NSE: CHENNPETRO · BSE: 500110
CHENNAI PETROLEUM CORP LT
Refines crude oil into transportation fuels and specialty petroleum products at a single refinery complex, processing 11.71 MMT of crude in FY26 at 112% of installed capacity — its highest throughput ever. Output is dominated by diesel (5.139 MMT), petrol (1.318 MMT) and LPG (447 TMT), with a record distillate yield of 79.1%. Earnings come from the crack between refined product prices and crude cost, delivering a GRM of $9.2/bbl in FY26 against the Singapore benchmark of $5.83/bbl, and $13.75/bbl in Q4 FY26. Around 55-60% of crude is sourced under long-term agreements, mainly from the Middle East, with Russia (25-30%) and India (10%) filling the balance. A niche specialty portfolio — hexane, MTO and LOBS — accounts for roughly 7-8% of sales but ~15% of margins, and is being expanded via a ₹1,600 crore Group 2/3 LOBS project (250 KTPA) plus 300 new retail outlets commissioned in FY27. Crude oil is by far the biggest cost, making up 72.4% of revenue and leaving a 6.1% EBITDA margin. Net debt-to-equity sits below 0.1, and the company was elevated to Navratna status in June 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Refining of crude into transportation fuels, LPG production, Specialty petroleum products, Retail fuel outlets. Cyclical, asset-heavy single-site refining with a growing specialty products tilt.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 60,474 | 90,908 | 79,273 | 71,050 | 78,611 |
| EBITDA (ex other income) | 2,724 | 5,697 | 4,476 | 1,016 | 4,757 |
| margin % | 4.5 | 6.3 | 5.6 | 1.4 | 6.1 |
| Owners' profit | 1,352 | 3,532 | 2,745 | 0 | 3,103 |
| EPS, as reported (₹) | 90.80 | 237.16 | 184.34 | 14.38 | 208.36 |
| ROE % · ROCE % | 45.3 · 36.6 | 54.5 · 54.2 | 31.1 · 35.1 | 2.6 · 4.6 | 27.9 · 32.8 |
| Debt / equity (x) | 3.09 | 0.65 | 0.31 | 0.38 | 0.18 |
| Cash from operations | 1,026 | 6,786 | 2,694 | 1,352 | 2,945 |
| Capex | (700) | (418) | (603) | (685) | (903) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,425 | 15,683 | 20,581 | 18,683 | 20,034 | 19,438 | 20,455 | 29,359 |
| Profit before tax | (876) | 14 | 582 | (80) | 965 | 1,317 | 1,890 | 1,366 |
| Net profit | (634) | 21 | 470 | (40) | 719 | 1,002 | 1,422 | 1,031 |
| EPS (₹) | (42.56) | 1.40 | 31.56 | (2.69) | 48.30 | 67.26 | 95.48 | 69.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 15,67,121 | 21.0 | 1.44 | 8.6 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,82,983 | 5.3 | 0.81 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,22,623 | 7.2 | 1.22 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 73,867 | 44.2 | 1.13 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL | 30,294 | 9.6 | 2.13 | 6.8 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT ◆ | 22,631 | 5.4 | 2.04 | 4.9 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 726 | 382.7 | 18.78 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 464 | 5.7 | 3.97 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.4 | 8.0 | 4 of 13 | 75% |
| P/B | 2.0 | 1.7 | 7 of 12 | 46% |
| ROCE | 31.9 | 16.4 | 2 of 12 | 91% |
| ROE | 27.9 | 13.6 | 2 of 11 | 90% |
| Debt / Equity | 0.2 | 0.4 | 3 of 12 | 82% |
| EBITDA margin | 5.4 | 5.4 | 6 of 11 | 50% |
| Revenue growth | 57.1 | 24.2 | 2 of 8 | 86% |
| Profit growth | 2671.9 | 4.3 | 2 of 9 | 88% |
| Market cap | 22631 | 726 | 6 of 13 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · CPCL Q2 FY27 PAT jumps to Rs 2,271 cr; interim dividend of Rs 25 per share declared | compliance | low | — | — |
| 22 Oct 2026 · CPCL declares Rs 25 interim dividend; Q2 profit jumps to Rs 2,271 cr | corporate actions | high | — | — |
| 22 Oct 2026 · CPCL Q2 FY27 results: Rs 25 interim dividend, record date Oct 30 | results | high | — | — |
| 22 Oct 2026 · R G N Price and Co appointed effective October 22, 2026 | management changes | medium | — | — |
| 22 Oct 2026 · Q2 profit more than triples; Rs 25 interim dividend declared | results | high | — | — |
| 15 Oct 2026 · Board may consider interim dividend for FY27 on Oct 22 | corporate actions | medium | — | — |
| 8 Oct 2026 · CPCL clarifies volume spurt is market driven, no hidden info | compliance | minimal | — | — |
| 8 Oct 2026 · BSE seeks clarification on unusual trading volume | regulatory legal | low | — | — |
| 7 Oct 2026 · Ritesh Kumar Golchha appointed Independent Director on CPCL board | management changes | medium | — | — |
| 3 Oct 2026 · Routine SEBI compliance filing for quarter ended September 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.