HPCL Shares Slide 3% After Rs 11,526-Crore Q1 Loss

July 23, 2026July 23, 2026

Shares of HPCL fell as much as 3% on Thursday after it posted an Rs 11,526 crore loss for the June quarter.

The standalone loss reversed a profit of Rs 4,902 crore in the previous quarter. On a consolidated basis, the loss was even wider, at Rs 12,264 crore.

The main reason was simple. HPCL held down petrol, diesel, LPG and jet fuel prices during the West Asia crisis and passed on only small increases to consumers. Even if refining itself performed well, that choice severely strained its marketing business.

Refining margins actually jumped to $23.80 a barrel from just $3.08 a barrel a year earlier, a huge improvement. But that gain was not enough to offset the losses on the retail side.

Total income still rose 21% year on year to about Rs 1.45 lakh crore. The company simply spent more than it earned this quarter, and the numbers on cooking gas made it worse.

By the end of June, HPCL unrecognized LPG buffer, money it spent on less expensive cylinders that the government hasn’t yet completely reimbursed, had increased to Rs 16,405 crore.

That’s up from around Rs 12,798 crore at the end of March. To fund the gap, debt jumped 52% in a single quarter to Rs 72,597 crore, while net worth fell 20% to Rs 47,736 crore. The board has not announced any dividend this time.

At 10:55 am, HPCL stock was trading at Rs 384.20 on the NSE, down 2.78%, or Rs 11, from Wednesday’s close of Rs 395.20. The stock has now slipped nearly 23% since the start of the year.

Ready to invest like a pro? Tradz by EquityPandit app equips you with 100+ Free tools and knowledge you need to succeed. Download the Tradz by EquityPandit app and gain access to daily stock lists and insightful market analysis and much more!