Hindustan Petroleum Corporation Limited has announced a special window period for shareholders to lodge transfer requests of physical shares, following regulatory directives from the Securities and Exchange Board of India (SEBI). The initiative addresses concerns of shareholders who previously missed transfer deadlines due to various procedural challenges.

Regulatory Background and Timeline

The special window has been established pursuant to SEBI circulars dated July 02, 2025 and January 30, 2026. This follows earlier public notices issued by the company on July 11, 2025, September 17, 2025, and November 14, 2025, indicating ongoing efforts to address shareholder transfer requirements.

Eligible Shareholders

The special window caters to two specific categories of shareholders who faced challenges with physical share transfers:

• Category A: Shareholders who missed lodging transfer requests for physical shares that were sold or purchased prior to April 01, 2019
• Category B: Shareholders who lodged transfer deeds before the April 01, 2019 deadline but had their applications rejected, returned, or left unattended due to document deficiencies or procedural issues, and subsequently missed re-lodging before the March 31, 2021 cut-off date

Transfer Process and Requirements

During this special window period, approved share transfers will be issued exclusively in demat mode. The company has emphasized that due process will be followed for all transfer-cum-demat requests to ensure compliance with regulatory requirements.

Shareholders are required to submit their requests through the company's official registrar and share transfer agent, MUFG Intime India Private Limited (formerly Link Intime India Private Limited).

Contact Information for Transfer Requests

Company Information

The public notice was signed by Rakesh Kumar Singh, Company Secretary of Hindustan Petroleum Corporation Limited, dated March 23, 2026. The company, identified as a Maharatna enterprise, maintains its registered office at 17, Jamshedji Tata Road, Mumbai - 400020.

The notice has been published in various newspapers and is also available on the company's official website at www.hindustanpetroleum.com for shareholder reference and compliance purposes.

Hindustan petroleum Corporation Limited faces mounting pressure from multiple brokerages as analysts slash target prices and maintain cautious ratings amid rising crude oil prices and sector-wide challenges.

Multiple Brokerage Downgrades

Two major investment firms have taken bearish stances on Hindustan Petroleum Corporation Limited. HSBC has downgraded the stock to Hold from its previous rating, while Kotak Institutional Equities has reiterated its Sell recommendation with a significantly reduced target price.

Kotak's Revised Oil Assumptions

Kotak Institutional Equities has updated its oil price forecasts, incorporating higher assumptions that significantly impact OMC valuations. The brokerage now expects crude oil prices at $85 per barrel for FY27 and $75 per barrel for FY28, reflecting concerns over sustained elevated energy costs.

Key Risk Factors Identified

Kotak highlights several critical challenges facing the oil marketing sector:

• Geopolitical Risks: West Asia and Strait of Hormuz tensions creating supply uncertainties
• Pricing Constraints: Lack of retail pricing freedom forcing OMCs to absorb higher costs
• Cost Pressures: Rising crude, freight, and insurance expenses impacting margins
• Supply Issues: LPG shortages limiting companies' ability to implement fuel price hikes
• Margin Erosion: Weakening earnings destroying previously built marketing margin buffers

Sector-Wide Challenges

Both brokerages cite elevated crude oil prices as a fundamental concern for Oil Marketing Companies. HSBC points to crude trading around $75 per barrel, while Kotak's higher assumptions suggest continued pressure on the sector. The higher crude environment creates multiple headwinds including marketing losses, sharp earnings cuts, and multiple compression affecting valuations.

Market Outlook

The significant target price reductions from both HSBC (42% cut) and Kotak (30% cut) reflect the challenging operating environment for oil marketing companies. The lack of retail pricing freedom particularly constrains companies' ability to pass through higher input costs to consumers, forcing them to absorb margin pressure during periods of elevated crude oil prices.