Hindustan Petroleum Corp Ltd (HPCL), a downstream oil and gas company, carries out refining of crude oil and marketing of petroleum products. It also has upstream operations in India and Australia. HPCL manufactures sugar and ethanol from crushing of sugarcane and generates power from the bagasse generated in the process. HPCL operates through two reportable segments: Downstream Petroleum and Others.

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HPCL’s research and development efforts focus on providing advanced technological support to marketing SBUs and refineries. It focuses on providing operational excellence, develop and adopt innovative, path-breaking technologies and potentially become a knowledge hub. During FY2023, the company developed and launched 33 new products and technologies. It also filed 90 patents in FY2023, which resulted in cumulative Indian and International patent applications of 443. The company was granted 36 patent applications which added up to 160 granted patents as of March 2023. HPCL conducts its research and development with state-of-the-art infrastructure including facilities comprising of energy-efficient green buildings with a build up area of 0.6 million square feet on a campus of 170 acres. In FY2023, the company spent INR1,091.6 million of research and development, which as a percentage of total revenue stood at 0.02%.