Chennai Petroleum Corporation logo

Chennai Petroleum Corporation

CHENNPETRO NSE

Key Fundamentals

SmallcapRefineries & MarketingPetroleum Products
Market Cap
₹24,161 Cr
Volatility
High Risk
P/E Ratio
5.61
EBITDA
₹4,823 Cr
Return on Equity
27.93%
Debt to Equity
0.18
Book Value
₹746.03
EPS
₹170.95
52W High
₹1,663.3
52W Low
₹716.8

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

5
  • Company has reduced debt.
  • Stock is providing a good dividend yield of 3.94%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.4%
  • Company has been maintaining a healthy dividend payout of 31.5%

Growth Rate

Revenue Growth
7.28% higher than 3Y
Net Income Growth
—
Cash Flow Change
118% higher than 3Y
ROE
970% higher than 3Y
ROCE
542% higher than 3Y
EBITDA Margin (Avg.)
333% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Chennai Petroleum Corporation Ltd (CPCL) is a mid-cap PSU refiner (market cap ~₹24,161 Cr) subsidiary of Indian Oil Corporation, trading at a PE of 5.8x with a dividend yield of 3.81%. The company experienced a sharp GRM decline from $8.64/bbl in FY24 to $4.22/bbl in FY25, though FY26 saw a strong recovery to $9.28/bbl. Compounded profit growth has been volatile — up 2,380% TTM but negative 5% over 3 years — reflecting the deeply cyclical nature of refining margins.

Bull Case 8
  • Attractive valuation with PE of 5.8x, well below broader market multiples, suggesting limited downside if earnings sustain current levels
  • Healthy dividend yield of 3.81% with a consistent payout ratio of 31.5%, offering income support in a volatile sector
  • Strong ROE track record — 32% last year and 23% averaged over 3 and 10 years — indicating efficient capital deployment relative to equity
  • FY26 GRM recovered sharply to $9.28/bbl (Q4 FY26 at $13.75/bbl) from a trough of $4.22/bbl in FY25, signaling a margin upcycle
  • Company has been reducing debt, with debt-to-equity at approximately 0.18x, strengthening the balance sheet ahead of capex commitments
  • Stock CAGR of 71% over 5 years and 119% over 1 year reflects strong investor re-rating of the refining sector and CPCL specifically
  • Planned capacity expansion by a third to 280,000 bpd and participation in the ₹29,361 Cr Cauvery Basin 9 MTPA refinery project offer long-term volume growth
  • Compounded sales growth of 23% over 5 years and 9% over 10 years demonstrates steady top-line expansion through commodity cycles
Bear Case 8
  • GRM collapsed from $8.64/bbl in FY24 to $4.22/bbl in FY25 (51% decline), demonstrating extreme earnings sensitivity to global refining margin cycles
  • 3-year compounded profit growth is negative at -5% and 3-year sales CAGR is -6%, showing that recent TTM numbers mask multi-year inconsistency
  • The Cauvery Basin refinery project cost has already escalated from ₹27,460 Cr to over ₹32,900 Cr (12%+ overrun), posing execution and capital allocation risk
  • As a PSU subsidiary (IOCL holds majority stake), CPCL faces government intervention risks on fuel pricing, subsidy burden sharing, and dividend policy
  • H1 FY25 GRM dropped to $2.93/bbl versus $10.34/bbl in H1 FY24, illustrating how quickly profitability can erode within a single fiscal year
  • Q4 FY25 net profit fell 25% year-on-year on lower refining margins, showing that even modest GRM compression directly hits the bottom line
  • After a 119% stock CAGR over 1 year, much of the margin recovery may already be priced in, leaving limited room for re-rating if GRMs normalize
  • Single-product concentration in petroleum refining with no meaningful diversification into petrochemicals or renewables exposes the company to structural energy transition risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Record PAT, Navratna status Aug 26

    CPCL reported a multifold PAT jump to ₹3,061.85 crore in FY26 and received Navratna status, a significant milestone for the PSU refiner.

