Hindustan Petroleum
Hindustan Petroleum
Petroleum Products F&OKey Fundamentals
MidcapRefineries & MarketingPetroleum ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
5- Company has reduced debt.
- Stock is trading at 1.12 times its book value
- Stock is providing a good dividend yield of 7.03%.
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
- Company has been maintaining a healthy dividend payout of 29.9%
Weaknesses
2- Company has low interest coverage ratio.
- Earnings include an other income of Rs.4,001 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Hindustan Petroleum Corporation Ltd has a market capitalisation of about Rs 74,665 Cr. It trades at 1.14x book value and a trailing P/E of 44.7x, and its dividend yield is 6.92%. Its record over the last few years is strong, with a 3-year ROE of 28% and 3-year profit CAGR of 66%. The latest period is much weaker: TTM profit is down 84%, interest coverage is low, and Rs 4,001 Cr of earnings comes from other income.
- The stock trades at 1.14x book value. That is a modest multiple for a company that earned a 31% ROE last year and averaged 28% over 3 years. It suggests the market is pricing in the current earnings downturn rather than the company's normalised returns.
- The dividend yield is 6.92%, which is high compared with typical large-cap Indian equities and fixed-income alternatives. It gives holders a sizeable cash return even while earnings are volatile.
- ROE has been consistent over time: 22% over 10 years, 18% over 5 years, 28% over 3 years and 31% last year. When refining and marketing margins are favourable, the business has generated high returns on shareholder capital.
- Profit grew at a 66% CAGR over 3 years and 14% over 10 years. This shows how strongly earnings can recover when the margin cycle turns positive.
- The company has cut its debt. That strengthens the balance sheet after a heavy capex phase and makes it better able to absorb weak-margin periods.
- Dividend payout has averaged a healthy 29.9%. The company keeps returning cash to shareholders while retaining about 70% of earnings for reinvestment.
- TTM sales grew 9%, after flat sales over 3 years (0% CAGR). Volume or realisation growth is returning, even though profits have fallen.
- The stock has returned a 27% CAGR over 3 years and 14% over 5 years. Investors have been rewarded over the medium term despite the cyclical nature of the business.
- TTM profit fell 84%, which shows how exposed earnings are to swings in crude prices, refining margins and marketing margins. For an oil marketing company, a large share of these swings can be affected by government fuel-pricing decisions.
- The trailing P/E of 44.7x is high for a cyclical PSU refiner-marketer. It implies an earnings yield of only about 2.2%, so current valuations depend on earnings recovering.
- The dividend yield of 6.92% is well above the trailing earnings yield of about 2.2% implied by the 44.7x P/E. The payout reflects past earnings, so it may not be sustainable if profits do not recover.
- Interest coverage is low. With profits down 84% TTM, operating earnings leave only a thin cushion over interest costs, which raises financial risk if weak margins continue.
- Rs 4,001 Cr of earnings comes from other income. That is large relative to depressed TTM profits, so core operating profitability is weaker than the headline numbers suggest.
- Sales CAGR over 3 years is 0%. The top line has stagnated over the medium term, and revenue is largely driven by crude price pass-through rather than structural growth.
- The stock is down 17% over 1 year, and its 10-year CAGR is only 6%. Long-term shareholder returns have been modest, with most of the gains concentrated in short cyclical windows.
- 5-year profit CAGR of 11% and ROE of 18% are much lower than the 3-year figures of 66% and 28%. Recent peak returns may reflect an unusually favourable margin period rather than a new structural level.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Analyst and investor meet scheduled Sep 3
HPCL will host an analyst and investor meeting on September 11 starting at 2:00 pm. It gives investors direct interaction with management, and commentary on margins and capex could move sentiment.
- Large ₹54.25 crore block trade Sep 22
About 1,498,128 shares traded at ₹362.10 on the NSE, worth ₹54.25 crore in total. This is an unconfirmed real-time signal, and the buyer and seller are unknown, so its direction is unclear.
- Multiple unsolicited ESG ratings disclosed Sep 26
HPCL disclosed independent ESG ratings from ESG Risk Assessments & Insights (Sep 10), Niche Ninety Nine with a score of 55 (Sep 18) and SES ESG Research (Sep 26). In each case the company said it did not engage the agency, and it made the disclosures under SEBI regulations.
- Statutory auditors continued Sep 8
On September 8, 2026, HPCL confirmed that its existing statutory auditors will continue, as advised by the C&AG under Section 139. This is routine governance continuity for a PSU.
