Hindustan Petroleum Corporation Ltd.

•

hindustanpetroleum.comBSE: 500104NSE: HINDPETRO

Market Cap₹ 74,687 Cr.

Current Price

High / Low₹ 508 / 316

Stock P/E44.7

Book Value₹ 250

Price to Book1.09

Dividend Yield6.91 %

ROCE23.1 %

ROE30.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Downstream Petroleum: 99.9% • Others: 0.1%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 28.4%
Operating margins have improved to 6.3% from -1.2%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.82x)
Offers a healthy dividend yield of 6.9%
Company generates healthy free cash flow
Company comfortably covers its interest (8.0x coverage)

CONS

Recent results are weak - TTM profit is down 88.9% versus prior year
Valuation is stretched - P/E of 44.7 is well above its own 5-year median (4.0)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsCrude OilRefineries

Part ofNIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	RELIANCE	1258.00	22.78	1702393.37	0.48	23196.00	-24.65	311850.00	25.41	12.17	15.30
2.	IOC	135.25	5.68	190989.75	5.18	-1141.09	-116.76	281933.07	27.08	19.69	1.69
3.	BPCL	304.50	7.71	132107.49	5.75	-1872.70	-127.38	159527.05	23.08	27.09	-2.29
4.	HINDPETRO	351.00	44.69	74686.57	6.91	-12264.67	-398.34	145225.11	21.39	23.10	-11.08
5.	MRPL	175.90	9.81	30828.21	2.27	945.68	449.40	41608.96	98.25	18.12	3.24
6.	CHENNPETRO	1573.70	5.61	23434.19	3.94	1031.35	2671.95	29358.75	57.14	35.15	5.35

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,18,769	1,02,289	1,18,027	1,21,062	1,20,442	1,07,755	1,18,513	1,17,916	1,19,635	1,09,876	1,24,053	1,23,164	1,45,225
	1,09,517	94,429	1,16,324	1,16,772	1,18,855	1,05,560	1,13,072	1,12,686	1,12,621	1,03,545	1,17,585	1,14,483	1,64,044
Operating Profit	9,252	7,859	1,703	4,291	1,588	2,195	5,441	5,230	7,014	6,331	6,468	8,681	-18,818
OPM %	7.79%	7.68%	1.44%	3.54%	1.32%	2.04%	4.59%	4.44%	5.86%	5.76%	5.21%	7.05%	-12.96%
	599	341	529	447	527	526	453	581	507	522	606	620	619
Interest	627	590	620	720	733	944	931	757	817	824	734	1,020	818
Depreciation	1,371	1,247	1,345	1,632	1,484	1,530	1,518	1,623	1,604	1,612	1,674	2,457	1,878
Profit before Tax	8,247	6,744	724	2,977	417	740	3,973	3,989	5,658	4,938	5,196	6,354	-18,170
Tax %	26.45%	23.96%	37.76%	13.94%	41.04%	27.77%	24.29%	23.13%	25.37%	25.75%	25.13%	24.84%	32.50%
Net Profit	0	0	0	0	6,339	1,427	2,544	3,415	4,111	3,859	4,011	6,065	-12,265
	31.80	27.38	3.35	12.73	2.98	0.67	11.95	16.06	19.32	18.14	18.85	28.50	-57.64

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,87,493	2,19,510	2,75,491	2,69,092	2,33,248	3,49,913	4,40,709	4,33,857	4,34,106	4,41,771	5,02,318
	1,76,613	2,08,828	2,63,963	2,63,429	2,17,245	3,39,669	4,47,916	4,08,929	4,17,555	4,11,139	4,99,656
Operating Profit	10,880	10,681	11,527	5,662	16,003	10,244	-7,207	24,928	16,551	30,633	2,662
OPM %	5.80%	4.87%	4.18%	2.10%	6.86%	2.93%	-1.64%	5.75%	3.81%	6.93%	0.53%
	1,384	1,559	1,453	679	2,644	2,439	1,466	1,917	2,088	2,256	2,368
Interest	609	618	786	1,139	963	997	2,174	2,556	3,365	3,396	3,397
Depreciation	2,776	2,834	3,085	3,370	3,625	4,000	4,560	5,596	6,154	7,347	7,621
Profit before Tax	11,197	10,110	10,039	1,374	14,197	9,144	-9,984	20,500	9,000	23,638	-1,682
Tax %	26.45%	28.60%	33.35%	-92.01%	24.89%	20.23%	30.09%	21.88%	25.16%	23.65%	104.01%
Net Profit	8,236	7,218	6,691	2,639	10,663	7,294	-6,980	16,015	6,736	18,047	67
EPS	54.05	47.37	43.91	17.32	70.57	51.36	-49.21	112.89	31.66	84.81	—
Dividend Payout %	37.00%	35.89%	36.21%	56.30%	30.98%	27.23%	0.00%	27.90%	33.17%	28.59%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 14%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 11%
3 Years:: —

