Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,190.00 last close on 23 Oct 2026 +0.46%
Research updated
Hindustan Petroleum Corporation Limited
NSE: HINDPETROEnergyOil & Gas Refining & Marketing
- Last close
- ₹338.30
- Day change
- −₹2.50 (−0.73%)vs
- Market cap
- ₹72,516 crIndian rupees
- Research updated
- 3 reports
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About Hindustan Petroleum Corporation
Hindustan Petroleum Corporation Limited is a prominent Indian company engaged in the business of refining and marketing petroleum products. As one of the major players in India's energy sector, it operates through an extensive network of refineries, pipelines, and distribution infrastructure. The company is crucial for energy supply chains, processing crude oil into essential fuels like petrol, diesel, and kerosene, which significantly impact both industrial and domestic sectors. Apart from refining, Hindustan Petroleum has a substantial presence in the marketing domain with a widespread network of fuel stations across the country. Additionally, it is involved in the natural gas sector and petrochemicals, contributing to diversified applications in sectors like manufacturing, agriculture, and transportation. Founded in 1974 and headquartered in Mumbai, Hindustan Petroleum plays a vital role in supporting India's economic activities and development goals by ensuring energy security and resilience.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: HINDPETRO
- Employees
- 8,256
- Headquarters
- Mumbai, India
- ISIN
- INE094A01015
- Website
- hindustanpetroleum.com
Public research · Report of
Business model & financial foundation
HPCL (NSE: HINDPETRO), Integrated petroleum refining and marketing: revenue of ₹4,41,771 crore in FY26 (+1.8% on FY25), an EBITDA margin of 6.9%, net profit of ₹18,047 crore and net debt of ₹52,733 crore.
- Revenue, FY26 (₹ crore)
- 4,41,771
- consolidated
- Revenue growth, FY26
- +1.8%
- on FY25
- EBITDA margin, FY26
- 6.9%
- EBITDA (Operating EBITDA on issuer cost stack) / revenue
- Net profit, FY26 (₹ crore)
- 18,047
- to owners
- Return on equity, FY26
- 30.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 52,733
- Net debt incl leases less cash and liquid investments
- Market capitalisation (₹ crore)
- 72,516
- at the close of 22 Oct 2026
Company profile
HPCL refines crude at Mumbai and Visakhapatnam and sells petroleum products through a national distribution network. Marketing volumes exceed own refinery throughput, making purchased-product margins and retail-price pass-through decisive. Large equity-accounted refinery investments add earnings and funding exposure without adding line-by-line statutory throughput or EBITDA.
| Item | Value |
|---|---|
| Legal name | Hindustan Petroleum Corporation Limited |
| Exchange and ticker | NSE: HINDPETRO; BSE: 500104 |
| ISIN | INE094A01015 |
| CIN | L23201MH1952GOI008858 |
| Sector | Energy |
| Industry | Integrated petroleum refining and marketing |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S K Patodia & Associates LLP; Batliboi & Purohit |
| Market capitalisation | ₹72,516 crore (22 Oct 2026) |
| Shares outstanding | 212.78 crore shares (FY26) |
| Price | ₹340.8 (close, 22 Oct 2026) |
| 52-week range | ₹316.2 - ₹508.5 (to 22 Oct 2026) |
| Website | https://www.hindustanpetroleum.com |
Corporate structure and shareholding
Parent: Oil and Natural Gas Corporation Limited.
| Entity | Holding | Business |
|---|---|---|
| HPCL Biofuels Limited | 100% | Biofuels |
| Prize Petroleum Company Limited | 100% | Upstream interests |
| HPCL Middle East FZCO | 100% | International trading |
| HPCL LNG Limited | 100% | Chhara LNG terminal |
| HPCL Renewable & Green Energy Limited | 100% | Renewable and green-energy businesses |
| HPCL Rajasthan Refinery Limited | 74% | 9MMTPA refinery and 2.4MMTPA petrochemicals; statutory equity-accounted JV |
ONGC holding 54.90%; HMEL 48.99% and MRPL 16.96% are equity-accounted interests. Legal subsidiary classification must not determine consolidation method.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|
The promoter holding pledged is a share of the promoter's own holding.