TL;DR: HPCL's news this period is all routine disclosures, with no clear positives or headwinds. These include several unsolicited ESG ratings (one scored 55), continued C&AG-appointed auditors and a large ₹54.25 crore trade at ₹362.10 whose direction is unknown. The articles say nothing about marketing margins, refining spreads or crude prices, which usually drive the stock, so the news trend is flat rather than better or worse. Watch for commentary from the September 11 analyst meet and the upcoming quarterly results, which are more likely to set the stock's direction.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,12,079 | 95,752 | 1,11,348 | 1,14,678 | 1,13,888 | 99,957 | 1,10,608 | 1,09,633 | 1,10,825 | 1,00,856 | 1,15,153 | 1,14,937 | 1,40,584 |
| Expenses | 1,02,434 | 87,512 | 1,09,187 | 1,09,796 | 1,11,800 | 97,661 | 1,05,113 | 1,03,845 | 1,03,365 | 94,003 | 1,08,155 | 1,05,726 | 1,56,707 |
| Operating Profit | 9,646 | 8,240 | 2,160 | 4,882 | 2,089 | 2,296 | 5,495 | 5,788 | 7,461 | 6,852 | 6,998 | 9,211 | -16,122 |
| OPM % | 9% | 9% | 1.9% | 4.3% | 1.8% | 2.3% | 5% | 5% | 7% | 7% | 6% | 8% | -11% |
| Other Income | 1,299 | 1,040 | 791 | 594 | 933 | 526 | 462 | 930 | 507 | 715 | 727 | 1,910 | 648 |
| 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 |
| PBT | 8,947 | 7,443 | 986 | 3,124 | 805 | 348 | 3,509 | 4,338 | 5,547 | 5,131 | 5,317 | 7,644 | -18,170 |
| Tax % | 24% | 22% | 28% | 13% | 21% | 59% | 28% | 21% | 26% | 25% | 25% | 21% | -32% |
| Net Profit | 6,766 | 5,827 | 713 | 2,709 | 634 | 143 | 2,544 | 3,415 | 4,111 | 3,859 | 4,011 | 6,065 | -12,265 |
| EPS in Rs | 31.8 | 27.38 | 3.35 | 12.73 | 2.98 | 0.67 | 11.95 | 16.05 | 19.32 | 18.14 | 18.85 | 28.5 | -57.64 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,16,648 | 1,77,910 | 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 | 4,71,530 |
| Expenses | 2,11,916 | 1,69,575 | 1,76,607 | 2,08,732 | 2,63,963 | 2,63,887 | 2,17,194 | 3,39,669 | 4,47,901 | 4,08,929 | 4,17,658 | 4,11,126 | 4,64,592 |
| Operating Profit | 4,733 | 8,335 | 10,886 | 10,778 | 11,527 | 5,204 | 16,055 | 10,244 | -7,192 | 24,928 | 16,448 | 30,645 | 6,938 |
| OPM % | 2.2% | 4.7% | 6% | 4.9% | 4.2% | 1.9% | 7% | 2.9% | -1.6% | 6% | 3.8% | 7% | 1.5% |
| Other Income | 1,836 | 1,970 | 3,697 | 2,785 | 2,383 | 679 | 2,731 | 3,897 | 3,942 | 3,725 | 2,072 | 3,736 | 4,001 |
| Interest | 1,841 | 723 | 609 | 618 | 786 | 1,139 | 963 | 997 | 2,174 | 2,556 | 3,365 | 3,396 | 3,397 |
| Depreciation | 2,497 | 2,846 | 2,776 | 2,834 | 3,085 | 3,370 | 3,625 | 4,000 | 4,560 | 5,596 | 6,154 | 7,347 | 7,621 |
| PBT | 2,231 | 6,735 | 11,197 | 10,110 | 10,039 | 1,374 | 14,197 | 9,144 | -9,984 | 20,500 | 9,000 | 23,638 | -79 |
| Tax % | 33% | 31% | 26% | 29% | 33% | -92% | 25% | 20% | -30% | 22% | 25% | 24% | — |
| Net Profit | 1,489 | 4,675 | 8,236 | 7,218 | 6,691 | 2,639 | 10,663 | 7,294 | -6,980 | 16,015 | 6,736 | 18,047 | 1,671 |
| EPS in Rs | 6.56 | 20.45 | 36.03 | 31.58 | 29.27 | 11.54 | 48.83 | 34.28 | -32.8 | 75.26 | 31.66 | 84.81 | 7.85 |
