Rating Rationale

May 30, 2025 | Mumbai

Hindustan Petroleum Corporation Limited

Ratings reaffirmed at 'Crisil AAA/Stable/Crisil A1+'

Rating Action
Total Bank Loan Facilities Rated Rs.50000 Crore
Long Term Rating Crisil AAA/Stable (Reaffirmed)
Short Term Rating Crisil A1+ (Reaffirmed)

Fixed Deposits Crisil AAA/Stable (Reaffirmed)

Rs.1400 Crore Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.2000 Crore (Reduced from Rs.4000 Crore) Non
Crisil AAA/Stable (Reaffirmed)
Convertible Debentures
Rs.10000 Crore Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.4800 Crore (Reduced from Rs.6000 Crore) Non
Crisil AAA/Stable (Reaffirmed)
Convertible Debentures
Rs.25000 Crore Commercial Paper Crisil A1+ (Reaffirmed)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings.
The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale
Crisil Ratings has reaffirmed its 'Crisil AAA/Stable/Crisil A1+' ratings on the bank facilities and debt instruments of Hindustan
Petroleum Corporation Limited (HPCL).

The ratings on NCDs worth Rs 3200 crore (see 'Annexure- Details of Rating Withdrawn') have been withdrawn on
confirmation from the debenture trustee as these are fully redeemed. The withdrawal is in line with the Crisil Ratings
withdrawal policy.

The ratings continue to reflect HPCL’s established network as the third largest fuel retailer and second largest LPG distributor
in the country as well as its branding initiatives. The ratings also factor in the company's strategic importance to the
Government of India (GoI), and expectation of continued support from GoI and parent Oil and Natural Gas Corporation
(ONGC).

Operating margins declined from Rs 26,845 Crore in fiscal 2024 to Rs 18,639 Crore in fiscal 2025 with the moderation coming
in after an exceptional performance in fiscal 2024 driven by favorable global refining margin, strong product demand and
advantageous market conditions. In fiscal 2025, gross refining margin (GRM) moderated to $5.74/barrel (bbl.) against
$9.08/bbl. in fiscal 2024 due to global economic slowdown, moderation in product crack spreads and volatility in global oil
price. Furthermore, profitability was also affected due to under recoveries in the liquefied petroleum gas (LPG) segment.
Despite these challenges, HPCL’s operating income net off excise duty remained stable, amounting to Rs 4.34 lakh crore in
fiscal 2025, relative to Rs 4.3 lakh crore in fiscal 2024 supported by strong refinery output and increasing marketing volumes.

These strengths are, however, partially offset by exposure to project implementation risks including its various subsidiaries &
joint ventures and inherent volatility in the operating profitability, owing to fluctuations in input prices.

Analytical Approach
For arriving at the ratings, Crisil Ratings has combined the business and financial risk profiles of HPCL and its subsidiaries and
joint ventures (JVs). The subsidiaries have been fully consolidated, while the JVs have been proportionately consolidated. The
subsidiaries and JVs are strategically important to HPCL as they reduce dependence on other refiners to source products for
retail operations. Furthermore, the ratings factor in support received from the government, with managerial control and majority
ownership through ONGC, a public sector undertaking of GoI.

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 Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:
Strategic importance of HPCL and continued support from GoI: The oil refining and marketing activity is strategic for
India's economic development. Oil marketing companies (OMCs) dominate the domestic market for key petroleum
products such as motor spirits, high-speed diesel, superior kerosene oil (SKO) and liquefied petroleum gas (LPG).
Uninterrupted supply of these products is contingent on smooth operations of OMCs, such as HPCL. The company would,
therefore, remain strategically important to GOI, and continue to play a key role in implementing the government’s socio-
economic policies.

Established position in the oil refining and marketing sector: HPCL has a domestic refining capacity share of 13.44%
with the coastal location of the refineries provides logistical advantages for the import of crude oil and export of petroleum
products. Both refineries, Mumbai and Vishakhapatnam, have maintained healthy energy consumption levels. Market
position is underpinned by an entrenched marketing and distribution infrastructure, with 23,747 retail outlets. The company
had a network of 6,378 LPG distributors as of March 2025 and is the 2nd largest LPG distributor in the country.
Furthermore, aggressive branding and marketing exercises have been undertaken to expand the retail network. These
initiatives should help enhance the strong brand position in the Indian petroleum market.

