Indian Oil, HPCL and MRPL cannot be ranked as stocks by refinery throughput alone. In FY2025-26, Indian Oil processed the most crude, followed by HPCL and MRPL—but their business scope, ownership and reported profit bases differ. A useful comparison also checks refining margins, earnings, debt, cash flow, dividends and valuation on consistent dates and accounting bases.
How are the three companies different?
Indian Oil Corporation (Indian Oil) is a large integrated downstream energy company. Its FY2025-26 annual report presents refinery operations alongside broader business and financial measures; refinery throughput is only one part of its business. The company’s chairman described FY2024-25 as a “landmark year of scale, synergy and strategic evolution,” a company-authored characterization rather than an independent assessment. Read the chairman’s report.
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HPCL combines refining with a substantial marketing business. In FY2025-26, it reported 26.04 million metric tonnes (MMT) of refinery throughput and marketing sales of 51.45 MMT. MRPL, by contrast, is a refinery and petrochemicals company. It is controlled by ONGC, which holds 71.63% of its equity; HPCL holds 16.96%. MRPL is listed separately, but HPCL’s stake means the two companies have an ownership connection. Owning HPCL and MRPL shares is therefore not wholly independent exposure to the businesses. HPCL’s subsidiary information.
What do FY2025-26 refinery figures show?
| Company | Reported refinery throughput, FY2025-26 | Capacity or utilisation information | Source and scope |
|---|---|---|---|
| Indian Oil | 75.451 MMT | 107.4% capacity utilisation | Indian Oil standalone results release, dated 18 May 2026 |
| HPCL | 26.04 MMT combined: 10.00 MMT at Mumbai and 16.04 MMT at Visakh | Mumbai capacity: 9.5 MMTPA; Visakh capacity: 15.0 MMTPA | HPCL company information |
| MRPL | 16.774 MMT | 112% capacity utilisation against installed capacity of 15 MMTPA | FY2025-26 figures reported on HPCL’s subsidiary page |
Indian Oil also reported standalone refinery throughput of 71.564 MMT in FY2024-25, compared with 75.451 MMT in FY2025-26. Indian Oil’s 18 May 2026 results release. HPCL’s refinery breakdown and capacity figures are on its refineries page; MRPL’s figures and ownership details are on HPCL’s subsidiary page.
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Throughput measures the amount of crude processed, not how much profit a refinery earns on it. Utilisation above 100% is a reported operating measure against installed capacity; it does not by itself establish superior returns. Refining margins, product mix, crude costs, outages and turnaround schedules all affect the economics. A high-volume year can still be less profitable than a lower-volume year if margins or costs move unfavourably.
How should reported profits be compared?
FY2025-26 headline profit figures illustrate why accounting basis and business scope matter. Indian Oil reported standalone net profit of ₹36,802 crore. HPCL reported standalone profit after tax (PAT) of ₹17,175 crore and consolidated PAT of ₹18,047 crore. MRPL’s reported consolidated PAT was ₹1,924.58 crore. These are company-reported figures for the same financial year, but they are not all on the same basis: MRPL’s figure is consolidated, while Indian Oil’s cited figure is standalone. Do not treat this set as a precise profitability league table.
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For a like-for-like assessment, use either standalone or consolidated accounts consistently and check what subsidiaries and other interests are included. Then compare more than PAT: operating profit or EBITDA, refining margins, return on capital employed and cash generated from operations help show how robust earnings are and how effectively assets are being used. One year’s profit is not a forecast, particularly for businesses exposed to changing refining conditions.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteHPCL reported FY2025-26 gross refining margin (GRM) of US$8.79 per barrel in its official company announcement. The GRM is a refining indicator, not a complete measure of company-wide earnings: HPCL also has a marketing business, and its consolidated results include a different scope from standalone results. HPCL’s official announcement.
Rank #3
What to check about debt and financial resilience
The figures above do not provide a consistent three-company comparison of leverage, interest burden or operating cash flow. Avoid inferring balance-sheet strength from refinery scale or profit. Use each company’s FY2025-26 audited annual report and results filings to compare:
- Standalone or consolidated debt and cash on the same basis, including net debt where disclosed.
- Debt-to-equity and interest costs, with attention to how working-capital borrowing changes during the year.
- Operating cash flow and capital spending, to see whether earnings translate into cash after investment needs.
- Segment results and notes, which can clarify the contributions of refining, marketing, petrochemicals and subsidiaries.
HPCL’s announcement gives a standalone debt-equity ratio of 0.80 for FY2025-26. That single measure is useful context, but it is not enough to compare HPCL’s resilience with Indian Oil or MRPL without matching figures, definitions and reporting bases. HPCL’s investor-relations page lists its FY2025-26 annual report as available on 1 September 2026. HPCL investor relations. MRPL’s investor page lists its FY2025-26 annual report and audited-results releases. MRPL investor information.
How to assess dividends
HPCL’s FY2025-26 announcement describes a proposed final dividend of ₹19.25 per share, subject to approval at its annual general meeting. MRPL’s subsidiary-page figures report an interim dividend of 40% during FY2025-26. The announcement does not provide a comparable per-share amount there. A proposal is not a guaranteed future payment, and a percentage declaration should not be mistaken for a yield.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesCompare declared dividends, payout ratios and cash-flow coverage for all three companies using the relevant filings. Dividend yield also depends on the share price and date used. A large declared dividend in one year does not establish that the same distribution will recur.
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How to compare stock valuations fairly
Operating figures cannot tell you which stock is cheaper or more attractive. To compare valuation, record a share price for each company on the same date and calculate or verify the ratios using a clearly named earnings period. Common measures include:
- Price-to-earnings (P/E): price relative to earnings per share; specify whether earnings are trailing, annual audited or forecast.
- Price-to-book: market value relative to book value, which can be informative for asset-heavy businesses but depends on accounting values.
- EV/EBITDA: enterprise value relative to operating earnings before interest, tax, depreciation and amortisation; define the debt, cash and earnings periods used.
- Dividend yield: dividend per share relative to price, distinguishing a declared or proposed dividend from a recurring assumption.
Use the same market date, financial period and standalone or consolidated basis across all three. No date-stamped current share prices or comparable valuation multiples are established here, so a current valuation ranking cannot be supported by these operating and earnings figures alone.
Quick Recap
A practical comparison checklist
- Choose the exposure you want. Decide whether you want an integrated downstream business, HPCL’s refining-and-marketing mix, or MRPL’s more refinery- and petrochemical-focused operations; account for the ONGC control and HPCL stake in MRPL.
- Align the operating period. Compare throughput, utilisation, capacity, product mix and shutdowns for the same financial year.
- Align the accounts. Use standalone figures for all three or consolidated figures for all three; do not mix them without clearly labelling the difference.
- Test earnings quality. Review margins, segment performance, returns on capital and operating cash flow, not PAT or throughput in isolation.
- Check financial capacity and distributions. Compare debt, interest costs, working capital, investment plans and dividend coverage from audited filings.
- Apply a dated valuation. Use prices from one stated date and ratios based on the same earnings period and accounting scope.
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