Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Hindustan Petroleum Corporation Limited
Physical assets are 72.1% of total assets, a heavy footprint. Capex is 1.13x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 16.6%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.13x.
Physical asset ratio
72.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,068.75BpropertyPlantAndEquipmentNetInventoryINR 395.59BinventoryTotal assetsINR 2,030.39BtotalAssetsResult 72.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.13xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 4,417.71BtotalRevenueNet PP&EINR 1,068.75BpropertyPlantAndEquipmentNetResult 4.13x
Revenue per dollar of the physical asset base.
Capex / D&A
1.13xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 83.31BcapitalExpendituresD&AINR 73.47BdepreciationAndAmortizationResult 1.13x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 300.62Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,030.39BtotalAssetsGoodwillINR 3.05BgoodWillIntangiblesINR 12.82BintangibleAssetsLiabilitiesINR 1,374.83BtotalLiabTangible bookINR 639.69BShares2,127,920,000commonStockSharesOutstandingResult INR 300.62
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.13xPrice / tangible bookPrice / tangible book per sharePriceINR 340.55Latest quoteTangible book / shareINR 300.622026-03-31Result 1.13x
Price INR 340.55.
Fixed-charge coverage
1.38xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 343.81BebitdaCapexINR 83.31BcapitalExpendituresInterestINR 33.96BinterestExpenseShort-term debtINR 154.28BshortLongTermDebtEBITDA − capexINR 260.50BPrincipal due is the current portion of debt.Result 1.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
33.9%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 246.90BfreeCashFlowMarket capINR 728.35BMarketCapitalizationResult 33.9%
Latest free cash flow divided by current market cap (INR 728.35B).
ROIC
16.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 257.77BoperatingIncomeTax expenseINR 55.91BincomeTaxExpensePretax incomeINR 236.38BincomeBeforeTaxTax rate23.7%EquityINR 655.56BtotalStockholderEquityDebtINR 559.64BshortLongTermDebtTotalCashINR 32.78BcashAndShortTermInvestmentsInvested capitalINR 1,182.43BResult 16.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 66.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 506.65BpropertyPlantEquipmentInventoryINR 204.44BinventoryTotal assetsINR 1,072.58BtotalAssetsResult 66.3% | 5.41xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 2,742.55BtotalRevenueNet PP&EINR 506.65BpropertyPlantEquipmentResult 5.41x | 3.67xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 113.38BcapitalExpendituresD&AINR 30.85BdepreciationAndAmortizationResult 3.67x | INR 196.25Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,072.58BtotalAssetsGoodwillINR 166.90MgoodWillIntangiblesINR 4.79BintangibleAssetsLiabilitiesINR 768.58BtotalLiabTangible bookINR 299.05BShares1,523,822,625commonStockSharesOutstandingResult INR 196.25 | 0.05xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 121.53BebitdaCapexINR 113.38BcapitalExpendituresInterestINR 5.86BinterestExpenseShort-term debtINR 160.64BshortLongTermDebtEBITDA − capexINR 8.15BPrincipal due is the current portion of debt.Result 0.05x | -INR 27.84BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 85.54BtotalCashFromOperatingActivitiesCapexINR 113.38BcapitalExpendituresFree cash flow-INR 27.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 27.84B | 26.1%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 209.13BoperatingIncomeTax expenseINR 33.49BincomeTaxExpensePretax incomeINR 100.39BincomeBeforeTaxTax rate33.4%EquityINR 304.01BtotalStockholderEquityDebtINR 281.92BshortLongTermDebtTotalCashINR 52.83BcashAndShortTermInvestmentsInvested capitalINR 533.10BResult 26.1% | 0.41xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 209.13BoperatingIncomeNet PP&EINR 506.65BpropertyPlantEquipmentResult 0.41x |