Weaknesses:
Exposure to project implementation risk, given the large investment plans: The company is undertaking several
projects, including modernization and capacity expansion at the Mumbai and Visakhapatnam refineries, setting up a
greenfield refinery in Barmer, Rajasthan, modernization .and augmentation of the pipeline infrastructure, and expansion in
the natural gas sector. HPCL's experience in implementing and operating large projects should hold the company in good
stead. Nevertheless, project cost and timelines, and stabilization of operations after completion will continue to be key
monitorable. Consolidated gearing (Crisil Ratings adjusted numbers) improved for the company to around 1.34 times as
on March 21, 2025 from 1.38 times as on March 31, 2024. The management has also indicated that being at the end of
the ongoing capex cycle, no large additional projects are expected over the medium term , hence the gearing is expected
to improve further to around 1.0-1.1 times this fiscal. The company continues to derive benefits from financial flexibility
being GOI undertaking and in the capital market resulting in its ability to raise funds at a short notice and at fine rates.
Going forward, the degree of reliance on debt to meet capital expenditure (capex) needs for the company will remain a key
monitorable.

Susceptibility to volatility in crude oil prices: Crude oil prices have been volatile over the past few years. Prices of
crude oil for Indian basket fell sharply to a low of around $20/bbl. in April 2020 before rising sharply to over $110/bbl. in
March 2022; average procurement price stood at around $93/bbl. in fiscal 2023, $84/bbl. in fiscal 2024 and around
$79/bbl. in fiscal 2025. The ongoing geo-political tensions have led to the sharp decline in crude oil prices. HPCL imports
the majority of its crude oil requirement and thus remains susceptible to volatility in the rupee-dollar exchange rate, and a
corresponding increase in value of imports compensates these volatilities through marketing margins and their ability to do
so will remain a key monitorable.

Liquidity: Superior
HPCL, a Maharatna company, has strong financial flexibility, driven by support from the GoI. The company's portfolio of oil
bonds, large unutilized bank limit, and access to low-cost funds from both domestic and overseas markets can help raise
resources when needed. Capital expenditure of ~Rs 13,000-15000 crore in fiscal 2026 including expenditure across JV’s is
likely to be met through internal accruals and external borrowings .

Environment, social, and governance (ESG) profile

Crisil Ratings believes the Environment, Social and Governance (ESG) profile of HPCL supports its already strong credit risk
profile, which benefits from support from GoI. The oil and gas sector has a significant impact on the environment due to the
high carbon emissions of refineries and petrochemical plants. HPCL has focused continuously on minimizing its environmental
and social impact.

Key ESG highlights:

HPCL performed better than its peers on Scope 1 and 2 emissions and energy consumption intensities, which also
reduced at ~5% CAGR (between fiscals 2022 and 2024) each. The company has made disclosures on Scope 3 emission
for six categories, including the material category (use of sold products).
The company has set a target to achieve net-zero Scope 1 and 2 emission 2040, and has identified key levers to reduce
emissions such as introducing the use of green hydrogen in its operations, switching fuel usage to bio gas consumption,
initiating carbon capture, usage and storage, and increasing the share of renewable energy consumed, among others.
It has already set up a 370 tonne per annum green hydrogen facility at its Visakhapatnam refinery and has signed a
memorandum of understanding with Andhra Pradesh Solar Power Corporation for implementing renewable energy
projects.
HPCL’s gender diversity among employees was highest among peers at ~13%; however, the attrition rate was higher

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 compared to its peers, at ~9%
HPCL’s governance structure is characterized by ~43% of its board comprising of independent directors, though
representation of women on the board was low at ~8% (only 1 out of 12 members is a woman), a high investor complaints
redressal rate (~97%) and extensive financial disclosures.

There is growing importance of ESG amongst investors and lenders. The commitment of HPCL to ESG principles will play a
key role in enhancing stakeholder confidence, given the moderate share of market borrowing in debt and access to both
domestic and foreign capital markets.

