Hindustan Petroleum Corporation LimitedQ1 FY27 Results & Financial Update
Hindustan Petroleum Corporation Limited: Q1 FY27 consolidated results and company financials – revenue ₹145,225.11 Cr, PAT ₹-12,264.67 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 Q1 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 reported consolidated revenue from operations of ₹1,45,126 crore for the quarter ended June 30, 2026, compared with ₹1,20,135 crore in the corresponding period of the previous year. Total consolidated income for Q1 FY27 stood at ₹145,844.01 crore.
Operational performance remained resilient across refining divisions. Refineries achieved a crude throughput of 6.52 million metric tonnes (MMT) during the quarter, operating at an overall capacity utilization of 107%. The Visakh Refinery processed 3.97 MMT at 106% capacity, while the Mumbai Refinery handled 2.55 MMT at 108% capacity. Two new grades of crude oil were successfully processed during the quarter.
Total sales volume, including exports, rose 0.6% year-on-year to 13.12 MMT. Domestic sales growth remained flat at (0.1)%, while combined sales of Petrol (MS) and Diesel (HSD) expanded by 8.1% year-on-year to reach 8.8 MMT. Total LPG sales reached 1,729 TMT, and pipeline throughput was recorded at 6.61 MMT.
Capital expenditure during Q1 FY27 stood at ₹1,734 crore, directed toward strengthening refining and marketing infrastructure, investments in subsidiaries and joint ventures for capacity building, new business lines, and operating efficiency enhancements. A major milestone was achieved with the scheduled commercial operation of HPCL Rajasthan Refinery Limited (HRRL) declared on June 22, 2026, and subsequently dedicated to the nation in July 2026.
To drive internal efficiencies following the success of Samriddhi 1.0—which delivered ₹1,691 crore in EBITDA accruals in FY26—HPCL launched Samriddhi 2.0. This enterprise-wide EBITDA improvement program targets an enhancement of ₹1,500 crore, with ₹1,000 crore slated as accruals for FY27.
Network expansion and retail energy transition progressed steadily. Retail outlets reached 25,160 units, LPG distributors numbered 6,391, and PNG connections totaled 54,586 as of June 30, 2026. Non-fuel retail initiatives gained momentum through strategic partnerships with brands such as Burger King, Travel Food Services, Devyani International, FoodMojo, Chai Fast, Araku Coffee, SARAS, and Safal.
Hindustan Petroleum Corporation Limited reported revenue from operations of ₹1,45,126 crore for the quarter ended June 30, 2026, compared with ₹1,20,135 crore for the corresponding period of the previous year.
01 · Business model
What does Hindustan Petroleum Corporation do?
Hindustan Petroleum Corporation Limited (HPCL) is a prominent integrated public sector oil refining and petroleum marketing company in India. Its core operations encompass crude oil refining, manufacturing of petroleum products, and marketing through an extensive retail and distribution network spanning across the country.
The corporation operates major refineries, including units in Mumbai and Visakhapatnam, which process various grades of crude oil into fuels such as motor spirit (petrol), high-speed diesel, and liquefied petroleum gas (LPG). In addition, HPCL manages cross-country product pipelines, city gas distribution (CGD) networks, and liquefied natural gas (LNG) terminal infrastructure.
HPCL generates its primary revenue through the sale of petroleum products to retail, commercial, and industrial customers. Beyond traditional fuel retail, the company operates non-fuel retail portfolios, EV charging stations, CNG outlets, and renewable energy installations as part of its retail energy transition strategy.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹145,225.11 Cr |
| Total income | ₹145,844.01 Cr |
| Profit before tax | ₹-18,170.07 Cr |
| Profit after tax | ₹-12,264.67 Cr |
| EPS | ₹0.00 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total sales volume including exports reached 13.12 MMT in Q1 FY27, representing a 0.6% year-on-year increase. Combined sales of Petrol (MS) and Diesel (HSD) grew by 8.1% year-on-year to 8.8 MMT, while total LPG sales stood at 1,729 TMT and pipeline throughput reached 6.61 MMT.
