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Project completions to drive earnings growth for HPCL
Business Standard
|January 24, 2026
THE COMPASS
Hindustan Petroleum Corporation (HPCL) reported an operating profit of ₹7,020 crore for the third quarter of 2025-26 (Q3FY26) — 1.9 per cent more sequentially and 17.6 per cent above year-on-year (Yo-Y) — a figure which was below consensus due to a one-off hit from processing 54,600 tonnes of B-80 Mumbai offshore crude oil with high contamination, leading to sub-optimal yield, impacting gross refining margins (GRM) by $1.35/barrel or bbl amounting to₹560 crore. Adjusted operating profit of ₹7,580 crore was better than consensus estimates.
The reported GRM was USD 8.85/bbl, and adjusted for above, GRM would have been $10.2/bbl. Inventory losses at $1.3/bbl were lower than estimated. Importantly, LPG losses fell to $500 crore, down 58 per cent quarter-on-quarter (Q-o-Q).
Cumulative LPG under-recoveries reduced to ₹13,420 crore, down 6 per cent Q-o-Q due to receiving ₹1,320 crore subsidy. The net profit came in at ₹4,070 crore, up 34 per cent Yo-Y and up 6.3 per cent Q-o-Q.
Debt reduced to ₹48,700 crore, down 13 per cent Q-o-Q, (excluding lease liabilities) with a drop in cost of finance to₹670 crore from ₹930 crore in Q3FY25.
This story is from the January 24, 2026 edition of Business Standard.
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