Hindustan Petroleum Corporation Q2 FY27 Results: Consolidated Net Profit ₹3,625 Crore on Total Income of ₹1,39,575 Crore
Earnings
Oil refining and marketing
Blacklitt Research5 min read
For the quarter ended 30 Sep 2026, Hindustan Petroleum Corporation (NSE: HINDPETRO) reported consolidated total income of ₹1,39,575.40 crore and net profit of ₹3,625.22 crore. Standalone total income was ₹1,39,887.18 crore and net profit ₹3,482.62 crore. The company said in a filing on 22 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,39,575.40 crore, up 25.8% YoY and down 4.3% QoQ
Net profit and EPS: ₹3,625.22 crore, down 1.1% YoY; basic EPS ₹17.04 against ₹18.14 a year earlier
Finance costs: ₹1,259.23 crore, up 52.8% YoY and 53.9% QoQ
Tax expense: ₹3,194.91 crore, up 151.2% YoY; 46.8% of profit before tax
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,39,887.18 crore, up 26.2% YoY and down 4.5% QoQ
Net profit and EPS: ₹3,482.62 crore, down 9.1% YoY; basic EPS ₹16.37 against ₹18.00 a year earlier
Other income: ₹746.88 crore, up 36.8% YoY but down 41.7% QoQ
Finance costs: ₹1,207.10 crore, up 58.6% YoY and 57.8% QoQ
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,39,575.40
1,10,919.30
+25.8%
1,45,844.01
-4.3%
Revenue from operations
1,39,113.50
1,10,396.98
+26.0%
1,45,225.11
-4.2%
Other income
461.90
522.32
-11.6%
618.90
-25.4%
3,625.22
3,666.51
-1.1%
-12,264.67
n/a
Finance costs
1,259.23
824.17
+52.8%
818.36
+53.9%
Depreciation
1,903.59
1,612.21
+18.1%
1,877.73
+1.4%
Tax expense
3,194.91
1,271.61
+151.2%
-5,905.40
n/a
Net profit margin
2.60%
3.31%
-0.71 pp
-8.41%
+11.01 pp
Tax as share of profit before tax
46.8%
24.8%
+22.06 pp
n/a
n/a
EPS, basic (₹)
17.04
18.14
-6.1%
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 1.1% year on year to ₹3,625.22 crore, while total income rose 25.8% to ₹1,39,575.40 crore. Profit before tax was ₹6,820.13 crore, and tax took ₹3,194.91 crore of it, against ₹1,271.61 crore a year earlier; tax was 46.8% of profit before tax, against 24.8%. The current tax charge was ₹0.03 crore in both quarters, so the higher charge sits in deferred tax, which was a credit a year earlier. The table's year-ago net profit of ₹3,666.51 crore differs from the ₹3,859.30 crore profit for the period shown in the statement for that quarter; the filing does not reconcile the two, and the year-on-year comparison here uses the table figure.
Finance costs rose 52.8% to ₹1,259.23 crore and depreciation rose 18.1% to ₹1,903.59 crore, while other income fell 11.6% to ₹461.90 crore. Finance costs were 0.9% of total income this quarter. The consolidated statement also includes a share in profit of joint ventures and associates of ₹472.76 crore, against ₹192.79 crore a year earlier, which is included before tax.
On the consolidated balance sheet, the debt-equity ratio was 1.31 times at 30 Sep 2026, against 1.03 times a year earlier. Outstanding debt was ₹68,855.23 crore, higher than a year earlier, and net worth was ₹52,688.41 crore, against ₹56,888.80 crore a year earlier. For the six months, the consolidated net loss was ₹8,639.45 crore, against a net profit in the same period last year.
Sale of products includes ₹3,960 crore of LPG compensation recognised for April to September 2026, which is six monthly instalments of the ₹7,920 crore that the MoPNG letters of 3 and 24 October 2025 conveyed. The notes say the negative LPG buffer of ₹18,048.82 crore at 30 Sep 2026 has not been recognised as receivable or revenue; it was ₹12,798.67 crore at 31 Mar 2026. Other expenses include a foreign currency loss of ₹312.81 crore for the six months, against ₹799.38 crore a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,39,887.18
1,10,868.49
+26.2%
1,46,407.30
-4.5%
Revenue from operations
1,39,140.30
1,10,322.50
+26.1%
1,45,126.22
-4.1%
Other income
746.88
545.99
+36.8%
1,281.08
-41.7%
3,482.62
3,830.37
-9.1%
-11,526.41
n/a
Finance costs
1,207.10
761.10
+58.6%
765.13
+57.8%
Depreciation
1,846.85
1,557.00
+18.6%
1,821.24
+1.4%
Tax expense
3,285.03
1,288.48
+155.0%
-5,919.69
n/a
Net profit margin
2.49%
3.45%
-0.97 pp
-7.87%
+10.36 pp
Tax as share of profit before tax
48.5%
25.2%
+23.37 pp
n/a
n/a
EPS, basic (₹)
16.37
18.00
-9.1%
n/a
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 9.1% year on year to ₹3,482.62 crore, while total income rose 26.2% to ₹1,39,887.18 crore. Profit before tax was ₹6,767.65 crore, against ₹5,118.85 crore a year earlier. Tax of ₹3,285.03 crore was all deferred tax; the year-ago charge of ₹1,288.48 crore was ₹1,280.21 crore current tax and ₹8.27 crore deferred. Tax was 48.5% of profit before tax, against 25.2%.
Revenue from operations rose 26.1%, slower than other income, which rose 36.8% to ₹746.88 crore from ₹545.99 crore; other income was down 41.7% on the June 2026 quarter. Finance costs rose 58.6% to ₹1,207.10 crore, and depreciation rose 18.6% to ₹1,846.85 crore. Finance costs were 0.9% of total income this quarter.
Physical volumes, in MMT, were: crude throughput 6.20 against 6.52 in the June quarter and 6.57 a year earlier; domestic sales 11.71 against 12.24 and 11.16; pipeline throughput 6.99 against 6.84 and 6.12; exports 1.02 against 0.88 and 0.91. For April to September 2026, average gross refining margin was US$27.89 per barrel against US$5.95 in the corresponding period, before the impact of special additional excise duty and road and infrastructure cess on certain exports. The company says suppressed marketing margins on certain petroleum products affected profitability in that period. The auditors' review excludes the physical performance and gross refining margin disclosures.
Standalone net worth was ₹47,387.62 crore at 30 Sep 2026, against ₹59,847.09 crore at 31 Mar 2026, and outstanding debt was ₹65,458.17 crore, against ₹47,598.66 crore. The debt-equity ratio was 1.38 times, against 0.80 times. Dividends paid in the six months were ₹4,089.37 crore, against ₹2,233.36 crore, and net cash used in operating activities was ₹7,832.22 crore, against cash generated of ₹19,099.58 crore a year earlier. For the six months, the standalone net loss was ₹8,043.79 crore, against a profit of ₹8,201.24 crore.
Inference
Basic EPS was ₹17.04 consolidated and ₹16.37 standalone for the quarter, against ₹18.14 and ₹18.00 a year earlier; EPS for the June 2026 quarter was negative on both bases. Standalone outstanding debt rose to ₹65,458.17 crore from ₹47,598.66 crore at 31 Mar 2026, and the standalone debt-equity ratio rose to 1.38 times from 0.80 times.
The filing does not give reasons for the June 2026 quarter's loss or for the higher tax charge, and it does not say how or when the unrecognised LPG buffer of ₹18,048.82 crore will be settled. The effect of these points on future per-share figures is not known.
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HINDPETROHindustan Petroleum Corporation Ltd.
