StrengthTalking point
Profit outpacing revenue
Profit grew 133.2% while revenue grew 2.6%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Hindustan Petroleum Corporation · Research view
Hindustan Petroleum Corporation Ltd
NSE: HINDPETROBSE: 500104ISIN INE094A01015Face value ₹10standalone
₹346
−1.70% · 2026-10-01 · 52-wk ₹319–₹499
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹-8,974 to ₹17,175) — one year is a weak guide to the earnings power.
Importance 63 / 95 · growth
ContextTalking point
High returns, and the market pays up for them
ROE of 32.5% is well above the refineries and marketing median (22.8%), and the P/E of 44.05× is above it too (12.70×).
Importance 60 / 95 · valuation
Context
Higher P/E than peers
Trades at 44.05× earnings — 247% above the refineries and marketing median of 12.70×.
Importance 56 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Petroleum Products › Refineries & Marketing.
- Market cap
- ₹73,623 cr
- FY2026 revenue
- ₹4,78,543 cr
- FY2026 net profit
- ₹17,175 cr
- Net worth
- ₹59,847 cr
- Total debt
- ₹47,599 cr
- EPS (basic)
- ₹80.72
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 refineries & marketing.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 133.2% while revenue grew 2.6%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +7.1%over 7 years
- Revenue growth
- +2.6%vs last year
- Net profit growth
- +133.2%vs last year
- Change in net profit since FY19
- +185%
Profit has swung sharply over 7 years (from ₹-8,974 to ₹17,175) — one year is a weak guide to the earnings power.
Over 7 years profit compounded at 16.1% a year while revenue compounded at 7.1% a year — though FY2021 saw a one-off step-change of 304% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 133.2% year on year (FY2025 → FY2026).
Revenue has compounded at 7.1% a year over 7 years (₹2,96,929 → ₹4,78,543) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹-12,265 cr, down 398.3% from ₹4,111 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 398.3% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+57.7% and +77.6%).
Rule QTR_TREND_REVERSAL
Watch
Q1 FY27 net profit declined 398.3% while revenue grew 20.8% vs the same quarter last year — a gap of 419.2 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,08,268 | — | 143 | — | 0.1% |
| Q3 FY25 | 1,19,039 | +0.5% | 2,544 | +256.8% | 2.1% |
| Q4 FY25 | 1,18,474 | −2.6% | 3,415 | +26.1% | 2.9% |
| Q1 FY26 | 1,20,193 | −0.6% | 4,111 | +548.5% | 3.4% |
| Q2 FY26 | 1,10,397 | +2.0% | 3,859 | +2605.1% | 3.5% |
| Q3 FY26 | 1,24,583 | +4.7% | 4,011 | +57.7% | 3.2% |
| Q4 FY26 | 1,23,693 | +4.4% | 6,065 | +77.6% | 4.9% |
| Q1 FY27 | 1,45,225 | +20.8% | −12,265 | −398.3% | −8.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹5,03,898 crTTM
- EBITDA
- ₹9,306 crTTM
- EBIT
- ₹1,685 crTTM
- PBT
- ₹−1,712 crTTM
- Net profit
- ₹1,671 crTTM
C. Corporate actions
14 Aug 2026DividendFinal Dividend - Rs. - 19.2500 — ₹19.25/share
6 Nov 2025DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
14 Aug 2025DividendFinal Dividend - Rs. - 10.5000 — ₹10.50/share
9 Aug 2024DividendFinal Dividend - Rs. - 11.0000 — ₹11.00/share
21 Jun 2024Bonus issueBonus issue 1:2 — 2:3
7 Feb 2024DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share
22 Aug 2022DividendFinal Dividend - Rs. - 14.0000 — ₹14.00/share
8 Jul 2021DividendFinal Dividend - Rs. - 22.7500 — ₹22.75/share
2 Jul 2020DividendFinal Dividend - Rs. - 9.7500 — ₹9.75/share
6 Jun 2019DividendFinal Dividend - Rs. - 9.4000 — ₹9.40/share
14 Feb 2019DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share
28 Jun 2018DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
28 Feb 2018DividendInterim Dividend - Rs. - 14.5000 — ₹14.50/share
11 Jul 2017Bonus issueBonus issue 1:2 — 2:3
11 Jul 2017DividendDividend - Rs. - 1.1000 — ₹1.10/share
24 Mar 2017DividendInterim Dividend - Rs. - 6.4000 — ₹6.40/share
1 Mar 2017DividendInterim Dividend - Rs. - 22.5000 — ₹22.50/share
14 Sept 2016Bonus issueBonus issue 2:1 — 1:3
28 Jul 2016DividendDividend - Rs. - 16.0000 — ₹16.00/share
17 Mar 2016DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
11 Feb 2016DividendInterim Dividend - Rs. - 11.5000 — ₹11.50/share
2 Sept 2015DividendFinal Dividend - Rs. - 24.5000 — ₹24.50/share
12 Aug 2014DividendFinal Dividend - Rs. - 15.5000 — ₹15.50/share
14 Aug 2013DividendFinal Dividend - Rs. - 8.5000 — ₹8.50/share
30 Aug 2012DividendFinal Dividend - Rs. - 8.5000 — ₹8.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 32.5% is well above the refineries and marketing median of 22.8%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 6.9%
- 8-year range
- -1.2–6.9%
- ROE FY2026
- 32.5%
- ROCE FY2026
- 24.0%
ROE improved from 16.9% to 32.5% year on year.
