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HPCL Q2 Results Review - Subdued Refining Margin Drags Performance: Motilal Oswal

The start-up of the Rajasthan refinery can be a key catalyst in FY26E, in the brokerage's opinion.

<div class="paragraphs"><p>Hindustan Petroleum Corporation Ltd.'s (HPCL) gas cylinders loaded in a tempo. (Photo: Vijay Sartape/ NDTV Profit)&nbsp;&nbsp;</p></div>
Hindustan Petroleum Corporation Ltd.'s (HPCL) gas cylinders loaded in a tempo. (Photo: Vijay Sartape/ NDTV Profit)  
NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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