Slides
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HPCL at a Glance . Plan of Presentation Business Overview Performance Overview Future Plans Net Zero`
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HPCL at a Glance
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2nd largest LPG Marketer 2nd largest Product p/l Network in country Maharatna Company 428 TMTPA Lube Refinery In India Operating in India for 100+ Years State-of-the-art R&D Setup
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54.90% 13.07% 18.29% 8.11% 3.60% 2.03% ONGC FPIs Mutual Funds Non- Institutions Insurance Cos. Others As of 01.10.2026
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Marketing operations in India by Standard Oil Company Commissioning of 165 TMTPA Lube refinery at Mumbai by Lube India Ltd Incorporation Of Standard Vacuum Refining Company of India Ltd. (Stanvac) Incorporation of Caltex Oil Refining Co. Stanvac’s name changed to ESSO Standard Refining Company of India Ltd Merger of Caltex undertaking in India into HPCL Formation of HPCL by Amalgamating ESSO and Lube India Ltd Navratna Status to HPCL GoI transfers its 51.11% equity share to ONGC 1952 2019 2018 1997 1978 1974 1969 1962 1955 1911 Maharatna* Status to HPCL * Highest Status accorded by GoI to Mega Central Public Sector Enterprises
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Business Overview
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• • • • • • • • • • • • • • • • • • • • 20 JV & Subsidiary companies across value chain As of 01.10.2026
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▪ ▪ ▪ HMEL Refinery (JVC) Visakh Refinery Mangalore Refinery (JVC) Mumbai Refinery HRRL Refinery (JVC) ▪ ▪ ▪
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Mumbai – Pune – Solapur P/L MR Hazarwadi Pune Solapur Vizag-Vijaywada-Secun’bad P/L Vijayawada S’bad Rewari – Kanpur P/L Mundra – Delhi P/L B’garh Palanpur Mundra Delhi Ajmer Ramanmandi – Bahadurgarh P/L Awa – Salawas P/L Kanpur Mangalore- Hassan - Mysore LPG P/L MysuruMangalore LPG P/LLiquid POL P/L Vadodara Palanpur– Vadodara P/L Uran-Chakan LPG P/L Uran Chakan Ramanmandi- Bathinda P/L Bahadurgargh- Trikikalan P/L Second largest petroleum product pipeline network in India Barwala–Hisar Cherlapally Anantpur Hassan Hassan-Cherlapally P/L Kadapa Dharmapuri R’ Mundry Vijaywada-Dharampuri P/L Barmer P/L: Pipeline Bathinda Sangrur P/L Barmer - Palanpur P/L Sangrur VR MRPL HMEL Jodhpur R’Mandi Bathinda Mumbai Sh’pur B’lore Rewari Mathura B’pur B’wala Hissar HRRL
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# Including 441 no CNG stations set up by HPCL NG SBU at HPC Retail SBU outlets. Additionally, HPCL as a CGD entity, has set up 110 no’s of CNG facilities at Retail Outlets of other OMCs.