Reported revenue from operations reached ₹1,45,126 crore in Q1 FY27, up from ₹1,20,135 crore in Q1 FY26.
Total sales volume including exports stood at 13.12 MMT for Q1 FY27, representing a 0.6% year-on-year increase.
Combined sales of petrol (MS) and diesel (HSD) grew by 8.1% year-on-year to reach 8.8 MMT during the quarter.
Pipeline throughput was recorded at 6.61 MMT for the quarter ended June 30, 2026.
What drove margins
The Gross Refining Margin (GRM) before export cess was reported at US$ 23.80 per barrel for Q1 FY27, compared with US$ 3.08 per barrel in Q1 FY26.
The launch of Samriddhi 2.0 aims to achieve an enterprise-wide EBITDA improvement of ₹1,500 crore, targeting ₹1,000 crore in accruals specifically for FY27 to counter operating headwinds.
The company's bottom-line profitability was adversely impacted by the ongoing West Asia crisis, leading to a consolidated net loss of ₹12,265 crore despite strong refining realizations.
HPCL launched Samriddhi 2.0 targeting ₹1,500 crore in enterprise-wide EBITDA improvement, following Samriddhi 1.0 which delivered ₹1,691 crore in accruals during FY26.
04 · Demand, customers & order book
Where demand is coming from
Total LPG sales reached 1,729 TMT, supported by a network of 6,391 LPG distributors as of June 30, 2026.
The retail outlet network expanded to 25,160 outlets as of June 30, 2026.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Refineries recorded a crude throughput of 6.52 MMT, operating at 107% of total capacity, and processed 2 new grades of crude oil during the quarter.
Registered crude throughput of 3.97 MMT, operating at 106% of its capacity.
Registered crude throughput of 2.55 MMT, operating at 108% of its capacity.
Signed strategic partnerships with Burger King, Travel Food Services, Devyani International, FoodMojo, Chai Fast, Araku Coffee, SARAS, and Safal to expand the non-fuel retail portfolio.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Refineries processed a crude throughput of 6.52 MMT during Q1 FY27, operating at 107% of total capacity. Visakh Refinery achieved 3.97 MMT throughput (106% capacity), and Mumbai Refinery registered 2.55 MMT throughput (108% capacity). Refineries also processed two new grades of crude oil during the quarter.
Projects, capex and execution
Capital expenditure for Q1 FY27 was ₹1,734 crore, directed toward refining and marketing infrastructure, subsidiary and joint venture investments, and operational efficiency initiatives.
Scheduled commercial operation of HRRL was declared on June 22, 2026, and the facility was dedicated to the nation on July 4, 2026.
Received in-principle approval from the Gujarat Maritime Board for all-weather operations at the HPLNG Chhara Terminal.
Total capex during Q1 FY27 was ₹1,734 crore, focused on refining, marketing infrastructure, subsidiaries, and joint ventures.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Collaborated with Petromin to establish world-class Quick Vehicle Care Centres at retail outlets, targeting 1,000 centres over three years with 100 targeted for commissioning in FY27.
Launched to drive volume growth and market leadership across 4,928 selected retail outlets through outlet-level modernization and infrastructure upgrades.
Embarked on an enterprise-wide digital transformation program incorporating Artificial Intelligence, Agentic AI, Advanced Analytics, Digital Twins, Industrial IoT, Cloud Platforms, Computer Vision, Robotics & Drones, and Intelligent Process Automation.
The HP Green R&D Centre (HPGRDC) filed a total of 787 patents as of June 30, 2026, out of which 320 have been granted.
Collaborated with Petromin to develop 1,000 world-class Quick Vehicle Care Centres at retail outlets over 3 years, targeting 100 commissions in FY27.
Embarked on an enterprise-wide digital transformation leveraging AI, Agentic AI, digital twins, IoT, and cloud platforms across refining and supply chain operations.
08 · Reported developments
What changed operationally
Refineries operated at 107% capacity utilization with robust crude throughput of 6.52 MMT during Q1 FY27.
