Hindustan Petroleum Corporation Limited (HINDPETRO)

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Hindustan Petroleum Corporation Limited (HINDPETRO) · mywealthgrid

About

Hindustan Petroleum operates petroleum refining and marketing, core downstream functions in India's energy sector. With a market cap of ₹79,473 crore and quarterly revenues of ₹1.10–1.45 lakh crore, it ranks among India's major petroleum products suppliers.

Founded: 1974
Face value: ₹10

Market cap

₹73,409 Cr

P/E

43.9×

P/B

1.1×

Dividend yield

ROE

30.9%

ROCE

23.9%

Debt / equity

0.78

OPM

6.4%

EPS (TTM)

₹7.9

Book value

₹308.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Jun 2026 profitability collapse: net loss ₹12,264 crore and OPM −11.1%, reversing from ₹6,065 crore profit (OPM 7.45%) in Mar 2026; cause and recovery timeline unclear
Thin historical margins (5–7.5% OPM) provide minimal cushion against commodity volatility, cost shocks, or price fluctuations typical in refining
Valuation stretched on weak earnings: PE 47.55 despite current losses assumes rapid recovery; sustained losses would create significant downside
Margin volatility evidenced by −11.1% OPM (Jun 2026) vs. historical 5–7.5%; verify what commodity or operational factors triggered collapse

Generated analysis · source review pending

Growth drivers

Operating margin recovery to historical 5–7.5% OPM (Sep 2025–Mar 2026) from Jun 2026's −11.1% would unlock significant earnings upside from current loss
Quarterly revenue base of ₹1.10–1.45 lakh crore is large; modest operational efficiency or volume gains would compound into material profit improvement
D/E ratio of 0.78 provides financial flexibility for growth investment or shareholder returns once operations return to profitability

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹345.0-1.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 28.4% (3-yr avg)
+Dividend yield of 7%

Cons

−Thin operating margin of 6.4%

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 55
Growth: 30
Valuation: 50

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Reliance IndustriesRELIANCERELIANCE	₹15,80,190 Cr	₹19,54,611 Cr	₹11,38,865 Cr	₹1,83,561 Cr	16.6%	₹74,727 Cr	8.9%	9.6%	9.2%	24
Indian Oil Corporation LimitedIOCIOC	₹1,85,468 Cr	₹3,17,290 Cr	₹9,61,537 Cr	₹67,856 Cr	8.6%	₹33,652 Cr	4.9%	21.1%	20.7%	40
Bharat Petroleum Corporation LimitedBPCLBPCL	₹1,30,415 Cr	₹1,73,897 Cr	₹5,52,733 Cr	₹27,469 Cr	7.9%	₹17,132 Cr	4.9%	27.1%	28.5%	14
Hindustan Petroleum Corporation LimitedHINDPETROHINDPETRO	₹73,409 Cr	₹1,24,308 Cr	₹5,03,898 Cr	₹6,938 Cr	6.4%	₹1,671 Cr	3.8%	23.9%	30.9%	14
Mangalore Refinery And Petrochemicals LimitedMRPLMRPL	₹28,876 Cr	₹43,210 Cr	₹1,25,775 Cr	₹7,374 Cr	5.9%	₹3,137 Cr	1.8%	20.6%	14.2%	37
Chennai Petroleum Corporation LimitedCHENNPETROCHENNPETRO	₹20,048 Cr	₹21,999 Cr	₹89,286 Cr	₹6,213 Cr	6.1%	₹4,174 Cr	4%	37.7%	32.1%	29
Sanmit Infra LtdSANINFRASANINFRA	₹766 Cr	₹780 Cr	₹104 Cr	₹6 Cr	5.4%	₹2 Cr	1.9%	8.3%	5.3%	153
Rajasthan Securities LtdRAJSECRAJSEC	₹455 Cr	₹455 Cr	₹0 Cr	₹0 Cr	55%	₹7 Cr	132.3%	136.9%	106%	121
Resgen LtdRESGENRESGEN	₹92 Cr	—	₹71 Cr	₹14 Cr	19.1%	₹9 Cr	12.3%	—	—	—
Continental Petroleums LtdCONTPTRCONTPTR	₹58 Cr	₹75 Cr	₹113 Cr	₹7 Cr	5.9%	₹4 Cr	4.1%	11.5%	6.3%	200
Real Eco-Energy LtdREALECOREALECO	₹45 Cr	₹63 Cr	₹0 Cr	₹0 Cr	15.7%	₹0 Cr	16.1%	2.2%	6.1%	775
Kotyark Industries LimitedKOTYARKKOTYARK	₹29 Cr	₹94 Cr	₹315 Cr	₹48 Cr	15.2%	₹19 Cr	6.2%	17.3%	10.4%	247

