Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,164.90 last close on 30 Oct 2026 −0.21%
Research updated
Chennai Petroleum Corporation Limited
NSE: CHENNPETROEnergyOil & Gas Refining & Marketing
- Last close
- ₹1,511.50
- Day change
- −₹0.30 (−0.02%)vs
- Market cap
- ₹21,419 crIndian rupees
- Research updated
- 4 reports
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About Chennai Petroleum Corporation
Chennai Petroleum Corporation Limited is a significant player in India's energy sector, operating as a subsidiary of the Indian Oil Corporation. Its primary function is in the refining and processing of crude oil to produce a range of petroleum products. With a portfolio that includes gasoline, diesel, kerosene, and petrochemicals, the company meets the diverse and growing energy demands of the regional and national markets. Chennai Petroleum's operations not only support the transportation and industrial sectors but also play a vital role in the domestic energy infrastructure. As a prominent entity in the Indian Stock Exchange, Chennai Petroleum Corporation Limited holds strategic importance in contributing to the country's energy security and economic growth.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: CHENNPETRO
- Employees
- 1,413
- Headquarters
- Chennai, India
- ISIN
- INE178A01016
- Website
- cpcl.co.in
Public research · Report of
Business model & financial foundation
CPCL (NSE: CHENNPETRO), Petroleum refining (standalone refiner, IOC group): revenue of ₹63,640 crore in FY26 (+7.2% on FY25), an EBITDA margin of 7.5%, net profit of ₹3,103 crore and net debt of ₹609.0 crore.
- Revenue, FY26 (₹ crore)
- 63,640
- consolidated
- Revenue growth, FY26
- +7.2%
- on FY25
- EBITDA margin, FY26
- 7.5%
- EBITDA (Operating EBITDA excluding other income and JV profit) / revenue
- Net profit, FY26 (₹ crore)
- 3,103
- to owners
- Return on equity, FY26
- 32.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 609.0
- Borrowings less cash bank balances and liquid investments
- Market capitalisation (₹ crore)
- 21,419
- at the close of 22 Oct 2026
Company profile
Chennai Petroleum Corporation (CPCL) runs the 10.5 MMTPA Manali refinery in Chennai and is a 51.89%-owned subsidiary of Indian Oil Corporation, with Iran's Naftiran Intertrade holding 15.40%. It sells most of its fuels to IOC under a product offtake arrangement, so its earnings are essentially crude throughput times gross refining margin less operating cost. It is the 25% partner in the proposed 9 MMTPA Cauvery Basin refinery at Nagapattinam.
| Item | Value |
|---|---|
| Legal name | Chennai Petroleum Corporation Limited (formerly Madras Refineries Limited) |
| Exchange and ticker | NSE: CHENNPETRO; BSE: 500110 |
| ISIN | INE178A01016 |
| CIN | L40101TN1965GOI005389 |
| Sector | Energy |
| Industry | Petroleum refining (standalone refiner, IOC group) |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | R.G.N. Price & Co. (FRN 002785S) |
| Market capitalisation | ₹21,419 crore (22 Oct 2026) |
| Shares outstanding | 14.89 crore shares (FY26) |
| Price | ₹1,454 (close, 22 Oct 2026) |
| 52-week range | ₹738.5 - ₹1,678 (to 22 Oct 2026) |
| Website | https://www.cpcl.co.in |
Corporate structure and shareholding
Parent: Indian Oil Corporation Limited (51.89%).
| Entity | Holding | Business |
|---|---|---|
| Indian Additives Limited | 50% | JV with Chevron Oronite; lube additive components and packages (equity-accounted) |
| National Aromatics and Petrochemicals Corporation Limited | 50% | JV with SPIC for PTA/paraxylene/benzene (equity-accounted) |
| Cauvery Basin Refinery and Petrochemicals Limited | 25% | Proposed 9 MMTPA refinery-cum-petrochemical project at Nagapattinam; revised structure 75% IOCL / 25% CPCL approved by boards, pending CCEA |
CPCL has no subsidiaries. Naftiran Intertrade (NICO, Iran) holds 15.40%.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.89% | 67.29% | 67.29% | 67.29% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.87% | 12.59% | 14.98% | 15.79% |
| Domestic institutions | 1.02% | 2.11% | 1.01% | 1.18% |
| of which mutual funds | 0.66% | 1.58% | 0.70% | 0.69% |
| Retail | 11.28% | 10.43% | 9.67% | 9.52% |
| Other | 22.94% | 6.00% | 6.35% | 5.82% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CPCL runs the 10.5 MMTPA Manali refinery. IOC is its parent, crude supplier and predominant product offtaker; profit is primarily crude throughput × GRM × INR/USD, with cost capture and working capital deciding cash conversion. The reported business is one Petroleum Sector segment.
