Hindustan Petroleum Corporation LimitedQ2 FY27 Results & Financial Update
Hindustan Petroleum Corporation Limited: Q2 FY27 consolidated results and company financials – revenue ₹139,113.50 Cr, PAT ₹3,625.22 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Hindustan Petroleum Corporation Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Hindustan Petroleum Corporation Limited posted consolidated revenue from operations of ₹1,39,113.50 crore for Q2 FY27, reflecting a sequential adjustment of 4.21% compared with ₹1,45,225.11 crore in Q1 FY27 amidst ongoing geopolitical tensions in West Asia.
Consolidated net profit after tax (PAT) rebounded sharply to ₹3,625.22 crore for the quarter, recovering from the net loss registered in the preceding sequential period, supported by resilient operational performance across refining and marketing divisions.
Profit before tax (PBT) for Q2 FY27 stood at ₹6,820.13 crore, demonstrating a robust turnaround from the previous quarter's negative PBT figure.
Refining operations demonstrated strong utilization, with total crude throughput reaching 6.20 million metric tonnes (MMT) during the quarter, operating at 100% of total capacity.
Total sales volume (including exports) touched 12.73 MMT during Q2 FY27, representing a 5.5% increase year-on-year, underpinned by steady domestic demand growth of 4.9%.
Combined sales of petrol (Motor Spirit) and diesel (High Speed Diesel) grew by 10.0% year-on-year to 7.78 MMT during the quarter, driving top-line marketing momentum.
Strategic infrastructure investments continued steadily, with capital expenditure reaching ₹2,085 crore during Q2 FY27, bringing cumulative 1HFY27 capex to ₹3,819 crore.
01 · Business model
What does Hindustan Petroleum Corporation do?
Hindustan Petroleum Corporation Limited (HPCL) is a prominent integrated public sector energy enterprise operating primarily across petroleum refining and the marketing of petroleum products in India.
The company's core revenue engines involve crude oil refining into fuel and petrochemical derivatives, alongside a vast downstream marketing network encompassing retail petroleum outlets, LPG distribution, lubricants, and pipeline transportation infrastructure.
HPCL serves retail, industrial, aviation, and commercial customer segments throughout India, supported by major refining complexes located in Mumbai and Visakhapatnam, as well as joint-venture refining assets such as HPCL Rajasthan Refinery Limited (HRRL).
The business model balances refining margins, which fluctuate with international crude prices and regional product cracks, against stable retail marketing margins and volume-driven throughput across pipelines and liquefied petroleum gas networks.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹139,113.50 Cr | ₹145,225.11 Cr |
| Total income | ₹139,575.40 Cr | ₹145,844.01 Cr |
| Profit before tax | ₹6,820.13 Cr | ₹-18,170.07 Cr |
| Profit after tax | ₹3,625.22 Cr | ₹-12,264.67 Cr |
| EPS | ₹17.04 | ₹0.00 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total sales including exports reached 12.73 MMT during 2QFY27, marking a 5.5% increase year-on-year, supported by a 4.9% growth in domestic sales.
Combined sales of petrol (MS) and diesel (HSD) expanded by 10.0% year-on-year to 7.78 MMT during 2QFY27.
Pipeline throughput registered 6.99 MMT during the quarter, while total LPG sales stood at 2.03 MMT.
What drove margins
Gross Refining Margin (GRM) before export cess surged to US$ 32.15 per barrel in Q2 FY27, compared with US$ 8.80 per barrel in Q2 FY26.
Accruals under the company's EBITDA improvement program, Project Samridhi 2.0, contributed ₹327 crore (US$ 0.18/bbl) during 1HFY27.
04 · Demand, customers & order book
Where demand is coming from
HPCL partnered with Swiggy Instamart to enter the quick-commerce ecosystem, launching the 10 kg Composite LPG Cylinder ('HP Navya') and releasing 0.36 lakh new connections through September 2026.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Refineries processed 6.20 MMT of crude during Q2 FY27 at 100% capacity utilization. Visakh Refinery achieved 3.60 MMT throughput (95% capacity), while Mumbai Refinery recorded 2.60 MMT throughput (109% capacity).
HPCL strengthened its global lubricants presence by initiating sales in Turkey and Sudan, expanding its international footprint to 35 countries.
