Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Indian Oil, HPCL and MRPL are not interchangeable refinery stocks: Indian Oil and HPCL combine refining with broader fuel businesses, while MRPL is a refinery and petrochemicals company controlled by ONGC, with HPCL as a significant shareholder. FY2025-26 throughput figures show their different operating scales, but they do not establish which stock is better. To compare them, use consistent reporting bases for earnings and balance-sheet measures, then compare valuations using share prices from the same date.
What kind of business are you comparing?
Indian Oil and HPCL
Indian Oil’s reported refinery throughput sits within a large, integrated downstream energy business. HPCL also combines refining with fuel marketing: in FY2025-26 it reported 26.04 million metric tonnes (MMT) of refinery throughput and marketing sales of 51.45 MMT. These businesses’ earnings can reflect more than refinery operations alone.
Indian Oil’s FY2024-25 chairman’s report described the year as “a landmark year of scale, synergy and strategic evolution.” That is the company chairman’s characterization, not independent analysis; assess it alongside reported performance and financial statements. Indian Oil chairman’s report.
MRPL and its ownership
Mangalore Refinery and Petrochemicals Limited (MRPL) operates as a listed company, but it is also part of a larger ownership relationship. HPCL identifies ONGC as holding 71.63% of MRPL’s equity and HPCL as holding 16.96%. Buying MRPL shares gives exposure to MRPL itself, not the same business mix as buying shares in ONGC or HPCL.
Free tools Windows power users keep installed
One-click scans. No signup required.
#1 Best Overall
How do their FY2025-26 refinery operations compare?
The figures below are company-reported for FY2025-26. Throughput measures crude processed, not profit, cash generation or the attractiveness of a share at its market price.
| Company | FY2025-26 throughput | Capacity or utilization reported |
|---|---|---|
| Indian Oil | 75.451 MMT of standalone refinery throughput | 107.4% capacity utilization |
| 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 |
| MRPL | 16.774 MMT crude processed | 112% capacity utilization against installed capacity of 15 MMTPA |
Indian Oil reported FY2024-25 standalone throughput of 71.564 MMT, compared with 75.451 MMT in FY2025-26. HPCL’s refinery figures combine its Mumbai and Visakh facilities. MRPL’s utilization and throughput are reported by HPCL on its subsidiary page. Differences in capacity, outages, product mix and reporting scope matter when interpreting the figures; throughput alone does not reveal refining margins or returns on capital. Indian Oil FY2025-26 performance information; HPCL refinery information; HPCL subsidiary information on MRPL.
Rank #2
- Comes with secure packaging
- Easy to read text
- It can be a gift option
How should you compare reported profits?
Start by aligning the period and accounting basis. Standalone results cover the individual company; consolidated results include subsidiaries and other entities in the reporting group. A standalone profit for one company cannot be treated as directly equivalent to another company’s consolidated profit.
- Indian Oil: reported standalone net profit of ₹36,802 crore for FY2025-26.
- HPCL: reported standalone profit after tax (PAT) of ₹17,175 crore and consolidated PAT of ₹18,047 crore for FY2025-26.
- MRPL: HPCL’s subsidiary page reports consolidated PAT of ₹1,924.58 crore for FY2025-26.
These figures demonstrate differences in reported scale and scope, but are not a like-for-like ranking. Before drawing conclusions, compare audited annual-report measures on the same basis, including operating profit or EBITDA, interest expense, refining margins, return on capital and cash flow. A single year’s profit can be affected by market conditions and company-specific events; it is not a forecast.
Recommended Free Tools
HPCL’s FY2025-26 announcement also reports a gross refining margin of US$8.79 per barrel. Do not treat that one company’s reported margin as a direct three-way comparison: equivalent figures for the same period and basis are needed for the other companies. HPCL investor relations and annual reports.
What to check in the balance sheet and cash flow
Operating scale does not tell you whether a company can comfortably fund working capital, debt service, capital expenditure and distributions. For each company, use the latest audited annual report and keep standalone or consolidated scope consistent.
- Compare total debt with cash and equivalents to understand net debt, and review interest expense alongside operating earnings.
- Check operating cash flow and working-capital movements; reported profit does not necessarily equal cash available to shareholders.
- Review capital expenditure and refinery maintenance needs, which can affect both near-term cash flow and operating capacity.
- Read the notes for debt maturities, guarantees, related-party balances and any material changes in accounting scope.
HPCL reported a standalone debt-equity ratio of 0.80 for FY2025-26. That is a company-reported standalone measure, not a complete comparison with Indian Oil and MRPL. The figures cited here do not establish a consistent three-company comparison of debt, net debt, interest coverage or cash generation. HPCL lists its FY2025-26 annual report as available on 1 September 2026; MRPL’s investor page lists its FY2025-26 annual report and audited results. HPCL investor relations; MRPL investor information.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should dividends fit into the comparison?
Compare dividends with cash flow and payout capacity, not just the amount per share. HPCL proposed a final dividend of ₹19.25 per share for FY2025-26, subject to approval at its annual general meeting; a proposal is not a guaranteed future payment. HPCL also reported an interim dividend of 40% during FY2025-26 for MRPL, as stated on its subsidiary page. Check each company’s filings for declared distributions, the period they relate to, the share-count basis and whether the payment has been approved and paid.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchBest Value
How to compare valuation without mixing dates
Operating results cannot answer whether a stock is attractively priced. A valuation comparison needs a date-stamped share price and earnings or balance-sheet figures with a clearly stated period and accounting basis. Compare price-to-earnings (P/E), price-to-book, enterprise value to EBITDA (EV/EBITDA) and dividend yield only after aligning those inputs.
- Choose a market date and record each stock’s closing price on that date.
- Choose the same earnings period for all three companies, and use audited figures on a consistent standalone or consolidated basis.
- Calculate or verify each multiple from those aligned inputs; state the earnings period and basis next to the ratio.
- Check whether unusual earnings, debt, cash balances or proposed dividends distort the comparison.
No date-stamped share prices or comparable valuation multiples are established here, so a current relative valuation or “best stock” conclusion cannot be drawn from these operating figures.
Which stock is better for you?
There is no answer from throughput or one year of profit alone. The useful comparison depends on what exposure you want: a broader integrated downstream business, HPCL’s refining-and-marketing operations, or MRPL’s refinery and petrochemicals business with its ONGC control and HPCL ownership links. Assess each against audited earnings, balance-sheet resilience, cash flow, distribution capacity and valuation at a common market date. These company figures are not personalized investment advice.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
