Don’t Trade in the Dark—Get Your Pre-Market Report Every Day.Join Now
Search stocks
Chennai Petroleum Corporation Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤24th Jan 26

Summary : Chennai Petroleum Corporation Limited reported a strong financial turnaround for 9M FY25, driven by a significant increase in Gross Refining Margin, despite a governance concern regarding board independence.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Cost of materials consumed for 9M ended 31.12.2025: ₹42,075.20 crore.
  2. Standalone Excise duty for 9M ended 31.12.2025: ₹11,332.76 crore.
  3. Consolidated Cost of materials consumed for 9M ended 31.12.2025: ₹42,075.29 crore.
  4. Consolidated Excise duty for 9M ended 31.12.2025: ₹11,332.76 crore.
  5. Standalone Revenue from Operations for 9M ended 31.12.2025: ₹58,155.37 crore.
  6. Consolidated Revenue from Operations for 9M ended 31.12.2025: ₹58,155.50 crore.
  7. Standalone Profit for 9M ended 31.12.2025: ₹1,662.15 crore (vs. loss of ₹276.43 crore in prior year).
  8. Consolidated Profit for 9M ended 31.12.2025: ₹1,680.85 crore (vs. loss of ₹255.83 crore in prior year).
  9. Standalone Basic and Diluted EPS for 9M ended 31.12.2025: ₹111.62 (vs. ₹-18.56 in prior year).
  10. Consolidated Basic and Diluted EPS for 9M ended 31.12.2025: ₹112.88 (vs. ₹-17.18 in prior year).
  11. Consolidated results include two Joint Ventures and one Associate.

Corporate Overview

  1. Primarily India, with registered office in Chennai.
  2. Operates solely in the Petroleum Sector, reporting on a single segment basis.
  3. Factual and compliance-oriented, with CEO/CFO certifying financial results are accurate and not misleading.
  4. Petroleum Sector
  5. Crude Throughput for nine months ended 31.12.2025 was 8.780 MMT (Standalone and Consolidated).

Risk Factors

  1. Board lacks minimum independent directors.
  2. Future events may impact going concern.
  3. Risk of fraud or material misstatement.
  4. Dependence on government for appointments.

Key Drivers

  1. Gross Refining Margin significantly improved.
  2. Company returned to strong profitability.
  3. Unmodified audit opinion received.
  4. Crude throughput increased year-on-year.

Auditor’s Report

  1. Unmodified Opinion on both Standalone and Consolidated Financial Results.

Board Commentary

  1. Company does not meet minimum Independent Director requirements, including one Woman Independent Director.
  2. Appointment of requisite directors is under Government of India's consideration.
  3. Lack of minimum Independent Directors on the Board as per Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
  4. No default in payment of outstanding loans/revolving facilities or debt securities.
  5. No outstanding listed Non-Convertible Debentures as on the reporting date.

Corporate Governance

  1. Auditors complied with relevant ethical requirements regarding independence.
  2. Company does not have the minimum number of Independent Directors, including one Woman Independent Director, as per regulations.
  3. Audit Committee reviewed and recommended the financial results.
  4. Non-compliance with board composition requirements for Independent Directors.

Management Discussion & Analysis

Performance Drivers

  1. Average Gross Refining Margin (GRM) significantly increased to US$ 7.72 per bbl for April-Dec 2025, up from US$ 3.40 per bbl in April-Dec 2024.

Risk Control Measures

  1. Appointment of requisite Independent Directors is under consideration by the Government of India.

Critical Risks

  1. Non-compliance with SEBI regulations regarding minimum number of Independent Directors, including a Woman Independent Director.