Hindustan Petroleum Corporation reported a consolidated net loss of ₹12,265 crore for the quarter ended June 30, 2026, marking a sharp reversal from the net profit of ₹4,111 crore recorded in the corresponding period of the previous year. The significant decline was primarily attributed to increased operational costs, despite resilient performance in its refining and marketing segments. Revenue from operations for the quarter increased to ₹1,45,126 crore from ₹1,20,135 crore in Q1FY26, reflecting higher throughput and improved margins. In a filing dated July 29, 2026, HPCL submitted the transcript of its earnings conference call held on July 23, 2026, to BSE and NSE in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The standalone financial results mirrored the consolidated trend, with the company reporting a net loss of ₹11,526 crore for Q1FY27 compared to a net profit of ₹4,371 crore in the same quarter last year. A key driver for the revenue growth was the substantial improvement in refining margins. The Average Gross Refining Margin (GRM) before Export Cess for the quarter stood at US $23.80 per barrel, a significant increase from US $3.08 per barrel in the corresponding previous period.

Operational Highlights

HPCL’s refineries recorded a crude throughput of 6.52 MMT during Q1FY27, operating at 107% of capacity. The Visakh Refinery operated at 106% capacity with a throughput of 3.97 MMT, while the Mumbai Refinery operated at 108% capacity with a throughput of 2.55 MMT. Total sales volume, including exports, reached 13.12 MMT, representing a 0.6% increase year-on-year. The combined sale of Petrol (MS) and Diesel (HSD) grew by 8.1% to 8.8 MMT, indicating strong demand in core fuel segments.

Strategic Developments

Capital expenditure for Q1FY27 was ₹1,734 crore, focused on strengthening refining and marketing infrastructure. A major milestone was achieved when HPCL Rajasthan Refinery Limited (HRRL) declared scheduled commercial operation on June 22, 2026. Additionally, the company received in-principle approval from the Gujarat Maritime Board for all-weather operations of the HPLNG Chhara Terminal. HPCL also launched Samriddhi 2.0, an enterprise-wide programme targeting an EBITDA improvement of ₹1,500 crore, with ₹1,000 crore targeted as accrual for FY27.

Hindustan Petroleum Corporation Limited has appointed Smt. Srividya Venkataraman as its Director – Finance and Chief Financial Officer (CFO) effective July 07, 2026. The Board of Directors approved the appointment during a meeting held on the same day, replacing Shri K Vinod, who served as Executive Director - Corporate Finance & Additional Charge of Treasury. This leadership change aims to strengthen the company's financial management and strategic oversight in the energy sector.

The appointment was communicated to the stock exchanges in accordance with Regulation 30 read with Schedule III Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Venkataraman is not related to any of the Directors of the company. Consequent to the appointment, the company has updated the list of Key Managerial Personnel authorized to determine the materiality of events and make disclosures to the Stock Exchanges.

Venkataraman is a Chartered Accountant and Cost & Works Accountant with over three decades of experience in the Indian energy sector. Prior to joining Hindustan Petroleum Corporation Limited , she served as Executive Director - Corporate Treasury at Bharat Petroleum Corporation Limited (BPCL). Her previous responsibilities included managing Treasury, Insurance, Investor Relations, Pension Fund Investments, Pricing, and Taxation.

During her tenure at BPCL, Venkataraman played a key role in mobilizing project finance exceeding ₹30,000 crore for strategic growth initiatives. She also contributed to the implementation of government schemes such as the Direct Benefit Transfer (DBT) scheme and the Pradhan Mantri Ujjwala Yojana (PMUY) during her time in the LPG business. Her experience includes leading landmark financial initiatives like BPCL's maiden international bond issuance and large-scale external commercial borrowings.