Chennai Petroleum Corporation Ltd (CPCL), a subsidiary of Indian Oil Corp, operates refineries
in Manali (Tamil Nadu) and Nagapattinam with 11.5 MMTPA capacity, producing fuels, LPG,
and specialities like ATF and bitumen. It benefits from strong parent backing, high dividend
yields, and undervalued multiples (P/E 6.25, trading at 1.5x book), though refining margins
remain volatile. Recent Q3 FY26 results show recovery with PAT ₹987 crore on revenue
₹19,438 crore.
Business Overview
CPCL refines crude into high-value products (LPG, MS, ATF, HSD) sold via IOCL, plus specialities
like paraffin wax and petrochemical feedstocks for direct marketing. Expansions include
Cauvery Basin Refinery (25% stake, capex ₹38,830 crore) to boost capacity and margins. Focus
on efficiency, sustainability, and new products like ISROSENE supports diversification.
Financial Highlights (FY25)
• Revenue: ₹58,983 crore (down from ₹66,024 crore in FY24).
• PAT: ₹214 crore (down from ₹2,745 crore).
• EPS: ₹14.38.
• EBITDA: ₹1,016 crore (OPM 2%).
• ROE (3Y avg): 31.1%; FY25: 2.51%.
• ROCE: 4.3%.
Chennai Petroleum Corporation Ltd (CPCL) posted stellar Q3 FY26 results with standalone PAT
surging 9,338% YoY to ₹987 crore on revenue up 23.94% to ₹19,438 crore (adjusted net sales
₹15,683 crore). Nine-month FY26 shows a turnaround with PAT ₹1,662 crore vs loss last year,
driven by GRM at $7.72/bbl (up from $3.40). Consolidated figures are similarly robust, with Q3
PAT ₹1,002 crore and 9M PAT ₹1,681 crore.
FY25 Annual Financials
• Revenue: ₹64,072 crore (YoY decline amid low margins).
• PAT: ₹2,151 crore (consolidated).
• Sales Growth (5Y CAGR): 9.79% (poor).
• ROE (3Y avg): 31.1%.
Latest Quarterly (Q3 FY26 Standalone)
• Revenue from Operations: ₹19,438 crore (YoY +23.94%, QoQ -4%).
• Adjusted Net Sales: ₹15,683 crore (YoY +24.1%).
• Total Income: ₹19,467 crore (YoY +24.08%).
• PAT: ₹987 crore (YoY +9,338% from ₹10 crore).
• PBT: ₹1,317 crore.
• EPS: ₹66.30 (YoY +9,371%).
• GRM: $7.72/bbl (Apr-Dec FY26, up from $3.40).
9M FY26 Performance (Apr-Dec, Standalone)
• Revenue: ₹58,155 crore (YoY +15.24%).
• Total Income: ₹58,229 crore (YoY +15.30%).
• PAT: ₹1,662 crore (vs loss ₹276 crore YoY).
• EPS: ₹111.62.
Consolidated Q3 FY26
• PAT: ₹1,002 crore (YoY +4,672%).
• Revenue: ₹15,683 crore (YoY +21.34%).
• Total Expenses: ₹14,395 crore (YoY +11.46%).
Key Ratios (Latest)
• Market Cap: ₹13,647 crore.
• P/E: ~6.3; ROCE: Improving to ~10%+.
• Dividend Yield: 0.56%; Recent ₹5/share.
• Order Book/Throughput: Strong refinery utilisation amid expansions.