Business model
HPCL is an integrated Indian OMC with Mumbai and Visakh refineries and a nationwide marketing network. Marketing volume is larger than owned refining throughput, so group earnings turn on purchased-product economics, retail-price pass-through and working capital as much as on reported GRM. HRRL is equity accounted: its statutory contribution is share of associate/JV profit, not line-by-line EBITDA.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Downstream Petroleum (only reportable segment) | 4,78,519 | 99.9% | 24,090 | 101.3% | 1,96,842 | 96.9% |
| Others; assets/liabilities include Unallocated-Corporate | 474.8 | 0.1% | -315.7 | -1.3% | 6,198 | 3.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Petroleum Corporation (BPCL) | Closest PSU integrated refining and retail-marketing comparator. |
| Indian Oil Corporation (IOC) | PSU refining, marketing and pipelines; policy exposure. |
| Mangalore Refinery and Petrochemicals (MRPL) | Refining-cycle comparator; less retail-marketing exposure. |
| Chennai Petroleum Corporation (CHENNPETRO) | Pure refining economics; not integrated OMC equivalent. |
| Reliance Industries (RELIANCE) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating revenue net of excise | 4,33,857 | 4,34,106 | 4,41,771 | ||
| Cost of revenue (vendor classification) * | 3,26,862 | 4,32,185 | 3,93,963 | 4,01,053 | 3,94,049 |
| Other operating costs (vendor classification) * | 12,892 | 14,878 | 16,157 | 20,079 | 18,329 |
| EBITDA (vendor classification) * | 13,853 | -3,208 | 28,694 | 18,519 | 34,256 |
| Operating EBIT excluding other income and associates | 9,948 | -7,972 | 19,331 | 10,397 | 23,285 |
| Finance costs expensed | 2,556 | 3,365 | 3,396 | ||
| PBT including equity-accounted associates and JVs | 20,500 | 9,000 | 23,638 | ||
| Total tax expense incl earlier-year adjustments | 1,849 | -3,004 | 4,486 | 2,264 | 5,591 |
| Consolidated profit/(loss) for year | 7,294 | -6,980 | 16,015 | 6,736 | 18,047 |
| Diluted EPS bonus adjusted (₹) | 34.24 | -32.81 | 75.26 | 31.66 | 84.81 |
| Materials, purchases and inventory changes | 3,87,552 | 3,94,899 | 3,85,397 | ||
| Employee benefits expense | 3,470 | 3,381 | 3,372 | ||
| Other expenses | 17,907 | 19,275 | 22,369 | ||
| Operating EBITDA on issuer cost stack | 24,928 | 16,551 | 30,633 | ||
| Other income | 1,917 | 2,088 | 2,256 | ||
| Depreciation, amortisation and impairment | 5,596 | 6,154 | 7,347 | ||
| Exceptional items income/(expense), signed | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to noncontrolling interests | 0.00 | 0.00 | 0.00 | ||
| Share of JV and associate profit/(loss), net of tax | 1,808 | -119.6 | 1,493 | ||
| Profit/(loss) attributable to equity owners | 16,015 | 6,736 | 18,047 | ||
| Basic EPS (₹) | 31.66 | 84.81 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 41,404 | 32,263 | 46,921 | 51,144 | 65,556 |
| Borrowings including lease liabilities | 66,684 | 70,558 | 55,964 | ||
| Cash and cash equivalents per balance sheet | 233.9 | 518.5 | 279.9 | 166.2 | 124.3 |
| Trade receivables net | 6,340 | 6,832 | 9,324 | 11,781 | 7,404 |
| Inventories net of NRV write-down | 35,515 | 29,575 | 34,211 | 38,325 | 39,559 |
| Trade payables MSME plus other creditors | 26,477 | 22,913 | 27,300 | 29,800 | 31,194 |
| Net property plant and equipment incl ROU | 78,372 | 84,767 | 98,981 | ||
| Capital work in progress excluding IAUD | 20,048 | 17,935 | 7,894 | ||
| Total consolidated assets | 1,54,629 | 1,61,921 | 1,82,768 | 1,94,745 | 2,03,039 |
| Net debt incl leases less cash and liquid investments | 61,221 | 67,140 | 52,733 | ||
| Current and noncurrent lease liabilities | 3,871 | 4,129 | 5,066 | ||
| Current and noncurrent borrowings excluding leases | 62,813 | 66,429 | 50,899 | ||
| Bank balances other than cash equivalents | 193.6 | 87.6 | 46.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | 23,852 | 14,231 | 36,111 | ||
| Free cash flow (vendor definition) * | 3,465 | -12,913 | 13,781 | 4,653 | 27,779 |
| Cash dividends paid positive outflow | -3,223 | -1,986 | 2,131 | 2,336 | 3,298 |
