HPCL / Q2-FY26

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Positive2025-10-29Back to HINDPETRO

Revenue

₹1,00,856 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

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Actual signal trajectory

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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 Q2 FY26 with PAT of ₹3,820 crore, contributing to H1 PAT of ₹8,201 crore—a 731% YoY increase from a low base. The company generated ~₹20,000 crore of cash over the last four quarters, driven by consistent quarterly profits above ₹3,000 crore. Key operational highlights include GRM of $8.8/bbl (core $8/bbl), refinery throughput up 14% YoY, and distillate yield improvement to 77.7%. The Visakh refinery is expected to commission in 3-4 weeks, adding ₹2,500-3,000 crore EBITDA, while the Barmer refinery is 89% complete. Management revised debt-equity target to sub-1.0 by year-end, aided by ₹7,920 crore LPG under-recovery compensation. A chlorine contamination incident was contained with ~₹150 crore impact. Risks include potential crude price volatility and elevated debt at subsidiaries HMEL and HRL.

Colored figures show movement against the previous available record.

Guidance to track

  • Management revised the debt-equity target from 1.1 to below 1.0 by March 2026, aided by strong cash generation and LPG compensation.
  • The Visakh refinery is expected to start crude feed by November 24, 2025, with full stabilization in Q4 FY26, adding ₹2,500-3,000 crore EBITDA annually.
  • The Barmer refinery is 89% complete; crude feed is expected in the next couple of months, with full ramp-up within 3 months thereafter.
  • The cost takeout program achieved ₹823 crore in H1 FY26; management is confident of exceeding the ₹1,000 crore target and launching Samidhi 2.0 from April 2026.

Risks flagged

  • A chlorine contamination in one crude cargo caused partial refinery shutdown and ~₹150 crore impact, though contained better than initially feared.
  • HMEL debt is ~₹35,000-36,000 crore and HRL debt is ~₹40,000 crore, with consolidated debt-equity at 1.8, posing refinancing risk.
  • Russian crude sourcing was only 5% in Q2, but any supply disruption could impact margins; management downplayed the risk.
  • Current petrochemical spreads are weak, which could delay returns from the Barmer petchem project; management is focusing on niche grades to mitigate.

Key quotes

  • In the first two quarters of this year, we have earned more PAT than we earned in whole of last year.
  • We are revising our target to a sub one now in terms of debt equity ratio by end of this year.
  • The unlocking can happen at any time but for the moment we want to build that business further.

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