तेल विपणन कंपनियों पर भारी वित्तीय दबाव: सब्सिडी अनिश्चितता के बीच एलपीजी अंडर-रिकवरी ₹53,700 करोड़ से अधिक

Energy

Published on 20th November 2025, 11:51 AM

Author

Akshat Lakshkar | Whalesbook News Team

Overview

नुवामा रिसर्च की एक रिपोर्ट तेल विपणन कंपनियों (OMCs) पर एलपीजी अंडर-रिकवरी के कारण महत्वपूर्ण वित्तीय दबाव को उजागर करती है, जो कुल ₹53,700 करोड़ है। जहाँ सरकार नवंबर 2025 से ₹30,000 करोड़ की सब्सिडी जारी करने की योजना बना रही है, यह राशि वर्तमान नुकसान का केवल लगभग 56% ही कवर करती है, जिससे वित्तीय अंतर बढ़ने की संभावना है। रिपोर्ट OMC के पूंजीगत व्यय पर बढ़ते दबाव, सिटी गैस वितरण कंपनियों की संभावित डी-रेटिंग और ONGC से आशावादी उत्पादन मार्गदर्शन के बारे में भी चेतावनी देती है।

Hindustan Petroleum Corporation Ltd

₹ 472-1.26%

21 Nov – close price

🔗hindustanpetroleum.com•BSE: 500104•NSE: HINDPETRO

Market Cap₹ 1,00,359 Cr.

Current Price₹ 472

High / Low₹ 495

Stock P/E6.88

Book Value₹ 244

Dividend Yield2.23 %

ROCE11.8 %

ROE16.9 %

Face Value₹ 10.0

Sales₹ 4,31,546 Cr.

OPM6.09 %

Mar Cap₹ 1,00,359 Cr.

ABOUT

Hindustan Petroleum Corporation Ltd is mainly engaged in the business of refining of crude oil and marketing of petroleum products, production of hydrocarbons as well as providing services for management of E&P Blocks.[1]

KEY POINTS

LeadershipThe company owns and managesIndia’s largest lubricant refinery and has the 2nd-largest retail network and LPG marketing presence. Additionally, it operates the2nd-largest cross-country product pipeline network.[1]The company has a13.44% market share in India’s total refining capacityand a20.50% domestic market share in petroleum products.[2]

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Reliance Industr	1546.60	27.31	2092931.64	0.36	22092.00	9.67	254623.00	9.97	9.69	999629.00	17.65	76642.42	18165.00	2.39	4.33	0.43
2.	I O C L	167.35	9.69	236388.98	1.79	8190.86	1388.14	178628.15	2.09	7.36	760253.58	6.85	24391.08	7817.55	1.20	2.47	0.74
3.	B P C L	364.55	7.35	158181.88	2.74	6191.49	168.30	104946.27	2.10	16.22	441893.80	7.84	21520.07	6313.56	1.68	6.46	0.56
4.	H P C L	471.90	6.88	100359.45	2.23	3830.37	506.86	100781.12	0.86	11.83	431546.30	6.09	14579.12	3830.37	1.93	4.09	1.16
5.	M R P L	170.28	28.79	29848.39	0.00	627.36	190.02	22648.57	-9.29	4.38	86471.53	4.43	1036.63	627.36	2.24	0.17	0.81
6.	C P C L	1025.20	13.05	15261.44	0.49	719.19	213.49	16327.34	35.09	4.30	61314.05	3.70	1169.80	719.19	1.73	1.21	0.22
7.	Rajasthan Gases	43.20	6.52	332.10	0.00	34.24	–	0.00	–	-0.49	8.22	94.77	50.92	34.24	4.27	-0.48	0.26
–	Median: 9 Co.	170.28	13.05	29848.39	0.36	719.19	179.16	22648.57	2.09	7.56	86471.53	6.85	1169.8	719.19	2.24	2.77	0.47

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	108,417	109,603	107,928	111,961	95,701	111,306	114,557	113,823	99,926	110,505	109,492	110,767	100,781
Expenses	109,915	107,932	103,129	102,306	87,484	109,143	109,753	111,697	97,202	104,535	103,689	103,166	93,890
Operating Profit	-1,498	1,672	4,799	9,655	8,217	2,164	4,804	2,126	2,724	5,970	5,804	7,602	6,891
Other Income	281	289	1,160	628	344	556	854	552	575	479	793	523	546
Profit before tax	-2,893	168	4,392	8,331	6,742	768	3,312	471	835	4,010	4,304	5,826	5,119
Tax %	-25%	-2%	27%	26%	24%	31%	14%	24%	24%	25%	22%	25%	25%
Net Profit	-2,172	172	3,223	6,204	5,118	529	2,843	356	631	3,023	3,355	4,371	3,830
EPS in Rs	-10.21	0.81	15.15	29.16	24.05	2.49	13.36	1.67	2.97	14.21	15.77	20.54	18.00