Geography and market mix
As of September 30, 2026, retail outlets totaled 25,245, LPG distributors reached 6,394, and PNG connections stood at 77,984.
CNG outlets reached 2,296, solarized retail outlets reached 24,172 (representing 96% powered by renewables), and EV charging stations totaled 5,880 as of September 30, 2026.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total crude throughput of 6.20 MMT in 2QFY27 represented 100% capacity utilization across refineries, with Mumbai Refinery operating at 109% and Visakh Refinery at 95%.
Projects, capex and execution
Capex for Q2 FY27 was ₹2,085 crore, with cumulative 1HFY27 capex totaling ₹3,819 crore, directed toward refining and marketing infrastructure and efficiency enhancement.
The 201-km LPG pipeline from Haldia to Panagarh in West Bengal achieved mechanical completion and entered the pre-commissioning stage. An Open Access Fuel Farm facility was also commissioned at Bhogapuram Airport.
07 · Strategy & new businesses
How the company is trying to change its growth mix
HPCL commissioned India's first Refinery Blue Hydrogen unit at Visakh Refinery during the quarter, utilizing patented Higas Technology and HP Novel Amine.
HP Renewable & Green Energy Ltd. secured Consent to Establish (CTE) for 9 compressed biogas (CBG) projects, won 4 municipal solid waste (MSW)-based projects in Punjab and Bihar, and obtained Central Electricity Authority approval for the 70 MWp Gaaliveedu Solar Project.
HP Green R&D Centre (HPGRDC) filed a total of 800 patents as of September 30, 2026, of which 339 have been granted.
08 · Reported developments
What changed operationally
GRM before export cess rose significantly to US$ 32.15 per barrel in Q2 FY27 from US$ 8.80 per barrel in Q2 FY26.
HPCL bagged multiple accolades, including PNGRB Excellence Awards for CGD Customer Care and pipeline transport operations, alongside digital marketing awards for HP Pay and retail campaigns.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
HPCL Rajasthan Refinery Limited (HRRL) secured a long-term credit rating upgrade from AA to AA+ with a Stable outlook by CRISIL Ratings, and successfully refinanced/repriced its debt arrangement of ₹51,970 crore at a lower cost.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Q-Commerce LPG Distribution
Partnered with Swiggy Instamart for the distribution of HP Navya 10 kg composite LPG cylinders.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated PAT recovered to ₹3,625.22 crore in Q2 FY27 from the net loss reported in Q1 FY27, accompanied by a decrease in revenue from operations from ₹1,45,225.11 crore to ₹1,39,113.50 crore.
12 · Key Q&A
The quarter, answered directly
What does Hindustan Petroleum Corporation do?
Hindustan Petroleum Corporation Limited (HPCL) is a prominent integrated public sector energy enterprise operating primarily across petroleum refining and the marketing of petroleum products in India.
What is the clearest takeaway from Q2 FY27?
Hindustan Petroleum Corporation Limited posted consolidated revenue from operations of ₹1,39,113.50 crore for Q2 FY27, reflecting a sequential adjustment of 4.21% compared with ₹1,45,225.11 crore in Q1 FY27 amidst ongoing geopolitical tensions in West Asia.
What drove revenue or demand?
Total sales including exports reached 12.73 MMT during 2QFY27, marking a 5.5% increase year-on-year, supported by a 4.9% growth in domestic sales.
What mattered most for margins or profitability?
Gross Refining Margin (GRM) before export cess surged to US$ 32.15 per barrel in Q2 FY27, compared with US$ 8.80 per barrel in Q2 FY26.
What changed operationally beyond the headline numbers?
Total crude throughput of 6.20 MMT in 2QFY27 represented 100% capacity utilization across refineries, with Mumbai Refinery operating at 109% and Visakh Refinery at 95%.
What should the next disclosure help confirm?
Monitor commissioning milestones and operational ramp-up of HPCL Rajasthan Refinery Limited (HRRL) following debt repricing.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
HRRL Project Progress: Monitor commissioning milestones and operational ramp-up of HPCL Rajasthan Refinery Limited (HRRL) following debt repricing.
- 02
Project Samridhi 2.0 Execution: Track further EBITDA accruals and efficiency gains under Project Samridhi 2.0.
- 03
Green Energy Project Execution: Observe progress on compressed biogas projects, MSW-based initiatives, and the Gaaliveedu Solar Project execution.
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