Chlorine contamination incident impact
A chlorine contamination in one crude cargo caused partial refinery shutdown and ~₹150 crore impact, though contained better than initially feared.
HINDPETRO / Q2-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
medium
Elevated debt at subsidiaries HMEL and HRL
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.
Crude price volatility and Russian crude dependency
Russian crude sourcing was only 5% in Q2, but any supply disruption could impact margins; management downplayed the risk.
Petrochemical downturn affecting new projects
Current petrochemical spreads are weak, which could delay returns from the Barmer petchem project; management is focusing on niche grades to mitigate.