{"id":86810,"date":"2026-05-13T16:46:38","date_gmt":"2026-05-13T11:16:38","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=86810"},"modified":"2026-05-13T16:46:39","modified_gmt":"2026-05-13T11:16:39","slug":"hpcl-q4-results-fy26-net-profit-jumps-may-13-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/","title":{"rendered":"HPCL Q4 Results FY26: Net Profit Surges 78% to Rs 6,065 Crore, Declares Rs 19.25 Final Dividend as GRM Improves Sharply"},"content":{"rendered":"<p><strong>HPCL Q4 results<\/strong> for the quarter ended March 31, 2026 show Hindustan Petroleum Corporation Limited (HPCL) delivering a standout performance with net profit surging 78 percent year-on-year to Rs 6,065 crore, driven by improved gross refining margins (GRM), higher marketing volumes and a sharp improvement in operating margins to 5.17 percent from 3.01 percent in Q4 FY25. Revenue from operations stood at Rs 1,23,164 crore. The board recommended a final dividend of Rs 19.25 per share, with the record date set for August 14, 2026.<\/p><p>The <a href=\"https:\/\/univest.in\/user\/stocks\/hindpetro\/hindustan-petroleum-corporation-ltd-share-price-today\">HPCL<\/a> Q4 results represent a remarkable turnaround from the company&#8217;s difficult FY25 when under-recoveries from regulated fuel pricing had severely impacted profitability. With Brent crude above $104 per barrel in the current environment creating fresh pressures, the strong Q4 FY26 numbers reflect a period when GRMs were elevated and government policy provided some relief through LPG compensation.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#HPCL_Q4_FY26_Results_Key_Financial_Highlights\" title=\"HPCL Q4 FY26 Results: Key Financial Highlights\">HPCL Q4 FY26 Results: Key Financial Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#Why_HPCL_Q4_Profit_Jumped_78_Key_Drivers\" title=\"Why HPCL Q4 Profit Jumped 78%: Key Drivers\">Why HPCL Q4 Profit Jumped 78%: Key Drivers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#GRM_Improvement_to_Rs_879_Per_Barrel\" title=\"GRM Improvement to Rs 8.79 Per Barrel\">GRM Improvement to Rs 8.79 Per Barrel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#Operating_Margin_Recovery_to_517\" title=\"Operating Margin Recovery to 5.17%\">Operating Margin Recovery to 5.17%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#FY26_Standalone_Profit_of_Rs_17175_Crore_A_411_Annual_Surge\" title=\"FY26 Standalone Profit of Rs 17,175 Crore: A 411% Annual Surge\">FY26 Standalone Profit of Rs 17,175 Crore: A 411% Annual Surge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#Balance_Sheet_Transformation_Debt-Equity_at_080\" title=\"Balance Sheet Transformation: Debt-Equity at 0.80\">Balance Sheet Transformation: Debt-Equity at 0.80<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#HPCL_Dividend_Rs_1925_Final_Dividend_Rs_2425_Total_for_FY26\" title=\"HPCL Dividend: Rs 19.25 Final Dividend, Rs 24.25 Total for FY26\">HPCL Dividend: Rs 19.25 Final Dividend, Rs 24.25 Total for FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#Risk_Factors_Crude_Above_104_and_the_Fuel_Price_Freeze\" title=\"Risk Factors: Crude Above $104 and the Fuel Price Freeze\">Risk Factors: Crude Above $104 and the Fuel Price Freeze<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#FAQs_on_HPCL_Q4_Results_FY26\" title=\"FAQs on HPCL Q4 Results FY26\">FAQs on HPCL Q4 Results FY26<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#What_is_HPCLs_Q4_FY26_net_profit\" title=\"What is HPCL&#8217;s Q4 FY26 net profit?\">What is HPCL&#8217;s Q4 FY26 net profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#What_dividend_did_HPCL_declare_with_Q4_FY26_results\" title=\"What dividend did HPCL declare with Q4 FY26 results?\">What dividend did HPCL declare with Q4 FY26 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#What_is_HPCLs_GRM_and_how_did_it_improve\" title=\"What is HPCL&#8217;s GRM and how did it improve?\">What is HPCL&#8217;s GRM and how did it improve?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/hpcl-q4-results-fy26-net-profit-jumps-may-13-2026\/#What_are_the_risks_for_HPCL_after_these_strong_Q4_results\" title=\"What are the risks for HPCL after these strong Q4 results?\">What are the risks for HPCL after these strong Q4 results?