Financial Performance

Revenue from Operations

  • Q2 FY27: ₹1,39,140 crore (compared to ₹1,10,323 crore in Q2 FY26)
  • H1 FY27: ₹2,84,267 crore (compared to ₹2,30,458 crore in H1 FY26)

Gross Refining Margin (before Export Cess)

  • Q2 FY27: US$32.15 per barrel (compared to US$8.80 per barrel in Q2 FY26)
  • H1 FY27: US$27.89 per barrel (compared to US$5.95 per barrel in H1 FY26)

Standalone Profit/Loss After Tax

  • Q2 FY27: Net Profit ₹3,483 crore (compared to PAT ₹3,830 crore in Q2 FY26)
  • H1 FY27: Net Loss ₹(8,044) crore (compared to PAT ₹8,201 crore in H1 FY26)

Consolidated Profit/Loss After Tax

  • Q2 FY27: Net Profit ₹3,625 crore (compared to PAT ₹3,859 crore in Q2 FY26)
  • H1 FY27: Net Loss ₹(8,639) crore (compared to PAT ₹7,970 crore in H1 FY26)

Operational Performance

Refining Performance

Q2 FY27:

  • Total crude throughput: 6.20 MMT
  • Overall capacity utilization: 100%
  • Visakh Refinery: 3.60 MMT (95% capacity utilization)
  • Mumbai Refinery: 2.60 MMT (109% capacity utilization)

H1 FY27:

  • Total crude throughput: 12.72 MMT
  • Overall capacity utilization: 104%
  • Visakh Refinery: 7.57 MMT (101% capacity utilization)
  • Mumbai Refinery: 5.15 MMT (108% capacity utilization)

Marketing and Sales Performance

Q2 FY27 Sales (including exports): 12.73 MMT (5.5% YoY growth)

  • Domestic Sales Growth: 4.9%
  • Combined Petrol (MS) and Diesel (HSD) sales: 7.78 MMT (10.0% YoY growth)
  • Total LPG sales: 2.03 MMT
  • Pipeline Throughput: 6.99 MMT

H1 FY27 Sales (including exports): 25.85 MMT (2.9% YoY growth)

  • Domestic Sales Growth: 2.3%
  • Combined Petrol (MS) and Diesel (HSD) sales: 16.55 MMT (9.0% YoY growth)
  • Total LPG sales: 3.76 MMT
  • Pipeline Throughput: 13.83 MMT

Strategic Investments and Infrastructure Development

Capital Expenditure

  • Q2 FY27: ₹2,085 crore
  • H1 FY27 cumulative: ₹3,819 crore
  • Focus areas: Strengthening refining and marketing infrastructure, improving operating efficiencies

HPCL Rajasthan Refinery Limited (HRRL) Updates

  • Long-term credit rating upgraded from AA to AA+ with Stable outlook by CRISIL Ratings
  • Debt arrangement of ₹51,970 crore refinanced/repriced with lenders at lower cost

Infrastructure Projects

  • 201-km LPG pipeline from Haldia to Panagarh in West Bengal mechanically completed (currently in pre-commissioning stage)
  • Commissioned Open Access Fuel Farm facility at Bhogapuram Airport and commenced refuelling operations

Network Expansion and Outreach (as of September 30, 2026)

  • Retail Outlets: 25,245
  • LPG Distributors: 6,394
  • PNG Connections: 77,984

New Initiatives

Project Samriddhi 2.0

  • EBITDA improvement program accruals during 1HFY27: ₹327 Crore (US$0.18/bbl)

Research and Development

  • HP Green R&D Centre has filed 800 patents total, with 339 patents granted

Technology Innovation

  • Commissioned India's first Refinery Blue Hydrogen unit in Visakh Refinery (based on patented Higas Technology and HP Novel Amine)

Product Launches and Partnerships

  • Launched HP Navya 10 kg Composite LPG Cylinder
  • Partnered with Swiggy Instamart to enter Q-Commerce ecosystem (released 0.36 lakh new connections till September 2026)
  • Expanded Lubricants business to Turkey and Sudan, reaching 35 countries worldwide

Sustainability and Energy Transition

Retail Energy Transition (as of September 30, 2026)

  • CNG Outlets: 2,296
  • Solarized Retail Outlets: 24,172 (96% of outlets powered by renewables)
  • EV Charging Stations: 5,880

HP Renewable & Green Energy Ltd. Progress

  • Secured Consent to Establish (CTE) from State Pollution Control Boards for 9 CBG projects
  • Secured awards for 4 MSW-based projects from Urban Local Bodies in Punjab and Bihar
  • Obtained CEA approval for 70 MWp Gaaliveedu Solar Project

Awards and Accolades

  • PNGRB Excellence Award for outstanding performance in CGD Customer Care and Service Delivery
  • PNGRB Excellence Award for Product Transporter of the Year (Mangalore Hassan Bangalore LPG pipeline and Awa-Salawas pipeline)
  • Silver Award at e4m Indian Digital Marketing Awards 2026 for 'Hyper Local Search Marketing for Retail Outlets'
  • Economic Times Brand Equity Martech+ awards 2026 recognition for HPCL Drive Truck plus (Retail Category)
  • ET MarTech+ Awards 2026 for HP Pay (Mobile Marketing Platform & App Innovation category) and Jury Recognition (Multi-Channel Marketing category)

Contextual Note

The results reflect resilient and robust performance by Refineries and Marketing divisions amidst the ongoing West Asia crisis.