CPCL Q4 FY26 results: PAT ₹1,422 cr, ₹54 dividend approved

Earnings call completed, recording published

Chennai Petroleum Corporation Limited (CPCL) held its Q4 FY26 post-results earnings conference call on April 24, 2026 at 3:30 PM IST. The call was hosted by Elara Securities, while the operator introduction in the transcript also referenced ARA Securities. CPCL later made the audio recording available on its website under the investor section at: https://cpcl.co.in/investors/financials/exchange-intimations/. In its post-call exchange communication, the company said no unpublished price sensitive information was shared during the discussion. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The exchange filing referenced the company secretary as P. Shankar (filing reference: CS:01:100/26-27).

What management highlighted on operations

Management said FY26 was marked by record physical performance at the refineries. CPCL reported its highest-ever crude throughput at 11.71 million metric tonnes (MMT), which it said was 112% of installed capacity. The company said this was achieved despite a planned shutdown of one of its three crude units for about a month during the year. CPCL also reported best-ever fuel and loss of 7.73% for FY26. It highlighted a best MBN of 69.88 and best EII of 84 during the same year, attributing improvements to energy conservation initiatives and higher operational reliability. Management also said the company processed 52% high-sulphur crude, supported by a flexible crude sourcing mechanism.

Refining margins: FY26 GRM ahead of the benchmark

On financial performance, management disclosed the gross refining margin (GRM) for FY26 at $1.2 per barrel, compared with a Singapore benchmark of $1.83 per barrel. Another FY26 summary cited an average GRM of $1.28 per barrel, up from $1.22 per barrel in the previous year. For the March 2026 quarter, one summary stated the GRM more than doubled to $13.75 per barrel. During the Q&A, management also indicated Q4 GRM was better than Q3. The company did not provide a full forward outlook for GRMs, and noted that margins and related impacts can change materially day to day.

Q4 FY26 profit surge and margin expansion

For Q4 FY26 (March 2026 quarter), CPCL reported consolidated profit after tax (PAT) of ₹1,421.85 crore, up 202.57% year on year from ₹469.93 crore. A quarterly performance table in the provided material reported net sales of ₹16,817.32 crore for Q4 FY26, up 7.23% quarter on quarter and down 2.50% year on year. Separately, another summary of the regulatory filing cited revenue from operations at ₹20,455.29 crore in Q4 FY26, down 0.6% year on year from ₹20,580.65 crore. Operating profit (PBDIT excluding other income) was reported at ₹2,036.06 crore for the quarter, described as the highest in at least eight quarters. Operating margin was cited at 12.11% in the table, while another summary cited EBITDA margin at 9.95%.

Costs, interest, and forex items discussed

The quarterly data summary highlighted easing finance costs, with interest cost falling to ₹16.42 crore in Q4 FY26 from ₹32.65 crore in the previous quarter. Depreciation was reported at ₹150.07 crore, slightly lower than ₹157.28 crore in Q3 FY26. Employee cost for the quarter was cited at ₹147.40 crore versus ₹173.10 crore in Q3 FY26. On foreign exchange, the transcript shows multiple figures being discussed for Q4, including ₹150 crore and ₹350 crore, and later an indication of “about ₹200 crore” for the quarter. Investors typically track these items because forex movement can affect reported profitability for refiners depending on working capital and imports.

Dividend: ₹54 per share final payout recommended

CPCL’s board recommended a final equity dividend of 540% for FY26, which equals ₹54 per equity share of face value ₹10. The company said the final dividend is subject to shareholder approval at the ensuing Annual General Meeting (AGM). It also stated the dividend would be paid within 30 days from the date of declaration at the AGM. The FY26 summary in the provided material also referenced an interim dividend of ₹8.00 per share, in addition to the recommended final dividend.

Balance sheet and capex signals from the call

Management indicated borrowings had reduced and described the debt position as comfortable, citing a net debt-equity ratio around 0.1 during the call discussion. One operational update also referred to gross borrowings of ₹1,900 crore. In another FY26 wrap-up, CPCL’s debt-equity ratio was cited at 0.18 compared with 0.39 earlier. On capex, management mentioned around ₹500 crore as normal maintenance capex, and spoke about projects aimed at expanding the margin and value chain from “refinery to refinery plus marketing” and value-added products. On crude sourcing, management discussed a crude basket with about 55% to 60% coming through long-term agreements, while also noting spot purchases can be used to make good any shortfalls.

Stock snapshot around the disclosures

Market data cited alongside the exchange disclosures showed CPCL’s share price at ₹1,067.90, down ₹1.40 (-0.13%), as of April 24, 2026 at 11:37. The same snapshot reported a day range of ₹1,058.50 to ₹1,098.30. The 52-week range was listed as ₹587.10 to ₹1,103.00. Volume was cited at 1,329,841 shares. These figures provide context for how investors were pricing the stock on the day of results-related disclosures.

Key figures at a glance

Why the updates matter for investors

Two themes stood out from the material shared around Q4 FY26. First, the combination of higher refining margins and record throughput translated into a sharp improvement in quarterly profitability, with PAT crossing ₹1,400 crore in Q4 FY26. Second, CPCL’s decision to publish the call recording and explicitly confirm that no unpublished price sensitive information was discussed reduces information-asymmetry risk for investors. At the same time, the materials also flagged governance-related non-compliance in board and committee composition for parts of FY26, which remains a point investors monitor in public sector-linked companies.

Conclusion

CPCL closed FY26 with record throughput, a FY26 GRM above the Singapore benchmark, and a strong Q4 profit recovery. The company also recommended a ₹54 per share final dividend, subject to shareholder approval at the AGM, and published the earnings call recording on its website. Investors will track how CPCL sustains utilisation and operating efficiency, alongside crude sourcing mix and the evolving refining margin environment, using subsequent quarterly disclosures and mandated exchange filings.