Hindustan Petroleum Corporation Limited (HPCL) has announced its unaudited financial results for the quarter and half-year ended 30 September 2026, showcasing a resilient performance despite the ongoing West Asia crisis. The company reported a significant increase in revenue from operations, reaching ₹1,39,140 crore for Q2 FY27, up from ₹1,10,323 crore in the same quarter of the previous fiscal year. For the half-year, revenue rose to ₹2,84,267 crore from ₹2,30,458 crore in H1 FY26.
The company’s Gross Refining Margin (GRM) before export cess saw a substantial rise, with Q2 FY27 margins recorded at US$ 32.15 per barrel, compared to US$ 8.80 per barrel in Q2 FY26. However, the standalone profit after tax for Q2 FY27 decreased to ₹3,483 crore from ₹3,830 crore in the corresponding quarter of the previous year. The half-year results reflected a net loss of ₹8,044 crore, contrasting with a profit of ₹8,201 crore in H1 FY26.
Operationally, HPCL’s refineries performed at full capacity, with a crude throughput of 6.20 million metric tonnes (MMT) during Q2 FY27. The Visakh Refinery operated at 95% capacity, while the Mumbai Refinery exceeded its capacity at 109%. In terms of sales, the company achieved a 5.5% year-on-year increase in Q2 FY27, with total sales, including exports, amounting to 12.73 MMT. Domestic sales grew by 4.9%, while combined petrol and diesel sales rose by 10%.
HPCL continued to invest in strategic infrastructure, with a capital expenditure of ₹2,085 crore in Q2 FY27, focusing on refining and marketing enhancements. Notably, the company completed a 201-km LPG pipeline from Haldia to Panagarh in West Bengal, which is now in the pre-commissioning stage. Additionally, HPCL’s Rajasthan Refinery Limited received a credit rating upgrade to AA+ with a stable outlook, and the company successfully refinanced ₹51,970 crore of debt at a lower cost.
Market analysts note that while HPCL’s operational and revenue performance remains strong, the net loss for the half-year highlights the challenges posed by external geopolitical factors and market volatility. The company’s strategic investments and infrastructure developments are seen as positive steps towards long-term growth and resilience.
