India · Delayed Price · Currency is INR Hindustan Petroleum Corporation Earnings Call Transcripts
Fiscal Year 2027
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Extreme crude price volatility and supply chain disruptions led to significant under-recoveries and inventory losses, but operational resilience was maintained. The HRRL refinery ramp-up and new product launches are expected to drive future growth, with management confident of a turnaround as operational improvements take effect.
Fiscal Year 2026
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Q4 and FY26 saw record profits and improved leverage, driven by cost savings, operational excellence, and agile crisis management. Despite strong results, Q1 FY27 is expected to be challenging due to high crude prices and volatility, with losses anticipated.
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Q3 profit rose 32.6% year-over-year to INR 4,072 crore, with strong retail-driven sales and significant deleveraging. Major projects at Visakh and Barmer are on track, and a 10-year ADNOC gas deal was finalized. Operational efficiencies and digital initiatives are set to drive future growth.
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H1 profit surged 731% year-over-year to INR 8,201 crore, with strong cash generation and improved debt metrics. Major projects are nearing completion, cost optimization is ahead of target, and the company is focused on deleveraging and operational efficiency.
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Refining throughput and sales volumes rose sharply year-over-year, driving a strong jump in EBITDA and profit. Operational efficiency programs and project completions are set to further boost performance, while debt reduction remains a key focus.
Fiscal Year 2025
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Q4 PAT grew 18% year-over-year, with record refining and marketing volumes and improved debt metrics. Major projects like the Chhara terminal and Visakh upgradation are progressing, while LPG under-recoveries and muted diesel demand remain key challenges.
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Q3 FY25 delivered a sharp profit rebound to INR 3,023 crore, driven by record refinery throughput, strong sales growth, and operational efficiencies, despite inventory losses and LPG under-recoveries. CapEx and major projects are on track, with improved GRMs expected from new units.
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Revenue grew 8.2% year-over-year to INR 1,08,216 crore, but PAT was impacted by suppressed marketing margins, lower GRMs, and inventory losses. Major projects like Rajasthan and Visakh refineries are nearing completion, with significant CapEx and expansion in renewables and LNG underway.
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Revenue and throughput hit record highs in Q1 FY25, with strong sales and project progress despite margin pressures from low GRMs and LPG under-recoveries. Major expansions and digital initiatives are on track, supporting a robust EBITDA outlook and improved leverage.