Chennai Petroleum Q4FY26 profit up 203%, ₹54 dividend

Chennai Petroleum Corporation Ltd (CPCL) reported a sharp rise in profitability for the quarter ended March 31, 2026 (Q4FY26), supported by higher operating earnings and better margins. The company also recommended a final equity dividend of ₹54 per share for FY2025-26, taking its total shareholder payout higher after an interim dividend declared earlier in the year.

The results landed at a time when refining margins and feedstock volatility have been closely tracked by investors, especially amid heightened geopolitical noise in the Middle East. CPCL’s quarterly numbers showed a strong year-on-year jump in profit, while revenue was broadly flat.

Key Q4FY26 numbers at a glance

For Q4FY26, CPCL reported a consolidated profit after tax (PAT) of ₹1,421.85 crore, up 203% year-on-year from ₹469.93 crore in Q4FY25, as per a regulatory filing. Revenue from operations stood at ₹20,455.29 crore, down 0.6% year-on-year compared with ₹20,580.65 crore in the March quarter of FY25.

On the cost side, the company reported a decline in total expenses. Expenses were down 7.12% year-on-year to ₹18,585.72 crore versus ₹20,011.28 crore in the year-ago quarter.

At the operating level, EBITDA for the quarter was reported at about ₹2,036 crore, rising 159.44% year-on-year from ₹785 crore in Q4FY25. The reported EBITDA margin for the quarter was 9.95%, up from 3.81% a year earlier.

Sequential improvement: profit and margins moved higher

CPCL also disclosed sequential improvements versus the December 2025 quarter (Q3FY26). Net profit was reported at ₹1,421 crore in Q4FY26, a 42% quarter-on-quarter increase from ₹1,002 crore in Q3FY26.

Revenue from operations was stated at ₹16,817 crore on a sequential basis, up 7% QoQ from ₹15,683 crore. EBITDA was ₹2,035 crore, up 38% QoQ from ₹1,478 crore in Q3FY26.

Sequentially, EBITDA margin improved to 12.1% in Q4FY26 from 9.4% in the previous quarter. The company attributed the margin expansion to a stronger refining environment and better cost control during the quarter.

Final dividend of ₹54 per share recommended

The board recommended a final equity dividend of ₹54 per equity share (540%) for FY2025-26, subject to shareholder approval at the ensuing Annual General Meeting (AGM). The face value of each equity share is ₹10.

CPCL said the final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for the final dividend will be intimated in due course.

This final dividend is in addition to the interim equity dividend of ₹8 per share already declared during FY26.

Preference dividend and redemption timeline

Alongside the equity payout, the board also recommended a preference dividend of 6.65% on outstanding preference shares up to their redemption date. The redemption date was stated as September 23, 2025.

The preference dividend for FY2025-26 was quantified at ₹15.94 crore.

FY2025-26 highlights: profit rebound and higher GRM

For the full year ended March 31, 2026, CPCL reported consolidated revenue from operations of ₹78,610.79 crore. Consolidated net profit for FY2025-26 stood at ₹3,102.70 crore, compared with ₹214.00 crore in the previous fiscal year.

The company reported an Average Gross Refining Margin (GRM) of US$9.28 per bbl for the year, up from US$ 4.22 per bbl in the previous year. It also reported refinery throughput of 11.71 MMT for FY2025-26.

Balance sheet and leverage indicators

CPCL said it redeemed its outstanding non-convertible debentures in July 2025. For the year ended March 31, 2026, it reported a debt-to-equity ratio of 0.18.

Stock reaction and market snapshot

Despite the quarterly results and dividend recommendation, reports said CPCL’s stock fell as much as 6% after the announcement. As of April 24, 2026, CPCL’s total market capitalisation was ₹15,173.33 crore, according to NSE data cited in reports.

Summary table: reported metrics

Why the results matter for investors

CPCL’s Q4FY26 print highlights how sensitive refining companies can be to margin swings and cost movements. The year-on-year rise in PAT, coupled with an improved GRM for FY2025-26, signals a materially stronger earnings environment than the prior year.

The dividend recommendation is also notable in absolute terms at ₹54 per share, and it comes on top of the ₹8 interim dividend already declared. The timing of payout remains linked to the AGM approval and the record date yet to be announced.

Conclusion

CPCL closed FY2025-26 with higher profitability and improved refining margins, while also proposing a larger shareholder payout through a ₹54 per share final dividend. The next operational milestone for investors will be the AGM decision, after which the company has said payment would be made within 30 days of declaration.