Chennai Petroleum

Chennai Petroleum delivered a stellar Q4 FY26 with record annual crude throughput of 11.71 MMTCurrent 11.71 MMT. Reported change: +0.6% YoY. (112% capacity) and Q4 throughput of 2.93 MMTCurrent reported value: 2.93 MMT. No comparable prior figure is available in the source record. (111% capacity). Gross refining margin (GRM) for Q4 was $13.75/bblCurrent reported value: $13.75/bbl. No comparable prior figure is available in the source record., well above the Singapore benchmark of $8.70/bbl, driven by optimized crude mix (52% high sulfur), highest-ever distillate yield of 79.1%Current 79.1%. Reported change: +150bps YoY., and record LPG production of 447 TMTCurrent 447 TMT. Reported change: +10.6% YoY.. The company maintained a strong balance sheet with net debt-to-equity of 0.09Current reported value: 0.09. No comparable prior figure is available in the source record.. Management guided for sustained high utilization, with a scheduled maintenance turnaround in H2 FY27 but expects minimal impact. Key growth projects include a ₹1,600 crore LOBS expansion and ₹400 crore retail outlet rollout. Risks include geopolitical crude supply disruptions and export duty volatility, though management expressed confidence in navigating these through flexible sourcing and long-term contracts.