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,87,742	2,70,578	3,74,127	4,66,499	4,61,969	4,66,724	4,78,866
COGS	2,46,786	2,00,555	3,22,131	4,27,209	3,87,583	3,94,899	3,85,397
Gross profit	40,956	70,023	51,996	39,289	74,386	71,825	93,469
	35,752	53,881	40,294	44,005	47,651	55,393	61,343
	5,204	16,142	11,702	-4,716	26,736	16,432	32,125
OPM %	1.8%	6%	3.1%	-1%	5.8%	3.5%	6.7%
Depreciation	3,370	3,625	4,000	4,560	5,596	6,154	7,347
Interest	1,139	963	997	2,174	2,556	3,365	3,396
	679	2,644	2,439	1,466	1,917	2,088	2,256
Profit before tax	1,374	14,197	9,144	-9,984	20,500	9,000	23,638
Tax	-1,264	3,534	1,849	-3,004	4,486	2,264	5,591
Tax %	-92%	24.9%	20.2%	-30.1%	21.9%	25.2%	23.7%
	2,639	10,663	7,294	-6,980	16,015	6,736	18,047
PAT margin %	0.9%	3.9%	2%	-1.5%	3.5%	1.4%	3.8%
EPS (₹)	17.3	70.6	51.4	-49.2	112.9	31.7	84.8
EPS adjusted (₹)	11.5	48.9	34.3	-32.8	75.2	31.7	84.8
	56.3%	32.2%	27.3%	—	23%	33.2%	28.6%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,524	1,452	1,419	1,419	1,419	2,128	2,128
Reserves	—	36,628	39,985	30,844	45,502	49,016	63,428
	—	40,684	44,979	67,048	62,813	66,429	50,899
	—	55,409	68,246	62,028	73,050	77,171	86,584
Total equity & liabilities	—	1,34,174	1,54,629	1,61,340	1,82,785	1,94,745	2,03,039
	48,952	50,912	58,126	68,387	79,763	86,179	1,00,567
CWIP	—	25,129	28,645	25,311	20,048	17,935	7,894
Investments	—	15,093	18,867	23,689	29,540	27,046	28,012
	—	43,040	48,990	43,952	53,434	63,584	66,566
Total assets	—	1,34,174	1,54,629	1,61,340	1,82,785	1,94,745	2,03,039

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Downstream Petroleum	4,78,518.63	24,089.5	1,96,841.66	1,33,978.34	62,863.32	38.32
Others	474.77	-315.72

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	14.2%	25.9%	13.9%	8.4%	16.1%	15.4%	19.5%
EBITDA margin %	2%	5.9%	2.7%	-1.5%	5.4%	3.6%	6.4%
EBIT margin %	0.8%	4.6%	1.7%	-2.5%	4.2%	2.2%	4.9%
PAT margin %	0.9%	3.9%	2%	-1.5%	3.5%	1.4%	3.8%
Working capital
Receivable days	—	9	6	5	7	9	6
Inventory days	—	52	40	25	32	35	37
Payable days	—	30	30	20	26	28	30
NWC days	—	31	16	11	14	17	14
Leverage
Current ratio	—	0.71	0.69	0.59	0.61	0.6	0.64
Debt to EBITDA	—	2.54	4.39	—	2.52	4.01	1.66
Debt to equity	—	1.07	1.09	2.08	1.34	1.3	0.78
Interest coverage	3.5	15.6	8.7	-4.7	8.3	3.7	7.5
Asset turnover	—	2.02	2.42	2.89	2.53	2.4	2.36
Return ratios
Return on assets %	—	7.9%	4.7%	-4.3%	8.8%	3.5%	8.9%
Return on capital employed %	—	20.9%	11.2%	-12.1%	23.1%	12.8%	23.9%
Return on equity %	—	28%	17.6%	-21.6%	34.1%	13.2%	27.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%	54.9%
	13.26%	14.26%	13.8%	13.22%	14.12%	14.44%	12.55%	13.55%	14.48%	16.36%	17.27%	13.58%
	22.61%	21.28%	22.19%	21.47%	21.66%	21.82%	23.56%	23.17%	22.25%	20.66%	19.57%	22.85%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.23%	9.56%	9.11%	10.41%	9.32%	8.84%	8.99%	8.38%	8.37%	8.08%	8.26%	8.67%
No. of shareholders	—	—	—	—	—	—	—	—	4,79,905	4,62,640	5,00,343	5,18,531

Promoter holding up 0 percentage points since Sep 2023.

36 deals · 23 Sept 2021 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	STATE STREET MSCI ACWI EX USA IMI SCREENED NON-LENDING COMMON TRUST FUND	Block	BSE	Sell	3,57,534	₹435.90	₹15.58 Cr
14 Jul 2025	STATE STREET MSCI ACWI EX USA IMI SCREENED NON-LENDING COMMON TRUST FUND	Block	BSE	Buy	3,57,534	₹435.90	₹15.58 Cr
6 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Block	BSE	Buy	25,30,378	₹527.50	₹133.48 Cr
6 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Block	BSE	Sell	25,30,378	₹527.50	₹133.48 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	52,65,318	₹452.55	₹238.28 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	52,65,318	₹452.55	₹238.28 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	7,36,830	₹207.70	₹15.30 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	7,36,830	₹207.70	₹15.30 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	7,36,831	₹214.70	₹15.82 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	7,36,831	₹214.70	₹15.82 Cr

