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HPCL profits from slate agility and downstream efficiency

23Aug

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HPCL profits from slate agility and downstream efficiency

Hindustan Petroleum Corporation Ltd (HPCL) surprised with a tenfold jump in quarterly profit to ₹4,371 crore, as marketing margins improved and throughput reached record highs. Visakh and Mumbai refineries together processed 6.66 million tonnes in Q1, operating above 109% utilisation. The company’s edge lies in crude-sourcing agility. Chairman Vikas Kaushal confirmed HPCL is actively scouting non-Russian barrels to cushion against narrowing discounts and sanctions. “Alternative crudes will be critical to hedge volatility,” he said, signalling a portfolio approach more typical of global traders than Indian PSUs. On operations, HPCL has invested in advanced process controls, waste heat recovery, and energy management systems. Fuel and loss were trimmed to 6.88%, a record low. Analysts ...

Indian Oil balances volatile margins with LNG hedges and Russian barrels

Indian Oil Corporation (IOC), India’s largest refiner, saw profit pressure in the June quarter as marketing margins fluctuated and inventory losses weighed. Revenues held near ₹2.22 trillion, but the numbers underlined how exposed state refiners remain to crack spreads and regulatory discipline. Operationally, IOC is leaning on term LNG contracts indexed to Henry Hub to hedge against volatile spot prices. Earlier this year it signed a five-year supply arrangement with Trafigura, ensuring baseload gas for its captive power and city-gas distribution. The company has also resumed purchases of discounted Russian oil as arbitrage widened, trimming feedstock costs at coastal refineries. Executives argue flexibility is key. “Securing a diverse crude basket is central to operational stabilit...

BPCL’s hydrogen pivot signals a new phase for India’s refining giant

Bharat Petroleum Corporation Ltd (BPCL) posted a stronger-than-expected profit in the first quarter of FY26, with net earnings of ₹61.24 billion against market estimates closer to ₹57 billion. Softer crude costs and improved marketing spreads underpinned the numbers, but management is keen to highlight a different narrative: the company’s accelerating bet on green hydrogen. BPCL has begun pilot projects to produce hydrogen for refinery desulphurisation and has partnered with KPIT and the Kerala government on India’s first hydrogen bus corridor. “Hydrogen-powered mobility is the future of sustainable transportation,” Chairman G. Krishnakumar told reporters in Kochi, underscoring the ambition to leapfrog conventional gas. The strategy mirrors Europe’s majors. Repsol in Spain and Italy’...