Chennai Petroleum Corporation Ltd(CHENNPETRO)

NSE: CHENNPETROBSE: 500110

₹ 1,478.1+1.65%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 22,011 crWebsite: www.cpcl.co.inUpdated: 23 Oct 2026

About

Chennai Petroleum Corporation Ltd (CPCL) is an integrated refinery based at Manali, Chennai, operating at 10.5 MMTPA capacity with a Nelson Complexity Index of 10.03, making it one of India's few lube oil-based refineries. Elevated to a Schedule 'A' CPSE in August 2024 and a group company of IOCL, CPCL also holds retail marketing rights for Motor Spirit and High-Speed Diesel. Reported revenue for FY26 was 78610.79 (Rs crore).^[1][2]

Refinery operations

Installed refining capacity at the Manali, Chennai complex is 10.5 MMTPA (~235,000 barrels/day), with a Nelson Complexity Index of 10.03.^[1]
FY26 crude throughput reached a record 11.71 MMT at 112% of installed capacity, surpassing the previous best of 11.64 MMT in FY24.^[3]
Q4 FY26 throughput was 2.93 MMT (111% utilisation), even with a one-month planned shutdown of one crude unit.^[3]
FY26 distillate yield hit a record 79.1%, beating the previous best of 77.6% in FY20; fuel and loss improved to a best-ever 7.73%.^[3]
High-sulphur crude accounted for 52% of processing in FY26.^[1]
CPCL operates Asia's first City Sewage Reclamation Plant of 2.5 MGD capacity at its Manali Refinery.^[1]

Gross refining margin

FY26 GRM was $9.28/bbl vs the Singapore benchmark of $5.83/bbl, more than doubling from $4.22/bbl in FY25.^[3]
Q4 FY26 GRM was $13.75/bbl (core $10.3/bbl) against the Singapore benchmark of $8.70/bbl.^[3]
FY25 GRM was $4.22/bbl vs $8.64/bbl in FY24, still above the Singapore benchmark of $3.79/bbl.^[4]

Products and speciality slate

Main products include LPG, Motor Spirit, ATF, HSD, Lube Oil Base Stocks, Paraffin Wax, MTO, Hexane (food and pharma grade), propylene, petcoke and sulphur.^[1]
Speciality fuels supplied include Navy-grade NATO diesel, JP-5 for fighter jets, missile fuel 'Vajravega' and rocket propellant 'Isrosene'.^[1]
Niche value-added products were 7 - 8% of output volume but ~15% of margins in FY26; MTO volumes more than doubled YoY.^[3]
Directly marketed niche products earned a margin of ₹399 crore in FY25, up from ₹389 crore.^[1]
LPG production hit a record 447 TMT in FY26, up from 404 TMT in FY24.^[3]
CPCL pioneered co-processing of Used Cooking Oil for SAF among Indian refineries; pharma-grade hexane sales began in September 2024.^[1]

Customers and distribution

CPCL holds a Government of India licence for Retail Marketing Rights for Motor Spirit and High-Speed Diesel.^[1]
Petroleum product exports were 1,635 TMT in FY25 vs 1,608 TMT in FY24, routed through IOCL as exporter.^[1]
Southern India faces a petrol shortfall of ~20 TMT/month, which CPCL has addressed by raising MS production (FY25).^[4]

Raw materials

Crude basket covers 150+ varieties; two new grades processed in FY25 - Kuwait Super Light and KG-D-98/2 from ONGC's KG Basin.^[1]
RLNG consumption rose to 527 TMT in FY25 from 441 TMT in FY24; all furnaces are now RLNG-based.^[4]

Expansion and capex

LOBS Group 2/3 project (Rs 1,600 crore) is under execution and will add 250 KTPA of Group 2/3 lube oil base stock capacity.^[3]
300 retail outlet licences obtained (Rs 400 crore investment); significant commissioning expected in FY27.^[3]
Annual maintenance capex is ~Rs 500 crore/year, besides LOBS and retail projects totalling Rs 2,000 crore over 2 - 3 years.^[3]
CBRPL, a JV with IOCL, plans a 9 MMTPA refinery at Nagapattinam, Tamil Nadu at Rs 36,354 crore (25:75 CPCL:IOCL); land secured in FY25, CCEA approval pending.^[4]
A low-cost debottlenecking study of secondary units is to be completed in FY27.^[3]

Energy transition

Plans a 10 KTPA green hydrogen facility by 2030 and capture of about 400 tons of CO2 per day; net zero target is 2046 (FY25 report).^[1]
A 1.1 MW floating solar plant is planned at Manali (FY25 report).^[1]

Research and innovation

CPCL set up the CPCL-IITM Research Cell with IIT Madras and signed research MoUs with IIT Madras and RGIPT.^[1]
Filed a patent for a corrosion inhibitor for ethanol-blended fuels, developed with RGIPT; demo plant commissioned December 2024.^[1]

Recent developments

Upgraded to Schedule-A PSU status on 1 August 2024 from Schedule-B Miniratna.^[5]
Awarded GRPC 'Refinery of the Year 2024' on 10 July 2024 and FIPI 'Innovator of the Year - Special Commendation' for indigenous rocket propellant fuel.^[1]

Market Cap

₹22,011 Cr

High / Low

₹1,677 / 739

Stock P/E

5.2

Price / Book

1.9

Book Value

₹746

EPS

₹208.4

No. of Shares

14.89 Cr

ROCE

35.1%

ROE

32.1%

OPM

5.3%

Debt / Equity

0.18

Sales

₹78,611 Cr

Net Profit

₹3,103 Cr

Promoter holding

67.3%

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