HINDPETRO - H P C L
📢 Recent Corporate Announcements
Hindustan Petroleum Corporation Limited (HPCL) has announced that Shri K S Narendiran has ceased to be an Independent Director of the company. This change became effective on March 15, 2026, following the completion of his official tenure on March 14, 2026. The exit is a routine administrative matter in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations. No concerns or internal conflicts were reported regarding this departure.
- Shri K S Narendiran (DIN: 10070865) ceased to be Independent Director effective March 15, 2026.
- The cessation follows the successful completion of his tenure on March 14, 2026.
- The disclosure was made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- This is a routine board rotation and does not impact the company's operational strategy.
Hindustan Petroleum Corporation Limited (HPCL) has announced a change in its Board of Directors effective March 10, 2026. Shri Vinod Seshan and Shri Pankaj Kumar have stepped down as Government Nominee Directors. In their place, Shri Vikram Saxena, currently Director (Technology & Field Services) at ONGC, has been appointed for a three-year term. This move brings over 35 years of Exploration & Production (E&P) expertise to the HPCL board, potentially enhancing operational synergies with its parent company, ONGC.
- Shri Vinod Seshan and Shri Pankaj Kumar ceased to be Government Nominee Directors effective March 10, 2026.
- Shri Vikram Saxena appointed as Government Nominee Director for a 3-year term on a co-terminus basis.
- New appointee Vikram Saxena brings over 35 years of extensive experience in onshore and offshore E&P operations.
- Shri Saxena currently holds key positions as Director at ONGC and ONGC Green Limited.
Hindustan Petroleum Corporation Limited (HPCL) has officially notified the stock exchanges regarding a change in its Senior Management Team. Shri Rajesh Mehtani, serving as the Executive Director (In-Charge) for the Aviation division, has retired from the company. The retirement is effective from March 01, 2026, and is attributed to superannuation. This is a routine administrative update and does not signify any strategic shift in the company's operations.
- Shri Rajesh Mehtani retired from the position of Executive Director (I/C) – Aviation.
- The retirement became effective as of March 01, 2026.
- The change is classified as superannuation (regular retirement).
- The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Hindustan Petroleum Corporation Limited (HPCL) has announced a scheduled interaction with analysts and institutional investors on February 24, 2026. The meeting is set to take place at the company's Corporate Office in Mumbai starting at 11:30 AM. This interaction is being organized in coordination with Kotak Securities Limited. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this session, ensuring compliance with SEBI regulations.
- Meeting scheduled for Tuesday, February 24, 2026, at 11:30 AM IST.
- Interaction coordinated by Kotak Securities Limited at HPCL's Mumbai Corporate Office.
- Senior Management will represent the company during the investor interaction.
- Explicit confirmation that no unpublished price sensitive information (UPSI) will be discussed.
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Hindustan Petroleum Corporation Limited (HPCL) has scheduled its participation in the 'Chasing Growth 2026' conference organized by Kotak Securities Limited. The senior management team will represent the company at this physical event in Mumbai on February 25, 2026, starting at 2:00 PM. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the session. This disclosure is a routine filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Senior management team to participate in 'Chasing Growth 2026' hosted by Kotak Securities.
- Event is scheduled for February 25, 2026, from 2:00 PM onwards.
- The meeting will be a physical event conducted in Mumbai.
- Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
Hindustan Petroleum Corporation Limited (HPCL) has scheduled a meeting with analysts and institutional investors on February 11, 2026. The senior management team will participate in the Advantage India flagship conference organized by Axis Capital in Mumbai. The interaction is set to begin at 2:00 PM and will be a physical meeting. The company has clarified that no unpublished price sensitive information will be discussed during this session, maintaining standard regulatory compliance.
