HPCL, BPCL swing to Q1 losses as crude surge drives LPG under-recoveries
HPCL reported a consolidated loss of ₹12,265 crore and BPCL a ₹1,873 crore loss in Q1 FY2026-27, as retail price revisions lagged a sharp rise in crude costs. Both companies recorded significant LPG under-recoveries despite higher revenue.
HPCL and BPCL posted Q1 FY2026-27 losses as crude prices surged during the West Asia conflict and retail fuel price increases lagged costs. Both booked substantial LPG under-recoveries, despite higher revenue and subsequent petrol, diesel and domestic-cylinder price hikes.
Why this matters
No related recent HPCL signals are provided. The Q1 losses show crude-cost pressure affecting retail fuel economics as LPG under-recoveries weigh on results.
The retail-company theme is accelerating, up 1,018,300% QoQ.