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• • • • ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • • • • • • •
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Crude Evaluation & Fuels Research Analytical and Chemical Synthesis FCC/RFCC Hydro-processingProcess Modelling & Simulation Catalysis Bioprocess Standard testing CoE Nano- Technology Phase-I Phase-II Petrochemicals & Polymers Centre of Excellence LubesBattery Engine Corrosion Studies Novel Separations Residue Upgradation Digital Water Research Centre of Excellence – Bitumen Pavement & Research Combustion Research Hydrogen Solar Energy Technology Licensing Global Technology Centre
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Oil refining Joint venture in Natural gas infrastructure & marketing Biofuels Introduction of new technology and growth through Partnerships HMEF- HPCL Middle East FZCO Subsidiaries Oil supply infrastructure and marketing Natural Gas Upstream Overseas Marketing Renewables GITL- GSPL INDIA TRANSCO LIMITED : GIGL – GSPL INDIA GASNET LIMITED
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Induction Capability Building Recognition Leadership Structured Induction process to Learn, Grow and Lead • Digital Learning Infrastructure (CBMS; Linkedin Learning; HP NEO) • Focus on Safety & Digital Competencies (AI) • Robust Assessment Methodology • Tie Up with Top Premier Institutes Rewarding Values for driving Performance Career & Succession Planning through: • Competency Assessment &Talent Reviews • 9 Box Approach to Hi-Potential development • Mobility & Versatility Index for planned growth
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Performance Overview
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Retail Outlets and LPG Consumers Refinery Capacity Utilization Market Sales (in MMT) 29.94 30.83 16.71 8.95 9.41 3.76 6.04 5.85 2.28 4.90 5.36 3.09 49.82 51.45 25.85 2024 -25 2025 -26 H1 2 0 2 6-27 Retail LPG Institutional Others 23,747 25,098 25,245 97.0 99.0 99.0 70.0 75.0 80.0 85.0 90.0 95.0 100.0 15,000 20,000 25,000 Mar'25 Mar'26 Sep'26 Retail Outlets LPG Consumers (Million) 105% 112% 115% 105% 107% 103%108% 101% 107% - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Mumbai Vizag HMEL (JV) 2024-25 2025-26 H1 2026-27 9.96 15.31 13.05 10.00 16.04 11.62 5.15 7.57 6.71 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Mumbai Vizag HMEL (JV) 2024-25 2025-26 H1 2026-27 Refinery Thruput
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15.8 24.5 Mar 20 Mar 26 Refining Infrastructure Refining Capacity (MMTPA) Customer Touchpoints Infrastructure 16476 25098 Mar 20 Mar 26 Retail Outlet (Nos.)Supply & Distribution 93 135 Mar 20 Mar 26 POL Terminals & LPG Plant (Nos.) Pipeline Network (Kms.) 3775 5440 Mar 20 Mar 26 471 2253 Mar 20 Mar 26 CNG Stations (Nos.) 6110 6389 Mar 20 Mar 26 LPG Distributors (Nos.) 0 5533 Mar 20 Mar 26 EV Stations (Nos.)
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22,493Refining Capacity Expansions 5,074Expansion of Pipeline Network 8,610LPG Plants / POL Depots / Capacity Augmentations 1,263Enhancing Biofuels & Renewable capacities 10,673Expanding Customer touch points 2,222Others (R&D, Digital Transformation etc.) Equity Investment in JVs & Subsidiaries 18,234 Investments during last 5 years 72,686 Area of Value Chain Investment (₹ Cr) Expansion of CGD Network 4,117
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4 shares in 2016 became 27 Shares in July, 2024 Sep 2016 (2:1) July 2017 (1:2) 12 Share buy-back Program Consistent returns to Stakeholders 172 187 254 28/10/20 04/11/20 14/05/21 • Board approval - share buy back worth ₹ 2500 Cr on 4th November 2020 • Maximum Buyback Price at a premium of 45.52% and 45.43% over the closing prices on both BSE and NSE, respectively, on October 28, 2020. First & only PSU to do Open Market buy-back 47.67% increase from 28th Oct 20 Return to Shareholders HPCL share price on BSE (In ₹/Share) Market Cap (₹ Cr.)* *BSE at close of month. Total return to Shareholders ~ 11% 43,063 74,899 Sep-16 Sep-26 CAGR 5.7% July 2024 (1:2) 18 4 27 Before 2016 Bonus Post 2016 Bonus Post 2017 Bonus Post 2024 Bonus Number of Shares
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19.4% 10.8% -10.7% 21.3% 11.5% 22.4% -7.4% 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27* Return on Capital Employed (ROCE%) 47.0 30.0 -42.2 69.1 34.6 80.7 -37.8 -100 -80 -60 -40 -20 0 20 40 60 80 100 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 Earning per Share (In ₹) 1.11 1.12 2.33 1.47 1.38 0.80 1.38 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 Total Debt Equity Ratio (In Times) 2.2 2.7 3.1 2.8 2.6 2.5 1.4 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27* Asset Turnover Ratio (In Times) All Financial parameters reflecting inherent strength & growth potential * Not Annualized
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36,186 38,677 27,713 41,030 45,958 59,847 47,388 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 Net Worth (₹ Cr) 18,714 13,146 -5,453 27,221 19,022 33,182 -5,038 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 EBITDA (₹ Cr) 25,190 34,977 49,753 43,603 43,192 36,060 39,397 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 Long Term Debt (₹ Cr) 14,630 16,772 14,043 14,342 14,508 15,705 3,819 0.70 0.90 1.80 1.06 0.94 0.60 0.83 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 0 0.5 1 1.5 2 2.5 3 2020 -21 2021 -22 2022 -23 2023 -24 2024 -25 2025 -26 H1 2026 -27 Capex (₹ Cr) & Long Term Debt Equity Ratio (Times) Value Creation thru Effective Leveraging Capex includes Equity Investments in JVCs/Associates/Subsidiaries etc.
