HPCL / Q1-FY26

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Positive2025-08-01Back to HINDPETRO

Revenue

₹1,10,825 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

₹8,124 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
4 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY26: 1,10,825 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 1,00,856 · Positive source sentiment · 2025-10-29Q2 FY26Q3 FY26: 1,15,153 · Positive source sentiment · 2026-01-28Q3 FY26Q4 FY26: 1,14,937 · Positive source sentiment · 2026-05-14Q4 FY261,15,1531,00,856
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

HPCL reported a strong Q1 FY26 with EBITDA of ₹8,124 crore and PAT of ₹4,371 crore, driven by record refinery throughput of 6.66 MMT (15.6% YoY) at 109% capacity utilization. The Samriddhi cost optimization program contributed ~₹250 crore in savings, targeting ₹1,000-1,500 crore annual EBITDA uplift. The Visakhapatnam residue upgradation project is in pre-commissioning, expected to boost distillate yields to ~83% and improve GRMs. LPG under-recovery was ₹2,148 crore in Q1, but Saudi CP declines suggest moderation. Management is focused on deleveraging (debt/equity at 1.01x) and operational efficiencies. Key risk: potential narrowing of Russian crude discounts or sanctions impact, though Russian crude was only 13% of Q1 crude slate.

Colored figures show movement against the previous available record.

Guidance to track

  • Management targets ₹1,000-1,500 crore annual EBITDA uplift through operational efficiencies, with ₹250 crore already locked in Q1.
  • Residue upgradation project expected to commission within weeks, boosting distillate yields to ~83% and improving GRMs from H2 FY26.
  • Management aims to maintain debt/equity below 1.2x, with focus on deleveraging; current level at 1.01x.
  • LNG terminal at Chhara to operate at low utilization in FY26 due to breakwater completion, ramping up in FY27.

Risks flagged

  • Q1 LPG under-recovery was ₹2,148 crore; government compensation decision pending, which could impact debt and profitability.
  • Q1 saw ₹1,400 crore inventory loss in refining and ₹600 crore in marketing due to price declines and higher inventory holdings.
  • Project cost may exceed original estimate due to delays and IDC; management to provide final cost guidance next quarter.
  • HPCL lost market share in Q1 due to competitive pricing by private players; management chose to protect margins over volume.

Key quotes

  • We are in a good spot and we are bullish about the future.
  • If you are a cricket follower, I would say that ball was well left by us because that market was going way outside the off stump in terms of even 11,000 rupees scale or 10,000 scale per discount. We took a very conscious call of preserving our bottom line rather than preserving our market share.
  • We are quite confident that once ROUP comes in we have an incremental liftoff on our EBITDA month on month.

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