Hindustan Petroleum Corporation (HINDPETRO) Q2 25/26 earnings summary

Executive summary

• Achieved H1 FY26 profit of INR 8,201 crore, up 731% year-over-year, surpassing last year's full-year PAT in just two quarters.

• Over 100 years of operations with a leading position in refining, pipelines, and retail in India.

• Recognized as a Maharatna company with a diversified portfolio across refining, marketing, natural gas, renewables, and R&D.

• Consistent quarterly profits above INR 3,000 crore for the last four quarters, with a 12-month running PAT of INR 14,579 crore.

• Interim dividend of ₹5 per equity share (50% of face value) declared, with record date set for November 6, 2025.

Financial highlights

• Standalone Q2 FY26 revenue: ₹1,10,868.49 crore; net profit: ₹5,118.85 crore; EPS: ₹18.00.

• H1 FY26 standalone net profit: ₹8,201 crore; consolidated H1 FY26 net profit: ₹7,970.23 crore.

• Q2 GRM at $8.8/bbl; H1 FY26 average GRM: $5.95/bbl.

• EBITDA for the last four quarters at INR 28,606 crore; estimated cash generation of INR 20,000 crore.

• Debt reduced from INR 63,323 crore (debt-equity 1.38) in March 2025 to INR 55,808 crore (debt-equity 1.07) in September 2025.

Outlook and guidance

• Targeting sub-1 debt-equity ratio by FY2026 end, revised from earlier 1.1 guidance.

• Refining capacity to increase from 35.8 MMTPA in 2024-25 to 45.3 MMTPA by 2027-28, driven by major projects like HRRL.

• Confident of achieving INR 40,000 crore EBITDA, with aspirations to exceed this as new projects come online.

• Net zero Scope 1 & 2 emissions targeted by 2040, with ₹60,000 crore investment in emission reduction and energy transition.

• Compensation of ₹7,920 crore to be received from the government for LPG under-recoveries, to be accrued monthly from November 2025.