  • ₹54 final dividend approved Aug 27

    Shareholders approved a ₹54 per share final dividend for FY26 at the 60th AGM, with the promoter group voting unanimously in favor of all eight resolutions.

Neutral 1
  • Oil import shift, rising utilization Aug 26

    CPCL shifted crude imports to Russia and West Africa due to Middle East supply issues. Capacity utilization is projected to rise from 102.9% in FY27 to 106.7% in FY28 and 108.6% in FY29.

TL;DR: Chennai Petroleum is in a strong position with record profitability (PAT of ₹3,061.85 crore), Navratna status, and a generous ₹54 dividend. Capacity utilization targets above 100% through FY29 signal confidence in throughput growth. No significant headwinds are visible in recent news, though the crude sourcing shift away from the Middle East bears monitoring. The trend is firmly positive with operational and financial momentum intact.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
14,745
16,545
17,376
17,720
17,095
12,086
12,925
17,249
14,812
16,327
15,683
16,817
27,369
Expenses
13,795
14,740
16,696
16,678
16,432
12,761
12,683
16,464
14,714
15,183
14,205
14,781
25,814
Operating Profit
950
1,804
680
1,042
663
-675
242
785
99
1,144
1,478
2,036
1,555
OPM %
6%
11%
3.9%
6%
3.9%
-6%
1.9%
4.5%
0.7%
7%
9%
12%
6%
Other Income
10
10
8
19
19
19
15
32
26
23
43
43
32
Interest
57
65
50
51
48
52
79
66
37
34
33
16
52
Depreciation
147
157
151
151
150
153
153
150
151
152
157
150
155
PBT
756
1,593
486
859
484
-862
24
602
-64
982
1,331
1,913
1,380
Tax %
26%
25%
25%
27%
26%
-26%
15%
22%
-37%
27%
25%
26%
25%
Net Profit
556
1,195
365
628
357
-634
21
470
-40
719
1,002
1,422
1,031
EPS in Rs
37.37
80.28
24.53
42.17
23.98
-42.55
1.4
31.56
-2.69
48.3
67.26
95.48
69.26
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
41,899
25,716
27,522
32,370
41,113
36,973
22,222
43,068
76,271
66,024
58,983
63,148
76,197
Expenses
42,016
24,367
25,646
30,288
40,596
39,130
20,210
40,336
70,574
61,548
57,946
58,390
69,984
Operating Profit
-117
1,349
1,877
2,082
517
-2,157
2,012
2,732
5,698
4,476
1,038
4,757
6,213
OPM %
-0.3%
5%
7%
6%
1.3%
-6%
9%
6%
7%
7%
1.8%
8%
8%
Other Income
25
56
62
52
67
45
127
26
13
47
62
135
142
Interest
405
353
274
322
421
415
376
413
331
224
245
120
135
Depreciation
229
274
279
340
453
468
466
504
573
606
607
610
614
PBT
-727
778
1,386
1,473
-290
-2,995
1,296
1,841
4,806
3,694
249
4,162
5,606
Tax %
-95%
2%
24%
37%
-29%
-31%
80%
27%
27%
26%
14%
25%
—
Net Profit
-33
762
1,051
927
-205
-2,056
257
1,352
3,532
2,745
214
3,103
4,174
EPS in Rs
-2.23
51.14
70.57
62.27
-13.79
-138
17.28
90.79
237
184
14.38
208
280
Div. Payout %
0%
8%
30%
30%
0%
0%
0%
2%
11%
30%
35%
30%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
149
149
149
149
149
149
149
149
149
149
149
149
Reserves
1,594
2,320
3,292
3,848
3,308
1,210
1,462
2,838
6,326
8,672
8,058
10,960
Borrowings
5,399
4,567
5,501
4,491
6,668
8,698
9,167
9,238
4,260
2,786
3,117
1,964
Other Liabilities
3,959
3,430
2,681
5,851
4,013
2,818
3,487
5,298
5,345
6,768
5,785
7,011
Total Liabilities
11,101
10,465
11,623
14,339
14,138
12,875
14,265
17,523
16,079
18,375
17,109
20,085
Fixed Assets
4,102
4,119
3,883
5,914
6,977
7,034
7,142
6,967
7,637
7,506
7,325
7,182
CWIP
784
1,679
2,763
1,410
1,199
1,598
1,550
1,210
331
210
208
346
Investments
14
119
140
153
159
179
199
208
206
240
280
491
Other Assets
6,201
4,547
4,837
6,863
5,802
4,064
5,374
9,139
7,905
10,419
9,296
12,066
Total Assets
11,101
10,465
11,623
14,339
14,138
12,875
14,265
17,523
16,079
18,375
17,109
20,085
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,083
2,292
609
2,757
-144
-620
452
1,026
5,749
2,694
1,352
2,945
Investing
-480
-1,142
-1,169
-969
-1,273
-963
-548
-676
-403
-589
-649
-930
Financing
-609
-1,152
561
-1,788
1,417
1,583
97
-343
-5,354
-2,106
-519
-1,294
Net Cash Flow
-6
-1
0
0
0
0
1
7
-7
-1
184
721
Free Cash Flow
596
1,129
-582
1,766
-1,452
-1,607
-116
326
5,331
2,092
667
2,045
CFO/OP
-931
172
48
150
-21
27
23
38
119
81
130
82
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
16
11
14
18
3
1
3
2
1
3
1
1
Inventory Days
35
50
48
60
45
23
87
71
32
48
42
53
Days Payable
29
39
25
56
23
15
36
30
16
26
20
25
Cash Conversion Cycle
22
22
37
22
26
9
54
43
17
24
23
29
Working Capital Days
-20
-22
-14
-26
-29
-54
-70
-22
5
9
-2
10
ROCE %
—
16%
21%
21%
1%
-26%
16%
20%
45%
35%
4%
35%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs1.01%Promot.67.29%Others3.08%Public13.64%FIIs14.99%As ofJun 2026