Outlook: Stable
Crisil Ratings believes HPCL will continue to benefit from its established market position in the oil refining and marketing
sector, and support from the GoI owing to its strategic and economic importance.

Rating sensitivity factors

Downward factors
Change in the support philosophy of GoI
Reduction in ONGC’s shareholding below 50%
Higher-than-expected and sustained deterioration in HPCL’s standalone performance

About the Company

HPCL was established in 1974 following the nationalization and amalgamation of Esso Eastern Inc and Lubes India Ltd with
the takeover of Caltex Oil Refining (India) Ltd. In January 2018, ONGC acquired 51.11% stake in HPCL from GoI.

HPCL is an integrated refining and marketing company. It has substantial oil marketing operations, and is the third-largest oil
refining and marketing company in India. It operates a refinery in Mumbai, which has installed capacity of 9.5 MTPA, and
refinery in Visakhapatnam with installed capacity of 13.7 MTPA taking its total capacity to 23.2 MTPA.

The company also has an 11.3 MTPA refinery in Bathinda, Punjab, through a JV with Singapore-based Mittal Energy
Investments Pvt Ltd. HPCL is setting up a grass-root greenfield refinery-cum-petrochemical complex, with capacity of 9 MTPA
in Barmer through HPCL Rajasthan Refinery Ltd ('Crisil AA/Stable'), a JV with the Government of Rajasthan. HPCL has a wide
distribution and marketing infrastructure network, including a network of cross-country pipelines, terminals, depots and 23,747
retail outlets.

Key Financial Indicators

As on/ for the period ended March 31 2025 2024
Revenue Rs. Crore 434,106 433,857
Profit after Tax (PAT) Rs. Crore 6,736 16,014
PAT margin % 1.6% 3.69%
*Adjusted debt/ Adjusted Networth Times 1.34 1.38
Interest Coverage Times 5.50 11.93
*Crisil Ratings adjusted

Any other information: Not Applicable

Note on complexity levels of the rated instrument:

Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in
the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available
information. The complexity level for instruments may be updated, where required, in the rating rationale published
subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit [Link]. Users may also call the Customer
Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

Coupon Rating
Date Of Maturity Issue Size Complexity
ISIN Name Of Instrument Rate Outstanding
Allotment Date ([Link]) Levels
(%) with Outlook
7-365
NA Commercial Paper NA NA 25000.00 Simple Crisil A1+
days
Non Convertible 06-Mar- 12-Apr- Crisil
INE094A08069 7.03 1400.00 Simple
Debentures 20 30 AAA/Stable
Non Convertible 07-May- 11-Apr- Crisil

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 INE094A08093 Debentures 21 6.63 31 1950.00 Simple AAA/Stable

Non Convertible 28-Feb- 26-Feb- Crisil

INE094A08101 6.09 1500.00 Simple
Debentures 22 27 AAA/Stable
Non Convertible 13-Apr- Crisil
INE094A08119 20-Jun-22 7.81 1500.00 Simple
Debentures 32 AAA/Stable
Non Convertible 30-Jul- Crisil
INE094A08127 15-Jul-22 7.12 1800.00 Simple
Debentures 25 AAA/Stable
Non Convertible 04-Nov- 04-Nov- Crisil
INE094A08135 7.64 2500.00 Simple
Debentures 22 27 AAA/Stable
Non Convertible 15-Dec- 15-Apr- Crisil
INE094A08143 7.54 750.00 Simple
Debentures 22 33 AAA/Stable
Non Convertible 02-Mar- 02-Mar- Crisil
INE094A08150 7.74 1650.00 Simple
Debentures 23 28 AAA/Stable
Non Convertible 28-Aug- 28-Aug- Crisil
INE094A08168 7.22 2500.00 Simple
Debentures 24 29 AAA/Stable
Non Convertible 29-Apr- Crisil
INE094A08176 29-Apr-25 6.73 2500.00 Simple
Debentures 30 AAA/Stable
Non Convertible Crisil
NA NA NA NA 150.00 Simple
Debentures# AAA/Stable

