HINDPETRO

Earnings & Margins Historical analysis shows profit margins had contracted before due to cost pressures and interest expenses. Cash flow from operations weakened in FY25 compared to prior years, reflecting some working capital and cash deployment issues. This highlights that HPCL’s profitability can fluctuate with crude prices, refinery margins, and subsidy/regulatory changes. ⚠️ Risks & Headwinds ⚠ Earnings sensitivity to global crude price fluctuations ⚠ Refinery shutdowns or maintenance costs ⚠ PSU sector regulation/subsidy policies ⚠ Interest cost and debt levels impacting cash flow