HPCL net profit slips 9% amid volatile crude prices in Q2

HPCL’s gross refining margin rose sharply to $32.15 per barrel during the quarter | Photo Credit: The Hindu State-owned Hindustan Petroleum Corporation Ltd. (HPCL) reported a 9% year-on-year (YoY) decline in standalone net profit to ₹3,483 crore in the second quarter, amid volatility in benchmark crude oil prices following the reignited conflict in West Asia.The Mumbai-headquartered oil marketing company’s gross refining margin (GRM), a key indicator of refining profitability, rose sharply to $32.15 per barrel during the quarter, compared with $8.80 per barrel in the corresponding period last year.Revenue increased 26% YoY to more than ₹1.39 lakh crore during the reported quarter.HPCL’s total sales volumes, including exports, grew 5.5% to 12.73 million metric tonnes (MMT). Domestic sales rose 4.9% YoY, while combined sales of petrol and diesel increased 10% to 7.78 MMT.The company processed 6.2 MMT of crude oil during the quarter, operating its refineries at a capacity utilisation rate of 100.4%. Published - October 22, 2026 08:08 pm IST