EBITDA margin improved from 4.1% to 6.9% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.10×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹47,599 cr
- Operating cash flow ÷ net profit
- 2.10×FY2026
- Free cash flow
- ₹28,275 cr
- Current ratio
- 0.64×
Debt-to-equity fell from 1.38× to 0.80× year on year.
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 refineries & marketing (FY2026, consolidated).
Revenue growth
HINDPETRO · 4th of 4 · set median 4.7%
EBITDA margin
HINDPETRO · 4th of 4 · set median 8.8%
Return on equity
HINDPETRO · 1st of 4 · set median 24.7%
P/E ratio
HINDPETRO · 4th of 4 · set median 12.7×
Context
ROE of 32.5% is well above the refineries and marketing median (22.8%), and the P/E of 44.05× is above it too (12.70×).
Rule STRONG_RETURNS_AT_PREMIUM
- P / E
- 44.1×TTM to Jun 26
- P / B
- 1.1×latest book
- P / S
- 0.1×TTM sales
- Earnings yield
- 2.3%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 4.1× · P/S 0.2× · ROE 30.9%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit (10.0% a year) and the stock (11.7% a year) compounded at roughly the same rate.
Rule STOCK_TRACKED_EARNINGS
- 1-year return
- −20.3%
- 3-year return
- +103.6%
- 5-year return
- +73.6%
- From 52-wk high
- −30.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹369
- vs 200-day avg
- Below₹398
- RSI (14)
- 40.1neutral
- MACD histogram
- 0.5
- From 52-wk high
- −30.7%
- From 52-wk low
- +8.4%
- 30-day volatility
- 21.3%ann.
- 6-month return
- +3.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹-8,974 to ₹17,175) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 63
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,96,929 | 2,87,417 | 2,70,326 | 3,73,897 | 4,66,192 | 4,61,638 | 4,66,346 | 4,78,543 |
| Total income | 2,98,564 | 2,89,255 | 2,73,115 | 3,76,866 | 4,68,261 | 4,64,020 | 4,68,762 | 4,81,234 |
| EBITDA | 13,077 | 6,962 | 18,714 | 13,146 | −5,453 | 27,221 | 19,022 | 33,182 |
| Profit before tax | 9,339 | 1,573 | 14,247 | 8,204 | −11,915 | 19,153 | 9,621 | 22,907 |
| Net profit | 6,029 | 2,637 | 10,664 | 6,383 | −8,974 | 14,694 | 7,365 | 17,175 |
| EPS (₹) | 39.6 | 17.3 | 70.6 | 44.9 | −63.3 | 103.6 | 34.6 | 80.7 |
| Net worth | 28,175 | 28,962 | 36,186 | 38,677 | 27,713 | 41,030 | 45,958 | 59,847 |
| Total debt | 25,110 | 38,433 | 41,889 | 43,193 | 64,517 | 60,254 | 63,323 | 47,599 |
| Operating cash flow | — | — | 17,722 | 15,890 | −3,359 | 23,920 | 14,276 | 36,107 |
| Free cash flow | — | — | 6,487 | 4,809 | −12,247 | 14,327 | 7,526 | 28,275 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -3.2 | -5.9 | 38.3 | 24.7 | -1.0 | 1.0 | 2.6 |
| Profit growth YoY | — | -56.3 | 304.4 | -40.1 | -240.6 | — | -49.9 | 133.2 |
| Profitability | ||||||||
| EBITDA margin % | 4.4 | 2.4 | 6.9 | 3.5 | -1.2 | 5.9 | 4.1 | 6.9 |
| Net margin % | 2.0 | 0.9 | 3.9 | 1.7 | -1.9 | 3.2 | 1.6 | 3.6 |
| Return on equity % | 21.4 | 9.2 | 32.7 | 17.1 | -27.0 | 42.7 | 16.9 | 32.5 |
| Return on capital % | 18.9 | 6.1 | 20.8 | 11.5 | -11.2 | 22.4 | 12.3 | 24.0 |
| Leverage & cash | ||||||||
| Debt to equity | 0.89 | 1.33 | 1.16 | 1.12 | 2.33 | 1.47 | 1.38 | 0.80 |
| Cash flow ÷ profit | — | — | 1.66 | 2.49 | — | 1.63 | 1.94 | 2.10 |
| Current ratio | 0.76 | 0.65 | 0.70 | 0.70 | 0.59 | 0.61 | 0.60 | 0.64 |