Hindustan Petroleum Corporation Ltd (HPCL) reported a consolidated net loss of ₹12,265 crore for the first quarter of fiscal 2027, marking a sharp deterioration in profitability for the state-run oil marketing company.
The loss was primarily driven by elevated crude oil prices stemming from ongoing conflict in West Asia, which compressed refining margins and increased input costs across the business.
Despite the bottom-line hit, HPCL’s consolidated total income rose to approximately ₹1.46 lakh crore in Q1 FY27, up from ₹1.24 lakh crore in the preceding quarter and ₹1.21 lakh crore in the same period last year.
The revenue growth reflects higher throughput and volume sales, but was insufficient to offset the margin pressure caused by volatile benchmark crude prices.
The results highlight the continued vulnerability of Indian public sector oil marketers to geopolitical shocks in key supply regions.
Peers in the sector are facing similar headwinds; Bharat Petroleum Corporation Ltd (BPCL) recently reported a consolidated net loss of ₹1,873 crore for the same period, citing mounting under-recoveries on liquefied petroleum gas (LPG) and strategic pricing decisions.