| Cash purchase PPE incl CWIP, positive outflow | -12,028 | -9,344 | 10,071 | 9,577 | 8,331 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted average shares bonus adjusted | 213.03 | 212.78 | 212.78 | 212.78 | 212.78 |
| HPCL reported EBITDA incl other income and JV share | 28,653 | 18,519 | 34,381 | ||
| Cash conversion CFO after tax to owners PAT | 1.49x | 2.11x | 2.00x | ||
| Net debt including leases / operating EBITDA (x) | 2.46x | 4.06x | 1.72x | ||
| Operating EBIT divided by finance costs (x) | 7.56x | 3.09x | 6.86x |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations and other operating revenue | 1,10,610 | 1,09,633 | 1,10,825 | 1,00,856 | 1,15,153 | 1,14,937 | 1,40,584 | 1,39,114 |
| Cost of revenue (vendor classification) * | 99,953 | 99,662 | 99,225 | 1,03,572 | 1,00,464 | 1,53,063 | ||
| EBITDA (vendor classification) * | 4,439 | 5,095 | 6,364 | 6,051 | 8,664 | -17,352 | ||
| Operating EBIT excluding other income and associates | 4,450 | 4,165 | 5,968 | 5,240 | 5,324 | 6,754 | -18,000 | |
| Finance costs expensed | 930.7 | 756.9 | 817.1 | 824.2 | 734.0 | 1,020 | 818.4 | 1,259 |
| Profit before tax | 3,509 | 4,338 | 5,547 | 5,131 | 5,317 | 7,644 | -18,170 | 6,820 |
| Total tax expense incl earlier-year adjustments | 965.0 | 922.5 | 1,436 | 1,272 | 1,306 | 1,578 | -5,905 | 3,195 |
| Profit after tax | 2,544 | 3,415 | 4,111 | 3,859 | 4,011 | 6,065 | -12,265 | 3,625 |
| Diluted EPS (₹) | 11.95 | 16.06 | 19.32 | 18.14 | 18.85 | 28.50 | -57.64 | 17.04 |
| Other operating costs (vendor classification) * | 5,242 | 4,925 | 5,394 | 6,947 | ||||
| Materials, purchases and inventory changes | 98,436 | 98,038 | 97,621 | 87,872 | 1,01,897 | 98,007 | 1,51,186 | 1,19,331 |
| Employee benefits expense | 964.0 | 880.8 | 909.4 | 827.0 | 863.9 | 772.2 | 721.8 | 711.1 |
| Other expenses | 5,242 | 4,925 | 4,723 | 5,304 | 5,394 | 6,947 | 4,799 | 10,023 |
| Operating EBITDA on issuer cost stack | 5,968 | 5,788 | 7,572 | 6,852 | 6,998 | 9,211 | -16,122 | 9,048 |
| Other income | 453.5 | 581.0 | 507.4 | 522.3 | 606.5 | 620.0 | 618.9 | 461.9 |
| Depreciation, amortisation and impairment | 1,518 | 1,623 | 1,604 | 1,612 | 1,674 | 2,457 | 1,878 | 1,904 |
| Exceptional items income/(expense), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to noncontrolling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of JV and associate profit/(loss), net of tax | -464.5 | 348.9 | -111.3 | 192.8 | 121.0 | 1,290 | 29.4 | 472.8 |
| Profit attributable to owners | 2,544 | 3,415 | 4,111 | 3,859 | 4,011 | 6,065 | -12,265 | 3,625 |
| Basic EPS (₹) | 16.06 | 19.32 | 18.14 | 18.85 | 28.50 | -57.64 | 17.04 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 0.1% | 1.8% | |||
| EBITDA margin | 5.7% | 3.8% | 6.9% | ||
| Net margin | 3.7% | 1.6% | 4.1% | ||
| Return on equity | 40.4% | 13.7% | 30.9% | ||
| Return on capital employed | 17.0% | 8.8% | 19.1% | ||
| Return on assets | 9.3% | 3.6% | 9.1% | ||
| Net debt (₹ crore) | 61,221 | 67,140 | 52,733 | ||
| Net debt / EBITDA | 2.46x | 4.06x | 1.72x | ||
| Interest cover | 7.56x | 3.09x | 6.86x | ||
| Asset turnover | 2.52x | 2.30x | 2.22x | ||
| Receivable days | 8 | 10 | 6 | ||
| Inventory days (on revenue) | 29 | 32 | 33 | ||
| Payable days (on revenue) | 23 | 25 | 26 | ||
| Cash conversion | 1.49x | 2.11x | 2.00x | ||
| Capex intensity | 2.3% | 2.2% | 1.9% | ||
| Free cash flow (₹ crore) | 13,781 | 4,653 | 27,779 | ||
| Dividend payout | 13.3% | 34.7% | 18.3% | ||
| EPS, diluted (₹) | 34.24 | -32.81 | 75.26 | 31.66 | 84.81 |
| Book value per share (₹) | 194.4 | 151.6 | 220.5 | 240.4 | 308.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA on issuer cost stack) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less cash and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA on issuer cost stack).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS bonus adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Hindustan Petroleum Corporation includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Hindustan Petroleum Corporation
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.