1–10 of 36

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Mr. Vikas KaushalExecutive Director-Chairperson-MD
Mr. Bharathan ShunmugavelExecutive Director
Mr. Amit GargExecutive Director
Mr. Suresh Kasargod ShettyExecutive Director
Mr. Abhay SharmaNon-Executive - Independent Director
Mr. Vikram SaxenaNon-Executive - Non Independent Director
Mr. Alok TripathiNon-Executive - Non Independent Director
Mrs. Srividya VenkataramanExecutive Director
Ms. Srividya VenkataramanExecutive Director & Chief Financial Officer
Mr. Rakesh Kumar SinghCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹350.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹353.5	+2.1	+0.6%	₹353.5	20,896	-312	1,992	2025
23 Nov 2026	₹354.5	+1.4	+0.4%	₹354.5	476	+207	323	2025
29 Dec 2026	₹354.4	0	0%	₹355.9	0	0	0	2025

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

121

across 16 fund houses

Held by these funds

7.82%

of the company's equity

All mutual funds

17.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

121 schemes · 16 fund houses

		Shares
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	2.33 Cr	853	2.54%	1.096%	+60.6 L
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	2.31 Cr	845.43	1.19%	1.086%	—
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	1.4 Cr	512.05	1.58%	0.658%	—
Mid Cap FundNEW	ICICI Prudential Mutual Fund	1.03 Cr	378.17	4.5%	0.486%	—
Commodities Fund	ICICI Prudential Mutual Fund	97.67 L	357.23	8.35%	0.459%	+15 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	93.49 L	341.94	0.65%	0.439%	—
Large & Mid Cap Fund	DSP Mutual Fund	75.06 L	274.54	1.49%	0.353%	-0
Mid Cap Fund	DSP Mutual Fund	69.88 L	255.57	1.22%	0.328%	-0

1–8 of 121

1 / 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

34 announcementsExport CSV

1 Oct 2026, 10:30 amCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

18 Sept 2026, 5:03 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating

General PDF

16 Sept 2026, 5:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

11 Sept 2026, 5:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

10 Sept 2026, 4:14 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating

General PDF

8 Sept 2026, 6:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

8 Sept 2026, 4:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 12:21 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 10:30 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
18 Sept 2026, 5:03 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	14.2%	25.9%	13.9%	8.4%	16.1%	15.4%	19.5%
EBITDA margin %	2%	5.9%	2.7%	-1.5%	5.4%	3.6%	6.4%
EBIT margin %	0.8%	4.6%	1.7%	-2.5%	4.2%	2.2%	4.9%
PAT margin %	0.9%	3.9%	2%	-1.5%	3.5%	1.4%	3.8%
Working capital
Receivable days	—	9	6	5	7	9	6
Inventory days	—	52	40	25	32	35	37
Payable days	—	30	30	20	26	28	30
NWC days	—	31	16	11	14	17	14
Leverage
Current ratio	—	0.71	0.69	0.59	0.61	0.6	0.64
Debt to EBITDA	—	2.54	4.39	—	2.52	4.01	1.66
Debt to equity	—	1.07	1.09	2.08	1.34	1.3	0.78
Interest coverage	3.5	15.6	8.7	-4.7	8.3	3.7	7.5
Asset turnover	—	2.02	2.42	2.89	2.53	2.4	2.36
Return ratios
Return on assets %	—	7.9%	4.7%	-4.3%	8.8%	3.5%	8.9%
Return on capital employed %	—	20.9%	11.2%	-12.1%	23.1%	12.8%	23.9%
Return on equity %	—	28%	17.6%	-21.6%	34.1%	13.2%	27.5%

25

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
355	-3	291	₹2.2	380	₹28.6	5	-1	218
57	+15	42	₹2.0	381	—	—	—	—
24	+24	26	₹1.5	385	₹0.0	0	0	0
205	+88	357	₹1.3	390	₹41.5	0	0	34
189	+22	96	₹0.8	400	₹51.8	0	0	84
10	-4	28	₹0.7	401	—	—	—	—
26	+1	12	₹0.4	410	₹61.5	0	0	34
127	+6	8	₹0.4	420	₹67.6	0	0	269

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	17,829	15,810	-3,466	23,852	14,228	36,111
	-12,279	-13,745	-11,384	-13,019	-10,557	-11,404
	-4,709	-2,066	16,025	-16,155	-4,138	-22,770
Net cash flow	841	-1	1,175	-5,322	-467	1,936
Free cash flow	6,163	3,465	-12,913	13,781	4,648	27,779
CFO / Operating profit %	111.4%	154.3%	—	95.7%	86%	117.9%

Hindustan Petroleum Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

27

1

3

25

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Downstream Petroleum · revenue

Hindustan Petroleum Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends27

Board meetings1

Bonus issues3

Option chain25

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Downstream Petroleum · revenue

3

3

27

1

3

25