| 2020 | 72.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 655.36BpropertyPlantAndEquipmentNetInventoryINR 193.26BinventoryTotal assetsINR 1,169.06BtotalAssetsResult 72.6% | 4.09xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 2,679.24BtotalRevenueNet PP&EINR 655.36BpropertyPlantAndEquipmentNetResult 4.09x | 4.11xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 138.57BcapitalExpendituresD&AINR 33.70BdepreciationAndAmortizationResult 4.11x | INR 199.46Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,169.06BtotalAssetsGoodwillINR 166.90MgoodWillIntangiblesINR 5.69BintangibleAssetsLiabilitiesINR 859.26BtotalLiabTangible bookINR 303.95BShares1,523,823,000commonStockSharesOutstandingResult INR 199.46 | -0.34xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 65.38BebitdaCapexINR 138.57BcapitalExpendituresInterestINR 7.94BinterestExpenseShort-term debtINR 206.35BshortLongTermDebtEBITDA − capex-INR 73.19BPrincipal due is the current portion of debt.Result -0.34x | -INR 83.87BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 54.69BtotalCashFromOperatingActivitiesCapexINR 138.57BcapitalExpendituresFree cash flow-INR 83.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 83.87B | 22.4%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 155.63BoperatingIncomeTax expense-INR 12.64BincomeTaxExpensePretax incomeINR 13.74BincomeBeforeTaxTax rate0.0%EquityINR 309.81BtotalStockholderEquityDebtINR 440.01BshortLongTermDebtTotalCashINR 55.50BcashAndShortTermInvestmentsInvested capitalINR 694.32BResult 22.4% | 0.24xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 155.63BoperatingIncomeNet PP&EINR 655.36BpropertyPlantAndEquipmentNetResult 0.24x |
| 2021 | 77.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 750.79BpropertyPlantEquipmentInventoryINR 287.64BinventoryTotal assetsINR 1,341.60BtotalAssetsResult 77.4% | 3.09xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 2,321.64BtotalRevenueNet PP&EINR 750.79BpropertyPlantEquipmentResult 3.09x | 3.22xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 116.66BcapitalExpendituresD&AINR 36.25BdepreciationAndAmortizationResult 3.22x | INR 244.28Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,341.60BtotalAssetsGoodwillINR 3.22BgoodWillIntangiblesINR 8.47BintangibleAssetsLiabilitiesINR 960.79BtotalLiabTangible bookINR 369.12BShares1,511,058,000commonStockSharesOutstandingResult INR 244.28 | 0.28xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 160.55BebitdaCapexINR 116.66BcapitalExpendituresInterestINR 8.99BinterestExpenseShort-term debtINR 149.10BshortLongTermDebtEBITDA − capexINR 43.89BPrincipal due is the current portion of debt.Result 0.28x | INR 61.63BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 178.29BtotalCashFromOperatingActivitiesCapexINR 116.66BcapitalExpendituresFree cash flowINR 61.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 61.63B | 26.0%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 263.04BoperatingIncomeTax expenseINR 35.34BincomeTaxExpensePretax incomeINR 141.97BincomeBeforeTaxTax rate24.9%EquityINR 380.81BtotalStockholderEquityDebtINR 437.09BshortLongTermDebtTotalCashINR 58.98BcashAndShortTermInvestmentsInvested capitalINR 758.92BResult 26.0% | 0.35xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 263.04BoperatingIncomeNet PP&EINR 750.79BpropertyPlantEquipmentResult 0.35x |
| 2022 | 78.3%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 856.27BpropertyPlantEquipmentInventoryINR 355.15BinventoryTotal assetsINR 1,546.28BtotalAssetsResult 78.3% | 4.07xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 3,486.54BtotalRevenueNet PP&EINR 856.27BpropertyPlantEquipmentResult 4.07x | 3.09xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 123.45BcapitalExpendituresD&AINR 40.00BdepreciationAndAmortizationResult 3.09x | INR 281.64Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,546.28BtotalAssetsGoodwillINR 3.22BgoodWillIntangiblesINR 10.84BintangibleAssetsLiabilitiesINR 1,132.24BtotalLiabTangible bookINR 399.98BShares1,420,173,000commonStockSharesOutstandingResult INR 281.64 | -0.11xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 109.05BebitdaCapexINR 123.45BcapitalExpendituresInterestINR 8.16BinterestExpenseShort-term debtINR 128.63BshortLongTermDebtEBITDA − capex-INR 14.40BPrincipal due is the current portion of debt.Result -0.11x | INR 34.65BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 158.10BtotalCashFromOperatingActivitiesCapexINR 123.45BcapitalExpendituresFree cash flowINR 34.