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Future Plans
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Current businesses. Products line such as- MS, HSD, Auto LPG, Lubes, I&C Products ATF Existing Business Area Roadside amenities, Convenience stores, Food stalls, car wash at Retail Outlet etc Adjacent Business Area Petrochemicals, LNG, Logistic Services, Retail Chains at locations other than Retail Outlets New Business Area Renewable Energy: hydrogen, fuel cells, etc. Emerging Business Area
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Goal Enablers Action Creating Value and Delivering Growth Responsibly by strengthening existing businesses, leveraging new growth engines and seizing green & emerging opportunities with focus on technology & innovation
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2025-26 2027-28 35.8 46.0 MMTPA MMTPA Refining Capacity Refinery 2025-26 (MMTPA) 2027-28 (MMTPA) Capacity Addition (MMTPA) MR 9.5 9.5 0.0 VR 15.0 15.0 0.0 HMEL (JVC) 11.3 12.5^ 1.2 HRRL 0.0 9.0 9.0 Total 35.8 46.0 10.2 Project Completed/Ongoing Physical progress (As of 30-09-2026) Project Cost (₹ Cr) (As of 30-09-2026) MR Expansion (7.5 to 9.5 MMTPA) Commissioned 5,381 VR Modernization (8.3 to 15.0 MMTPA) Commissioned 30,609 HRRL – 9 MMTPA Green Field Refinery & Petrochemical complex Dedicated to Nation 79,459 Lube Modernization & Bottom Upgradation Project at MR 17.4% 6,007 ^HMEL has achieved the planned capacity of 12.5 MMTPA in Q2 of FY 2026-27.
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• • • • •
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State of the Art Refinery 14 grades of Polyethylene & 21 grades of Polypropylene Nelson Complexity Index of 17.0 Quartile-1 energy performance at design stage Flexibility in switching between Fuel & Petrochemicals Largest PE capacity in India (2X500 KTPA) PPU capacity (2X490 KTPA) 26% Petrochemical Index FUEL & OTHERS PRODUCTS
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Pipelines: Crude P/L Mundra to HRRL Crude P/L from Mangala Processing Terminal Raw water Pipeline Product Production (KTPA) MS 995 HSD 4,035 Poly Propylene (PP) 1,073 LLDPE 479 HDPE 479 Butadiene 146 Benzene 134 Toluene 104 Sulphur 157 Refinery Complex : CDU/VDU, MS Block Unit, Prime G, DHDT Unit, HGU, SRU, VGO-HDT, PFCC Unit, DCU, Treating /sweetening facilities Petrochemical Complex : DFCU, PPU, Butene-1, LLDPE/HDPE Swing Utilities & Offsite/Associated Facilities: DCPP , Raw Water Reservoir at Nachna, Township, Crude Import Facilities
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HP
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• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Completed Ongoing Planned
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Net Zero
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• HPCL is committed to conduct business with an objective of preserving the environment and contributing to sustainable development • Plans underway to achieve Net zero Scope 1 & 2 emissions by 2040 HPCL Net Zero plan - Announcement on 31st Jan 2022 Investment of ₹ 60,000 Crore towards Net-zero plans by 2040
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4.4 1.4 0 5.0 2.5 7.9 5.6 3.6 0 1 2 3 4 5 6 7 8 9 HPCL – Emission Reduction Roadmap Unit : MMT of Co2e Base Case Scenario Accelerated Technology Adoption Conservative Technology Adoption ₹ 10,000 Cr Renewables2 Efficiency1 Fuel switch to bio gas3 Green Hydrogen4 CCUS5 ₹ 10,000 Cr ₹ 29,200 Cr ₹ 4,200 Cr ₹ 6,400 Cr Key Levers/investment for emission reduction Lever Investment % Reduction 16.7% 48.6% 7.0% ₹ 200 Cr Flare reduction6 0.3% ₹ 60,000 Cr 100 %Total 2030 2035 2040Total emission to be abated by 2040 16.7% 10.7%
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Emission Intensity Reduction Energy Security Transition to Energy Company R&D & Innovation ESG Focus Capital EfficiencyCollaboration Decarbonisation Petrochemicals