- Senior management to attend Axis Capital's Advantage India conference on Feb 11, 2026
- The meeting is scheduled to commence at 2:00 PM in a physical format in Mumbai
- Disclosure made in compliance with Regulation 30 of SEBI LODR Regulations
- Company confirms no unpublished price sensitive information (UPSI) will be shared
Hindustan Petroleum Corporation Limited (HPCL) has informed the exchanges about a revision in the schedule of its upcoming interaction with analysts and institutional investors. The meeting, which was originally planned for February 4, 2026, has now been rescheduled to Thursday, February 5, 2026, at 3:00 PM. The interaction is being coordinated by PL Capital Group - Prabhudas Lilladher and will take place at the company's corporate office in Mumbai. The company explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during this session.
- Meeting rescheduled from February 4 to February 5, 2026
- New interaction time set for 3:00 PM onwards at the Mumbai Corporate Office
- Coordinated with PL Capital Group - Prabhudas Lilladher for senior management interaction
- Company confirms no unpublished price sensitive information (UPSI) will be disclosed
Hindustan Petroleum Corporation Limited (HPCL) has reported a change in its senior management team effective February 1, 2026. Shri Udit Nandi, the Head of Operations & Commissioning for the Rajasthan Refinery Project Site, has retired from the company due to superannuation. This is a routine administrative update as per SEBI listing regulations. While the Rajasthan Refinery is a critical asset, the retirement follows standard age-based protocols.
- Shri Udit Nandi retired as Head - Operations & Commissioning effective February 1, 2026.
- The transition specifically affects the leadership at the Rajasthan Refinery Project Site.
- The departure is classified as superannuation, indicating a planned retirement.
- The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Hindustan Petroleum Corporation Limited (HPCL) has announced a meeting with analysts and institutional investors scheduled for February 4, 2026, at 4:00 PM. The interaction is being coordinated by PL Capital Group - Prabhudas Lilladher and will be held at the company's corporate office in Mumbai. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during this session. This is a routine engagement aimed at providing management perspective on existing public data.
- Meeting scheduled for Wednesday, February 04, 2026, starting at 4:00 PM IST.
- Interaction coordinated by PL Capital Group - Prabhudas Lilladher.
- Senior Management of HPCL will participate in the interaction at the Mumbai corporate office.
- Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirms no unpublished price sensitive information (UPSI) will be shared.
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.
- 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.
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.
- 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.
Hindustan Petroleum Corporation Limited (HPCL) has officially clarified to the stock exchanges that recent media reports regarding its pursuit of Venezuelan crude oil are incorrect. The company stated that no negotiations or events have taken place concerning the procurement of such crude to boost heavy oil runs. HPCL emphasized that there is no undisclosed material information and that recent stock price movements are likely driven by general market conditions. This clarification effectively dismisses speculative reports that had suggested a shift in the company's crude sourcing strategy.
- HPCL confirms no negotiations have occurred for Venezuelan crude oil procurement as of January 29, 2026
- The company officially labeled the media report titled 'HPCL seeks Venezuelan crude' as incorrect and out of context
- Management states there is no non-disclosure of price-sensitive information to the exchanges
- Company attributes recent trading volatility to market-driven factors and investor sentiment rather than corporate developments
Hindustan Petroleum Corporation Limited (HPCL) has clarified that its recent collaboration with Castrol India is currently limited to a non-binding Memorandum of Understanding (MoU). The partnership aims to explore the development of a re-refined base oil ecosystem within India to promote sustainability. The company stated that this arrangement is a preliminary framework for discussion and does not have any immediate impact on its financial or operational parameters. HPCL further noted that recent stock price movements are purely market-driven and not linked to this specific development.
- HPCL signed a non-binding MoU with Castrol India Limited to explore a re-refined base oil ecosystem.
- The company clarified that the arrangement creates only a framework for future collaboration discussions.
- Management confirmed there is no immediate impact on the company's financial or operational metrics.
- The clarification was issued in response to a news item dated January 27, 2026, and exchange queries.
