LPG under-recovery rising sharply
Under-recovery expected to increase to ~₹95/cylinder in January and ~₹120/cylinder thereafter due to higher Saudi CP prices.
HINDPETRO / Q3-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
Potential excise duty changes on auto fuels
Persistent market speculation about excise duty hikes could weigh on investor sentiment, though management views it as unlikely.
Mumbai refinery incident residual costs
The contamination incident caused a ~$3.5/bbl GRM impact and additional transportation costs; full financial impact may not be final.
Rajasthan refinery cost overrun risk
Project cost estimated at ~₹80,000 crore; management expects no further escalation but final approvals pending.