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Revenue from operations rose 26.1% YoY to Rs 1,39,140 crore in Q2FY27, compared with Rs 1,10,323 crore in Q2FY26. For the first half of FY27 (H1FY27), revenue from operations increased to Rs 2,84,267 crore from Rs 2,30,458 crore in the corresponding period last year. Gross refining margins surge HPCL's gross refining margin (GRM) before export cess rose to $32.15 per barrel in Q2FY27, compared with $8.80 per barrel in Q2FY26. For H1FY27, GRM before export cess stood at $27.89 per barrel, up from $5.95 per barrel in the corresponding period of the previous fiscal year. Refining throughput remains strong HPCL's refineries processed 6.20 million metric tonnes (MMT) of crude oil during Q2FY27, operating at 100% of their combined capacity. The Visakh Refinery processed 3.60 MMT of crude oil at 95% capacity utilisation, while the Mumbai Refinery processed 2.60 MMT, operating at 109% of capacity. During H1FY27, the company's refineries recorded a cumulative crude throughput of 12.72 MMT, operating at 104% of capacity. The Visakh Refinery processed 7.57 MMT at 101% capacity utilisation, while the Mumbai Refinery processed 5.15 MMT at 108%. ALSO READ: Swiggy Q2 Results: Loss narrows YoY to Rs 922 crore; revenue jumps 36% Sales volume rises 5.5% in Q2 HPCL's total sales volume, including exports, increased 5.5% YoY to 12.73 MMT in Q2FY27. Domestic sales grew 4.9% during the quarter. Combined sales of petrol (motor spirit) and diesel (high-speed diesel) rose 10% YoY to 7.78 MMT, while total LPG sales stood at 2.03 MMT. Pipeline throughput during the quarter was 6.99 MMT. For H1FY27, total sales, including exports, grew 2.9% YoY to 25.85 MMT, while domestic sales increased 2.3%. Combined petrol and diesel sales rose 9% to 16.55 MMT during the first half. Total LPG sales stood at 3.76 MMT, while pipeline throughput reached 13.83 MMT. Capital expenditure and infrastructure expansion HPCL incurred capital expenditure of Rs 2,085 crore in Q2FY27, taking cumulative capex for H1FY27 to Rs 3,819 crore. The investments were directed towards strengthening refining and marketing infrastructure and improving operational efficiency. HPCL Rajasthan Refinery Ltd (HRRL) received an upgrade in its long-term credit rating to AA+ from AA, with a stable outlook, from CRISIL Ratings. The company also refinanced or repriced debt arrangements worth Rs 51,970 crore with lenders at a lower cost. During the quarter, HPCL mechanically completed the 201-km LPG pipeline from Haldia to Panagarh in West Bengal. The pipeline is currently in the pre-commissioning stage. The company also commissioned an open-access fuel farm facility at Bhogapuram Airport and commenced refuelling operations. Retail network expands As of September 30, 2026, HPCL operated 25,245 retail outlets and 6,394 LPG distributorships. Its piped natural gas (PNG) network had 77,984 connections. Under its retail energy transition initiatives, the company had 2,296 compressed natural gas (CNG) outlets and 5,880 electric vehicle (EV) charging stations as of September 30, 2026. HPCL had also solarised 24,172 retail outlets, accounting for 96% of its network. New initiatives and green energy push HPCL's EBITDA improvement programme, Project Samriddhi 2.0, generated accruals of Rs 327 crore during H1FY27, equivalent to $0.18 per barrel, according to the company. The HP Green R&D Centre (HPGRDC) had filed a cumulative 800 patents as of September 30, 2026, of which 339 had been granted. During the quarter, HPCL commissioned India's first refinery blue hydrogen unit at its Visakh Refinery. The unit is based on patented Higas technology and HP Novel Amine. The company also launched HP Navya, a 10-kg composite LPG cylinder, and partnered with Swiggy Instamart to enter the quick-commerce segment. It had released 0.36 lakh new connections up to September 2026. In its lubricants business, HPCL expanded its international presence with sales in Turkey and Sudan, taking its footprint to 35 countries worldwide. On the green energy front, HP Renewable & Green Energy Ltd secured consent to establish for nine compressed biogas (CBG) projects from state pollution control boards. It also secured awards for four municipal solid waste-based projects from urban local bodies in Punjab and Bihar. Additionally, the company obtained Central Electricity Authority approval for its 70 MWp Gaaliveedu Solar Project. HPCL share price Shares of HPCL ended Thursday’s trading session at Rs 340.80 on the NSE, down 1.87% from the previous close of Rs 347.30. The stock traded in a range of Rs 347.50 to Rs 339.05 on the NSE during the session. Year-to-date (YTD), HPCL shares have declined 31.65%, based on NSE data. At the current market price, the company had a market capitalisation of Rs 60,803 crore on the NSE as of October 22, 2026. Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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