Crisil
NA Fixed Deposits NA NA NA NA Simple
AAA/Stable
Crisil
NA Cash Credit NA NA NA 11480.00 NA
AAA/Stable
Fund-Based Crisil
NA NA NA NA 2000.00 NA
Facilities AAA/Stable
Non-Fund Based
NA NA NA NA 21957.00 NA Crisil A1+
Limit
Proposed Fund- Crisil
NA NA NA NA 9563.00 NA
Based Bank Limits AAA/Stable
External
Commercial Crisil
NA NA NA NA 435.00 NA
AAA/Stable
Borrowings&
External
Commercial Crisil
NA NA NA NA 2175.00 NA
AAA/Stable
Borrowings&
Proposed Long
Crisil
NA Term Bank Loan NA NA NA 2390.00 NA
AAA/Stable
Facility
#Yet to be issued
&Considering exchange rate of USD 1 = Rs 87

Annexure - Details of Rating Withdrawn

Rating
Name Of Date Of Coupon Maturity Issue Size Complexity
ISIN Outstanding
Instrument Allotment Rate (%) Date ([Link]) Levels
with Outlook
Non
04-Aug- 11-
INE094A08077 Convertible 5.36 1200.00 Simple Withdrawn
20 Apr-25
Debentures

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 Non- 14-Aug- 14-
INE094A08036 Convertible 7.00 2000.00 Simple Withdrawn
19 Aug-24
Debentures

Annexure – List of entities consolidated

Company % of shareholding Consolidation
HPCL - Biofuels Limited 100.00 Subsidiary
Prize Petroleum Company Limited 100.00 Subsidiary
HPCL Middle East FZCO 100.00 Subsidiary
HPCL LNG Limited 100.00 Subsidiary
HPCL Renewable & Green Energy Limited 100.00 Subsidiary
HPCL Rajasthan Refinery Limited 74.00 Joint Venture
Hindustan Colas Private Limited 50.00 Joint Venture
South Asia LPG Company Private Limited 50.00 Joint Venture
HPCL-Mittal Energy Limited 48.99 Joint Venture
Aavantika Gas Limited 49.99 Joint Venture
Petronet MHB Limited 50.00 Joint Venture
Godavari Gas Private Limited 26.00 Joint Venture
Mumbai Aviation Fuel Farm Facility Private Limited 25.00 Joint Venture
Bhagyanagar Gas Limited 48.73 Joint Venture
Petronet India Limited 16.00 Joint Venture
Ratnagiri Refinery & Petrochemicals Limited 25.00 Joint Venture
HPOIL Gas Private Limited 50.00 Joint Venture
IHB Limited 25.00 Joint Venture
Mangalore Refinery and Petrochemicals Limited 16.96 Associate
GSPL India Transco Limited 11.00 Associate
GSPL India Gasnet Limited 11.00 Associate

Annexure - Rating History for last 3 Years

Start of
Current 2025 (History) 2024 2023 2022
2022

Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount

Fund Based Crisil Crisil Crisil Crisil Crisil Crisil

LT 28043.0 31-01-25 30-09-24 27-12-23 06-12-22
Facilities AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil Crisil

-- -- 31-05-24 21-08-23 30-08-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil Crisil

-- -- 24-01-24 07-06-23 05-07-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil
-- -- -- 02-06-23 22-06-22 --
AAA/Stable AAA/Stable

Crisil Crisil
-- -- -- 16-03-23 30-04-22 --
AAA/Stable AAA/Stable

Non-Fund
Based ST 21957.0 Crisil A1+ 31-01-25 Crisil A1+ 30-09-24 Crisil A1+ 27-12-23 Crisil A1+ 06-12-22 Crisil A1+ Crisil A1+
Facilities

-- -- 31-05-24 Crisil A1+ 21-08-23 Crisil A1+ 30-08-22 Crisil A1+ --

-- -- 24-01-24 Crisil A1+ 07-06-23 Crisil A1+ 05-07-22 Crisil A1+ --

-- -- -- 02-06-23 Crisil A1+ 22-06-22 Crisil A1+ --

-- -- -- 16-03-23 Crisil A1+ 30-04-22 Crisil A1+ --

Commercial
ST 25000.0 Crisil A1+ 31-01-25 Crisil A1+ 30-09-24 Crisil A1+ 27-12-23 Crisil A1+ 06-12-22 Crisil A1+ Crisil A1+
Paper

