What was HPCL's revenue in Q4 FY26?

HPCL reported revenue of ₹1,14,937 Cr in Q4 FY26, a +4.5% change year-over-year.

Did HPCL management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

HPCL Q4 FY26 Research Workspace: Revenue ₹1,14,937 Cr (+4.5%)

Q: What guidance did HPCL management give?

Barmer refinery COD in Q1 FY27: Expect to achieve COD shortly, operate at 60% capacity in June, full ramp-up from Q2.

Revenue ₹1,14,937 Cr +4.5%

EBITDA —

PAT ₹6,065 Cr +46%

EBITDA Margin 8%

Duration 86 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute 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.

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Risk Intelligence

Prolonged geopolitical crisis

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Quarter Snapshot

Standalone PAT (FY26) ₹17,175 Cr

+133% YoY

Full-year profit more than doubled, surpassing previous best by 17%.

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.

Fast read

Guidance and risk preview

Top guidance Barmer refinery COD in Q1 FY27

Expect to achieve COD shortly, operate at 60% capacity in June, full ramp-up from Q2.

Top risk Prolonged geopolitical crisis

Continued supply disruptions and high crude prices could deepen losses and delay recovery.