Hindustan Petroleum Corporation Limited

What Hindustan Petroleum Corporation Limited does

Hindustan Petroleum Corporation Limited (HPCL) is a Government of India Maharatna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas, headquartered in Mumbai and listed on BSE and NSE (ticker HPCL). The company operates India's second-largest integrated oil refining and marketing platform, processing crude at the Mumbai (9.5 MMTPA), Visakhapatnam (15.3 MMTPA), and Mumbai Lube (428 TMTPA) refineries, with JV stakes in HMEL Bathinda (48.99%), MRPL Mangalore (16.96%), and HRRL Rajasthan (74%, commercial operations June 22, 2026). It serves individual vehicle owners, 9.13 crore domestic LPG households, commercial airlines and Indian defence forces, and industrial customers through 24,699 retail outlets, 6,353 LPG distributorships, 59 aviation fuel stations, 2,210 CNG outlets, 5,315 EV charging stations, and 5,132 km of cross-country pipelines.

The technology base rests on BS-VI compliant refining, a globally diversified crude basket of 144 grades, SCADA-monitored pipelines, and the HP Green R&D Centre in Bengaluru (DSIR-recognized, 312 patents granted). Strategic R&D spans biofuels (ethanol blending at 20%, isobutanol-diesel trials), petrochemicals, green hydrogen, battery research, and lubricants, where HPCL operates India's largest lube base stock production. Its wholly-owned HPCL Renewable & Green Energy Ltd consolidates the clean-energy portfolio, and HPCL LNG Limited is developing a 5 MMTPA regasification terminal at Chhara Port, Gujarat.

HPCL makes money through regulated transaction-fee margins on refining throughput (24.8 MMT in FY25-26) and downstream marketing — fuel retail, domestic and industrial LPG, aviation turbine fuel, lubricants, petrochemicals, and city gas distribution through JVs. Pricing on motor fuels and LPG is set or influenced by the government, exposing the company to under-recoveries (Rs 60,000 crore on LPG in FY26 and an estimated Rs 40,000–45,000 crore shared diesel burden across the three PSU OMCs in March–May 2026). Despite this, FY25-26 standalone net profit reached Rs 18,046.89 crore on gross sales of Rs 4,64,247 crore, supported by an improved gross refining margin of $8.79/bbl.

Name

Hindustan Petroleum Corporation Limited

Legal name

Hindustan Petroleum Corporation Limited

Website

https://hindustanpetroleum.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

HPCL is a Government of India Maharatna PSU that operates India's second-largest integrated oil refining and marketing platform, serving retail motorists, 9.13 crore LPG households, airlines, defence forces, and industrial customers through 24,699 fuel outlets and a 5,132 km pipeline network.

Ownership category

akta.pro rank

Product category

Petroleum Refining and Marketing

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (32511), Pipeline Transportation of Refined Petroleum Products (486910), Petroleum Bulk Stations and Terminals (424710)

SIC

Petroleum Refining (2911), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171), Chemicals & Allied Products (2800)

akta.pro primary industry

Conversion Refineries (FCC/Hydrocracking/Coking) (EUALAGAB)

akta.pro secondary industries

Aromatics (BTX: Benzene, Toluene, Xylenes) (EUALAHAC), LPG / Propane-Butane Products Pipeline Transportation (TLAGABAH), Refinery & Petrochemical O&M / Maintenance Outsourcing (EUAEAGAG), Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD), LDC Operations Strategy, Governance & Performance Management (EUAJAAAA)