Hindustan Petroleum Corporation Limited (HPCL) has submitted the transcript of its Q3FY26 earnings conference call held on January 22, 2026. This document provides a comprehensive record of the management's discussion regarding the company's financial and operational performance for the quarter ended December 31, 2025. The filing is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. It offers investors detailed insights into refining margins, marketing segment trends, and future growth guidance provided during the call.
- Official transcript of the Q3FY26 conference call held on January 22, 2026, has been made available.
- The disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The transcript covers management commentary on the company's performance for the third quarter of FY 2025-26.
- Investors can access the full document via the provided link on the HPCL official website.
Hindustan Petroleum Corporation Limited (HPCL) has officially released the audio recording of its Q3 post-earnings conference call held on January 22, 2026. The recording provides management's detailed commentary on the company's financial performance and operational highlights for the third quarter. Investors can access the link to understand the management's perspective on refining margins, marketing performance, and future growth projects. This filing is a standard regulatory requirement to ensure transparency for all stakeholders following the quarterly results announcement.
- Audio recording of the Q3 post-earnings conference call is now available for public access.
- The conference call was conducted on January 22, 2026, at 11:00 a.m. IST.
- The recording covers management's discussion on the financial results for the quarter ended December 31, 2025.
- The disclosure is made in compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
Financial Performance
Revenue Growth by Segment
Total revenue from operations reached INR 4,66,346 Crore in FY 2024-25. Market sales grew by 3.5% in H1 FY26 compared to H1 FY25, reaching a record 49.8 MMT for the full year 2024-25. Refining throughput increased 14% over the last five quarters to 6.57 MMT in Q2 FY26.
Geographic Revenue Split
Not disclosed in available documents, though the company operates a domestic network of 24,252 retail outlets and 6,387 LPG distributors across India, with coastal refineries in Mumbai and Visakhapatnam providing export flexibility.
Profitability Margins
H1 FY26 Profit After Tax (PAT) was INR 8,201 Crore, a 731% increase YoY from a depressed base. Quarterly PAT consistency is noted with Q1 FY26 at INR 4,300 Crore and Q2 FY26 at INR 3,820 Crore. Net worth grew to INR 51,948 Crore in H1 FY26 from INR 45,958 Crore in FY 2024-25.
EBITDA Margin
EBITDA for the trailing 12-month period was INR 28,606 Crore. The company aims for a 2x+ jump in EBITDA levels by FY 2028. H1 FY26 EBITDA stood at INR 15,561 Crore compared to INR 27,221 Crore for the full year FY 2023-24.
Capital Expenditure
Annual capex spending typically ranges between INR 12,000 Crore and INR 14,000 Crore. A massive INR 60,000 Crore investment is planned for Net-zero initiatives by 2040. Segmental capex allocation is roughly 30% for refineries and 60% for marketing.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL/ICRA, supported by its Maharatna status and 54.90% ownership by ONGC. Total Debt Equity Ratio improved to 1.23 in H1 FY26 from 1.80 in FY 2022-23. Long-term debt stood at INR 40,680 Crore as of H1 FY26.
Operational Drivers
Raw Materials
Crude oil is the primary raw material, representing the bulk of operating costs. Other materials include intermediates for petrochemicals and naphtha (100 TMT of contaminated naphtha was recently exported at a discount).
Import Sources
Sourced globally via coastal refineries in Mumbai and Visakhapatnam; specific countries are not listed, but coastal locations facilitate international crude imports.
Key Suppliers
ONGC (parent company providing crude and managerial support) and various international crude suppliers via term and spot cargoes.
Capacity Expansion
Current refining capacity share is ~14% in India. Visakh Refinery capacity is 15.0 MMTPA. Planned expansion includes the Barmer Petrochemical stream (HRRL) expected to go online in mid-2026 and the Chhara LNG terminal ramp-up.
Raw Material Costs
Refinery GRM was US$ 5.74/bbl in FY 2024-25 but declined to US$ 3.08/bbl in Q1 FY26 due to narrowing spreads. Crude inventory impact was $0.80/bbl (INR 338 Crore) in recent reporting.
