HPCL Reports 206% Jump in 9M FY26 Profit on Strong Refining Margins

Mumbai, January 21, 2026 – Hindustan Petroleum Corporation Limited (HPCL) today unveiled a blockbuster set of financial and operational results for the quarter and nine months ending December 31, 2025. The company reported an unprecedented 206% year-on-year surge in standalone Profit After Tax (PAT) for the nine-month period, reaching ₹12,274 crore. This stellar performance was propelled by robust Gross Refining Margins (GRMs), record-high refinery throughput, and steady marketing growth.

Financial Performance Snapshot: A Surge in Profitability

Standalone Profit After Tax (PAT): ₹12,274 crore for 9M FY26 (vs. ₹4,010 crore in 9M FY25); ₹4,072 crore for Q3 FY26 (up 35% YoY).
Consolidated PAT: ₹11,982 crore for 9M FY26 (up 261% YoY); ₹4,011 crore for Q3 FY26.
Revenue from Operations: ₹3,54,941 crore for 9M FY26; ₹1,24,483 crore for Q3 FY26.
Gross Refining Margin (GRM): A strong US$ 8.85 per barrel in Q3 FY26 (vs. US$ 6.01 in Q3 FY25). The 9M FY26 average GRM stood at US$ 6.91/bbl.
Strengthened Balance Sheet: The standalone Debt-Equity Ratio improved to 0.89 as of December 31, 2025, from 1.07 at the end of September 2025.

Operational Milestones: Refining at Peak Efficiency

HPCL’s refineries operated at peak capacity, achieving the highest-ever crude throughput of 19.61 MMT during 9M FY26, a 5.8% increase. The Visakh Refinery operated at 108% of its enhanced capacity, while Mumbai Refinery ran at 104%.
A landmark achievement was the commissioning of the Residue Upgradation Facility (RUF) at Visakh Refinery. This is India's first hydrogen-based residue hydrocracking unit, featuring the world’s first and largest LC-Max technology. The facility enables an exceptional ~93% conversion of bottom-of-the-barrel residues into high-value distillates, significantly boosting refinery complexity and profitability.

Marketing & Sales: Steady Volume Growth

Total Sales Volume (9M FY26): 38.45 MMT, up 3.6% YoY.
Domestic Sales Growth: 2.9% for 9M FY26 and 3.1% for Q3 FY26.
LPG Sales: Grew by 7.2% in 9M FY26, indicating strong household demand.
Network Expansion: 321 new retail outlets commissioned in Q3, taking the total to 24,572.

Strategic Capex & Future Projects

The company invested ₹11,094 crore as capital expenditure in 9M FY26, focusing on core infrastructure and new energy initiatives.
The HPCL Rajasthan Refinery Limited (HRRL) project is nearing completion with over 90% physical progress. Crude oil has been received, and crude-in to the CDU is expected by the end of January 2026.

Driving Sustainability & Innovation

Renewables: HPCL’s green energy arm has installed 1 lakh solar panels.
Energy Transition at Retail: 94% of HPCL’s retail outlets are now solarized. 65 new CNG outlets were added in Q3.
Innovation: HPCL commenced a trial for co-processing Used Cooking Oil (UCO) to pave the way for Sustainable Aviation Fuel (SAF) production.
Digital Push: The ‘HP Pay’ loyalty app has seen multifold growth, boasting 3.1 million active users and facilitating ₹2,819 crore in year-to-date sales.

Outlook & Recognition

HPCL's remarkable performance underscores its operational excellence and strategic focus on upgrading refinery complexity, expanding its marketing footprint, and embracing the energy transition. The company's efforts have been recognized with several prestigious awards, including the CII Digital Transformation Award and the ADIPEC Human Energy Health and Wellbeing Award.

For further information, contact:
Sh. Anupam Tiwari, General Manager (I/C) – CSR & PRCC | Sh. Sudipto Basak, DGM – PRCC

About HPCL:
Hindustan Petroleum Corporation Limited (HPCL) is a leading integrated oil refining and marketing company in India, committed to powering the nation's progress through energy security and sustainable practices.