| Peer | Why the dossier compares them |
|---|---|
| Mangalore Refinery and Petrochemicals (MRPL) | Closest listed peer: standalone PSU refiner majority-owned by an OMC (ONGC/HPCL), earnings driven by GRM x throughput |
| Indian Oil Corporation (IOC) | Parent and sole offtaker of most CPCL product; integrated refiner-marketer |
| Bharat Petroleum Corporation (BPCL) | Integrated PSU refiner-marketer; refining GRM benchmark |
| Hindustan Petroleum Corporation (HINDPETRO) | Integrated PSU refiner-marketer; refining GRM benchmark |
| Reliance Industries (RELIANCE) | Largest Indian refiner; O2C segment sets the private-sector complex-refinery benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations less excise duty | 66,386 | 59,356 | 63,640 | ||
| Cost of revenue (vendor classification) * | 39,530 | 69,329 | 60,882 | 57,017 | 57,185 |
| Other operating costs (vendor classification) * | 947.0 | 1,187 | 1,003 | 1,763 | 1,360 |
| EBITDA (vendor classification) * | 2,761 | 5,708 | 4,525 | 1,100 | 4,871 |
| EBIT * | 2,245 | 5,136 | 3,917 | 493.2 | 4,282 |
| Finance costs | 403.7 | 329.8 | 223.3 | 244.5 | 120.1 |
| Profit before tax including JV share | 3,694 | 248.7 | 4,162 | ||
| Total current and deferred tax expense | 489.2 | 1,275 | 948.6 | 34.6 | 1,060 |
| Profit after tax | 1,352 | 3,532 | 2,745 | 214.1 | 3,103 |
| Diluted earnings per share (INR share) | 90.79 | 237.16 | 184.34 | 14.38 | 208.36 |
| Revenue from operations including excise duty | 79,273 | 71,050 | 78,611 | ||
| Excise duty | 12,887 | 11,694 | 14,971 | ||
| Materials consumed plus purchases and inventory changes | 60,053 | 56,410 | 56,289 | ||
| Employee benefits expense | 546.7 | 464.7 | 592.4 | ||
| Other expenses as reported excluding excise | 1,311 | 1,465 | 2,001 | ||
| Operating EBITDA excluding other income and JV profit | 4,476 | 1,016 | 4,757 | ||
| Other income as reported excluding JV share | 10.5 | 25.2 | 65.4 | ||
| Depreciation and amortisation | 605.6 | 606.4 | 610.0 | ||
| Exceptional items gain positive loss negative | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of JVs and associates | 36.5 | 58.8 | 70.0 | ||
| Profit attributable to owners no minorities | 2,745 | 214.1 | 3,103 | ||
| Separately reported PPE and CWIP impairment expense | 0.00 | 0.32 | 0.00 | ||
| Basic EPS (₹) | 14.38 | 208.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,987 | 6,475 | 8,821 | 8,207 | 11,109 |
| Total current and non-current borrowings excluding leases | 9,238 | 4,260 | 2,762 | 3,100 | 1,951 |
| Cash equivalents plus other bank balances | 8.33 | 1.23 | 94.3 | 375.3 | 1,257 |
| Trade receivables | 252.3 | 298.7 | 461.6 | 194.8 | 235.0 |
| Inventories | 7,533 | 5,974 | 7,831 | 6,493 | 8,149 |
| Trade payables including MSME and other creditors | 3,240 | 3,007 | 4,283 | 3,164 | 3,890 |
| Property, plant and equipment | 7,289 | 7,138 | |||
| Capital work in progress | 1,210 | 331.4 | 210.1 | 208.0 | 345.5 |
| Total assets | 17,480 | 16,036 | 18,331 | 17,065 | 20,035 |
| Current investments used as liquidity | 0.00 | 0.00 | 85.4 | ||
| Borrowings less cash bank balances and liquid investments | 2,668 | 2,725 | 609.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 2,694 | 1,352 | 2,945 | ||
| Free cash flow (vendor definition) * | 326.2 | 5,331 | 2,092 | 666.9 | 2,042 |
| Dividends paid cash outflow | -29.8 | -402.1 | -819.0 | -193.6 | |
| Cash purchase of PPE intangible assets CWIP and transfer assets | -699.5 | -417.6 | -602.7 | -685.5 | -903.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding crore | 14.89 | 14.89 | 14.89 | 14.89 | 14.89 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations less excise duty | 12,086 | 12,925 | 17,249 | 14,812 | 16,327 | 15,683 | 16,817 | 27,369 |