Manufacturing Efficiency
Distillate yield improved from 72.7% in Q1 FY25 to 77.7% in Q2 FY26. Capacity utilization is projected to reach 51.0 MMT market sales by FY28.
Logistics & Distribution
Distribution is handled via 24,252 retail outlets and a massive pipeline network. Marketing activities are the primary focus of 60% of annual capex.
Strategic Growth
Expected Growth Rate
13.60%
Growth Strategy
Growth is driven by 14 initiatives across 4 planks: operational efficiency (Samriddhi program), future growth (Petrochemicals launch at Barmer, Gas portfolio expansion), enablers (Digital/AI pathways), and stakeholder communication. The company is transitioning from a traditional fuel provider to a full energy company including Green Energy and Non-Fuel Retail.
Products & Services
Petrol (MS), Diesel (HSD), LPG, Lubes, Naphtha, Natural Gas, and Petrochemicals.
Brand Portfolio
HPCL, Nayaa HPCL, HP Gas, Club HP, and various Lube brands.
New Products/Services
Launch of niche petrochemical grades from the Barmer refinery (mid-2026) and expansion of non-fuel retail strategies (expected visibility in 6 months).
Market Expansion
Expanding gas portfolios through new deals and increasing utilization of the Chhara LNG terminal. Strengthening the consumer-facing Lubes business rather than immediate divestment.
Market Share & Ranking
2nd largest LPG marketer, 2nd largest retail network holder in India, and 4th largest refiner with a 20.3% domestic market share in petroleum products.
Strategic Alliances
HPCL-Mittal Energy Limited (48.99% JV), HPCL Rajasthan Refinery Limited (74% JV), and various city gas JVs like Aavantika Gas and Bhagyanagar Gas.
External Factors
Industry Trends
Shift toward Energy Transition (Net Zero by 2040), increasing role of Petrochemicals to offset fuel demand shifts, and digitalization of consumer-facing businesses using AI.
Competitive Landscape
Competes with other PSUs like BPCL and IOCL, and private players like Reliance and Nayara. BPCL's $11 billion Andhra refinery is a key benchmark.
Competitive Moat
Maharatna status, massive entrenched infrastructure (24,000+ outlets), and strategic importance to the GoI provide a significant barrier to entry and cost leadership in logistics.
Macro Economic Sensitivity
Highly sensitive to global crude prices and domestic GDP growth which drives fuel demand (6% CAGR projected for market sales).
Consumer Behavior
Increasing demand for non-fuel retail services at petrol pumps and a shift toward natural gas and green energy.
Geopolitical Risks
Global supply chain disruptions affecting crude prices and import duty protection changes are primary risks.
Regulatory & Governance
Industry Regulations
Operations are governed by Ministry of Petroleum and Natural Gas (MoPNG) and DIPAM for any value unlocking/divestment (e.g., Lubes business).
Environmental Compliance
Committed to Net Zero Scope 1 & 2 by 2040 with a planned INR 60,000 Crore investment. Currently holds an ESG rating of '65' (Aspiring Category).
Taxation Policy Impact
Subject to standard corporate tax; benefits from government compensation for LPG under-recoveries (HPCL share is 27-28%).
Risk Analysis
Key Uncertainties
Volatility in Gross Refining Margins (GRM) which dropped from $5.03 to $3.08 YoY, and project implementation risks for large-scale JVs like HRRL.
Geographic Concentration Risk
100% of retail operations are in India; refining is concentrated in two coastal locations (Mumbai and Vizag).
Third Party Dependencies
High dependency on GoI for pricing policy and ONGC for crude supply and managerial control.
Technology Obsolescence Risk
Risk of traditional fuel demand decline; being mitigated by a 'Digital Road Map' and expansion into Petrochemicals and Green Hydrogen.
Credit & Counterparty Risk
Strong liquidity backed by cash balances and undrawn working capital lines; receipt of LPG compensation from the government supports liquidity.