moves fuel through a cross-country pipeline network and sells it via a nationwide chain of retail outlets, LPG distributorships and industrial/institutional customers. HPCL also holds equity stakes in refining and pipeline joint ventures (HMEL, MRPL, HRRL, GAIL-promoted gas pipeline JVs) and runs an in-house R&D centre developing refinery catalysts, fuel additives and process technologies. It is expanding into petrochemicals, city gas distribution, biofuels, green hydrogen and renewable power (wind and solar) as part of its energy-transition strategy.
Segments
- Refining
- Marketing
- Pipelines
- Natural Gas
- Renewables & Biofuels
- Retail outlets
- 25,098
- LPG distributorships
- 6,389
- LPG consumers served
- ~99 million
- Total refining capacity (own + JV)
- 35.8 MMTPA (24.5 MMTPA own, 11.3 MMTPA via HMEL JV)
- Cross-country pipeline network
- 5,440 km across 17 pipelines
- Supply terminals, TOPs & depots
- 80
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 6 delivered 3 missed 11 open- Standalone Debt Equity Ratio delivered said Q4 FY25 Promised: end the debt equity between 1 to 1.1 by end of FY26 Q1 FY27: The promise for FY26 remains achieved. The ratio has since deteriorated sharply to 1.5 in Q1 FY27 due to significant losses.
- EBITDA went quiet said Q2 FY26 Promised: INR 40,000 crores (12-month running) Q1 FY27: The INR 40,000 crore running EBITDA target was not mentioned again, especially in a quarter with significant reported losses. The promise remains ghosted.
- VRMP GRM Benefit at risk said Q4 FY25 Promised: $2-$3 per barrel Q1 FY27: The RUF (VRMP) unit continues to face stabilization issues. Management is hoping for a 'good run' this quarter and full stabilization next quarter. The target GRM benefit of $2.5/bbl is not yet realized and is at risk until the unit is fully stable.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 26.9%, net profit down 398.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99,957 | 1,10,608 | 1,09,633 | 1,10,825 | 1,00,856 +1% | 1,15,153 +4% | 1,14,937 +5% | 1,40,584 +27% |
| EBITDA | 2,296 | 5,495 | 5,788 | 7,461 | 6,852 +198% | 6,998 +27% | 9,211 +59% | -16,122 −316% |
| Net profit | 143 | 2,544 | 3,415 | 4,111 | 3,859 +2599% | 4,011 +58% | 6,065 +78% | -12,265 −398% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −10.3% 1Y
1Y: ₹392.45 on 10 Sept 2025 → ₹352. High ₹499.05 (31 Dec 2025), low ₹319.15 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.5%
- 23 Jul
- Q4 FY26
- +5.5%
- 13 May
- Q3 FY26
- −0.3%
- 22 Jan
- Q2 FY26
- +1.3%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 0.1% a year over 3 years, FY23 to FY26. Operating margin widened to 6.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹440.7k Cr | ₹433.9k Cr | ₹434.1k Cr | ₹441.8k Cr |
| Operating profit | ₹-7.5k Cr | ₹24.9k Cr | ₹15.7k Cr | ₹30.5k Cr |
| Operating margin | -1.7% | 5.7% | 3.6% | 6.9% |
| Interest | ₹2.2k Cr | ₹2.6k Cr | ₹3.4k Cr | ₹3.4k Cr |
| Depreciation | ₹4.6k Cr | ₹5.6k Cr | ₹6.2k Cr | ₹7.3k Cr |
| Net profit | ₹-7.0k Cr | ₹16.0k Cr | ₹6.7k Cr | ₹18.0k Cr |
| Net margin | -1.6% | 3.7% | 1.6% | 4.1% |
| Cash from operations | ₹-3.5k Cr | ₹23.9k Cr | ₹14.2k Cr | ₹36.1k Cr |
| Free cash flow | ₹-12.6k Cr | ₹13.9k Cr | ₹4.8k Cr | ₹27.9k Cr |
| ROCE | -8.0% | 21.0% | 11.0% | 22.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.5k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹2.1k Cr | ₹2.1k Cr |
| Reserves | ₹36.6k Cr | ₹40.0k Cr | ₹30.8k Cr | ₹45.5k Cr | ₹54.8k Cr | ₹63.4k Cr |
| Borrowings | ₹43.7k Cr | ₹48.5k Cr | ₹70.7k Cr | ₹66.7k Cr | ₹63.1k Cr | ₹56.0k Cr |
| Other liabilities | ₹52.4k Cr | ₹64.8k Cr | ₹58.5k Cr | ₹69.2k Cr | ₹73.9k Cr | ₹81.5k Cr |
| Total liabilities | ₹134.2k Cr | ₹154.7k Cr | ₹161.4k Cr | ₹182.8k Cr | ₹193.9k Cr | ₹203.1k Cr |
| Fixed assets | ₹50.9k Cr | ₹58.1k Cr | ₹68.4k Cr | ₹79.8k Cr | ₹86.0k Cr | ₹100.4k Cr |
| Capital work in progress | ₹25.3k Cr | ₹28.9k Cr | ₹25.6k Cr | ₹20.1k Cr | ₹18.9k Cr | ₹8.0k Cr |
| Investments | ₹15.1k Cr | ₹18.9k Cr | ₹23.7k Cr | ₹29.5k Cr | ₹27.2k Cr | ₹28.0k Cr |
| Other assets | ₹42.9k Cr | ₹48.8k Cr | ₹43.7k Cr | ₹53.4k Cr | ₹61.8k Cr | ₹66.6k Cr |
| Total assets | ₹134.2k Cr | ₹154.7k Cr | ₹161.4k Cr | ₹182.8k Cr | ₹193.9k Cr | ₹203.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −0.31 pp while the public added +0.27 pp. The shareholder count grew 5% to 5,18,531.