| Cost of revenue (vendor classification) * | 12,409 | 12,349 | 16,149 | 14,309 | 13,767 | 14,149 | 25,343 | |
| Other operating costs (vendor classification) * | 389.7 | 366.0 | 344.8 | 423.5 | 422.2 | 634.7 | 485.2 | |
| EBITDA (vendor classification) * | -809.4 | 103.6 | 667.5 | -26.5 | 1,364 | 1,929 | 1,432 | |
| EBIT * | -809.7 | 103.6 | 667.5 | -26.5 | 1,364 | 1,929 | 1,432 | |
| Finance costs | 51.9 | 79.2 | 65.8 | 37.0 | 34.0 | 32.7 | 16.4 | 52.1 |
| Profit before tax including JV share | -861.6 | 24.4 | 601.7 | -63.6 | 981.9 | 1,331 | 1,913 | 1,380 |
| Total current and deferred tax expense | -227.9 | 3.66 | 131.8 | -23.5 | 262.7 | 329.8 | 490.7 | 348.9 |
| Profit after tax | -633.7 | 20.8 | 469.9 | -40.1 | 719.2 | 1,002 | 1,422 | 1,031 |
| Diluted earnings per share (INR share) | -42.56 | 1.40 | 31.56 | -2.69 | 48.30 | 67.26 | 95.48 | 69.26 |
| Revenue from operations including excise duty | 14,425 | 15,683 | 20,581 | 18,683 | 20,034 | 19,438 | 20,455 | 29,359 |
| Excise duty | 2,338 | 2,758 | 3,332 | 3,871 | 3,706 | 3,755 | 3,638 | 1,989 |
| Materials consumed plus purchases and inventory changes | 12,255 | 12,196 | 15,999 | 14,158 | 14,522 | 13,610 | 13,999 | 25,189 |
| Employee benefits expense | 115.9 | 121.3 | 120.5 | 132.3 | 139.6 | 173.1 | 147.4 | 140.6 |
| Other expenses as reported excluding excise | 389.7 | 366.0 | 344.8 | 423.5 | 521.1 | 422.2 | 634.7 | 485.2 |
| Operating EBITDA excluding other income and JV profit | -674.4 | 241.9 | 784.8 | 98.6 | 1,144 | 1,478 | 2,036 | 1,555 |
| Other income as reported excluding JV profit | 4.39 | 4.39 | 12.4 | 9.25 | 6.24 | 29.0 | 20.9 | 17.7 |
| Depreciation and amortisation | 153.5 | 153.0 | 149.6 | 150.9 | 151.7 | 157.3 | 150.1 | 154.9 |
| Exceptional items gain positive loss negative | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of JVs and associates | 14.1 | 10.3 | 20.0 | 16.5 | 16.9 | 14.4 | 22.1 | 14.7 |
| Profit attributable to owners no minorities | -633.7 | 20.8 | 469.9 | -40.1 | 719.2 | 1,002 | 1,422 | 1,031 |
| Separately reported PPE and CWIP impairment expense | 0.32 | |||||||
| Basic EPS (₹) | 31.56 | -2.69 | 48.30 | 67.26 | 95.48 | 69.26 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -10.6% | 7.2% | |||
| EBITDA margin | 6.7% | 1.7% | 7.5% | ||
| Net margin | 4.1% | 0.4% | 4.9% | ||
| Return on equity | 35.9% | 2.5% | 32.1% | ||
| Return on capital employed | 19.5% | 44.7% | 35.1% | 4.3% | 35.1% |
| Return on assets | 16.0% | 1.2% | 16.7% | ||
| Net debt (₹ crore) | 2,668 | 2,725 | 609.0 | ||
| Net debt / EBITDA | 0.60x | 2.68x | 0.13x | ||
| Interest cover | 5.56x | 15.6x | 17.5x | 2.02x | 35.7x |
| Asset turnover | 3.86x | 3.35x | 3.43x | ||
| Receivable days | 3 | 1 | 1 | ||
| Inventory days (on revenue) | 43 | 40 | 47 | ||
| Payable days (on revenue) | 24 | 19 | 22 | ||
| Cash conversion | 0.98x | 6.32x | 0.95x | ||
| Capex intensity | 0.9% | 1.2% | 1.4% | ||
| Free cash flow (₹ crore) | 2,092 | 666.9 | 2,042 | ||
| Dividend payout | 14.6% | 382.6% | 6.2% | ||
| EPS, diluted (₹) | 90.79 | 237.2 | 184.3 | 14.38 | 208.4 |
| Book value per share (₹) | 200.6 | 434.8 | 592.4 | 551.1 | 746.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV profit) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash bank balances and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and JV profit).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Chennai Petroleum Corporation includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Chennai Petroleum Corporation
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 2 Nov 2026.
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