Hindustan Petroleum Corporation Ltd.

NSE: HINDPETRO · Refineries & Marketing

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Snapshot

Unlock Hindustan Petroleum Corporation Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Hindustan Petroleum Corporation Limited is a major Indian state-owned oil and gas company engaged in the refining and marketing of petroleum products. Its operations span the entire downstream value chain, including crude oil imports, retail distribution, and the production of lubricants and specialty chemicals.

Business Model

The company generates revenue primarily through the refining of crude oil into petroleum products and their subsequent sale via an extensive retail network and industrial supply channels. It also derives income from international trade, pipeline transportation, and diversified interests in renewable energy and sugar-based ethanol production.

  • Retail Outlets:20,025
  • LPG Distributors:6,243
  • Aviation Service Facilities:47

Management Commentary

Management focuses on expanding the company's refining capacity and strengthening its retail footprint across India. The strategy includes diversifying into green energy sectors such as wind power and ethanol production to align with broader energy transition goals.

Growth Outlook

Growth is expected to be driven by the expansion of refining infrastructure and the increasing demand for petroleum products in the domestic industrial and transport sectors. Further investment in renewable energy projects and pipeline infrastructure will likely support long-term operational efficiency.

Key Risks

  • Crude Oil Price Volatility. Fluctuations in global crude oil prices significantly impact refining margins and working capital requirements.
  • Regulatory and Policy Risk. As a state-owned entity, the company is subject to government-mandated pricing controls on essential fuels which can compress profitability.
  • Energy Transition Risk. The global shift towards electric vehicles and renewable energy sources poses a long-term threat to the demand for traditional petroleum-based fuels.
  • Currency Risk. The company is exposed to foreign exchange fluctuations due to its reliance on imported crude oil settled in US dollars.

Price

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Key Metrics

REVENUE

₹4,78,866 Cr

TTM · consolidated

+2.6%YoY

NET PROFIT

₹18,047 Cr

TTM · consolidated

+167.9%YoY

EPS

₹84.81

TTM · consolidated

+167.9%YoY

RETURN ON EQUITY

33.0%

TTM · consolidated

+19.0 ppYoY

RETURN ON CAPITAL EMPLOYED

24.9%

TTM · consolidated

+12.0 ppYoY

P/E

4.7x

Q4 FY26 · consolidated

4.7 vs 4.0x5Y avg

EV/EBITDA

4.1x

Q4 FY26 · consolidated

4.1 vs -0.0x5Y avg

EBITDA MARGIN

6.9%

TTM · consolidated

+2.9 ppYoY

NET PROFIT MARGIN

4.9%

Q4 FY26 · consolidated

+2.0 ppYoY

DEBT TO EQUITY

0.8%

Q4 FY26 · consolidated

-0.5 ppYoY

Peers · Refineries & Marketing

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Hindustan Petroleum Corporation Ltd.HINDPETRO
71,4944.714.132.6%6.9%33.0%24.9%-10.5%
Indian Oil Corporation Ltd.IOC
1,96,3554.644.074.9%9.0%22.4%21.9%-6.7%
Bharat Petroleum Corporation Ltd.BPCL
1,21,6305.164.014.5%8.5%30.0%27.5%-10.3%
Mangalore Refinery & Petrochemicals Ltd.MRPL
31,72215.776.86-3.8%6.1%14.5%21.4%+17.9%
Chennai Petroleum Corporation Ltd.CHENNPETRO
14,5565.964.0510.6%6.1%34.7%40.8%+65.6%
Kotyark Indust.KOTYARK
40115.0%-84.4%

As of Q4 FY26

Financials