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Revenue
₹16,817 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). Gross refining margin (GRM) for Q4 was $13.75/bbl, well above the Singapore benchmark of $8.70/bbl, driven by optimized crude mix (52% high sulfur), highest-ever distillate yield of 79.1%, and record LPG production of 447 TMT. The company maintained a strong balance sheet with net debt-to-equity of 0.09. 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain ~111% capacity utilization in H1 FY27, with a scheduled maintenance turnaround around Sep-Oct 2027.
- Group II and III LOBS project with all approvals in place; execution started, expected to complete over 2-3 years.
- 300 retail outlet licenses taken; commissioning expected in FY27.
- Includes low-cost debottlenecking and energy efficiency projects.
Risks flagged
- Middle East tensions and Red Sea route closures have impacted ~30-40% of term cargoes temporarily, though suppliers have assured makeup.
- Export duties on diesel and ATF have compressed netbacks; management deflected quantification of impact, stating they optimize domestic vs export sales.
- Q4 forex loss of ~₹200 crore and annual loss of ~₹350 crore booked in other expenses, impacting profitability.
Key quotes
- Our refineries continued stellar performance on both physical and financial parameters during this quarter and the financial year.
- If I'm able to take this leverage, it is not only adding to throughput, it is also adding to the divisor effect and my performances, my matrixes, my profitabilities are pretty good.
- I will not assign anything as profit forgone because I'm selling at market price which everyone else is selling.
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