State-run Hindustan Petroleum Corporation Ltd (HPCL) returned to profit in the September quarter, reporting a standalone net profit of Rs 3,482.62 crore for Q2 FY27, its board-approved results filed on Thursday showed, according to Kalkine's summary of the filing.

Source: Kalkine (HPCL filing)

The profit is about 9 per cent lower than the Rs 3,830.37 crore earned a year earlier, but marks a sharp swing from the standalone net loss of Rs 11,526.41 crore in Q1 FY27, when crude spiked and pump prices stayed frozen, The Financial Economy reported. Consolidated profit was Rs 3,625.22 crore, against Rs 3,859 crore a year earlier.

Source: The Financial Economy

Standalone total income for the quarter was Rs 1,39,887.18 crore (yaani about Rs 1.40 lakh crore). Gross refining margin jumped to $32.15 a barrel from $8.80 a barrel in Q2 FY26, partly helped by cheaper crude held in inventory, the reports said.

Source: Kalkine (HPCL filing)

Despite the quarterly profit, HPCL remains in the red for the half year, with a standalone H1 FY27 net loss of Rs 8,043.79 crore. Revenue included Rs 3,960 crore of government compensation for domestic LPG under-recoveries for April-September, The Financial Economy reported.

Source: The Financial Economy

"The results reflect resilient and robust performance by the Refineries and the Marketing divisions of the company in the midst of the ongoing West Asia crisis," HPCL said in its release, as reported by Upstox's Q2 results live blog. HPCL shares ended Thursday 1.87 per cent lower at Rs 340.80 on the NSE. Sources: Kalkine and The Financial Economy reporting HPCL's board outcome (board meeting 2:30-4:40 pm, October 22, 2026), and Upstox.

Source: Upstox