HINDPETRO · Oil Gas & Consumable Fuels
Hindustan Petroleum Corporation Ltd. reported revenue of ₹1.01 lakh cr for July to September 2025, +0.9% on the year and −9.0% on the quarter. Over the last four quarters revenue comes to ₹4.32 lakh cr, −1.8% on the four before.
Operating profit (EBITDA) was ₹6,852 cr, a margin of 6.8%, +450 bps on the year and +6 bps on the quarter. It is the widest margin of the last 8 quarters (range 1.8% to 6.8%). Operating costs grew −3.7% against revenue growth of +0.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,859 cr, +2,598.6% on the year and −6.1% on the quarter, with earnings per share of ₹18.14. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹13,929 cr, +231.7% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹65.46 over the last four quarters, the stock at ₹345.85 trades at 5.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹95,752 cr | ₹1.11 lakh cr | ₹1.15 lakh cr | ₹1.14 lakh cr | ₹99,957 cr | ₹1.11 lakh cr | ₹1.10 lakh cr | ₹1.11 lakh cr | ₹1.01 lakh cr | ₹1.15 lakh cr | ₹1.15 lakh cr | ₹1.41 lakh cr |
| YoY | — | — | — | +2% | +4% | −1% | −4% | −3% | +1% | +4% | +5% | +27% |
| EBITDA margin | 8.6% | 1.9% | 4.3% | 1.8% | 2.3% | 5.0% | 5.3% | 6.7% | 6.8% | 6.1% | 8.0% | −11.5% |
| Other income, % of PBT | 14% | 80% | 19% | 116% | 151% | 13% | 21% | 9% | 14% | 14% | 25% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 28% | 13% | 21% | 59% | 28% | 21% | 26% | 25% | 25% | 21% | — |
| Net profit | ₹5,827 cr | ₹713 cr | ₹2,709 cr | ₹634 cr | ₹143 cr | ₹2,544 cr | ₹3,415 cr | ₹4,111 cr | ₹3,859 cr | ₹4,011 cr | ₹6,065 cr | −₹12,265 cr |
| YoY | — | — | — | −91% | −98% | +257% | +26% | +548% | +2,599% | +58% | +78% | −398% |
| Core profit YoY | — | — | — | −102% | −103% | +1,463% | +35% | — | — | +51% | +68% | −473% |
| EPS | ₹27.38 | ₹3.35 | ₹12.73 | ₹2.98 | ₹0.67 | ₹11.95 | ₹16.05 | ₹19.32 | ₹18.14 | ₹18.85 | ₹28.50 | −₹57.64 |
| Flags | · | 1 | 1 | 2 | 3 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindustan Petroleum Corporation Ltd. reported revenue of ₹1.01 lakh cr (+0.9% on the year) and net profit of ₹3,859 cr (+2,598.6% on the year) for July to September 2025.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.