Keywords

• Petroleum refining
• Fuel marketing
• LPG distribution
• Aviation fuel supply
• Petrochemicals manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Refining: HPCL owns and operates refineries in Mumbai (9.5 MMTPA) and Visakhapatnam (15.3 MMTPA), plus the Mumbai Lube Refinery (428 TMTPA). It also holds stakes in joint venture refineries: HMEL Bathinda (48.99%), MRPL Mangalore (16.96%), and HRRL Rajasthan (74%). Refining throughput was 24.8 MMT in FY2025-26.
2. Petroleum Product Marketing (Retail & Wholesale): Sale of petrol, diesel, SKO, and other petroleum products through 24,699 retail outlets, 56 LPG bottling plants, terminals, and direct sales channels. Revenue from fuel marketing constitutes the largest portion of HPCL's gross sales of Rs 4,64,247 crore.
3. LPG (Domestic, Commercial, Industrial): HPCL distributes domestic LPG to over 9.13 crore customers through 6,353 distributorships, and commercial/industrial LPG to businesses. The company absorbed LPG under-recoveries estimated at Rs 60,000 crore in FY26 due to global price hikes.
4. Aviation Turbine Fuel (ATF): HPCL Aviation supplies Jet A-1 fuel at 59 airports across India including defence airbases, serving major domestic and international airlines. It operates the only 24×7 centralized aviation support hub in India.
5. Lubricants: HPCL produces and markets automotive and industrial lubricants through 4 lube blending plants, 29 exclusive lube depots, and 530 lube distributors across India. The Mumbai Lube Refinery is India's largest lube base stock producer.
6. Natural Gas & City Gas Distribution (CGD): Through joint ventures including Bhagyanagar Gas, Aavantika Gas, Godavari Gas, and HPOIL Gas, HPCL operates CNG stations, PNG domestic connections, and industrial gas supply across multiple Indian states.
7. Petrochemicals: HPCL produces and markets petrochemical products including polypropylene, linear low-density polyethylene, high-density polyethylene, benzene, toluene, butadiene, and sulphur through its refineries and the upcoming Rajasthan Refinery complex.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Hindustan Petroleum Corporation Limited (HPCL) is an integrated public sector oil refining and marketing company. It operates refineries at Mumbai (9.5 MMTPA), Visakhapatnam (15.3 MMTPA), and India's largest lube refinery at Mumbai (428 TMTPA), and markets fuels, LPG, lubricants, aviation turbine fuel, bitumen, natural gas, and petrochemicals through 24,699 retail outlets, 6,353 LPG distributorships, 59 aviation fuel stations, and a 5,132 km cross-country pipeline network.

Product overview

Hindustan Petroleum Corporation Limited (HPCL) is a diversified energy company operating India's second-largest oil refining and marketing infrastructure. The company's portfolio consists of three tiers: (1) Core Refining & Marketing - owned refineries at Mumbai (9.5 MMTPA) and Visakhapatnam (15.3 MMTPA), plus India's largest lube refinery (428 TMTPA), with 24,699 retail outlets, 6,353 LPG distributaries, 59 aviation fuel stations, 2,210 CNG outlets, 5,315 EV charging stations, and 5,132 KM of pipelines; (2) Premium Fuel Brands - PoWer95/99/100 petrol variants, TurboJet aviation fuel, Auto LPG, and ethanol blends E20/E85/E100; (3) Joint Ventures & Subsidiaries - HMEL (Bathinda), HRRL (Rajasthan), MRPL (Mangalore), HBL Biofuels, HPLNG, and 16+ other JVs covering city gas distribution, pipelines, and specialty products. The company also operates the HP Green R&D Centre in Bengaluru and HP Pay digital payments. HPCL holds Maharatna PSU status and processes approximately 24.8 MMT annually with gross sales of ₹4,64,247 crore.

Differentiator

Problem solved

Functional benefit

Brands

• HP PAY: Mobile payment solution for fuel purchases
• CLUB HP First
• PoWer95
• PoWer99
• PoWer100
• TurboJet
• HP Anytime