Received the SKOCH Award 2026 for digital initiatives (HP Pay and Hyper Local Search Marketing), FICCI's 'Collaboration & Partnership for Impact' award, and multiple honors at the Express Logistics & Supply Chain Conclave 2026.
High refinery capacity utilisation of 107% and strong GRM of US$ 23.80 per barrel underline resilient operational execution.
09 · Pressure points & risks
What is not going smoothly
The ongoing West Asia crisis impacted operational economics, resulting in a consolidated net loss of ₹12,265 crore and a standalone net loss of ₹11,526 crore for Q1 FY27.
Geopolitical turbulence in West Asia contributed to a consolidated net loss of ₹12,265 crore for the quarter.
10 · Management guidance & targets
What management is targeting from here
Management targeted an enterprise-wide EBITDA improvement of ₹1,500 crore under Samriddhi 2.0, with ₹1,000 crore targeted as accrual for FY27.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Retail Energy Transition
As of June 30, 2026, retail network infrastructure included 2,5160 retail outlets, 6,391 LPG distributors, 54,586 PNG connections, 2,289 CNG outlets, 23,928 solarized retail outlets (95% of outlets powered by renewables), and 5,806 EV charging stations. Solar projects at Jalgaon (10.4 MWp) and Jhansi (6.5 MWp) were commissioned during the quarter.
Reported update
Retail Energy Transition
Expanded retail energy transition initiatives with 2,289 CNG outlets, 5,806 EV charging stations, and 23,928 solarized retail outlets representing 95% renewable power penetration as of June 30, 2026.
Reported update
Solar Project Commissioning
Commissioned new solar projects at Jalgaon (10.4 MWp) and Jhansi (6.5 MWp) during the quarter.
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 oil refining and petroleum marketing company in India. Its core operations encompass crude oil refining, manufacturing of petroleum products, and marketing through an extensive retail and distribution network spanning across the country.
What is the clearest takeaway from Q1 FY27?
Hindustan Petroleum Corporation Limited reported consolidated revenue from operations of ₹1,45,126 crore for the quarter ended June 30, 2026, compared with ₹1,20,135 crore in the corresponding period of the previous year. Total consolidated income for Q1 FY27 stood at ₹145,844.01 crore.
What drove revenue or demand?
Total sales volume including exports reached 13.12 MMT in Q1 FY27, representing a 0.6% year-on-year increase. Combined sales of Petrol (MS) and Diesel (HSD) grew by 8.1% year-on-year to 8.8 MMT, while total LPG sales stood at 1,729 TMT and pipeline throughput reached 6.61 MMT.
What mattered most for margins or profitability?
The Gross Refining Margin (GRM) before export cess was reported at US$ 23.80 per barrel for Q1 FY27, compared with US$ 3.08 per barrel in Q1 FY26.
What changed operationally beyond the headline numbers?
Refineries processed a crude throughput of 6.52 MMT during Q1 FY27, operating at 107% of total capacity. Visakh Refinery achieved 3.97 MMT throughput (106% capacity), and Mumbai Refinery registered 2.55 MMT throughput (108% capacity). Refineries also processed two new grades of crude oil during the quarter.
What is management guiding or targeting from here?
Management targeted an enterprise-wide EBITDA improvement of ₹1,500 crore under Samriddhi 2.0, with ₹1,000 crore targeted as accrual for FY27.
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 Ramp-up: Monitor operational ramp-up and commercial stabilization milestones following the declaration of commercial operation at HPCL Rajasthan Refinery Limited.
- 02
Samriddhi 2.0 Execution: Track progress toward the target of ₹1,500 crore in enterprise-wide EBITDA improvement, including the specific ₹1,000 crore accrual goal set for FY27.
- 03
Samriddhi 2.0 Execution: Track progress on the targeted ₹1,000 crore EBITDA accrual from Samriddhi 2.0 during FY27.
- 04
Non-Fuel Partnership Rollout: Observe the deployment speed and footfall impact of retail partnerships with Burger King, Devyani International, and other brands.
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