HPCL in FY 2025-26: Scale, Capex discipline, and a Net Zero clock running to 2040

Revenue from operations was INR 1,45,126 crore and standalone net loss after tax was INR 11,526 crore. Consolidated net loss after tax was INR 12,265 crore.

Gross Refining Margin before export cess was reported at US$ 23.80 per barrel for Q1 FY27.

Refinery crude throughput was 6.52 MMT with about 107% utilization, and pipeline throughput was 6.61 MMT. Total sales including exports were 13.12 MMT.

Management stated the LPG loss averaged INR 510 per cylinder for the quarter, with June at INR 680 per cylinder and July at INR 490 per cylinder.

Scheduled commercial operation was declared on 22 June 2026. Management stated CDU is running around 60% utilization, expects full capacity in Q3 for the refinery section, and expects petrochemicals by end of the financial year.

Samriddhi 2.0 is HPCL’s enterprise-wide EBITDA improvement program. The company stated a target of INR 1,500 crore EBITDA improvement, with INR 1,000 crore targeted as accrual for FY27.

Management highlighted balance sheet improvement, capex control, interest cost reduction, profitability improvement via Samriddhi 2.0, retail performance via Abhyuday 2.0, refinery optimization, and digital transformation initiatives.