A meeting of the Board of Directors of Hindustan Petroleum Corporation Limited (HPCL) was held on July 22, 2026, commencing at 02:50 p.m. and concluding at 04:50 p.m. The Board approved the unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27).

A. Unaudited Financial Results

B. Additional Disclosures

  • Utilization of NCD Proceeds: Disclosure under Regulation 52(7) and 52(7A) was provided, stating no NCDs were issued during April-June 2026, making it not applicable.
  • Security Cover Disclosure: A 'NIL' certificate was provided for Non-Convertible Debentures issued by the company under Regulation 54(3).
  • Statement of Deviation: Not applicable.
  • Default Disclosure: NIL defaults on loans/debt securities.

Standalone Financial Performance (₹ in Crore)

Income:

  • Sale of Products (Inc. Excise Duty): 1,44,530.72 (Q1 FY26: 1,19,580.27)
  • Other Operating Revenue: 595.50 (Q1 FY26: 554.79)
  • Other Income: 1,281.08 (Q1 FY26: 522.59)
  • Total Income: 1,46,407.30 (Q1 FY26: 1,20,657.65)

Expenses:

  • Cost of materials consumed: 63,562.06 (Q1 FY26: 36,542.67)
  • Purchases of stock-in-trade: 91,982.55 (Q1 FY26: 59,425.62)
  • Changes in inventories: (4,402.01) (Q1 FY26: 1,608.94)
  • Excise Duty: 4,640.86 (Q1 FY26: 9,367.66)
  • Employee benefits expense: 707.01 (Q1 FY26: 897.09)
  • Finance Costs: 765.13 (Q1 FY26: 749.34)
  • Depreciation/amortization/impairment: 1,821.24 (Q1 FY26: 1,549.13)
  • Other expenses: 4,776.56 (Q1 FY26: 4,691.31)
  • Total Expenses: 1,63,853.40 (Q1 FY26: 1,14,831.76)

Profit/(Loss):

  • Profit/(Loss) before tax: (17,446.10) (Q1 FY26: 5,825.89)
  • Tax Expense: (5,919.69) (Q1 FY26: 1,455.02)
  • Net Profit/(Loss) for the period: (11,526.41) (Q1 FY26: 4,370.87)
  • Total Comprehensive Income/(Loss): (12,332.76) (Q1 FY26: 4,575.87)

Per Share Data:

  • Basic & Diluted EPS (₹): (54.17) (Q1 FY26: 20.54)
  • Paid-up Equity Share Capital: 2,127.82

Physical Performance (MMT):

  • Crude Throughput: 6.52 (Q1 FY26: 6.66)
  • Market Sales - Domestic: 12.24 (Q1 FY26: 12.26)
  • Market Sales - Exports: 0.88 (Q1 FY26: 0.78)
  • Pipeline Throughput: 6.61 (Q1 FY26: 6.70)

Key Notes to Standalone Results

1. Results reviewed by Audit Committee and approved by the Board on July 22, 2026.

2. Supplementary audit for FY26 is being carried out by C&AG under Section 143(6) of the Companies Act, 2013.

3. Gross Refining Margin (GRM): $23.80 per BBL for Q1 FY27, up from $3.08 per BBL in Q1 FY26. This is before the impact of Special Additional Excise Duty and Road & Infrastructure Cess on exports. Profitability was impacted by suppressed marketing margins on certain petroleum products.

4. LPG Compensation: The Ministry of Petroleum & Natural Gas (MoPNG), via letters dated October 3 and 24, 2025, conveyed a compensation of ₹7,920 crore for under-recoveries on domestic LPG sales up to March 31, 2026. This is disbursed in 12 equal monthly installments from November 2025. For April-June 2026, three installments aggregating ₹1,980 crore were recognized under 'Sale of Products'.

  • The cumulative negative buffer (unrecognized) as of June 30, 2026, is ₹16,405.92 crore (March 31, 2026: ₹12,798.67 crore; June 30, 2025: ₹13,042.56 crore).

5. Other expenses include a loss of ₹15.21 crore on foreign currency transactions/translations (Q1 FY26: ₹72.39 crore loss).

6. The Q4 FY26 figures represent the difference between audited full-year and unaudited nine-month figures.

7. Governance: The company did not have the required number of independent directors on its Board as stipulated by SEBI Listing Regulations from April 1, 2026, to June 30, 2026.

Consolidated Financial Performance (₹ in Crore)

Income:

  • Total Income: 1,45,844.01 (Q1 FY26: 1,20,700.34)

Profit/(Loss):

  • Profit/(Loss) before tax: (18,170.07) (Q1 FY26: 5,546.62)
  • Net Profit/(Loss) for the period: (12,264.67) (Q1 FY26: 4,110.93)
  • Total Comprehensive Income/(Loss): (12,847.28) (Q1 FY26: 4,347.07)
  • Basic & Diluted EPS (₹): (57.64) (Q1 FY26: 19.32)

Segment-wise Performance (Consolidated)

  • Downstream Petroleum Revenue: 1,45,127.41
  • Downstream Petroleum Result (PBT): (17,712.65)
  • Other Segment Revenue: 183.72
  • Other Segment Result (PBT): (26.90)

Auditors' Review

The auditors issued an unmodified review conclusion. Key qualifications/emphasis:

  • The financial results of the Visakh Refinery (Branch) were reviewed by the Branch Auditor. It contributed revenues of ₹36,502.25 crore and a net loss of ₹2,635.96 crore.
  • The results include the company's share in 17 unincorporated Joint Operations (₹0.72 crore expense, ₹0.38 crore income) based on unreviewed information.
  • The results of 1 subsidiary, 1 associate, and 5 joint ventures were reviewed by other auditors.
  • The results of 4 subsidiaries, 2 associates, and 7 joint ventures were included based on unreviewed management-certified information.