Street View: Crude pressure, weak fuel margins dim outlook for India's HPCL

Hindustan Petroleum

14/05/2026 05:55

** India state-run refiner Hindustan Petroleum's HPCL.NS quarterly profit jumped 46.1% y/y, helped by stronger refining margins and steady fuel demand

** Shares down ~4.8% at 371.75

HIGH CRUDE, WEAK MARKETING MARGINS CLOUD NEAR-TERM OUTLOOK

** Nomura ("Neutral," PT: 440 rupees) expects sharp losses in fuel and LPG marketing segment in Q1FY27, says earnings hinge on fuel price hikes

** Macquarie ("Outperform," PT: 510 rupees) projects a complete impact of elevated crude prices to hit in June quarter, weighing on near-term earnings

** Ambit Capital ("Sell," PT: 287 rupees) says elevated crude prices, currency pressure and insufficient retail fuel price hikes will keep integrated margins weak

** BOB Capital Markets ("Hold," PT: 438 rupees) says demand-led growth supports business, but sees challenges from crude supply, elevated prices and marketing margins

 (Reporting by Bipasha Dey in Bengaluru)

 ((Bipasha.Dey@thomsonreuters.com))