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HPCL_Q4_FY26_Results_Key_Financial_Highlights\"><\/span><strong>HPCL Q4 FY26 Results: Key Financial Highlights<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><ul class=\"wp-block-list\"><li><strong>Q4 FY26 Net Profit: <\/strong>Rs 6,065 crore (up 78% YoY)<\/li>\n\n<li><strong>Q4 FY26 Revenue: <\/strong>Rs 1,23,164 crore<\/li>\n\n<li><strong>Q4 FY26 Operating Margin: <\/strong>5.17% (improved from 3.01% in Q4 FY25)<\/li>\n\n<li><strong>Q4 FY26 GRM: <\/strong>Rs 8.79 per barrel (vs Rs 5.74 per barrel in Q4 FY25)<\/li>\n\n<li><strong>FY26 Standalone Net Profit: <\/strong>Rs 17,175 crore (vs Rs 3,355 crore in FY25 \u2014 a 411% surge)<\/li>\n\n<li><strong>FY26 Full Year EPS: <\/strong>Rs 80.72 (vs Rs 15.77 in FY25)<\/li>\n\n<li><strong>FY26 Consolidated Net Profit: <\/strong>Rs 18,047 crore<\/li>\n\n<li><strong>Debt-Equity Ratio: <\/strong>0.80 (significantly improved from 1.38 in FY25)<\/li>\n\n<li><strong>Refinery Throughput: <\/strong>26.04 million metric tonnes (MMT)<\/li>\n\n<li><strong>Domestic Sales Volume: <\/strong>48.53 MMT<\/li>\n\n<li><strong>LPG Compensation Recognised: <\/strong>Rs 3,300 crore for current financial year<\/li>\n\n<li><strong>Final Dividend: <\/strong>Rs 19.25 per equity share<\/li>\n\n<li><strong>Total FY26 Dividend (incl. interim): <\/strong>Rs 24.25 per share<\/li>\n\n<li><strong>Dividend Record Date: <\/strong>August 14, 2026<\/li><\/ul><p>Track HPCL share price and refining margin data live on the <a href=\"https:\/\/univest.in\/screeners\">Check the Univest Screener for live data<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_HPCL_Q4_Profit_Jumped_78_Key_Drivers\"><\/span><strong>Why HPCL Q4 Profit Jumped 78%: Key Drivers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GRM_Improvement_to_Rs_879_Per_Barrel\"><\/span><strong>GRM Improvement to Rs 8.79 Per Barrel<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The single biggest driver of HPCL Q4 results&#8217; 78 percent profit growth is the improvement in Gross Refining Margin to Rs 8.79 per barrel from Rs 5.74 per barrel in Q4 FY25, a 53 percent improvement. GRM represents the profit HPCL earns by converting crude oil into petroleum products. Higher GRM means the spread between input crude oil cost and output product prices (petrol, diesel, aviation turbine fuel, LPG) has expanded, directly improving profitability. This GRM improvement reflects better product cracks in the international petroleum products market and HPCL&#8217;s operational efficiency gains.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operating_Margin_Recovery_to_517\"><\/span><strong>Operating Margin Recovery to 5.17%<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>HPCL&#8217;s operating margin improved to 5.17 percent from 3.01 percent in Q4 FY25, nearly a 72 percent improvement in the margin ratio. This reflects both the GRM improvement and the government&#8217;s recognition of Rs 3,300 crore in LPG compensation for the current financial year. LPG is sold below cost to domestic consumers as a policy subsidy, and the government compensates OMCs through budgetary allocation. The Rs 3,300 crore LPG compensation significantly reduced HPCL&#8217;s effective under-recovery burden in FY26.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FY26_Standalone_Profit_of_Rs_17175_Crore_A_411_Annual_Surge\"><\/span><strong>FY26 Standalone Profit of Rs 17,175 Crore: A 411% Annual Surge<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The most dramatic number in the HPCL Q4 results announcement is the full-year FY26 standalone net profit of Rs 17,175 crore, up 411 percent from just Rs 3,355 crore in FY25. This extraordinary annual profit growth reflects the difference between FY25, when HPCL was absorbing massive under-recoveries from the fuel price freeze, and FY26, when improved GRMs, LPG compensation and operational efficiency created a dramatically better earnings environment. The full-year FY26 EPS of Rs 80.72 versus FY25&#8217;s Rs 15.77 quantifies this transformation.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Tap to Access Best Research Pieces on Univest<\/strong><\/a><\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Balance_Sheet_Transformation_Debt-Equity_at_080\"><\/span><strong>Balance Sheet Transformation: Debt-Equity at 0.80<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>HPCL&#8217;s debt-equity ratio improved to 0.80 from 1.38 in FY25, a significant balance sheet strengthening. A debt-equity below 1.0 indicates that HPCL now funds its operations and expansion primarily through equity rather than debt, reducing financial risk and borrowing costs. This improvement gives HPCL greater flexibility to invest in capacity expansion, renewable energy projects and petrochemical diversification without excessive balance sheet leverage.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HPCL_Dividend_Rs_1925_Final_Dividend_Rs_2425_Total_for_FY26\"><\/span><strong>HPCL Dividend: Rs 19.25 Final Dividend, Rs 24.25 Total for FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The board recommended a final dividend of Rs 19.25 per equity share for FY26, with a record date of August 14, 2026. Including interim dividends paid earlier in the year, the total FY26 dividend per share stands at Rs 24.25. At the current HPCL share price, this represents one of the highest dividend yields in the OMC (oil marketing company) sector. The dividend reflects management&#8217;s confidence in the sustainability of the FY26 earnings improvement.