Hindustan Petroleum Corporation Limited Earnings Summary — Q4 FY2026

“Hindustan Petroleum Corporation Limited
Q4 FY '26 Earning Conference Call”
May 13, 2026

MANAGEMENT: MR. VIKAS KAUSHAL – CHAIRMAN AND MANAGING
DIRECTOR – HINDUSTAN PETROLEUM CORPORATION
LIMITED
MR. RAJNEESH NARANG – DIRECTOR, FINANCE –
HINDUSTAN PETROLEUM CORPORATION LIMITED
MR. S. BHARATHAN – DIRECTOR, REFINERIES –
HINDUSTAN PETROLEUM CORPORATION LIMITED
MR. K. VINOD – EXECUTIVE DIRECTOR, CORPORATE
FINANCE – HINDUSTAN PETROLEUM CORPORATION
LIMITED

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Moderator:

Ladies and gentlemen, good day, and welcome to the Hindustan Petroleum Corporation Limited
Q4 FY '26 Earnings Call hosted by Antique Stock Broking Limited. As a reminder, all
participant lines will be in the listen-only mode and there will be an opportunity for you to ask
questions after the presentation concludes. Should you need assistance during this conference
call, please signal an operator by pressing star and zero on your touchstone phone. Please note
this conference is being recorded.

I now hand the conference over to Mr. Varatharajan Sivasankaran from Antique Stock Broking
Limited. Thank you, and over to you, sir.

Varatharajan S.:

Varatharajan S.: Thank you, Swapnali. A very good afternoon, everyone. It's my pleasure to welcome all the
participants on this call and the top management of HPCL this afternoon for the discussion on
the fourth quarter results. From HPCL, we have Mr. Vikas Kaushal, Chairman and Managing
Director; Mr. Rajneesh Narang, Director, Finance; Mr. S. Bharathan, Director Refineries; and
Mr. K. Vinod, Executive Director, Corporate Finance.

I'll hand over the floor to Mr. Vikas Kaushal for his comments.

Vikas Kaushal:

Thank you, Varatharajan. Good afternoon, everyone. Pleasure speaking to you on this call. As
you all know, we declared our Q4 and the annual results just a short while ago, and we thought
this would be a right time to do a call early today itself. We wanted to beat you before your
writing the first reports and asking questions.

We wanted to give you data so that you can write the informed reports. I -- before we start the
conversation, I would say, like in the past, all the detailed results, investor presentations are both
reported to the Stock Exchanges and also on our website. So we are not going to make a formal
presentation like in the past, but I'll start off by talking for a few minutes about how we see the
situation about our numbers, highlighting a few points and then remaining time, we will use for
an open question-and-answer session.

So just to get started, we all know the turbulent times we live in. The geopolitical uncertainty is
all around us going on for a fairly long time. The crude prices have gone high. And more
importantly, they are very volatile, sometimes shifting $8 to $10 in a day. Product availability
or crude raw material, LPG availability has been challenging with the supply chain disruptions.

Our focus as a management team has been in terms of a few things. First, really ensuring that
the supplies are met. Our teams have worked incredibly hard to make sure whether it's LPG
supplies, liquid fuels, all kind of supplies are met. The retail stations are working. The LPG is getting home, etcetera. That has taken a lot of effort, but we are very happy that we, along with
other companies in the sector, have maintained the supplies.

Second question which keeps on coming and perceptions which keep on getting, crude is going
to run out. I can assure you that we, as a company and other OMCs also have fully secured the
crude for a long period of time. And we are -- we don't see availability of a crude as an issue. Of
course, pricing, we all know has been a challenge there.

LPG, there has been a very nice pivot in the country on LPG from a situation where we were
very dependent on Persian Gulf on imports and those import sources dried out rather quickly.
We've been able to increase domestic production. We have been able to increase alternate
sourcing, etcetera.

And as we speak, we have a very good 

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