HPCL shares declined as the company posted a consolidated net loss of about ₹12,265 crore for Q1 FY27, hit by elevated crude prices and weak marketing margins amid the West Asia conflict. Brent crude rose toward ₹96.5 per barrel, underscoring supply disruption fears that squeezed margins for oil marketing companies. Despite higher revenue and total income, the loss was attributed to suppressed marketing margins, though HPCL’s gross refining margin rose to $23.80 per barrel for the quarter. Analysts remained cautious, with Nomura maintaining a Neutral rating and a ₹440 target, noting near-term visibility remains clouded for OMCs, while brokers including Macquarie and Jefferies issued mixed views on HPCL’s earnings trajectory. HPCL’s fall came alongside similar pressure on competitors such as BPCL, which also posted losses in the quarter, highlighting the sector-wide impact of crude price volatility. Investors tracked global tensions in West Asia as a key driver of pricing volatility and earnings prospects for state-owned oil marketing companies.