Products and services

• HP Refineries (Mumbai, Visakhapatnam, Mumbai Lube) Owns and operates the Mumbai Refinery (9.5 MMTPA), Visakhapatnam Refinery (15.3 MMTPA), and the Mumbai Lube Refinery (428 TMTPA, India's largest). Produces BS-VI compliant transportation fuels, LPG, naphtha, ATF, HSD, lube base stocks, bitumen, sulphur and petrochemicals.
• HP Retail (Petrol Pumps) Retail network of 24,699 petrol and diesel outlets across India offering premium petrol variants (PoWer95, PoWer99, PoWer100), diesel, CNG, EV charging, lubricants, HP Pay digital payments, and the CLUB HP First loyalty programme to individual vehicle owners.
• HP Gas (LPG) Domestic, commercial and industrial LPG supplied through 6,353 distributorship entities across India, supported by 56 LPG bottling plants. Customers can book refills via My HP Gas portal and mylpg.in. Includes subsidized supply to PMUY (Pradhan Mantri Ujjwala Yojana) beneficiaries.
• HP Lubricants Automotive and industrial lubricants produced from India's largest lube base stock refinery and marketed through 4 lube blending plants, 29 exclusive lube depots and 530 lube distributors across India, plus exports through HPCL Middle East FZCO.
• HP Aviation Aviation Turbine Fuel (Jet A-1) supplied at 59 airports across India including major commercial hubs and defence airbases to airlines (Air India, IndiGo, SpiceJet, Akasa, Star Air, Alliance Air, 20+ international carriers) and defence customers (Indian Air Force, Indian Navy, Coast Guard).
• HP Direct Sales Direct sales division serving industrial and commercial bulk fuel customers with bulk fuels, industrial LPG, lubricants, bitumen and specialty products through dedicated account management and HP Direct Sales teams.
• HP Natural Gas City Gas Distribution (CGD) of PNG (domestic) and CNG (vehicles) through joint ventures Bhagyanagar Gas, Aavantika Gas, Godavari Gas and HPOIL Gas across multiple Indian states. Includes 2,210 CNG outlets and industrial gas supply.
• HP Petrochemicals Production and marketing of petrochemical products including polypropylene, linear low-density polyethylene, high-density polyethylene, benzene, toluene, butadiene, and sulphur through HPCL refineries and joint venture petrochemical facilities.
• HP Biofuels and Renewables Biofuels and renewables business including ethanol blending programme (E20 across India), Compressed Bio-Gas (CBG) under SATAT scheme, 2% isobutanol-diesel blend validation trials, green hydrogen, and renewable energy initiatives executed through HPCL Biofuels Ltd. and HPCL Renewable & Green Energy Ltd.
• HP Pipeline Projects and Operations Cross-country pipeline transportation of MS, HSD, SKO, LPG and ATF over 5,132 km (3,957 km product pipeline plus 1,006 km LPG pipeline) with combined capacity of 35.15 MMTPA, including SCADA real-time monitoring and Pipeline Integrity Management System.
• HPCL-Mittal Energy Limited (HMEL) Refinery Joint venture with Mittal Energy Investments (each 48.99% stake) operating the 11.3 MMTPA Guru Gobind Singh Refinery at Bathinda, Punjab, producing refined petroleum products and petrochemicals including the GGSPAP polymer facility.
• HPCL Rajasthan Refinery Limited (HRRL) Joint venture greenfield refinery-cum-petrochemical complex at Pachpadra, Barmer district, Rajasthan (HPCL 74%, Government of Rajasthan 26%) with 9 MMTPA capacity producing BS-VI fuels and 2.4 MMTPA petrochemicals, with total project cost of Rs 79,450 crore.
• Mangalore Refinery and Petrochemicals Limited (MRPL) Joint venture refinery at Mangalore, Karnataka (HPCL 16.96%, ONGC 71.63%) with 15 MMTPA capacity producing refined petroleum products and petrochemicals.
• HPCL Biofuels Limited (HBL) Wholly-owned subsidiary operating two integrated sugar-ethanol-cogeneration plants in Bihar producing ethanol for HPCL's ethanol blending programme with petrol.
• HPCL LNG Limited (HPLNG) Wholly-owned subsidiary developing a 5 MMTPA LNG regasification terminal at Chhara Port in the Gir Somnath district of Gujarat.