-- -- 31-05-24 Crisil A1+ 21-08-23 Crisil A1+ 30-08-22 Crisil A1+ --

-- -- 24-01-24 Crisil A1+ 07-06-23 Crisil A1+ 05-07-22 Crisil A1+ --

-- -- -- 02-06-23 Crisil A1+ 22-06-22 Crisil A1+ --

-- -- -- 16-03-23 Crisil A1+ 30-04-22 Crisil A1+ --

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 Fixed Crisil Crisil Crisil Crisil Crisil F
LT 0.0 31-01-25 30-09-24 27-12-23 06-12-22
Deposits AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil Crisil

-- -- 31-05-24 21-08-23 30-08-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil Crisil

-- -- 24-01-24 07-06-23 05-07-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil
-- -- -- 02-06-23 22-06-22 --
AAA/Stable AAA/Stable

Crisil F
-- -- -- 16-03-23 30-04-22 --
AAA/Stable AAA/Stable

Non
Crisil Crisil Crisil Crisil Crisil Crisil
Convertible LT 18200.0 31-01-25 30-09-24 27-12-23 06-12-22
AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable
Debentures

Crisil Crisil Crisil

-- -- 31-05-24 21-08-23 30-08-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil Crisil

-- -- 24-01-24 07-06-23 05-07-22 --
AAA/Stable AAA/Stable AAA/Stable

Crisil Crisil
-- -- -- 02-06-23 22-06-22 --
AAA/Stable AAA/Stable

Crisil Crisil
-- -- -- 16-03-23 30-04-22 --
AAA/Stable AAA/Stable
All amounts are in [Link].

Annexure - Details of Bank Lenders & Facilities

Facility Amount ([Link]) Name of Lender Rating
Cash Credit 80 Citibank N. A. Crisil AAA/Stable
Cash Credit 100 Standard Chartered Bank Crisil AAA/Stable
Cash Credit 1000 HDFC Bank Limited Crisil AAA/Stable
Cash Credit 7500 State Bank of India Crisil AAA/Stable
Cash Credit 1000 Bank of India Crisil AAA/Stable
Cash Credit 200 Bank of Baroda Crisil AAA/Stable
Cash Credit 700 Union Bank of India Crisil AAA/Stable
Cash Credit 500 ICICI Bank Limited Crisil AAA/Stable
Cash Credit 400 Punjab National Bank Crisil AAA/Stable
External Commercial
435 UCO Bank Crisil AAA/Stable
Borrowings&
External Commercial
2175 State Bank of India Crisil AAA/Stable
Borrowings&
Fund-Based Facilities 1000 HDFC Bank Limited Crisil AAA/Stable
Fund-Based Facilities 500 Union Bank of India Crisil AAA/Stable
Fund-Based Facilities 500 ICICI Bank Limited Crisil AAA/Stable
Non-Fund Based Limit 11850 State Bank of India Crisil A1+
Non-Fund Based Limit 8500 ICICI Bank Limited Crisil A1+
Non-Fund Based Limit 100 Union Bank of India Crisil A1+
Non-Fund Based Limit 1507 HDFC Bank Limited Crisil A1+
Proposed Fund-Based
9563 Not Applicable Crisil AAA/Stable
Bank Limits
Proposed Long Term Bank
2390 Not Applicable Crisil AAA/Stable
Loan Facility
& - Considering exchange rate of USD 1 = Rs 87

Criteria Details

Links to related criteria

Basics of Ratings (including default recognition, assessing information adequacy)

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 Criteria for manufacturing, trading and corporate services sector (including approach for financial ratios)
Criteria for consolidation
Criteria for factoring parent, group and government linkages

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other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no
responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work
products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works,
compilations or extractions. Such acts will also be in breach of Crisil Ratings’ intellectual property rights or contrary to the laws of
India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from
November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked
Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject
instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and
Structured Finance Instruments at the following link: [Link]
[Link]

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