HPCL closed 1.9% lower at ₹340.8 after reporting a Q2 net profit of ₹3,482 crore, a stark reversal from the ₹11,526 crore loss in the prior quarter.
Revenue fell 4.3% sequentially to ₹1.3 lakh crore, matching consensus expectations, while EBITDA rebounded to a ₹9,074 crore profit from a ₹16,141 crore loss a quarter earlier – a stark contrast to the ₹4,913 crore loss forecast by the CNBC–TV18 poll.
Gross refining margin reached a record $33.2 per barrel, with throughput at 6.2 MT, outpacing the Singapore benchmark of $16 per barrel and bolstering HPCL’s competitive positioning.
Citi projects a 27.6% upside with a ₹435 target, whereas UBS maintains a sell rating at ₹340. The three banks collectively forecast a potential upside of 30% or a downside of 4%, underscoring divergent views on the firm’s trajectory.
Rising crude and freight costs have widened OMC marketing losses, prompting speculation that HPCL may lift retail prices. The company will release Q3 guidance on November 15, after which analysts will reassess the long‑term outlook.