Hindustan Petroleum Corporation (HINDPETRO) Q3 25/26 earnings summary

Executive summary

• Commissioned the RUF project at Visakh using LC-MAX technology, marking a global first in deep conversion and targeting 93% conversion.

• Barmer refinery commissioning is underway, with first products expected in February and full ramp-up by Q1 next year; petrochemicals to follow a quarter later.

• Signed a 10-year, 5 MTPA Brent-linked gas supply agreement with ADNOC, enhancing long-term feedstock security.

• Over 100 years of operations with a diversified portfolio in refining, marketing, natural gas, renewables, and R&D, holding Maharatna status.

• Largest lube refinery in India, second largest retail network, and significant LPG market share.

Financial highlights

• Q3 FY26 standalone net profit was ₹4,072.49 crore, up from ₹2,569.19 crore in Q3 FY25; nine-month net profit was ₹12,273.73 crore, up from ₹4,101.92 crore year-over-year.

• FY 2024-25 revenue from operations reached ₹4,66,346 crore, with highest ever refinery throughput (25.3 MMT), pipeline throughput (26.9 MMT), and market sales (49.8 MMT).

• Refinery throughput at 6.38 MMT in Q3 FY26, 103% utilization; GRM at $8.85/bbl, impacted by Mumbai refinery incident.

• Significant cash generation (~INR 25,000 crore) enabled deleveraging; leverage reduced from 1.37x to 0.86x.

• EBITDA for FY 2024-25 stood at ₹16,772 crore, with net worth at ₹49,753 crore.

Outlook and guidance

• Refining capacity to increase from 35.8 MMTPA in 2024-25 to 45.3 MMTPA by 2027-28, driven by HRRL and HMEL expansions.

• Expect full benefits from Visakh and Barmer projects to flow into P&L in FY27–28.

• Net zero Scope 1 & 2 emissions targeted by 2040, with ₹60,000 crore investment planned for emission reduction.

• CapEx for FY26 expected to be slightly below INR 15,000 crore budget, with future investments spread across refining, marketing, and new energy.

• Samriddhi 2.0 efficiency program to launch, targeting deeper operational improvements with external support.