1. Refining capacity from 34.5 to 45.3 MMTPA by 2027-28 On track - At the Q3 FY25 PPT, management guided refining capacity to rise from 34.5 MMTPA (2024-25) to 45.3 MMTPA by 2027-28: VR +1.3 to 15 MMTPA, HMEL +0.5 to 11.8 MMTPA, HRRL +9 MMTPA, MR flat at 9.5 MMTPA. HRRL's scheduled commercial operation was declared on 22nd June 2026 and Visakh ran 16.04 MMT (107% utilisation) in FY26, with no read yet on HMEL's expansion.
2. Solar Power Plant at Galiveedu - ₹682 Cr construction Pending - At the Q3 FY25 PPT, management listed the Solar Power Plant at Galiveedu as construction in progress at ₹682 Cr. No completion or commissioning disclosure appears in the record.
3. 100 KLPD 2G Ethanol Bio-Refinery at Bathinda, Punjab Pending - At the Q3 FY25 PPT, management listed the 100 KLPD 2G Ethanol Bio-Refinery at Bathinda, Punjab as ongoing at ₹1,421 Cr. The project is carried at ₹1,421.00 crore with no completion or commissioning disclosure in the record.
4. Renewable power conversion - 500MW under conversions On track - At the Q3 FY25 PPT, management stated conversion of current power requirements to renewable sources (500MW) was under conversions. Installed renewable capacity stood at 208-221 MW, and FY26 added 7.84 MWp of solar with 16.1 Crore kWh generated, though no direct read on the 500MW conversion progress.
5. HPRGE - dedicated renewable power and emerging energy platform Delivered - At the Q3 FY25 PPT, management stated wholly owned subsidiary HPCL Renewables and Green Energy Limited was now operational, and the FY26 Annual Report stated HPRGE would spearhead renewable and low-carbon initiatives as the dedicated platform. The subsidiary is operational per both disclosures.
6. Pipeline expansion to over 41 MMTPA capacity and about 5,300 km network Delivered - In the FY20 Annual Report, management said ₹5,600 crore of pipeline projects (VVSPL extension, Hassan-Cherlapally LPG, Barmer-Palanpur) would lift capacity to over 41 MMTPA and network to about 5,300 km from 3,775 km and 21.2 MMT throughput. FY26 network reached 5,440 km with 25.54 MMT throughput, after VDPL (697 km) and HCPL (650 km) commissioning.
7. Green H₂ Purchase Agreement with OCIOR - 5 KTPA from 31st July 2028 Pending - In the FY26 Annual Report, management stated a Green H₂ Purchase Agreement with OCIOR Green Fuels Pvt Ltd (29 January 2026) for 5 KTPA green hydrogen to Visakh Refinery on BOO basis, with PO placed for delivery from 31st July 2028. Delivery is not yet due and no outcome evidence appears in the record.
8. Mumbai Lube Modernisation and Bottom Upgradation - LOBS 475 to 764 KTPA, bitumen +487 KTPA Pending - In the FY26 Annual Report, management stated the Mumbai Lube Modernisation and Bottom Upgradation Project will lift LOBS from 475 to 764 KTPA (Group II+ and III) and add \~487 KTPA bitumen, progressing on schedule. No completion or commissioning disclosure appears in the record.
9. HSD sourcing shift - 56% own, 40% JV, balancing third-party over 2-3 quarters On track - At the Q1 FY27 call, management fast-forwarded the HSD sourcing shift to 56% own refineries (including Rough), 40% JVs (Hindpetro kicking in) and only balancing from third parties over the next 2-3 quarters, to "structurally alter our numbers". Q1 sourcing was \~50% own, 27% via HMEL and 24% third-party.
10. Samridhi 2.0 - ₹1,500 crore run-rate and ₹1,000 crore accruals within 3 quarters On track - At the Q1 FY27 call, management set Samridhi 2.0 targets of ₹1,500 crore run-rate and ₹1,000 crore accruals within the 3 remaining quarters, with 100+ ideas being worked on; the prior year's program delivered \~₹1,600-odd crores. The program was re-initiated after a \~3-month hiatus, with no quantified progress disclosed.
11. CapEx - annual target \~₹9,700 crore, expected lower On track - At the Q1 FY27 call, management stated the annual CapEx target agreed with the Government of India is \~₹9,700 crore, expected lower if the current situation prevails, with discretionary spends pushable back and nothing critical starved. Q1 FY27 spend was \~₹1,700 crore (analyst-cited ₹1,734 crore), a sharp sequential reduction.
