Hindustan Petroleum Corporation Limited faces the highest earnings pressure among state OMCs if crude sustains above $100 per barrel without retail petrol and diesel price revisions, as Choice Institutional Equities analyst Dhaval Popat expects elevated crude to compress its marketing margins and potentially offset stronger refining margins.

Hindustan Petroleum Corporation Limited is expected to report a profit of Rs 2,647 crore in Q2FY27 against a Rs 11,526-crore loss in Q1FY27, according to ICICI Securities, driven by recovery in fuel marketing margins to Rs 2.9 a litre on petrol and Rs 1.3 on diesel and easing LPG under-recoveries, with ICICI estimating its refining margin at $16 a barrel versus $23.8 in Q1FY27.

Hindustan Petroleum Corporation Limited has awarded Technip Energies a large EPC contract for its Lube Modernization and Bottom Upgradation project at the Mumbai refinery, covering a 550-kilotonne-per-annum Integrated Hydrocracker and Catalytic Dewaxing unit and an 850-kilotonne-per-annum Solvent Deasphalting unit to boost lube base stock output and upgrade heavier streams.

Hindustan Petroleum Corporation will have its full daily US dollar requirements met under a special window opened by the Reserve Bank of India, with dollars sold through designated banks from October 12 until further notice.