HPCL Q2 Results, October 22, 2026: GRM Hits $32 a Barrel, Profit ₹3,483 Crore

The HPCL Q2 results filed on October 22, 2026 tell two stories at once. Hindustan Petroleum’s refineries had a cracking quarter, with a gross refining margin of US$32.15 a barrel. Yet the first half of the year still ends in the red, because the June quarter hole was that deep. Here is what the company reported in its press release filed with NSE.

HPCL Q2 results: the headline numbers

Revenue from operations for the September quarter came in at ₹1,39,140 crore, against ₹1,10,323 crore a year ago. By our arithmetic that is roughly 26% higher year on year. For the half year, revenue stood at ₹2,84,267 crore versus ₹2,30,458 crore.

Standalone net profit was ₹3,483 crore, a little below the ₹3,830 crore HPCL earned in Q2 FY26, which works out to a drop of about 9% (our calculation). Consolidated profit was ₹3,625 crore against ₹3,859 crore.

The half-year picture is the uncomfortable part. HPCL reports a standalone net loss of ₹8,044 crore for H1 FY27, compared with a profit of ₹8,201 crore in H1 FY26. On a consolidated basis the H1 loss is ₹8,639 crore. Subtract the Q2 profit from the H1 loss and the implied standalone loss for the June quarter is about ₹11,527 crore. That figure is our arithmetic, not a number the release states.

Refining margins did the heavy lifting

The gross refining margin before export cess was US$32.15 per barrel in Q2 FY27, against just US$8.80 in the same quarter last year. For the half year it averaged US$27.89, versus US$5.95. The company itself frames the quarter as resilient “in the midst of the ongoing West Asia crisis”.

The plants ran hard too. Crude throughput was 6.20 million tonnes in the quarter, at 100% of capacity. Visakh processed 3.60 MMT (95% of its capacity) and Mumbai 2.60 MMT, which is 109% of nameplate. Over the half year, throughput was 12.72 MMT at 104% utilisation.

Marketing volumes and network

Total sales including exports were 12.73 MMT in the quarter, up 5.5% year on year, with domestic sales growing 4.9%. Petrol and diesel together came to 7.78 MMT, up 10%. LPG sales were 2.03 MMT and pipeline throughput 6.99 MMT.

As of September 30, 2026, HPCL had 25,245 retail outlets, 6,394 LPG distributors, 2,296 CNG outlets and 5,880 EV charging stations. It also launched HP Navya, a 10 kg composite LPG cylinder, and tied up with Swiggy Instamart for quick-commerce delivery.

Capex and the Rajasthan refinery

Capital spending was ₹2,085 crore in the quarter and ₹3,819 crore for the half. At subsidiary HPCL Rajasthan Refinery, CRISIL upgraded the long-term rating from AA to AA+ with a stable outlook, and debt of ₹51,970 crore was refinanced or repriced at a lower cost. The 201-km Haldia–Panagarh LPG pipeline in West Bengal was mechanically completed and is in pre-commissioning. HPCL also says it commissioned India’s first refinery blue hydrogen unit at Visakh.

What it means

For investors, the September quarter shows how quickly an oil marketer’s earnings can swing when refining margins move. A US$32 GRM is far above last year’s level, and the plants ran at or above capacity to capture it. But one strong quarter has not yet repaired the first half. We would watch two things from here: whether margins hold up in the December quarter, and how the marketing side fares if crude stays volatile. Our earlier piece on oil and gas stocks when Brent went above $106 covers how crude moves feed into these stocks, and our guide on how to analyse quarterly results explains reading standalone versus consolidated numbers. Company details are on HPCL’s website.

Source: HPCL press release on Q2 and H1 FY27 results, filed with NSE on October 22, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.