Quantifiable outcome

• Highest-ever refinery throughput of 25.27 MMT achieved in FY2024-25
• +4 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Tata Motors LtdcoreStrategic or Co-development Partner · 25 June 2026HPCL and Tata Motors signed an MoU to pilot structured collection, traceability, and recycling of used automotive lubricants, converting used oil into re-refined base oil. Also collaborating on 2% isobutanol-blended diesel trials for commercial vehicles.
• 3i Infotech LtdminorImplementation/ SI/ Consulting Partner · 11 June 20263i Infotech secured an IT services contract worth Rs 37.05 crore from HPCL for providing Facility Management Services (FMS) over three years. The contract covers desktop, endpoint, printer, scanner, server, VMS support, and skilled manpower across HPCL's Corporate R&D Centre, Visakh Refinery, Head Office, and PAN India locations.
• Saudi Aramco / ADNOCcoreStrategic or Co-development Partner · 16 January 2018Saudi Aramco and ADNOC have signed an MOU to partner with RRPCL (the IOCL-BPCL-HPCL joint venture) to jointly execute the Ratnagiri integrated refinery-cum-petrochemical project on India's west coast.
• Government of Rajasthan (GoR)coreStrategic or Co-development Partner · 18 September 2013GoR holds 26% equity in HPCL Rajasthan Refinery Limited (HRRL), the joint venture executing the Rs 79,450 crore, 9 MMTPA greenfield refinery-cum-petrochemical complex at Pachpadra, Barmer, Rajasthan. HPCL holds 74%. The refinery achieved commercial operations on June 22, 2026.
• Mittal Energy Investments Pte Ltd, SingaporecoreStrategic or Co-development PartnerHPCL-Mittal Energy Ltd (HMEL) is a JV with equal 48.99% equity stakes. HMEL operates the 11.3 MMTPA Guru Gobind Singh Refinery at Bathinda, Punjab and a new petrochemical facility (GGSPAP). Consolidated revenue Rs 91,565.50 crore in FY2023-24.
• Oil and Natural Gas Corporation (ONGC)coreStrategic or Co-development PartnerONGC holds majority stake in MRPL (71.63%), with HPCL holding 16.96%. Both HPCL and ONGC are joint venture partners in PMHBL (50:50) for the Mangalore-Hassan-Bangalore pipeline. ONGC nominee directors serve on HPCL's board.
• Indian Oil Corporation Ltd (IOCL)coreStrategic or Co-development PartnerIOCL, BPCL, and HPCL jointly promoted Ratnagiri Refinery & Petrochemicals Ltd (RRPCL – 50:25:25 equity) for a west coast integrated refinery. Also partners in IHB Ltd for the Kandla-Gorakhpur LPG Pipeline. All three OMCs collectively manage ~90% of India's fuel retail.
• Bharat Petroleum Corporation Ltd (BPCL)coreStrategic or Co-development PartnerBPCL and HPCL jointly operate the Uran-Chakan-Shikrapur LPG Pipeline (UCSPL – HPCL-operated) and Mumbai-Uran LPG Pipeline (MUPL – BPCL-operated). Both are JV partners in IHB Ltd (Kandla-Gorakhpur LPG Pipeline) and RRPCL.
• TotalEnergies Marketing Holdings India / SALPGminorStrategic or Co-development PartnerSouth Asia LPG Company Pvt. Ltd. (SALPG) is a 50:50 JV between HPCL and TotalEnergies, operating a 60 TMT underground LPG cavern at Visakhapatnam. SALPG has paid dividends for 14 consecutive years.
• Colas S.A., FranceminorStrategic or Co-development PartnerHindustan Colas Pvt. Ltd. (HINCOL) is a 50:50 JV between HPCL and Colas S.A. engaged in manufacturing and marketing of bitumen derivatives. Operates 10 bitumen emulsion/modified bitumen plants across India.
• GAIL (India) LtdcoreChannel Partner/ Reseller/ DistributorHPCL and GAIL are equal JV partners in Bhagyanagar Gas Ltd (CGD in Hyderabad/Vijayawada) and Aavantika Gas Ltd (CGD in Indore/Gwalior). These JVs operate CNG stations, PNG domestic connections, and city gas distribution networks.
• Andhra Pradesh Gas Distribution Corporation Ltd (APGDC)minorChannel Partner/ Reseller/ DistributorGodavari Gas Pvt. Ltd. (GGPL) is a JV with APGDC (74%) and HPCL (26%) for CGD operations in East Godavari and West Godavari districts of Andhra Pradesh. Operates 33 CNG stations.
• Oil India Ltd (OIL)minorChannel Partner/ Reseller/ DistributorHPOIL Gas Pvt. Ltd. (HOGPL) is a 50:50 JV between HPCL and OIL India for CGD networks in Haryana (Ambala-Kurukshetra) and Maharashtra (Kolhapur). Operates 49 CNG stations and received authorization for Nagaland GA.
• Abu Dhabi National Oil Company (ADNOC)coreStrategic or Co-development PartnerHPCL secured additional Murban crude imports from ADNOC (UAE) for August delivery amid Strait of Hormuz disruptions. India and UAE are expanding strategic oil reserves from 5.8 million to 30 million barrels through MoUs signed during PM Modi's UAE visit.
• Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO)minorStrategic or Co-development PartnerSEEPCO, a Nigeria-based oil producer led by Indian entrepreneur Nitin Sandesara, supplied ~6 million barrels of Nigerian crude oil from the Okwuibome field to Indian refiners (IOC, BPCL, HPCL) between March and May 2026, bypassing the Strait of Hormuz during the West Asia conflict.
• Agarwal Industrial Corporation LtdminorChannel Partner/ Reseller/ DistributorAgarwal Industrial secured a Rs 4,775 million (Rs 477.5 crore) bitumen supply contract from HPCL for delivery of ~1.30 lakh MT of bulk bitumen (VG-30 and VG-40 grades) at Mumbai and Mangalore locations between May 2026 and May 2027.
• Praj IndustriescoreStrategic or Co-development PartnerPraj Industries is involved in the 2% isobutanol-diesel blend technical validation programme alongside HPCL, ARAI, Tata Motors, and BPCL. Praj is conducting a 10-month technical assessment of engine performance, durability, and fuel efficiency as part of India's first viable diesel biofuel pathway.
• Mangalore International Airport Ltd (MIAL)minorChannel Partner/ Reseller/ DistributorMumbai Aviation Fuel Farm Facility Pvt. Ltd. (MAFFFL) is a JV of MIAL, IOCL, BPCL, and HPCL (25% each) constructing and operating integrated fuel farm facilities at CSMIA Mumbai. Throughput of 17.44 lakh KL in FY2024-25.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Shell plc: Global oil major with selective Indian presence in lubricants, bitumen, and aviation fuel. Shell is a regional peer for HPCL Lubricants and HP Aviation, competing for premium fuel and lubricant customers across India.
• GAIL (India) Limited: India's largest natural gas company and HPCL's JV partner in Bhagyanagar Gas and Aavantika Gas CGD networks. GAIL is a regional peer in city gas distribution and pipeline transportation, overlapping with HPCL's natural gas and CGD businesses.