| Div. Payout % | 55% | 25% | 37% | 36% | 36% | 56% | 31% | 27% | 0% | 28% | 33% | 29% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 339 | 339 | 1,016 | 1,524 | 1,524 | 1,524 | 1,452 | 1,419 | 1,419 | 1,419 | 2,128 | 2,128 |
| Reserves | 13,585 | 16,325 | 20,055 | 24,008 | 28,876 | 29,456 | 36,628 | 39,985 | 30,844 | 45,502 | 49,016 | 63,428 |
| Borrowings | 36,916 | 22,160 | 22,130 | 21,952 | 28,192 | 44,001 | 43,709 | 48,498 | 70,671 | 66,684 | 70,558 | 55,964 |
| Other Liabilities | 34,905 | 30,729 | 37,127 | 42,197 | 48,762 | 41,935 | 52,438 | 64,774 | 58,452 | 69,188 | 73,067 | 81,544 |
| Total Liabilities | 85,745 | 69,553 | 80,329 | 89,681 | 1,07,354 | 1,16,918 | 1,34,228 | 1,54,676 | 1,61,387 | 1,82,794 | 1,94,770 | 2,03,064 |
| Fixed Assets | 45,425 | 34,086 | 36,876 | 38,695 | 41,642 | 48,952 | 50,912 | 58,126 | 68,387 | 79,763 | 86,179 | 1,00,430 |
| CWIP | 3,950 | 1,914 | 1,867 | 4,011 | 9,519 | 17,170 | 25,336 | 28,907 | 25,607 | 20,078 | 17,967 | 8,033 |
| Investments | 6,113 | 9,185 | 11,773 | 12,882 | 14,297 | 14,396 | 15,093 | 18,867 | 23,689 | 29,540 | 27,046 | 28,012 |
| Other Assets | 30,257 | 24,368 | 29,811 | 34,094 | 41,896 | 36,400 | 42,887 | 48,775 | 43,703 | 53,413 | 63,577 | 66,590 |
| Total Assets | 85,745 | 69,553 | 80,329 | 89,681 | 1,07,354 | 1,16,918 | 1,34,228 | 1,54,676 | 1,61,387 | 1,82,794 | 1,94,770 | 2,03,064 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 19,410 | 6,651 | 10,254 | 11,037 | 8,554 | 5,469 | 17,829 | 15,810 | -3,466 | 23,852 | 14,231 | 36,111 |
| Investing | -5,667 | -4,272 | -5,304 | -7,398 | -11,382 | -14,168 | -12,279 | -13,745 | -11,384 | -13,019 | -10,559 | -11,404 |
| Financing | -14,699 | -3,674 | -4,239 | -4,423 | 2,598 | 8,452 | -4,709 | -2,066 | 16,025 | -16,155 | -4,139 | -22,770 |
| Net Cash Flow | -956 | -1,295 | 712 | -784 | -230 | -247 | 841 | -1 | 1,175 | -5,322 | -467 | 1,936 |
| Free Cash Flow | 13,097 | 1,827 | 4,400 | 4,334 | -2,713 | -8,325 | 6,222 | 3,782 | -12,646 | 13,906 | 4,814 | 27,999 |
| CFO/OP | 427 | 94 | 114 | 121 | 92 | 138 | 131 | 168 | 46 | 97 | 84 | 131 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 7 | 8 | 8 | 9 | 8 | 5 | 11 | 7 | 6 | 8 | 10 | 6 |
| Inventory Days | 29 | 31 | 42 | 35 | 30 | 29 | 53 | 40 | 25 | 32 | 35 | 38 |
| Days Payable | 23 | 22 | 28 | 30 | 25 | 17 | 30 | 30 | 20 | 26 | 28 | 30 |
| Cash Conversion Cycle | 13 | 17 | 21 | 15 | 12 | 17 | 33 | 17 | 11 | 14 | 18 | 14 |
| Working Capital Days | -8 | -9 | -35 | -29 | -25 | -34 | -38 | -29 | -30 | -33 | -35 | -29 |
| ROCE % | 7% | 17% | 29% | 24% | 20% | 5% | 19% | 12% | -8% | 21% | 11% | 22% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Hindustan Petroleum
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Company Information
Hindustan Petroleum Corporation Ltd is mainly engaged in the business of refining of crude oil and marketing of petroleum products, production of hydrocarbons as well as providing services for management of E&P Blocks.[1]
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