Chennai Petroleum Corporation Ltd — Q4 FY26
Chennai Petroleum delivered a stellar Q4 FY26 with record annual crude throughput of 11.71 MMT (112% capacity) and Q4 throughput of 2.93 MMT (111% capacity).
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Crude purchase challenges and spot vs term contract mix.
Asked by Yogesh Patil, Doat Capital
Gave a range (55-60%) but no exact current split or premium details.
no precise spot/term split givenqualitative only
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Question
the challenges CPCL is facing at the time of purchasing the real barrels... Are you still purchasing all the crude quantity on the spot or dated basis or some portion of the crude is still contracted basis?
Management (unnamed)
our term contracts are intact and barrels are flowing... normally our term is 55 to 60%... no significant change has happened.
Evasive
High priority
Whether diesel/ATF cracks are positive after export duty.
Asked by Yogesh Patil, Doat Capital
Avoided confirming whether cracks are positive, instead discussed optionality.
reframed to optionalityno direct yes/no
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Question
export duties on the diesel and the ATF... are we in the positive on the diesel and the ATF cracks?
Management (unnamed)
export is not a compulsion... we are not booking anything on export... intermittent abnormal indication in the market doesn't impact me.
Answered
Medium priority
Impact of LPG maximization on GRM in March and Q1 FY27.
Asked by Yogesh Patil, Doat Capital
Provided specific throughput increase and stated no margin impact.
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Question
LPG maximization in output... how much it has impacted to our GRM during the March month and what kind of impact we will see in the Q1 FR27.
Management (unnamed)
instead of 404 we have gone to 447 that's about 10%... this has not impacted our margins.
Partial answer
High priority
Whether 110-111% throughput can be sustained in FY27 H1.
Asked by Nilles Kugi, HTSC securities
Gave a qualified yes but noted a planned shutdown later.
conditional on no shutdownno firm commitment
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Question
are you confident that this throughput level will remain at 110 11% for in FI27 at least for first half?
Management (unnamed)
in the first 6 months we don't see any amends... close to September October we have a scheduled MNI of one of our refinery units.
Answered
High priority
Whether products sold at RTP or at a discount to OMCs.
Asked by Nilles Kugi, HTSC securities
Clearly stated RTP basis with no discount.
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Question
are we selling our petrol and diesel at the refinery transfer price to the oil marketing companies or are you selling at any discount?
Management (unnamed)
close to about 90% of our product... goes to Indian oil... agreement is at RTP transfer.
Answered
High priority
Reported GRM and core GRM for Q4.
Asked by Sabri Hazarika, MK Global Finance Service
Provided both reported and core GRM figures.
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Question
13.75 was your reported GRM for Q4 right... what would be the core GRM?
Management (unnamed)
10.38 three 10.3 right... would be core GRF 10.38.
Answered
Medium priority
Forex loss for the quarter and year.
Asked by Sabri Hazarika, MK Global Finance Service
Provided specific numbers, though corrected later.
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Question
what could be the forex loss for the for the quarter and For the year?
Management (unnamed)
for the quarter it is about 200 cr approximately... for the whole year it will be around 600 crores... correct to 350 crores.
Answered
High priority
Whether current net GRM after export duty is negative or good.
Asked by Sabri Hazarika, MK Global Finance Service
Stated current GRM is near long-term average.
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Question
the net back after the export duty adjusted in domestic RTP is negative... are you still getting good GRM?
Management (unnamed)
the net GRM based on realized RTP is pretty close to long-term average.
Partial answer
Medium priority
Geographical crude mix and average price.
Asked by Sabri Hazarika, MK Global Finance Service
Provided regional percentages but declined to give price.
no average price givenqualitative mix only
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Question
geographically if I divide it between say Middle East, Russia and others then what would be the mix.
Management (unnamed)
India would be around 10%... 25 30% maybe Russia... rest would be mostly middle east countries bearing 5 to 10% Africa and US.
Evasive
Medium priority
Quantitative increase in cracks in March vs Jan-Feb.
Asked by Bijit Nutkani, UTI AMC
Refused to give a specific number, only directional trend.
no quantitative figuregeneral trend only
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Question
Can you provide any quantitative figure how cracks have increased in the month of March as compared to January and February?
Management (unnamed)
quarter 4 GRM were little better than quarter 3... but if you talk about any particular part of March... the volatility is very high.
Answered
High priority
Whether long-term average diesel crack is around $15/bbl.
Asked by Kanan Meta, Bodha BNP Paribas Mutual Fund
Provided a specific range for long-term average diesel crack.
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Question
is this somewhere around $15 per barrel? Is that the average that we are looking at?
Management (unnamed)
I found 11 to 13 is the long-term average $30 per barrel 11 to 13.
Partial answer
Medium priority
Volume and GRM contribution from value-added products.
Asked by Nav Jimundia, Envil Web
Gave a high-level margin share but no product-level breakdown.
no specific volumesonly directional margin share
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Question
how much this products have achieved volumes in FI26 and... how much would be the contribution from these four products put together?
Management (unnamed)
at this point I may not have detailed break up... 90% of my product is sold to Indian Oil... 78% give 15% of my margin.