Direct peers

• Nayara Energy Limited: Private-sector Indian refiner (formerly Essar Oil) operating a 20 MMTPA refinery at Vadinar, Gujarat, with ~6,500 retail outlets. Nayara is a direct private peer to HPCL in refining and fuel retail, providing competitive comparison on operational efficiency and export orientation.
• Bharat Petroleum Corporation Limited: Second-largest PSU OMC peer, operating Mumbai and Bina/Kochi refineries (combined ~38 MMTPA) with ~21,000 retail outlets. BPCL is HPCL's direct competitor across all segments and co-promoter in RRPCL, IHB, and MAFFFL aviation fuel farm JVs.
• Indian Oil Corporation Limited: Largest Indian PSU oil marketing company, operating India's largest refinery (Panipat, 15.2 MMTPA) and ~33,000 retail outlets. IOC is HPCL's closest direct peer, jointly operating the Ratnagiri Refinery JV (RRPCL) and Kandla-Gorakhpur LPG Pipeline (IHB), and competing head-to-head across refining, marketing, LPG, and aviation fuel.
• Mangalore Refinery and Petrochemicals Limited: JV refinery (16.96% HPCL, 71.63% ONGC) operating a 15 MMTPA refinery at Mangaluru. MRPL is a directly comparable refining peer and a partial subsidiary, sharing HPCL's crude sourcing and downstream marketing channels through its HPCL equity stake.

Broad incumbents

• Oil and Natural Gas Corporation: India's largest upstream E&P company and HPCL's strategic partner (MRPL majority owner, PMHBL pipeline JV partner, board nominee director seats). ONGC is a broad energy peer providing crude security to HPCL's refining operations and competing across the broader Indian energy value chain.
• Reliance Industries Limited: India's largest private refiner operating the world's largest refining complex at Jamnagar (combined ~68 MMTPA). RIL is a broad incumbent in refining and petrochemicals, and increasingly competes in Indian fuel retail, though it does not have HPCL's LPG distribution scale.
• TotalEnergies: Global integrated oil major and HPCL's JV partner in South Asia LPG Company (SALPG), which operates a 60 TMT underground LPG cavern at Visakhapatnam. TotalEnergies is a broad incumbent peer and partner in India's LPG value chain.

Emerging players

• Indraprastha Gas Limited: India's largest CGD company operating CNG and PNG in Delhi NCR, where it competes indirectly with HPCL's JV-backed CGD presence (Bhagyanagar Gas, Aavantika Gas, HPOIL Gas). IGL is an emerging peer in city gas distribution, with HPCL's Director-Marketing Amit Garg having previously been IGL's Whole-Time Director.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/hindustanpetroleum74
• Xx.com/HPCL
• Facebookfacebook.com/hpcl
• LinkedInlinkedin.com/company/hpcl

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

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Frequently asked questions about Hindustan Petroleum Corporation Limited