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	223,352	206,626	177,701	187,091	219,333	275,215	268,766	232,997	349,683	440,403	433,525	433,728	431,546
Expenses	218,104	201,531	169,706	176,440	208,580	263,812	263,643	217,071	339,507	447,925	408,686	417,122	405,280
Operating Profit	5,248	5,096	7,995	10,650	10,753	11,402	5,123	15,925	10,176	-7,522	24,839	16,606	26,267
Other Income	906	1,744	1,089	1,442	1,769	1,675	835	2,789	2,970	2,069	2,382	2,416	2,340
Interest	1,336	707	654	536	567	726	1,082	915	973	2,132	2,516	3,311	3,148
Depreciation	2,202	1,979	2,653	2,535	2,753	3,013	3,304	3,553	3,969	4,330	5,552	6,090	6,199
Profit before tax	2,616	4,154	5,777	9,021	9,202	9,339	1,573	14,247	8,204	-11,915	19,153	9,621	19,260
Net Profit	1,734	2,733	3,726	6,209	6,357	6,029	2,637	10,664	6,383	-8,974	14,694	7,365	14,579
EPS in Rs	7.59	11.96	16.30	27.16	27.81	26.38	11.54	48.83	30.00	-42.18	69.06	34.61	68.52
Dividend Payout %	30%	30%	31%	49%	41%	40%	56%	31%	31%	0%	30%	30%	–

Compounded Sales Growth

10 Years:8%

5 Years:10%

3 Years:7%

TTM:-2%

Compounded Profit Growth

10 Years:11%

5 Years:17%

3 Years:6%

TTM:234%

Stock Price CAGR

10 Years:15%

5 Years:27%

3 Years:49%

1 Year:31%

Return on Equity

10 Years:19%

5 Years:17%

3 Years:12%

Last Year:17%

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	339	339	339	1,016	1,524	1,524	1,524	1,452	1,419	1,419	1,419	2,128	2,128
Reserves	14,673	15,683	17,631	19,331	22,424	26,651	27,438	34,734	37,258	26,294	39,611	43,830	49,820
Borrowings	32,166	20,335	21,167	21,250	20,991	27,240	43,021	42,916	46,591	68,005	64,120	67,448	60,028
Other Liabilities	30,815	31,193	30,442	36,882	41,878	48,432	42,039	52,205	64,941	59,395	68,643	72,814	73,745
Total Liabilities	77,993	67,551	69,579	78,479	86,817	103,847	114,022	131,307	150,208	155,114	173,792	186,221	185,721
Fixed Assets	25,912	29,063	33,108	36,132	37,972	40,979	48,290	49,901	57,134	67,539	78,799	81,388	81,329
Gross Block	42,467	48,175	35,735	41,165	45,691	51,589	61,750	66,766	77,521	91,889	108,493	116,643	–
Accumulated Depreciation	16,555	19,112	2,628	5,033	7,719	10,610	13,460	16,866	20,387	24,351	29,694	35,255	–
CWIP	4,586	3,474	1,853	1,810	3,985	9,496	17,144	24,234	26,766	22,803	16,679	17,772	18,564
Investments	10,860	11,246	10,579	10,919	11,105	11,819	12,512	14,993	17,944	21,211	25,678	24,235	24,725
Other Assets	36,636	23,767	24,040	29,618	33,755	41,553	36,076	42,181	48,365	43,562	52,636	62,826	61,103
Total Assets	77,993	67,551	69,579	78,479	86,817	103,847	114,022	131,307	150,208	155,114	173,792	186,221	185,721

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	8,808	17,841	6,783	9,983	11,018	8,450	5,453	17,722	15,890	-3,359	23,920	14,276
Cash from Investing Activity	-3,779	-3,291	-4,354	-5,310	-7,391	-11,383	-14,166	-12,728	-12,565	-10,933	-13,412	-10,282
Cash from Financing Activity	-5,681	-14,568	-3,719	-4,015	-4,324	2,691	8,478	-4,393	-3,119	15,477	-15,810	-4,426
Net Cash Flow	-653	-18	-1,290	658	-697	-243	-234	601	205	1,185	-5,302	-432

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	9	6	8	8	9	8	5	11	7	6	8	10
Inventory Days	33	25	31	42	35	30	28	52	40	25	32	35
Days Payable	19	17	22	28	29	25	17	30	30	20	26	27
Cash Conversion Cycle	23	14	17	21	15	12	17	33	17	11	14	18
Working Capital Days	-1	-3	-8	-35	-29	-25	-34	-38	-28	-29	-33	-35
ROCE %	9%	12%	17%	24%	23%	20%	6%	20%	11%	-11%	22%	12%

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%	54.90%
FIIs	15.65%	14.36%	13.99%	13.26%	14.26%	13.80%	13.22%	14.11%	14.44%	12.55%	13.55%	14.48%
DIIs	19.63%	21.40%	22.33%	22.60%	21.27%	22.18%	21.47%	21.67%	21.81%	23.55%	23.16%	22.24%
Public	9.81%	9.33%	8.77%	9.23%	9.56%	9.10%	10.39%	9.31%	8.82%	8.98%	8.38%	8.37%

Documents

Announcements

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - ESG Rating

17 Nov - SES ESG Research assigned ESG rating 62.2 to HindPetro; company didn't engage rater.

Announcement under Regulation 30 (LODR)-Newspaper Publication

14 Nov - Public Notice to Shareholders - Special Window for re-lodgement of transfer requests of physical shares in reference to SEBI Circular dated July 02, 2025

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

5 Nov - HINDPETRO posted transcript link for Oct 31, 2025 conference call; link provided to exchanges.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

4 Nov - HPCL senior management to attend JM Financial Flagship India Conference in Mumbai on November 20, 2025 at 2:00 PM.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

4 Nov - HPCL senior management to attend UBS India Summit on Nov 12, 2025, Mumbai, from 12:00 PM; no UPSI.