The figure came after brokerage firm Nomura downgraded HPCL to “neutral” from its earlier rating of “buy” and cut its price target to ₹440 from ₹550 earlier.
Along with Nomura, brokerage such as CLSA, ICICI Securities and Equirus have also downgraded their rating on the stock.
Nomura’s Downgrade
Nomura wrote in its note that HPCL’s near-term outlook is negative as the company is staring at significant losses in the first quarter of financial year 2027.
It expects sharp losses in fuel and LPG marketing segment in the first quarter with the current run-rate of ₹27 per litre, blended losses in petrol & diesel, and a ₹680 per cylinder under recovery in LPG.
Fuel retailing losses could be partially offset by a windfall tax on diesel exports for standalone refiners, according to Nomura, who also added that in the absence of a meaningful price hike, the OMCs are staring at significant losses.
Other Downgrades
CLSA has downgraded HPCL to “reduce’ from its earlier rating of “hold” and cut its price target to ₹330 from ₹420 earlier.
ICICI Securities has also downgraded HPCL to “add” from its earlier rating of “buy” and cut its price target to ₹430 from ₹470 earlier.
and Equirus Securities has downgraded the stock to “reduce” from its earlier rating of “buy” and cut its price target to ₹368 from ₹518 earlier.
Jefferies Remains Bearish
Jefferies has an “underperform” rating with a price target of ₹275 on HPCL. It said that HPCL is facing headwinds with high physical crude premiums, high freight costs and a depreciating currency.
The brokerage has cut HPCL’s financial year 2027 PAT estimates to ₹17,800 crore and financial year 2028 estimates by 18%.
Out of the 34 analysts that have coverage on HPCL, 18 have a “buy” rating, 11 have a “sell” rating and the other five have a “hold” recommendation.
Shares of HPCL are trading 3% lower on Thursday at ₹378.95.
