HPCL's Vizag Upgrade, Barmer Refinery to Drive Next Growth Phase: CMD Kaushal

• HPCL's growth is fueled by the Vizag refinery upgrade and the imminent Barmer refinery commissioning, set to boost refining margins and capacity.
• The Vizag Residue Upgradation Facility (RUF) converts low-value residues to high-value distillates, increasing GRM by ~$2.5/barrel and distillate yield to 86%.
• The Barmer refinery, a "complex greenfield" project, is in advanced stages, with primary sections starting soon and integrated petrochemical units later this year.
• These projects will increase HPCL's total refining capacity to nearly 40 million tonnes, aiming to double EBITDA from ₹20,000 crore to ₹40,000 crore.
• HPCL's debt-to-equity ratio has improved to 1.07, and strong half-yearly profits position the company to absorb market shocks.

Why It Matters: HPCL's Vizag upgrade and Barmer refinery are set to significantly boost capacity, margins, and earnings.