- Promoters
- 54.9%
- FIIs
- 13.6%
- DIIs
- 22.9%
- Public
- 8.7%
Since Jun 2025
- DIIs −0.31 pp
- Public +0.27 pp
- FIIs +0.03 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 54.9%, FIIs 13.3%, DIIs 22.6%, Public 9.2%.Dec '23: Promoters 54.9%, FIIs 14.3%, DIIs 21.3%, Government 0.0%, Public 9.6%.Mar '24: Promoters 54.9%, FIIs 13.8%, DIIs 22.2%, Government 0.0%, Public 9.1%.Jun '24: Promoters 54.9%, FIIs 13.2%, DIIs 21.5%, Government 0.0%, Public 10.4%.Sep '24: Promoters 54.9%, FIIs 14.1%, DIIs 21.7%, Government 0.0%, Public 9.3%.Dec '24: Promoters 54.9%, FIIs 14.4%, DIIs 21.8%, Government 0.0%, Public 8.8%.Mar '25: Promoters 54.9%, FIIs 12.6%, DIIs 23.6%, Government 0.0%, Public 9.0%.Jun '25: Promoters 54.9%, FIIs 13.6%, DIIs 23.2%, Public 8.4%.Sep '25: Promoters 54.9%, FIIs 14.5%, DIIs 22.2%, Public 8.4%.Dec '25: Promoters 54.9%, FIIs 16.4%, DIIs 20.6%, Public 8.1%.Mar '26: Promoters 54.9%, FIIs 17.3%, DIIs 19.6%, Public 8.2%.Jun '26: Promoters 54.9%, FIIs 13.6%, DIIs 22.9%, Public 8.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Midcap Fund Mutual fund newly disclosed 1.49% held
- DSP Large & Mid Cap Fund Mutual fund newly disclosed 1.29% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.10% held
- Kotak Midcap Fund Mutual fund +0.47 pp 2.58% held
- HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund +0.35 pp 5.11% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of H P C L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Oil And Natural Gas Corporation Limited | 54.90% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 5.11% | +0.35 pp |
| Kotak Midcap Fund Mutual fund | 2.58% | +0.47 pp |
| ICICI Prudential Midcap Fund Mutual fund | 1.49% | newly disclosed |
| DSP Large & Mid Cap Fund Mutual fund | 1.29% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 1.10% | newly disclosed |
| President Of India | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HINDPETRO
Filings to Aug 2026
0 new, 11 added, 4 trimmed, 2 sold out — net −54.31 L shares (−7.4%).
- Held by funds
- ₹2.6k Cr
- 28 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹687 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹687 Cr | held | Dec '22 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹342 Cr | −17.18 L | Jan '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹285 Cr | held | Dec '22 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹273 Cr | +4.47 L | Apr '26 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹209 Cr | held | May '24 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹186 Cr | held | Dec '22 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹97 Cr | −6.00 L | Dec '22 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹94 Cr | held | Jun '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 4 trimmed — net −54.31 L shares (−7.4%)
- Funds are sitting on
- +35%
- vs est. average cost
- Held by funds
- ₹2.6k Cr
- 28 schemes · ≈ 3.2% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹687 Cr · 0.6% of that fund
- Longest holder
- Nippon India ETF Nifty Infrastructure BeES
- 7y · since Sep '19
Shares held by these funds −41%
Aug '23 7.31 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse H P C L
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