Hindustan Petroleum Corporation Ltd (BSE: 500104 / NSE: HINDPETRO) reported consolidated profit after tax of ₹2,229 crore for the quarter ended December 2025, compared with ₹5,317 crore in the same period a year earlier, according to its quarterly financial results. Revenue from operations stood at ₹1.12 trillion for the quarter, compared with ₹1.17 trillion in Q3 FY25. For the nine months ended December 2025, consolidated profit was ₹8,910 crore and revenue from operations was ₹3. Connecticut trillion.
Business Overview
HPCL operates across refining, fuel marketing, pipelines, lubricants, LPG, aviation fuel, petrochemicals, natural gas, and renewable energy. As of December 2025, the company had refining capacity of 24.5 million metric tonnes per annum (MMTPA) and marketing rights over 35.8 MMTPA, including joint venture capacities. HPCL had a domestic market share of about 20.3% in petroleum products and accounted for 13.87% of India’s refining capacity.
Financial Performance
Standalone revenue from operations in Q3 FY26 declined year-on-year, while profit after tax decreased compared with the corresponding quarter of the previous year. For the nine-month period, consolidated profit after tax was ₹8,910 crore, compared with ₹15,954 crore in the same period of the previous year. EBITDA for the nine months ended December 2025 was ₹23,267 crore. Long-term debt stood at ₹38,025 crore and net worth at ₹55,014 crore.
Key financial indicators disclosed by the company include a debt-equity ratio of 0.69 and return on capital employed of 16.2% for the nine-month period.
Operating Metrics
HPCL reported market sales of 38.45 million tonnes for the nine months ended December 2025, compared with 49.82 million tonnes for FY2024-25. Gross refining margins were reported across refineries, with the joint venture HMEL refinery reporting $17.15 per barrel for the nine-month period.
Refinery throughput for the period was 19.61 million tonnes, while pipeline throughput was 19.06 million tonnes.
The company operated 24,572 retail outlets and served about 98 million LPG consumers as of December 2025.
Key Developments
HPCL highlighted ongoing investments in refining capacity expansion, petrochemicals, natural gas, biofuels, and renewable energy. The company plans to increase refining capacity from 35.8 MMTPA to 45.3 MMTPA by FY2027-28, including the Rajasthan refinery project with a capacity of 9 MMTPA.
The company disclosed cumulative investments of about ₹77,000 crore in capital expenditure and joint ventures over FY2024–FY2028.
Risks and Constraints
HPCL stated that its forward-looking statements are subject to risks related to economic conditions, regulatory changes, and operational factors that could affect results.
Outlook / Guidance
The company reiterated its focus on strengthening core refining and marketing businesses, expanding petrochemicals and gas operations, and advancing energy transition initiatives.