STOCK PRICE CAGR

10 Years:: 7%
5 Years:: 14%
3 Years:: 28%
1 Year:: -12%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 17%
3 Years:: 28%
Last Year:: 31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,016	1,524	1,524	1,524	1,452	1,419	1,419	1,419	2,128	2,128
	20,055	24,008	28,876	29,456	36,628	39,985	30,844	45,502	49,016	63,428
	18,056	20,572	26,190	39,611	43,089	44,837	67,048	59,179	62,665	54,145
Trade Payables	12,700	15,780	17,133	11,473	16,576	26,477	22,913	27,300	29,800	31,194
	28,492	27,788	33,623	34,846	36,428	41,911	39,696	49,369	51,135	52,144
Total Liabilities	80,319	89,672	1,07,346	1,16,910	1,34,174	1,54,629	1,61,921	1,82,768	1,94,745	2,03,039
	36,876	38,695	41,642	48,952	50,912	58,126	68,387	79,763	86,179	1,00,567
Capital Work in Progress	1,795	3,989	9,496	17,047	25,129	28,645	25,311	20,048	17,935	7,894
	11,773	12,882	14,297	14,396	15,093	18,867	23,689	29,540	27,046	28,012
	18,629	18,612	20,444	19,326	28,764	35,515	29,575	34,211	38,325	39,559
	0	0	0	0	0	0	0	9,324	11,781	7,404
Cash & Bank	136	1,290	218	223	575	258	672	473	254	171
	11,109	14,204	21,250	16,966	13,701	13,218	14,286	9,408	13,224	19,432
Total Assets	80,319	89,672	1,07,346	1,16,910	1,34,174	1,54,629	1,61,921	1,82,768	1,94,745	2,03,039

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12,435	13,034	10,636	7,192	21,014	17,261	-3,307	23,852	14,231	36,111
Cash from Investing	-5,304	-7,398	-11,382	-14,168	-12,279	-13,745	-11,384	-13,019	-10,559	-11,404
Cash from Financing	-4,239	-4,423	2,598	8,452	-4,709	-2,066	16,025	-16,155	-4,139	-22,770
	712	-784	-230	-247	841	-1	1,175	-5,322	-467	1,936

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
54.90	54.90	54.90	54.90	54.90	54.90	54.90	54.90	54.90
13.22	14.11	14.44	12.55	13.55	14.48	16.35	17.26	13.58
21.47	21.67	21.81	23.55	23.16	22.24	20.64	19.57	22.84
0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00
10.39	9.31	8.83	8.98	8.38	8.37	8.11	8.26	8.67

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Hindustan Petroleum Corporation Limited has informed the Exchange about Schedule of meet

2026-09-10

General Updates

2026-09-10 - Hindustan Petroleum Corporation Limited has informed the Exchange about General Updates

2026-09-08

Change in Auditors

2026-09-08 - Hindustan Petroleum Corporation Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Hindustan Petroleum Corporation Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08

General Updates

2026-09-08 - Hindustan Petroleum Corporation Limited has informed the Exchange about General Updates

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Hindustan Petroleum Corporation Limited has informed the Exchange about Schedule of meet

2026-09-01

Change in Management

2026-09-01 - Hindustan Petroleum Corporation Limited has informed the Exchange about change in Management

2026-08-27

Shareholders meeting

2026-08-27 - Hindustan Petroleum Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 26, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-26

Shareholders meeting

2026-08-26 - Hindustan Petroleum Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026

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