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 34.65B | 19.7%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 207.90BoperatingIncomeTax expenseINR 18.49BincomeTaxExpensePretax incomeINR 91.44BincomeBeforeTaxTax rate20.2%EquityINR 414.04BtotalStockholderEquityDebtINR 484.98BshortLongTermDebtTotalCashINR 56.05BcashAndShortTermInvestmentsInvested capitalINR 842.97BResult 19.7% | 0.24xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 207.90BoperatingIncomeNet PP&EINR 856.27BpropertyPlantEquipmentResult 0.24x |
| 2023 | 75.7%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 926.16BpropertyPlantEquipmentInventoryINR 295.75BinventoryTotal assetsINR 1,613.40BtotalAssetsResult 75.7% | 4.74xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 4,392.00BtotalRevenueNet PP&EINR 926.16BpropertyPlantEquipmentResult 4.74x | 2.07xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 94.47BcapitalExpendituresD&AINR 45.60BdepreciationAndAmortizationResult 2.07x | INR 217.72Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,613.40BtotalAssetsGoodwillINR 3.05BgoodWillIntangiblesINR 10.74BintangibleAssetsLiabilitiesINR 1,290.76BtotalLiabTangible bookINR 308.84BShares1,418,548,000commonStockSharesOutstandingResult INR 217.72 | -0.70xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-INR 51.98BebitdaCapexINR 94.47BcapitalExpendituresInterestINR 20.20BinterestExpenseShort-term debtINR 188.77BshortLongTermDebtEBITDA − capex-INR 146.44BPrincipal due is the current portion of debt.Result -0.70x | -INR 129.13BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-INR 34.66BtotalCashFromOperatingActivitiesCapexINR 94.47BcapitalExpendituresFree cash flow-INR 129.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 129.13B | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 60.86BoperatingIncomeTax expense-INR 30.04BincomeTaxExpensePretax income-INR 99.84BincomeBeforeTaxTax rate—EquityINR 322.63BtotalStockholderEquityDebtINR 706.71BshortLongTermDebtTotalCashINR 56.87BcashAndShortTermInvestmentsInvested capitalINR 972.47BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 60.86BoperatingIncomeNet PP&EINR 926.16BpropertyPlantEquipmentResult 0.07x |
| 2024 | 72.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 984.20BpropertyPlantEquipmentInventoryINR 342.11BinventoryTotal assetsINR 1,827.85BtotalAssetsResult 72.6% | 4.39xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 4,320.35BtotalRevenueNet PP&EINR 984.20BpropertyPlantEquipmentResult 4.39x | 1.80xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 100.71BcapitalExpendituresD&AINR 55.96BdepreciationAndAmortizationResult 1.80x | INR 320.75Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,827.85BtotalAssetsGoodwillINR 3.05BgoodWillIntangiblesINR 11.15BintangibleAssetsLiabilitiesINR 1,358.63BtotalLiabTangible bookINR 455.01BShares1,418,576,000commonStockSharesOutstandingResult INR 320.75 | 0.55xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 251.77BebitdaCapexINR 100.71BcapitalExpendituresInterestINR 24.42BinterestExpenseShort-term debtINR 248.70BshortLongTermDebtEBITDA − capexINR 151.05BPrincipal due is the current portion of debt.Result 0.55x | INR 137.81BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 238.52BtotalCashFromOperatingActivitiesCapexINR 100.71BcapitalExpendituresFree cash flowINR 137.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 137.81B | 27.2%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 376.83BoperatingIncomeTax expenseINR 44.86BincomeTaxExpensePretax incomeINR 205.00BincomeBeforeTaxTax rate21.9%EquityINR 469.21BtotalStockholderEquityDebtINR 666.84BshortLongTermDebtTotalCashINR 54.63BcashAndShortTermInvestmentsInvested capitalINR 1,081.43BResult 27.2% | 0.38xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 376.83BoperatingIncomeNet PP&EINR 984.20BpropertyPlantEquipmentResult 0.38x |
