There is no single winner in the MRPL vs Indian Oil vs HPCL comparison. Indian Oil and HPCL combine refining with broader downstream operations, while MRPL is a refinery and petrochemical company controlled by ONGC in which HPCL also holds a significant stake. FY2025-26 throughput shows their difference in operating scale, not which stock is more attractive. To compare them, use consistent financial statements, assess balance-sheet strength and cash generation, and check valuation against share prices from the same date.
What kind of businesses are you comparing?
Indian Oil Corporation (Indian Oil or IOCL) and Hindustan Petroleum Corporation (HPCL) are broader downstream energy businesses, with refining alongside other operations. Mangalore Refinery and Petrochemicals Limited (MRPL) is more directly centered on refining and petrochemicals. That difference in business scope matters: a company’s total profit, debt and valuation reflect more than refinery throughput alone.
MRPL is listed separately, but it is not an unrelated peer. HPCL identifies it as a joint venture of ONGC, which holds 71.63% equity, and HPCL, which holds 16.96%. MRPL’s operating and financial results describe MRPL; they should not be treated as a proxy for HPCL’s entire business or as an independent exposure with no parent-company connection. HPCL’s subsidiary information sets out the relationship.
How do their FY2025-26 refinery volumes compare?
Company-reported figures show Indian Oil with the largest refinery throughput of the three. The volumes below are not a profitability ranking: throughput measures crude processed, not the margin earned, operating costs, or cash generated.
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| Company | FY2025-26 refinery throughput | Capacity or utilisation disclosed |
|---|---|---|
| Indian Oil | 75.451 MMT, standalone | 107.4% capacity utilisation, as reported by Indian Oil |
| 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, as reported by HPCL | 112% capacity utilisation against installed capacity of 15 MMTPA, as reported by HPCL |
Indian Oil’s throughput and utilisation are from its FY2025-26 annual-report performance information and its results release dated 18 May 2026. HPCL’s refinery volumes and capacities are on its refineries page. HPCL’s figures for MRPL are on its subsidiary page.
Above-100% capacity utilisation figures are company-reported measures; the capacity basis and calculation may differ. Do not use them to infer that one refinery is inherently more efficient. For a fuller operating comparison, check refinery capacity, product mix, shutdowns and turnaround periods in each company’s annual report.
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How should you compare their profits?
Start by matching the accounting basis. Standalone results cover the individual company; consolidated results include subsidiaries and other entities within the reporting group. Mixing the two can make a comparison misleading.
| Company | FY2025-26 profit figure | Reporting basis and source |
|---|---|---|
| Indian Oil | ₹36,802 crore net profit | Standalone; Indian Oil’s results release dated 18 May 2026 |
| HPCL | ₹17,175 crore PAT; ₹18,047 crore PAT | Standalone and consolidated, respectively; HPCL company announcement |
| MRPL | ₹1,924.58 crore PAT | Consolidated; reported on HPCL’s subsidiary page |
These reported numbers indicate differences in size and scope, but they do not establish a clean ranking of underlying profitability. In particular, the MRPL figure is consolidated, while Indian Oil’s cited net profit is standalone. For a like-for-like assessment, use the same reporting period and basis, then examine operating profit or EBITDA, return on capital and refining margins alongside PAT. Earnings can vary with refining conditions and other business factors, so one year’s result is not a forecast.
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HPCL’s FY2025-26 announcement also reports a gross refining margin of US$8.79 per barrel. It is a company-reported figure for HPCL, not a three-company comparison: equivalent measures and definitions must be checked in the other companies’ filings before drawing conclusions. HPCL’s investor-relations page 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 releases. These filings are the appropriate documents for checking financial statements, segment results and accounting notes.
What to check for financial resilience
Throughput and profit do not show whether a company can comfortably fund operations, investment and distributions. Compare the latest audited statements for all three companies using the same period and accounting basis.
- Debt and cash: Review gross debt, cash and equivalents, and net debt. Consider whether borrowings are rising or falling.
- Interest burden: Check finance costs and the company’s ability to meet interest payments from operating earnings.
- Working capital: Look at inventory, receivables, payables and short-term borrowing, which can affect cash needs in energy businesses.
- Operating cash flow: Compare cash generated from operations with profit and planned capital expenditure. Accounting profit alone does not show how much cash is available.
- Investment needs: Read capital expenditure plans and notes on major projects, maintenance and refinery upgrades before judging how much cash may be available for shareholders.
HPCL’s FY2025-26 company announcement reports a standalone debt-equity ratio of 0.80. That single ratio is not a complete comparison with Indian Oil or MRPL, and it should not substitute for reviewing debt, cash and cash-flow disclosures on a consistent basis.
How to assess dividends
Compare declared dividends, payout ratios and cash-flow coverage rather than assuming a recent payment will recur. HPCL’s FY2025-26 announcement describes a proposed final dividend of ₹19.25 per share, subject to approval at its annual general meeting. A proposal is not a guaranteed distribution. HPCL reports that MRPL paid an interim dividend of 40% during FY2025-26; check the company’s filings for the applicable face value and distribution details before comparing it with per-share amounts. For Indian Oil, use its results and annual-report disclosures to verify the declared amount and basis for the same year.
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How to compare valuation fairly
Operating figures cannot tell you whether a stock is cheap or expensive. First choose a market-data date, then use share prices from that date and a clearly stated earnings period. Compare metrics such as price-to-earnings (P/E), price-to-book, enterprise value-to-EBITDA (EV/EBITDA) and dividend yield. State whether earnings are trailing or forecast, and whether the underlying figures are standalone or consolidated.
Do not compare ratios calculated on different dates or accounting bases. A valuation based on one year’s unusual refining conditions may also give a distorted impression, so consider how earnings and cash flow behave across periods. No current share prices or comparable three-company valuation multiples are established here; a dated market-data check is necessary before making a valuation judgment.
A practical comparison checklist
- Define the exposure you want. Decide whether you want a broader downstream business or a company more directly centered on refining and petrochemicals. Account for MRPL’s ONGC control and HPCL stake.
- Match the reporting period and basis. Put standalone figures beside standalone figures, or consolidated beside consolidated, and label any exception clearly.
- Compare operations beyond throughput. Review capacity, utilisation, product mix, shutdowns, margins and segment results from company filings.
- Test financial resilience. Compare debt, interest costs, working capital, operating cash flow and investment needs in the latest audited reports.
- Verify shareholder returns. Distinguish declared dividends from proposed ones and assess payout against cash generation.
- Value each stock on one date. Use a common share-price date and consistent earnings periods for P/E, price-to-book, EV/EBITDA and yield.
Indian Oil Chairman A. S. Sahney described FY2024-25 as “a landmark year of scale, synergy and strategic evolution” in the chairman’s report. That is company-authored characterization; assess the business using reported results and comparable measures rather than promotional language.
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