HPCL
HPCL is under pressure, as the Indian crude basket reached $115.98 a barrel on September 9 (Financial Express, 11 Sept). Strong refining margins, with GRM at $23.4 per barrel, offset part of the hit (Outlook Business, 3 Aug).
What it means
HPCL is still buying its growth, through new outlets and non-fuel retail.
Reported: Revenue +21% in Q1 FY27, with a net loss of ₹11,526 cr.
Watch: Q2 FY27 results, expected late Oct — net loss wider than Q1's ₹11,526 cr.
- Affected
- Bharat Petroleum Corporation — subsidised prices to faceDo now: don't match HPCL's prices rupee for rupee while it buys its growth at a loss.
- Fuel transporters and contractors across its 25,160 outlets () — terms set by a loss-making buyerDo now: keep it on short payment terms until its loss narrows.
Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
Background
From 7 stories, the newest dated 30 Sept 2026. Summary written 10 Oct 2026.
HPCL is a state-run oil marketing company in India, listed alongside Indian Oil and BPCL as a public-sector fuel retailer. [1] source: Mint
Show 3 more paragraphs and 7 sources
Indian Oil, BPCL and HPCL together operate around 90% of India's more than 100,000 fuel stations. [1] source: Mint HPCL pumps continued unrestricted diesel sales in September 2026, while Jio-bp and Nayara Energy capped diesel purchases at select outlets. [1] source: Mint[2] source: ET Small Business
On 30 September 2026, Hindustan Petroleum, Reliance and Indian Oil each bought 2 million barrels of Khafji crude sold by Aramco Trading, with loading via Fujairah scheduled for late October to November. [3] source: ET Small Business Axis Capital reported an 88.4% upgrade to HPCL's FY27 earnings estimate in September. [4] source: NDTV Profit HPCL shares climbed up to 3% on the BSE on 30 September as crude oil prices fell. [5] source: Mint On 23 September, IOC, BPCL and HPCL were estimated to lose Rs 530 crore daily on fuel marketing while domestic pump prices remained unchanged. [6] source: Financial Express The Times of India reported a forecast petrol and diesel margin of Rs 11.4/litre for Q2FY27, against Rs 2.4/litre in the previous quarter, with estimated LPG losses of Rs 11,000 crore in Q2FY27. [7] source: Times of India
Private fuel retailers Jio-bp and Nayara Energy set diesel purchase limits in September 2026, including 50 litres per customer at several Jio-bp outlets and 70-200 litres per transaction at Nayara outlets. [2] source: ET Small Business
Sources
Questions about HPCL
What is HPCL's current strategy in India?
In September 2026, HPCL bought 2 million barrels of Khafji crude from Aramco Trading, with loading via Fujairah scheduled for late October to November. HPCL pumps also continued unrestricted diesel sales that month. [3] source: ET Small Business[1] source: Mint
Who are HPCL's main competitors?
HPCL's private fuel-retail competitors named in September 2026 are Jio-bp and Nayara Energy, which capped diesel purchases at select outlets, while HPCL, Indian Oil and BPCL pumps continued unrestricted sales. [1] source: Mint[2] source: ET Small Business
More stories about HPCL
Stories that mention HPCL
16 stories
HPCL is named in these stories but is not their subject.
- Nayara caps fuel purchases as crude nears $107; Reliance BP restricts sales at some outlets
- Jio-bp caps diesel purchases as bulk buyers shift to cheaper pump fuel
- Aadhaar biometric authentication to be mandatory for subsidised LPG refills from Oct. 1, 2026
- India cuts rural LPG refill booking gap to 25 days as supply pressure eases
- LPG retailers’ losses fall to Rs 188 a cylinder, while government dues exceed Rs 59,000 crore
- IndianOil, BPCL and HPCL LPG users face August 16 e-KYC subsidy deadline
- State-run fuel retailers’ July petrol sales rise 9.7%; diesel demand climbs 10.7%
- India eyes US for up to a quarter of 2027 LPG imports, widening sourcing base
- Mumbai Port weighs LNG bunkering, oil jetties and 1 lakh-car automobile hub
- Government Keeps Premium Petrol Ethanol-Free, Rules Out Return of E0 and E10
- BPCL, HPCL losses deepen as $96 crude squeezes fuel-retail margins
- BPCL launches lightweight Lite ZIP LPG cylinder, targets 100 cities by August 2026
- Swiggy Instamart adds on-demand LPG cylinder delivery in Bengaluru via HPCL tie-up
- State oil firms to widen 10-kg composite LPG cylinder sales to cafes, kiosks and street vendors
- Phi Commerce takes payment tech to Southeast Asia and Latin America after Japan entry
- Nayara cuts petrol ₹5, diesel ₹3 across 7,000+ pumps as crude cools