| 2025 | 72.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,027.03BpropertyPlantEquipmentInventoryINR 383.25BinventoryTotal assetsINR 1,947.45BtotalAssetsResult 72.4% | 4.21xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 4,320.09BtotalRevenueNet PP&EINR 1,027.03BpropertyPlantEquipmentResult 4.21x | 1.56xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 95.79BcapitalExpendituresD&AINR 61.54BdepreciationAndAmortizationResult 1.56x | INR 233.61Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,947.45BtotalAssetsGoodwillINR 3.05BgoodWillIntangiblesINR 11.39BintangibleAssetsLiabilitiesINR 1,436.00BtotalLiabTangible bookINR 497.00BShares2,127,511,000commonStockSharesOutstandingResult INR 233.61 | 0.21xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 170.19BebitdaCapexINR 95.79BcapitalExpendituresInterestINR 31.95BinterestExpenseShort-term debtINR 317.78BshortLongTermDebtEBITDA − capexINR 74.39BPrincipal due is the current portion of debt.Result 0.21x | INR 46.48BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 142.28BtotalCashFromOperatingActivitiesCapexINR 95.79BcapitalExpendituresFree cash flowINR 46.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 46.48B | 19.4%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 306.79BoperatingIncomeTax expenseINR 22.64BincomeTaxExpensePretax incomeINR 90.00BincomeBeforeTaxTax rate25.2%EquityINR 511.44BtotalStockholderEquityDebtINR 705.58BshortLongTermDebtTotalCashINR 34.19BcashAndShortTermInvestmentsInvested capitalINR 1,182.84BResult 19.4% | 0.30xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 306.79BoperatingIncomeNet PP&EINR 1,027.03BpropertyPlantEquipmentResult 0.30x |
| 2026 | 72.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,068.75BpropertyPlantAndEquipmentNetInventoryINR 395.59BinventoryTotal assetsINR 2,030.39BtotalAssetsResult 72.1% | 4.13xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 4,417.71BtotalRevenueNet PP&EINR 1,068.75BpropertyPlantAndEquipmentNetResult 4.13x | 1.13xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 83.31BcapitalExpendituresD&AINR 73.47BdepreciationAndAmortizationResult 1.13x | INR 300.62Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,030.39BtotalAssetsGoodwillINR 3.05BgoodWillIntangiblesINR 12.82BintangibleAssetsLiabilitiesINR 1,374.83BtotalLiabTangible bookINR 639.69BShares2,127,920,000commonStockSharesOutstandingResult INR 300.62 | 1.38xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 343.81BebitdaCapexINR 83.31BcapitalExpendituresInterestINR 33.96BinterestExpenseShort-term debtINR 154.28BshortLongTermDebtEBITDA − capexINR 260.50BPrincipal due is the current portion of debt.Result 1.38x | INR 246.90BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 330.21BtotalCashFromOperatingActivitiesCapexINR 83.31BcapitalExpendituresFree cash flowINR 246.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 246.90B | 16.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 257.77BoperatingIncomeTax expenseINR 55.91BincomeTaxExpensePretax incomeINR 236.38BincomeBeforeTaxTax rate23.7%EquityINR 655.56BtotalStockholderEquityDebtINR 559.64BshortLongTermDebtTotalCashINR 32.78BcashAndShortTermInvestmentsInvested capitalINR 1,182.43BResult 16.6% | 0.24xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 257.77BoperatingIncomeNet PP&EINR 1,068.75BpropertyPlantAndEquipmentNetResult 0.24x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 1,068.75B
Inventory: INR 395.59B
Total assets: INR 2,030.39B
Goodwill: INR 3.05B
Intangibles: INR 12.82B
Liabilities: INR 1,374.83B
Tangible book: INR 639.69B
Shares: 2,127,920,000
Revenue: INR 4,417.71B
Capex: INR 83.31B
D&A: INR 73.47B
EBITDA: INR 343.81B
Interest: INR 33.96B
Short-term debt: INR 154.28B
Free cash flow: INR 246.90B
Operating income: INR 257.77B
Invested capital: INR 1,182.43B
Tax rate: 23.7%