Shares of Hindustan Petroleum Corporation Ltd. will catch investors attention on Thursday after the Union Cabinet approved a significant cost revision for an oil refinery project in Rajasthan.
As part of the approval, the project cost has been raised Rs 79,459 crore from Rs 43,129 crore. According to Union Minister for Railways Ashwini Vaishnaw, the new HPCL Rajasthan refinery will boost India's refining capacity by 9 MMTPA.
The construction of the refinery, located in Pachpadra in Rajasthan's Balotra district, is complete and commercial operations are expected to commence in July 2026, Vaishnaw said. Further, the cabinet has also approved HPCL equity contribution of Rs 19,600 crore.
Notably, the Cabinet has also given a go-ahead to Jaipur Metro's Phase 2 for Rs 13,038 crore.
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HPCL Q3 Highlights
HPCL's net profit for the third quarter of FY26 rose 6.3% sequentially. The company's consolidated bottom line for the quarter was at Rs 4,072 crore compared to Rs 3,830 crore in the preceding quarter.
Revenue also rose 14% to Rs 1.15 lakh crore from Rs 1.01 lakh crore in Q2. Earnings before interest tax depreciation and amortisation stood at Rs 7,019 crore, 1.9% down from Rs 6,891 crore. Margin contracted to 6.1% from 6.8%.
According to HPCL's press release, it recorded the highest ever crude throughput of 19.61 MT during the first nine months of FY26, up 5.8% from 18.53 MT in the first nine months of FY25. Sales volume grew 3.7% year-on-year in the quarter under review to 13.34 MT.
Capital expenditure in Q3 FY26 was Rs 4,976 crore and a cumulative of Rs 11,094 crore for the first nine months.
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HPCL Share Price
HPCL's stock ended nearly 10% higher at Rs 364.25 apiece on the NSE on Wednesday. This compared to a 3.78% advance in the Nifty index.
The shares have fallen 27% year-to-date, and 1.33% in the last 12 months. Out of the 34 analysts tracking the company, 20 have a 'buy' call, five suggest holding the stock, while nine advise selling it.
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