Standalone PAT (FY26)
₹17,175 Cr
+133% YoY
Full-year profit more than doubled, surpassing previous best by 17%.
HINDPETRO
Energy
14 May 2026
Hindustan Petroleum Corp Ltd — Q4 FY26
HPCL delivered a strong Q4 FY26 with standalone PAT of ₹4,901 crore (+46% YoY), driven by robust Jan-Feb momentum and lagged crude benefits in March.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
HPCL delivered a strong Q4 FY26 with standalone PAT of ₹4,901 crore (+46% YoY), driven by robust Jan-Feb momentum and lagged crude benefits in March. Full-year standalone PAT of ₹17,175 crore (133% YoY) was 17% above the previous best. Key drivers included cost savings of ₹1,691 crore under the Samriddhi program, tight working capital management reducing debt by ₹15,724 crore to ₹47,599 crore, and lower interest costs. The Barmer refinery (HRRL) commissioning was delayed by a minor fire but is expected to achieve COD shortly, with ramp-up to 60% capacity in June. The new RFCC unit at Mumbai refinery is stabilizing after catalyst clogging issues. However, Q1 FY27 is expected to be very tough due to high crude prices and product price caps, with management acknowledging losses but declining to quantify. The key risk is prolonged geopolitical turmoil further squeezing margins and delaying the recovery of marketing losses.
Key Numbers
Total Debt (Standalone)
₹47,599 Cr
-₹15,724 Cr YoY
Debt reduced sharply due to strong cash flows and working capital management.
Cost Savings (Samriddhi)
₹1,691 Cr
+₹191 Cr vs revised target
Exceeded revised guidance of ₹1,500 Cr; ₹744 Cr recurring.
Refining Throughput
26 MT
+3% YoY
Highest ever combined throughput from both refineries.
Management Guidance
Barmer refinery COD in Q1 FY27
Expect to achieve COD shortly, operate at 60% capacity in June, full ramp-up from Q2.
Management guidance expansionRFCC unit full ramp-up in 1-2 months
After catalyst clogging, unit is back on stream; full benefits expected from end of Q1 or Q2.
Management guidance growthQ1 FY27 expected to be loss-making
Management guided that Q1 will be very tough with losses due to high crude and low product prices.
Management guidance revenueCapex flexibility in FY27
Projected capex slightly lower than FY26; discretionary spends deferred; committed capex continues.
Management guidance capexKey Risks
Prolonged geopolitical crisis
Continued supply disruptions and high crude prices could deepen losses and delay recovery.
high · management_commentaryLPG under-recoveries escalating
LPG loss per cylinder rose from ₹84 in Q4 to ₹170 in April and ₹670 in May, straining finances.
high · analyst_questionBarmer refinery startup delays
Fire incident on April 20 delayed commissioning; any further setbacks could impact self-sufficiency.
medium · management_commentaryNo forward guidance on losses
Management declined to quantify daily loss rate, leaving uncertainty for investors.
medium · analyst_questionNotable Quotes
We are fully secured on the crude supply, we are very comfortable on the supply side.
In this moment of crisis, there were three oil companies who were standing with the Indian consumers. They were the three OMCs.
We are not going to give any forward-looking guidance on this because it's just too volatile to give a guidance.
Frequently Asked Questions
What was HPCL's revenue in Q4 FY26?
HPCL reported revenue of ₹1,14,937 Cr in Q4 FY26, representing a +4.5% change compared to the same quarter last year.
What guidance did HPCL management give for FY27?
Barmer refinery COD in Q1 FY27: Expect to achieve COD shortly, operate at 60% capacity in June, full ramp-up from Q2. RFCC unit full ramp-up in 1-2 months: After catalyst clogging, unit is back on stream; full benefits expected from end of Q1 or Q2. Q1 FY27 expected to be loss-making: Management guided that Q1 will be very tough with losses due to high crude and low product prices. Capex flexibility in FY27: Projected capex slightly lower than FY26; discretionary spends deferred; committed capex continues.
What are the key risks for HPCL in FY27?
Key risks include Prolonged geopolitical crisis — Continued supply disruptions and high crude prices could deepen losses and delay recovery.; LPG under-recoveries escalating — LPG loss per cylinder rose from ₹84 in Q4 to ₹170 in April and ₹670 in May, straining finances.; Barmer refinery startup delays — Fire incident on April 20 delayed commissioning; any further setbacks could impact self-sufficiency.; No forward guidance on losses — Management declined to quantify daily loss rate, leaving uncertainty for investors..
Did HPCL meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full HPCL Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.