LPG under-recovery and subsidy uncertainty
Q1 LPG under-recovery was ₹2,148 crore; government compensation decision pending, which could impact debt and profitability.
HINDPETRO / Q1-FY26 / risks
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HPCL · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Inventory losses from crude price volatility
Q1 saw ₹1,400 crore inventory loss in refining and ₹600 crore in marketing due to price declines and higher inventory holdings.
Rajasthan refinery cost overruns and delays
Project cost may exceed original estimate due to delays and IDC; management to provide final cost guidance next quarter.
Market share loss in retail fuels
HPCL lost market share in Q1 due to competitive pricing by private players; management chose to protect margins over volume.