Chennai Petroleum Corporation LimitedQuarter ended 30.09.2026 Results & Financial Update
Chennai Petroleum Corporation Limited: Quarter ended 30.09.2026 consolidated results and company financials – revenue ₹22,055.45 Cr, PAT ₹2,247.03 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Chennai Petroleum Corporation Quarter ended 30.09.2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Chennai Petroleum Corporation Limited reported consolidated revenue from operations of Rs. 22,055.45 crore for the quarter ended September 30, 2026, marking a 10.09% increase compared to Rs. 20,033.62 crore in the corresponding period of the previous year, though revenue moderated sequentially by 24.88% against Rs. 29,358.75 crore in the preceding quarter ended June 30, 2026.
Consolidated net profit after tax (PAT) for Q2 FY27 surged significantly to Rs. 2,247.03 crore, representing a robust 212.44% year-on-year growth over Rs. 719.19 crore reported in Q2 FY26 and more than doubling sequentially compared to Rs. 1,031.35 crore in Q1 FY27.
The strong profitability expansion was underpinned by a substantial improvement in refining margins, with the Gross Refining Margin (GRM) for the quarter rising to US$ 20.41 per barrel compared to US$ 9.04 per barrel in the same quarter last year. The reported GRM includes an inventory gain on crude and products of US$ 3.82 per barrel.
Physical performance during the quarter remained solid despite planned turnaround maintenance of one of the crude units. CPCL achieved a crude throughput of 2.590 million metric tonnes (MMT), translating to a high capacity utilization rate of 98%.
Profit before tax (PBT) on a consolidated basis stood at Rs. 3,007.31 crore for the quarter, compared to Rs. 981.93 crore in the year-ago quarter and Rs. 1,380.24 crore in the previous quarter. Basic and diluted earnings per share (EPS) for the quarter reached Rs. 150.90, compared to Rs. 48.30 in Q2 FY25.
Reflecting the robust financial performance and strong cash generation, the Board of Directors declared an interim dividend of Rs. 25.00 per equity share of face value Rs. 10 each for the financial year 2026-27, with the record date set for October 30, 2026.
01 · Business model
What does Chennai Petroleum Corporation do?
Chennai Petroleum Corporation Limited (CPCL) is a public sector enterprise and a group company of Indian Oil Corporation Limited (IOCL). The company operates in the petroleum sector, primarily engaged in crude oil refining and the production of a wide range of high-quality petroleum products.
Operating through its refining complexes located in Tamil Nadu, CPCL processes crude oil to manufacture value-added petroleum derivatives including light distillates, middle distillates, heavy ends, and petrochemical feedstocks that supply domestic industrial and retail energy demand.
The economic model of the refinery is closely linked to international crude oil benchmarks, regional product cracks, and Gross Refining Margins (GRM), alongside capacity utilization efficiency and raw material procurement costs.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30.09.2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹22,055.45 Cr | ₹20,033.62 Cr | ₹29,358.75 Cr |
| Total income | ₹22,074.34 Cr | ₹20,039.86 Cr | ₹29,376.45 Cr |
| Profit before tax | ₹3,007.31 Cr | ₹981.93 Cr | ₹1,365.56 Cr |
| Profit after tax | ₹2,247.03 Cr | ₹719.19 Cr | ₹1,031.35 Cr |
| EPS | ₹150.90 | ₹48.30 | ₹69.26 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 13.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹18.89 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
The company processed a crude throughput of 2.590 MMT during the quarter, achieving a capacity utilization of 98% amidst planned turnaround maintenance of one of the crude units.
Revenue expansion was supported by higher product realization values and improved regional refining cracks, lifting total income to Rs. 22,074.34 crore for the quarter.
What drove margins
Average GRM for Q2 FY27 expanded to US$ 20.41 per barrel from US$ 9.04 per barrel in Q2 FY26, incorporating an inventory gain of US$ 3.82 per barrel.
Cost of materials consumed stood at Rs. 16,137.92 crore, reflecting primary feedstock costs required for processing operations during the quarter.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates and reports entirely within a single primary business segment, the Petroleum Sector.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
CPCL recorded a crude throughput of 2.590 MMT for Q2 FY27, maintaining a capacity utilization of 98% despite scheduled turnaround maintenance on one of the crude units.
For the half year ended September 30, 2026, aggregate crude throughput reached 5.438 MMT, maintaining an overall capacity utilization of 103%.
06 · Reported developments
What changed operationally
Consolidated PAT increased by 212.44% year-on-year to Rs. 2,247.03 crore for the quarter.
The Board declared an interim dividend of Rs. 25.00 per equity share for FY 2026-27, payable on or before November 21, 2026.
07 · Pressure points & risks
What is not going smoothly
Statutory auditors noted that the company did not have the minimum required number of Independent Directors, including one Woman Independent Director, throughout the reporting period, though rectification steps were underway post-quarter.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The standalone and consolidated debt-equity ratio improved to 0.16 as of September 30, 2026, compared to 0.33 as of June 30, 2026, and 0.22 as of September 30, 2025.
The company confirmed that there are no defaults in the payment of outstanding loans, revolving facilities, or debt securities.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Audit Opinion
Statutory auditors issued an unmodified audit opinion on both the standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
10 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations moderated from Rs. 29,358.75 crore in Q1 FY27 to Rs. 22,055.45 crore in Q2 FY27, while PAT expanded sequentially from Rs. 1,031.35 crore due to stronger refining margins.
11 · Key Q&A
The quarter, answered directly
What does Chennai Petroleum Corporation do?
Chennai Petroleum Corporation Limited (CPCL) is a public sector enterprise and a group company of Indian Oil Corporation Limited (IOCL). The company operates in the petroleum sector, primarily engaged in crude oil refining and the production of a wide range of high-quality petroleum products.
What is the clearest takeaway from Quarter ended 30.09.2026?
Chennai Petroleum Corporation Limited reported consolidated revenue from operations of Rs. 22,055.45 crore for the quarter ended September 30, 2026, marking a 10.09% increase compared to Rs. 20,033.62 crore in the corresponding period of the previous year, though revenue moderated sequentially by 24.88% against Rs. 29,358.75 crore in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
The company processed a crude throughput of 2.590 MMT during the quarter, achieving a capacity utilization of 98% amidst planned turnaround maintenance of one of the crude units.
What mattered most for margins or profitability?
Average GRM for Q2 FY27 expanded to US$ 20.41 per barrel from US$ 9.04 per barrel in Q2 FY26, incorporating an inventory gain of US$ 3.82 per barrel.
What changed operationally beyond the headline numbers?
CPCL recorded a crude throughput of 2.590 MMT for Q2 FY27, maintaining a capacity utilization of 98% despite scheduled turnaround maintenance on one of the crude units.
What are the main pressure points disclosed for the quarter?
Statutory auditors noted that the company did not have the minimum required number of Independent Directors, including one Woman Independent Director, throughout the reporting period, though rectification steps were underway post-quarter.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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