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risk_Factors_Crude_Above_104_and_the_Fuel_Price_Freeze\"><\/span><strong>Risk Factors: Crude Above $104 and the Fuel Price Freeze<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Despite the strong HPCL Q4 results, the near-term outlook faces headwinds. Brent crude has surged above $104 per barrel on 13 May 2026 due to US-Iran tensions, exactly the same dynamic that had compressed HPCL&#8217;s earnings in FY25. If HPCL is unable to pass on this crude cost increase through retail fuel price hikes, under-recoveries will widen again in FY27. The government&#8217;s fuel price freeze since April 2022 means petrol and diesel prices have not changed despite crude oil rising from approximately $70 to $104 per barrel in 2026.<\/p><p>A source close to the oil ministry has indicated a petrol and diesel price hike of Rs 4 to 5 per litre may be implemented before May 15, now that state elections are concluded. If this hike materialises, it would be positive for HPCL&#8217;s FY27 earnings outlook and the share price.<\/p><p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or the <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get daily stock recommendations and insightful research pieces on HPCL share price live, GRM data and OMC sector research!<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>HPCL Q4 results<\/strong> for FY26 are exceptional: 78 percent quarterly profit growth to Rs 6,065 crore, full-year FY26 standalone profit of Rs 17,175 crore (up 411 percent), GRM improvement to Rs 8.79 per barrel and a Rs 19.25 final dividend (Rs 24.25 total FY26 dividend). The debt-equity ratio improvement to 0.80 signals a fundamentally stronger balance sheet. The key risk for FY27 is whether Brent crude above $104 will compress margins again if the fuel price freeze continues. A Rs 4 to 5 per litre retail price hike would be a strong positive for HPCL&#8217;s FY27 outlook. Consult a SEBI-registered advisor before investing based on HPCL Q4 results.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_HPCL_Q4_Results_FY26\"><\/span><strong>FAQs on HPCL Q4 Results FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_HPCLs_Q4_FY26_net_profit\"><\/span><strong>What is HPCL&#8217;s Q4 FY26 net profit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>HPCL reported Q4 FY26 net profit of Rs 6,065 crore, up 78 percent year-on-year. Full-year FY26 standalone net profit surged 411 percent to Rs 17,175 crore from Rs 3,355 crore in FY25. Consolidated FY26 net profit was Rs 18,047 crore.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_dividend_did_HPCL_declare_with_Q4_FY26_results\"><\/span><strong>What dividend did HPCL declare with Q4 FY26 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>HPCL&#8217;s board recommended a final dividend of Rs 19.25 per equity share, with August 14, 2026 as the record date. Including interim dividends, the total FY26 dividend per share is Rs 24.25, making HPCL one of the highest-yielding OMC stocks in the current dividend cycle.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_HPCLs_GRM_and_how_did_it_improve\"><\/span><strong>What is HPCL&#8217;s GRM and how did it improve?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>HPCL&#8217;s Gross Refining Margin (GRM) improved to Rs 8.79 per barrel in Q4 FY26 from Rs 5.74 per barrel in Q4 FY25, a 53 percent improvement. GRM improvement reflects better product crack spreads in the international petroleum market and HPCL&#8217;s operational efficiency gains at its Mumbai and Vizag refineries.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_risks_for_HPCL_after_these_strong_Q4_results\"><\/span><strong>What are the risks for HPCL after these strong Q4 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ans. <\/strong>The key risk for HPCL after its strong Q4 results is the fuel price freeze. Brent crude above $104 on 13 May 2026 threatens to widen under-recoveries in FY27 if retail petrol and diesel prices remain frozen. A government-mandated price hike of Rs 4 to 5 per litre before May 15 would mitigate this risk and be strongly positive for HPCL&#8217;s FY27 earnings.<\/p><p><\/p>","protected":false},"excerpt":{"rendered":"<p>HPCL Q4 results for the quarter ended March 31, 2026 show Hindustan Petroleum Corporation Limited (HPCL) delivering a standout performance with net profit surging 78 percent year-on-year to Rs 6,065 crore, driven by improved gross refining margins (GRM), higher marketing volumes and a sharp improvement in operating margins to 5.17 percent from 3.01 percent in<\/p>\n","protected":false},"author":35,"featured_media":86825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[4134],"class_list":["post-86810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-q4-results-fy26"],"metadata":{"_edit_lock":["1778671139:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["24"],"rank_math_seo_score":["77"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["HPCL Q4 Results FY26: Net Profit Jumps 78% to Rs 6,065 Crore, Dividend Rs 19.25"],"rank_math_description":["HPCL Q4 FY26 results: net profit surges 78% to Rs 6,065 crore. 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