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• Transformation to an Energy Company creating value and growth in step with society • With significant presence in • Traditional Fuels • Natural Gas • Petrochemicals • Green energy • Non Fuels
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Mr. S Bharathan, Director – Refineries • He is Director- Refineries of the Company effective October 01, 2022. Prior to this, he was an Executive Director – Refineries Coordination of the Company with Additional Charge of R&D. • He has wide exposure to the Refinery operations of the Company and has worked in Operations and Technical Departments of Mumbai and Visakh Refinery for over 25 years. He has also worked in the Corporate Office on Margin Management & Refinery Project Process for over 4 years. Further, he is also leading HPCL’s Green R&D Centre in Bengaluru for the last 4 years. Under him, HPCL Green Research & Development Centre (HPGRDC) has reached filing of about 800 patents. Mr. Amit Garg , Director – Marketing • He is Director- Marketing of the Company effective December 27, 2022. Prior to this, he was an Executive Director-Aviation in Bharat Petroleum Corporation Limited (BPCL). He is a Post Graduate in Electronics & Management. • He is a senior leader in Oil & Gas space having rich and varied experience of over 35 years across the entire value chain in the Industry including sourcing, storage, logistics and sales across various functions in BPCL. He also served as a full time Director with Indraprastha Gas Limited, the largest CGD in the country and as a Nominee Director with Maharashtra Natural Gas Limited, a Joint Venture of BPCL & GAIL (India) Limited. Mr. K S Shetty , Director – Human Resource • He is Director- Human Resources of the Company effective May 01, 2023. Prior to this, he was an Executive Director – Human Resources with additional charge of Employee Relations Department. He is a Gold Medalist in HR Management from Andhra University and also an alumnus of the Swedish Institute, Stockholm for Diploma in Sustainable Development in 2012. He has completed his Advanced Management Program from MDI, Gurgaon / ESCP Europe Business School, Paris. (2016). He is an SHRM, USA - Senior Certified Professional and is currently on the AIMA Core Committee on HR and also on the National Council of the Indian Society for Training and Development (ISTD). He is also on the Board of HPLNG. He has over 25 years of experience in HR in various capacities at HPCL. Mr. Vikas Kaushal, Chairman & Managing Director • He has taken charge as the Chairman & Managing Director (C&MD) of the company effective March 17, 2025. He is a seasoned global leader with over three decades of experience in Energy domain. He is a chemical engineering graduate from DCET, Punjab University and has done his MBA from Indian Institute of Management, Ahmedabad. • He has deep expertise in the Energy domain, including oil and gas, power, renewables and new energies. He has advised all the leading state-owned oil and gas companies in India i.e IOCL, BPCL, GAIL, etc. on multiple large scale transformation programs for a long period of time. He is an expert on the Energy Transition topics. He has authored several key thought pieces on oil & gas, power, chemicals, and related topics and is a regular speaker at key conferences in India, and globally. Ms. Srividya Venkataraman, Director – Finance • She is Director- Finance of the Company, effective June 24, 2026. Prior to joining HPCL, she served as Executive Director - Corporate Treasury at Bharat Petroleum Corporation Limited (BPCL). She is a distinguished finance professional with over three decades of experience in the Indian energy sector. • Over the course of her distinguished career, Ms. Srividya has held several key leadership assignments in BPCL across Treasury, Retail, and LPG businesses. Ms. Srividya has also served on the Boards of Kannur International Airport Limited, BPCL KIAL Fuel Farm Facilities Pvt. Limited, and FFPL Finserv Private Limited, contributing significantly to corporate governance and strategic oversight.