JP Morgan on Monday downgraded Hindustan Petroleum Corp Ltd.(NSE:HPCL) to Neutral from Hold and maintained its target price at INR455.00. INR 455.00.

The investment bank attributed the downgrade primarily to limited upside, citing higher leverage on the company's balance sheet and short-term earnings risks associated with the startup of the Rajasthan refinery.

JPMorgan revised its estimates for the Indian refiner, lowering its FY2026 EBITDA forecast by 41 TP3T, while raising its FY2027 EBITDA forecast by 61 TP3T.

The company's net income estimates were similarly adjusted, with the FY2026 figure decreasing by $4% and the FY2027 forecast increasing by $9%.

Despite rolling over the target price to March 2027, JP Morgan maintains a target price of INR 455.00 on Hindustan Petroleum shares.