Documents

Frequently Asked Questions about Chennai Petroleum Corporation

What does Chennai Petroleum Corporation Ltd do?
Chennai Petroleum Corporation Limited is in the business of refining crude oil to produce & supply various petroleum products and manufacture and sale of lubricating oil additives.[1]
Where is Chennai Petroleum Corporation Ltd (CHENNPETRO) listed?
Chennai Petroleum Corporation Ltd trades as CHENNPETRO on the NSE and under code 500110 on the BSE.
Which sector does Chennai Petroleum Corporation Ltd belong to?
Chennai Petroleum Corporation Ltd is classified under the Petroleum Products sector, in the Refineries & Marketing industry.
What is the market capitalisation of Chennai Petroleum Corporation Ltd?
Chennai Petroleum Corporation Ltd has a market capitalisation of ₹24,161 Cr, which places it in the Large Cap band.
What is the PE ratio of Chennai Petroleum Corporation Ltd?
Chennai Petroleum Corporation Ltd trades at a PE ratio of 5.61, on earnings per share of ₹170.95, against a book value of ₹746.03 per share.
What is the 52-week high and low of Chennai Petroleum Corporation Ltd?
Over the last 52 weeks Chennai Petroleum Corporation Ltd has traded between ₹716.8 and ₹1,663.3.
Does Chennai Petroleum Corporation Ltd pay dividends?
Chennai Petroleum Corporation Ltd has a dividend yield of 3.81%.
What is the Return on Equity (ROE) of Chennai Petroleum Corporation Ltd?
Chennai Petroleum Corporation Ltd reported a return on equity of 27.93%. Its debt-to-equity ratio is 0.18.

Company Information

Chennai Petroleum Corporation Limited is in the business of refining crude oil to produce & supply various petroleum products and manufacture and sale of lubricating oil additives.[1]

Website cpcl.co.in
CEO Mr. H. Shankar
Employees 1,413
Listed 2000-06-07
Face Value ₹ 10
Issued Size 14,89,11,400

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