Chennai Petroleum Corporation Ltd (CPCL), a subsidiary of Indian Oil Corp, operates refineries
\nin Manali (Tamil Nadu) and Nagapattinam with 11.5 MMTPA capacity, producing fuels, LPG,
\nand specialities like ATF and bitumen. It benefits from strong parent backing, high dividend
\nyields, and undervalued multiples (P\/E 6.25, trading at 1.5x book), though refining margins
\nremain volatile. Recent Q3 FY26 results show recovery with PAT \u20b9987 crore on revenue
\n\u20b919,438 crore.<\/p>\n
Business Overview
\nCPCL refines crude into high-value products (LPG, MS, ATF, HSD) sold via IOCL, plus specialities
\nlike paraffin wax and petrochemical feedstocks for direct marketing. Expansions include
\nCauvery Basin Refinery (25% stake, capex \u20b938,830 crore) to boost capacity and margins. Focus
\non efficiency, sustainability, and new products like ISROSENE supports diversification.<\/p>\n
Financial Highlights (FY25)
\n\u2022 Revenue: \u20b958,983 crore (down from \u20b966,024 crore in FY24).
\n\u2022 PAT: \u20b9214 crore (down from \u20b92,745 crore).
\n\u2022 EPS: \u20b914.38.
\n\u2022 EBITDA: \u20b91,016 crore (OPM 2%).
\n\u2022 ROE (3Y avg): 31.1%; FY25: 2.51%.
\n\u2022 ROCE: 4.3%.<\/p>\n
Chennai Petroleum Corporation Ltd (CPCL) posted stellar Q3 FY26 results with standalone PAT
\nsurging 9,338% YoY to \u20b9987 crore on revenue up 23.94% to \u20b919,438 crore (adjusted net sales
\n\u20b915,683 crore). Nine-month FY26 shows a turnaround with PAT \u20b91,662 crore vs loss last year,
\ndriven by GRM at $7.72\/bbl (up from $3.40). Consolidated figures are similarly robust, with Q3
\nPAT \u20b91,002 crore and 9M PAT \u20b91,681 crore.<\/p>\n
FY25 Annual Financials
\n\u2022 Revenue: \u20b964,072 crore (YoY decline amid low margins).
\n\u2022 PAT: \u20b92,151 crore (consolidated).
\n\u2022 Sales Growth (5Y CAGR): 9.79% (poor).
\n\u2022 ROE (3Y avg): 31.1%.
\nLatest Quarterly (Q3 FY26 Standalone)<\/p>\n
\u2022 Revenue from Operations: \u20b919,438 crore (YoY +23.94%, QoQ -4%).
\n\u2022 Adjusted Net Sales: \u20b915,683 crore (YoY +24.1%).
\n\u2022 Total Income: \u20b919,467 crore (YoY +24.08%).
\n\u2022 PAT: \u20b9987 crore (YoY +9,338% from \u20b910 crore).
\n\u2022 PBT: \u20b91,317 crore.
\n\u2022 EPS: \u20b966.30 (YoY +9,371%).
\n\u2022 GRM: $7.72\/bbl (Apr-Dec FY26, up from $3.40).<\/p>\n
9M FY26 Performance (Apr-Dec, Standalone)
\n\u2022 Revenue: \u20b958,155 crore (YoY +15.24%).
\n\u2022 Total Income: \u20b958,229 crore (YoY +15.30%).
\n\u2022 PAT: \u20b91,662 crore (vs loss \u20b9276 crore YoY).
\n\u2022 EPS: \u20b9111.62.
\nConsolidated Q3 FY26
\n\u2022 PAT: \u20b91,002 crore (YoY +4,672%).
\n\u2022 Revenue: \u20b915,683 crore (YoY +21.34%).
\n\u2022 Total Expenses: \u20b914,395 crore (YoY +11.46%).<\/p>\n
Key Ratios (Latest)
\n\u2022 Market Cap: \u20b913,647 crore.
\n\u2022 P\/E: ~6.3; ROCE: Improving to ~10%+.
\n\u2022 Dividend Yield: 0.56%; Recent \u20b95\/share.
\n\u2022 Order Book\/Throughput: Strong refinery utilisation amid expansions.<\/p>\n