HPCL’s Mumbai Refinery Project Gets ₹1,070 Cr Cost Trim

State-run Hindustan Petroleum Corporation Ltd (HPCL) has revised down the estimated cost for its Mumbai Refinery Lube Modernisation & Bottom Upgradation Project by ₹1,070 crore, bringing it back to ₹4,679 crore. Despite reporting a net loss in Q1 FY27, project execution remains unaffected, with physical progress rising to 12.3% as of June 2026. Analysts attribute the downward revision to a tactical re-baselining of contingency buffers as HPCL shifts focus toward cash conservation and asset stabilization.

News by Rahul Yelligetti.