HPCL stock gained 2.53 percent as Q1 losses test margins

Published on 10/07/2026 at 01:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

HPCL stock traded at INR 351 on October 6, 2026, after revenue rose 20.8 percent in Q1 FY27. The quarter also brought a INR 11,526.41 crore loss.

HPCL, INE094A01015, Illustration mit AI erstellt.

HPCL stock (ISIN INE094A01015) gained 2.53 percent to INR 351 on the NSE on October 6, 2026, while the latest quarterly figures showed a sharp split between revenue growth and profitability. According to Sahi, HPCL's standalone revenue from operations rose 20.8 percent to INR 145,126.22 crore in Q1 FY27, but the company reported a standalone net loss of INR 11,526.41 crore.

Revenue rises as profit reverses

The June 30, 2026 quarter delivered a difficult earnings signal. HPCL moved from a standalone net profit of INR 4,370.87 crore in Q1 FY26 to the INR 11,526.41 crore loss in Q1 FY27, according to Sahi. The comparison shows that higher sales did not translate into earnings during the period.

Refining economics were stronger than the bottom line. Average gross refining margin reached USD 23.80 per barrel in Q1 FY27, versus USD 3.08 per barrel in the prior-year quarter, while the finance data for the same reporting period shows revenue of INR 1,405.84 billion and net income of negative INR 122.65 billion.

Refining cycle drives attention

For the full fiscal year ended March 31, 2026, Hindustan Petroleum Corporation reported revenue from operations of INR 478,543 crore and standalone profit after tax of INR 17,175 crore. Refinery throughput reached 26.04 million metric tons, up 3.0 percent from FY25, while the gross refining margin rose to USD 8.79 per barrel from USD 5.74 per barrel.

The market is weighing those annual gains against the Q1 reversal. Financial Express reported on October 6, 2026, that Morgan Stanley prefers HPCL and Bharat Petroleum as it sees a three-year refining upcycle, using a 6-times estimated 2028 EBITDA multiple for HPCL's refining business.

That view puts refining margins and fuel demand at the center of the stock story. The immediate test is whether the high Q1 margin can offset the loss reported for the quarter and support the stronger annual earnings base.

HPCL stock remains below yearly high

HPCL was last at INR 351 on the NSE on October 6, 2026, with a session high of INR 351.75 and a session low of INR 343.45. The 52-week range was INR 316.20 to INR 508.45, while market capitalization stood at INR 746.9 billion.