H P C L Q1 FY27 Results (NSE: HINDPETRO)
Signal: Steady quarter
The read
HPCL reported a massive net loss of ₹11,526 Cr in Q1FY27 despite record high GRM of $23.80/bbl and 106.7% capacity utilization, indicating likely inventory losses or other extraordinary items not disclosed in the preliminary handout.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,45,126 Cr | N/A | N/A |
| Net profit | ₹-11,526 Cr | N/A |
P&L walk
Revenue at ₹1,45,126 Cr; EBITDA loss of ₹14,860 Cr; PBT loss of ₹17,446 Cr; PAT loss of ₹11,526 Cr. No comparative figures provided.
Key positives
- GRM at $23.80/bbl (before export cess) – very high level.
- Refinery capacity utilization at 106.7% – above nameplate.
- Total sales volume of 13.12 MMT (domestic 12.24 MMT, export 0.88 MMT).
Key concerns
- Net loss of ₹11,526 Cr – a sharp reversal from ₹6,065 Cr profit in Q4FY26.
- EBITDA negative at ₹14,860 Cr – operating loss despite high GRM.
- Debt level at ₹72,597 Cr – elevated leverage.
Research and educational content only. Not investment advice.