Mumbai: Hindustan Petroleum Corporation Limited (HPCL) reported a consolidated net profit of ₹3,625.22 crore for the second quarter of financial year 2026-27 (Q2 FY27), recovering from a net loss of ₹12,264.67 crore in the previous quarter. However, profit after tax (PAT) declined 6.1% year-on-year (YoY) from ₹3,859 crore in Q2 FY26.
The oil marketing company recorded strong revenue growth, improved refining margins and higher sales volumes during the quarter. Its revenue from operations increased 26.1% YoY to ₹1,39,140 crore in Q2 FY27, compared with ₹1,10,323 crore in the corresponding quarter of the previous financial year.
For the first half of FY27 (H1 FY27), revenue from operations rose to ₹2,84,267 crore from ₹2,30,458 crore in the same period last year.
HPCL Refining Margins Improve in Q2 FY27
HPCL recorded a significant improvement in its gross refining margin (GRM) before export cess during the quarter. The GRM increased to $32.15 per barrel in Q2 FY27, compared with $8.80 per barrel in Q2 FY26.
For H1 FY27, the GRM before export cess stood at $27.89 per barrel, up from $5.95 per barrel in the corresponding period of the previous financial year.
The company’s refineries processed 6.20 million metric tonnes (MMT) of crude oil during Q2 FY27, operating at 100% of their combined capacity.
The Visakh Refinery processed 3.60 MMT of crude oil at 95% capacity utilisation, while the Mumbai Refinery processed 2.60 MMT at 109% capacity utilisation.
During H1 FY27, HPCL’s refineries recorded a cumulative crude throughput of 12.72 MMT, operating at 104% of combined capacity. The Visakh Refinery processed 7.57 MMT at 101% capacity utilisation, while the Mumbai Refinery processed 5.15 MMT at 108%.
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HPCL Sales Volume Rises 5.5% in Q2
HPCL’s total sales volume, including exports, increased 5.5% YoY to 12.73 MMT in Q2 FY27. Domestic sales grew 4.9% during the quarter.
Combined sales of petrol, also known as motor spirit, and diesel, or high-speed diesel, rose 10% YoY to 7.78 MMT. Total LPG sales stood at 2.03 MMT, while pipeline throughput reached 6.99 MMT.
For H1 FY27, total sales, including exports, grew 2.9% YoY to 25.85 MMT, while domestic sales increased 2.3%.
Combined petrol and diesel sales rose 9% to 16.55 MMT during the first half. Total LPG sales stood at 3.76 MMT, and pipeline throughput reached 13.83 MMT.
HPCL Capital Expenditure Reaches ₹3,819 Crore in H1 FY27
HPCL incurred capital expenditure (capex) of ₹2,085 crore during Q2 FY27, taking its cumulative expenditure for H1 FY27 to ₹3,819 crore.
The investments were directed towards strengthening refining and marketing infrastructure and improving operational efficiency.
HPCL Rajasthan Refinery Limited (HRRL) received an upgrade in its long-term credit rating to AA+ from AA, with a stable outlook, from CRISIL Ratings. The company also refinanced or repriced debt arrangements worth ₹51,970 crore with lenders at a lower cost.
During the quarter, HPCL mechanically completed the 201-kilometre LPG pipeline from Haldia to Panagarh in West Bengal. The pipeline is currently in the pre-commissioning stage.
The company also commissioned an open-access fuel farm facility at Bhogapuram Airport and commenced refuelling operations.
HPCL Expands Retail Network, EV Charging and CNG Infrastructure
As of September 30, 2026, HPCL operated 25,245 retail outlets and 6,394 LPG distributorships. Its piped natural gas (PNG) network had 77,984 connections.
As part of its retail energy transition initiatives, the company had established 2,296 compressed natural gas (CNG) outlets and 5,880 electric vehicle (EV) charging stations by the end of September 2026.
HPCL had also solarised 24,172 retail outlets, accounting for 96% of its total retail network.
These initiatives form part of the company’s efforts to expand its energy infrastructure while increasing the availability of alternative and cleaner energy options.
Project Samriddhi 2.0 Generates ₹327 Crore in Accruals
HPCL’s EBITDA improvement programme, Project Samriddhi 2.0, generated accruals of ₹327 crore during H1 FY27, equivalent to $0.18 per barrel, according to the company.
The initiative is aimed at improving operational performance and strengthening earnings through efficiency measures.
The HP Green R&D Centre (HPGRDC) had filed a cumulative 800 patents as of September 30, 2026, of which 339 had been granted.
During the quarter, HPCL also commissioned India’s first refinery blue hydrogen unit at its Visakh Refinery. The unit uses the company’s patented Higas technology and HP Novel Amine.
HPCL Launches HP Navya LPG Cylinder and Expands Quick-Commerce Presence
HPCL launched HP Navya, a 10-kg composite LPG cylinder, during the quarter. The company also partnered with Swiggy Instamart to enter the quick-commerce segment.
Under this initiative, HPCL had released 0.36 lakh new connections up to September 2026.
In its lubricants business, the company expanded its international presence with sales in Turkey and Sudan, taking its market footprint to 35 countries worldwide.
These initiatives are aimed at diversifying the company’s customer reach and strengthening its presence across retail, consumer energy and international lubricants markets.
HPCL Strengthens Green Energy Portfolio
HP Renewable & Green Energy Limited, a subsidiary of HPCL, secured consent to establish for nine compressed biogas (CBG) projects from state pollution control boards.
The company also secured awards for four municipal solid waste-based projects from urban local bodies in Punjab and Bihar.
Additionally, it obtained approval from the Central Electricity Authority for its 70 MWp Gaaliveedu Solar Project.
These projects are part of HPCL’s broader efforts to expand its renewable energy portfolio and develop alternative energy sources, including compressed biogas and solar power.
HPCL Share Price on October 22, 2026
HPCL shares ended Thursday’s trading session at ₹340.80 on the National Stock Exchange (NSE), down 1.87% from the previous close of ₹347.30.
During the session, the stock traded between ₹339.05 and ₹347.50. Based on NSE data, HPCL shares had declined 31.65% year-to-date (YTD).
At the closing price, the company’s market capitalisation stood at ₹60,803 crore as of October 22, 2026.
About Hindustan Petroleum Corporation Limited (HPCL)
Hindustan Petroleum Corporation Limited (HPCL) is a Maharatna public sector undertaking operating under the Ministry of Petroleum and Natural Gas. The company is engaged in refining crude oil, marketing petroleum products, and supplying LPG and other fuels. It is also expanding its presence in renewable energy, green hydrogen, compressed biogas, solar power and electric vehicle charging infrastructure.
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