12. Debt-equity reduction - from 1.5 to below 1.0 "faster this time" On track - At the Q1 FY27 call, management expected debt-equity to fall from the current 1.5 "faster this time" than the \~3 years taken after the Ukraine crisis (2.33 to 0.8), a top-of-agenda objective. D/E had gone 1.43 to 0.8 last year before rising to 1.5, with debt ₹72,000 crores at the call; FY26 closed at 0.80 and reported financials now shows D/E 0.85.
13. HP NABYA premium LPG - 5 cities by 31st July, 25 by 31st August, 200-250 by Diwali On track - At the Q1 FY27 call, management expected HP NABYA premium LPG in 5 more cities by 31st July, 25 cities by 31st August, and pan-India \~200-250 mostly urban-centric cities by Diwali. The brand launched on 15th July, piloting with Swiggy in Bangalore and via own channel in Mumbai, with no city count disclosed.
14. HMEL polymer capacity to about 2 MMTPA Delivered - In the FY20 Annual Report, management stated HMEL polymer production capacity was expected to reach about 2 MMTPA after commissioning of the Bathinda petrochemical complex, then in advanced construction. The 1.2 MMTPA dual feed cracker addition is completed and FY26 polymer sales reached 2.27+ MMT (PP 1,079 KT, PE 1,190 KT), \~12% growth.
15. Green Hydrogen projects - 12,200 TPA Visakh and 4,300 TPA HRRL Partial - At the Q3 FY25 PPT, management listed a 12,200 TPA Green Hydrogen Project at Visakh Refinery and a 4,300 TPA project at HRRL. A 370 TPA green hydrogen plant was commissioned at Visakh - the first in any Indian PSU refinery - and a 5 KTPA BOO supply agreement was signed in January 2026, with no disclosed progress on the two named projects.
16. 5 MMTPA LNG Regasification Terminal at Chhara, Gujarat Delivered - At the Q3 FY25 PPT, management listed the 5 MMTPA Chhara LNG terminal (via 100% subsidiary, ₹4,792 Crore cost) as commissioned in January'25, operational from 1st February 2025. Both inaugural cargoes were received and regasification and tank truck loading units fully commissioned; an ADNOC Trading term deal was finalized in April 2025.
17. Share buy-back - ₹2,500 cr Pending - At the Q3 FY25 PPT, management noted Board approval on 4th November 2020 for a ₹2,500 Cr buy-back, at a maximum price at a 45.52% and 45.43% premium over BSE and NSE closing prices of 28th October 2020. No completion or execution disclosure appears in the record.
18. 2x+ jump in EBITDA levels by FY28 Pending - At the Q3 FY25 PPT, management stated it was working towards a 2x+ jump in EBITDA levels by FY28, backed by an FY24-FY28 capex plan (36% in renewables/alternate fuels, 12% non-fuel & petchem) and 50.8 MMT throughput support. FY26 EBITDA was ₹33,182 crore, but no FY28 baseline is disclosed to assess trajectory, and Q1 FY27 posted PAT of -12,265 crore.
19. MREP - Mumbai Refinery capacity from 7.5 to 9.5 MMTPA Delivered - In the FY21 Annual Report, management stated MREP aims to enhance Mumbai Refinery capacity from 7.5 to 9.5 MMTPA, in advanced execution with a 2021-22 shutdown scheduled for new units. MR Expansion (7.5 to 9.5 MMTPA) is commissioned at ₹5,381 Cr, and Mumbai achieved its highest crude throughput of 10 MMT in FY26.
20. VRMP - Visakh Refinery capacity from 8.3 to 15 MMTPA Delivered - In the FY21 Annual Report, management stated VRMP aims to lift Visakh capacity from 8.3 to 15 MMTPA with Residue Upgradation Facilities; by the Q3 FY25 PPT the remaining step was 13.7 to 15 MMTPA by 2027-28 with RUF commissioning guided for Q2 FY26. RUF was commissioned in December 2025 (world's first and largest LC-Max, 3.55 MMTPA, \~93% conversion), and Visakh clocked 16.04 MMT throughput at 107% utilisation in FY26.
21. HRRL 9 MMTPA refinery & petrochemical complex - progressive commissioning CY2025, full ramp FY27 On track - At the Q3 FY25 PPT, management guided the 9 MMTPA HRRL greenfield complex at Pachpadra (₹72,937 cr, HPCL 74%) to progressive commissioning in CY2025 and group capacity to 45.3 MMTPA by 2027-28; at the Q1 FY27 call, full refinery ramp was guided for Q3 FY27 with petchem by year-end. Scheduled commercial operation was declared on 22nd June 2026 - after an April CDU fire - with the CDU at 60-64% utilisation and 85-90% run expected by end October.