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HPCL and Thermax Partner for Clean Energy and New Technologies at IEW 2026
Hindustan Petroleum Corporation Limited (HPCL) has entered into a strategic Memorandum of Understanding (MoU) with Thermax Limited during India Energy Week 2026. The collaboration is designed to focus on the joint development and commercialization of green technologies, including HP AEM Electrolyzers and CO2 capture solutions. By merging HPCL's R&D capabilities with Thermax's engineering expertise, the companies aim to create scalable, indigenous low-carbon energy solutions. This initiative aligns with India's energy transition goals and the 'Make in India' framework for sustainable industrial growth.
Key Highlights
Signed MoU with Thermax Limited at India Energy Week 2026 in Goa.
Focus on commercializing HP AEM Electrolyzers and CO2 capture solutions.
Collaboration includes the processing of bio-pyrolysis oil for sustainable energy.
Combines HPCL's process innovation with Thermax's industrial implementation strengths.
Strategic move to support India's transition to a low-carbon economy through indigenous technology.
💼 Action for Investors
Investors should view this as a positive long-term strategic pivot towards green energy, though immediate financial impact is limited. Monitor for future updates on the commercialization timelines of the AEM electrolyzers and carbon capture projects.
HPCL and Oil India Sign MoU for Compressed Bio-Gas Project Using HP RAMP Technology
Hindustan Petroleum Corporation Limited (HPCL) has entered into a strategic Memorandum of Understanding with Oil India Limited (OIL) to develop a Compressed Bio-Gas (CBG) project. Announced at India Energy Week 2026, the partnership involves OIL implementing a CBG plant using HPCL's proprietary 'HP RAMP' technology. This collaboration focuses on converting waste into clean energy, aligning with India's sustainable energy transition and circular economy goals. While financial details are not yet disclosed, it highlights HPCL's ability to monetize its indigenous technological innovations.
Key Highlights
Strategic MoU signed between HPCL and Oil India Limited at India Energy Week 2026.
OIL to utilize HPCL's indigenously developed 'HP RAMP' technology for CBG production.
Project focuses on waste-to-energy conversion to support India's carbon emission reduction targets.
Collaboration leverages HPCL's technological R&D and OIL's operational implementation capabilities.
💼 Action for Investors
Investors should monitor this as a positive move towards green energy diversification and technology licensing. Watch for future disclosures regarding the scale of the project and potential revenue impact from technology royalties.
HPCL Releases Q3 FY 2025-26 Investor Presentation; Conference Call Set for Jan 22
Hindustan Petroleum Corporation Limited (HPCL) has released its investor presentation for the third quarter of FY 2025-26. This follows the company's earlier notification regarding a conference call scheduled for January 22, 2026, at 11:00 a.m. IST. The presentation provides detailed operational and financial insights for the quarter ending December 2025. Investors can access the document via the company's official website to analyze refining and marketing performance metrics.
Key Highlights
Investor presentation for Q3 FY 2025-26 made available on January 21, 2026.
Conference call scheduled for January 22, 2026, to discuss quarterly financial results.
The presentation serves as a key document for understanding Gross Refining Margins (GRM) and marketing volumes.
Disclosure follows the initial notification sent to exchanges on January 14, 2026.
💼 Action for Investors
Investors should review the presentation for specific data on refining throughput and marketing margins before the conference call. Monitor management commentary for outlook on crude prices and upcoming refinery projects.
HPCL Q3 FY26 Results: PAT at ₹4,072 Crore with Strong GRM of $8.85/bbl
HPCL reported a robust Profit After Tax (PAT) of ₹4,072 crore for the quarter ended December 31, 2025, bringing the nine-month total PAT to ₹12,274 crore. Revenue from operations for Q3 stood at ₹1,24,483 crore, supported by a healthy Gross Refining Margin (GRM) of $8.85 per barrel. Operational performance was strong with refinery capacity utilization at 103.2% and total sales volume of 13.34 MMT for the quarter. The company maintained its debt level at ₹48,713 crore while managing an exchange fluctuation loss of ₹244 crore during the quarter.
Key Highlights
Quarterly PAT reached ₹4,072 crore with an EBITDA of ₹7,706 crore.
Gross Refining Margin (GRM) for Q3 was $8.85/bbl, significantly higher than the 9M average of $6.91/bbl.
Refinery throughput for the quarter was 6.38 MMT, reflecting 103.2% capacity utilization.
Total marketing sales volume stood at 13.34 MMT, with domestic sales contributing 12.68 MMT.
Total debt level as of December 31, 2025, was reported at ₹48,713 crore.
💼 Action for Investors
Investors should view the strong refining margins and high capacity utilization as positive indicators of operational efficiency. The stock remains a solid hold for those looking for exposure to the Indian energy sector and stable PSU dividends.
HPCL 9M PAT Surges 206% to ₹12,274 Cr; Q3 GRM Hits $8.85/bbl
HPCL reported a massive 206% YoY growth in 9M standalone PAT reaching ₹12,274 crore, driven by strong refining and marketing performance. Q3 FY26 standalone PAT also rose 35% YoY to ₹4,072 crore with Gross Refining Margins (GRM) improving to $8.85/bbl. The company achieved record crude throughput of 19.61 MMT and successfully commissioned a major Residue Upgradation Facility at its Visakh refinery. Financial health improved as the debt-equity ratio dropped to 0.89 from 1.07 in the previous quarter.
