The company added that the performance reflected the impact of the ongoing West Asia crisis.
However, the state-run firm’s revenue rose 22.3% quarter-on-quarter to ₹1.41 lakh crore from ₹1.15 lakh crore. The company reported an EBITDA loss of ₹16,141 crore, against an EBITDA profit of ₹8,979 crore in the March quarter.
HPCL said its average gross refining margin (GRM) stood at $23.80 per barrel during the quarter ended June 30, compared with $3.08 per barrel in the corresponding period last year.
The company noted that the GRM is before factoring in the impact of the Special Additional Excise Duty and Road & Infrastructure Cess on exports of select petroleum products.
Despite the higher refining margin, HPCL said profitability was impacted by suppressed marketing margins on certain petroleum products during the quarter.
The company also reported a foreign exchange loss of ₹15.21 crore under other expenses for the April-June period, compared with ₹72.39 crore in the year-ago period.
On the operational front, HPCL’s refineries processed 6.52 million metric tonnes (MMT) of crude during the June quarter, operating at 107% of installed capacity.
The Visakh Refinery processed 3.97 MMT of crude at 106% capacity utilisation, while the Mumbai Refinery processed 2.55 MMT, operating at 108% of capacity. During the quarter, the company also processed two new grades of crude oil across its refineries.
Petrol and diesel sales support volumes
HPCL’s total sales volume, including exports, rose 0.6% year-on-year to 13.12 million metric tonnes (MMT) during the June quarter. Domestic sales were broadly flat, declining 0.1% from a year earlier.
However, the combined sales of petrol (motor spirit) and diesel (high-speed diesel) increased 8.1% year-on-year to 8.8 MMT. The company sold 1,729 thousand metric tonnes (TMT) of LPG during the quarter, while pipeline throughput stood at 6.61 MMT.
Capex and strategic expansion
HPCL incurred a capital expenditure of ₹1,734 crore during the June quarter, with investments focused on strengthening its refining and marketing infrastructure, including investments in subsidiaries and joint ventures to build additional capacities, expand into new business lines and improve operating efficiencies.
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The company said it also received in-principle approval from the Gujarat Maritime Board for all-weather operations at the HPLNG Chhara Terminal. It continued to expand its fuel retail and city gas distribution network during the quarter. As of June 30, 2026, the company had 25,160 retail outlets, 6,391 LPG distributors and 54,586 PNG connections.