Key Highlights
Standalone PAT for 9M FY26 increased by 206% YoY to ₹12,274 crore.
Q3 FY26 Gross Refining Margin (GRM) reached $8.85 per barrel, up from $6.01 per barrel in Q3 FY25.
Achieved record 9M crude throughput of 19.61 MMT, with Visakh refinery operating at 108% capacity.
Standalone Debt-to-Equity ratio improved significantly to 0.89 from 1.07 as of September 2025.
Commissioned the world's first LC-Max based Residue Upgradation Facility at Visakh, enabling 93% conversion of bottom oils.
💼 Action for Investors
Investors should maintain a positive outlook given the sharp improvement in refining margins and debt reduction. The upcoming commissioning of the Rajasthan Refinery (HRRL), currently over 90% complete, remains a key growth trigger to watch.
HPCL Board Approves Q3 FY26 Financial Results; Reports Zero Debt Defaults
Hindustan Petroleum Corporation Limited (HPCL) has approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. During the board meeting held on January 21, 2026, the company also submitted disclosures regarding the utilization of proceeds from Non-Convertible Debentures (NCDs). Significantly, HPCL reported a 'NIL' status for defaults on loans, revolving facilities, and debt securities, indicating a stable credit profile. This announcement serves as the formal regulatory filing for the quarter's performance review.
Key Highlights
Approval of Unaudited Standalone and Consolidated Financial Results for the period ended December 31, 2025.
Confirmed 'NIL' outstanding defaults on all loans, revolving facilities, and unlisted debt securities.
Submission of Security Cover Disclosure and NCD proceeds utilization reports as per SEBI LODR regulations.
The board meeting concluded at 4:45 p.m. following a session that commenced at 2:30 p.m.
💼 Action for Investors
Investors should examine the detailed financial tables for Gross Refining Margins (GRMs) and marketing margins to assess operational efficiency. Monitor the stock for price volatility as the market reacts to the specific profit and revenue figures disclosed in the full report.
HPCL Signs 10-Year LNG Supply Agreement with ADNOC Gas for 5 MMTPA Chhara Terminal
Hindustan Petroleum Corporation Limited (HPCL) has entered into a 10-year Sale Purchase Agreement (SPA) with Abu Dhabi Gas Liquefaction Company (ALNG), a subsidiary of ADNOC Gas. The agreement ensures long-term LNG supply to HPCL's 5 Million Tonne per annum (MMTPA) LNG terminal at Chhara, Gujarat. This strategic deal is intended to provide stable feedstock for HPCL's refineries and its City Gas Distribution (CGD) network. Additionally, the supply will cater to high-demand sectors such as fertilizers, power, and petrochemicals, enhancing India's energy security.
Key Highlights
Signed a 10-year long-term Sale Purchase Agreement (SPA) with ADNOC Gas subsidiary ALNG.
LNG supply will be delivered to HPCL's 5 MMTPA Storage and Regasification Terminal at Chhara, Gujarat.
Supplies will support internal refinery requirements and HPCL's expanding City Gas Distribution (CGD) network.
The agreement aims to meet energy demands across key industrial sectors including Fertilizers, Power, and Petrochemicals.
💼 Action for Investors
This agreement is a positive move to secure long-term energy supplies and reduce reliance on volatile spot markets. Investors should monitor the operational ramp-up of the Chhara terminal as it will be a key driver for HPCL's gas segment margins.
HPCL Commissions 3.55 MMTPA Residue Upgradation Facility at Visakh Refinery
HPCL has successfully commissioned a 3.55 MMTPA Residue Upgradation Facility (RUF) at its 15 MMTPA Visakh Refinery, featuring the world's first LC-Max technology. The facility converts approximately 93% of bottom oils into high-value products, which is expected to increase the refinery's distillate yield by up to 10%. This upgrade improves the refinery's Nelson Complexity Index to 11.6, positioning it as one of India's most advanced deep-conversion units. The move is strategically designed to boost Gross Refining Margins (GRMs) and reduce the company's reliance on external sourcing for HSD marketing.
Key Highlights
Commissioned 3.55 MMTPA Residue Upgradation Facility (RUF) at the 15 MMTPA Visakh Refinery.
Achieves 93% conversion of low-value bottom oils into high-value products using LC-Max technology.
Expected to increase distillate yield by up to 10%, leading to a substantial rise in Gross Refining Margins (GRMs).
Nelson Complexity Index (NCI) of the refinery improved to 11.6, enhancing its competitive positioning.
Reduces the gap between HSD marketing and refining volumes, lowering dependence on external fuel purchases.
💼 Action for Investors
Investors should view this as a major structural improvement in HPCL's refining efficiency that will likely lead to sustained margin expansion. Monitor the next few quarters for the actual impact on GRMs as the facility ramps up to full capacity.