Chennai Petroleum Corporation Limited has announced that CRISIL Ratings has updated its bank-wise facility details while maintaining the existing credit ratings across various debt instruments. The company informed stock exchanges on March 18, 2026, that there are no changes in facility ratings compared to the previous rating rationale dated November 07, 2025.

Credit Rating Details

CRISIL has assigned AAA ratings with stable outlook to the company's fund-based facilities across multiple banking partners. The rating reflects the strong creditworthiness of the government enterprise and IOCL group company.

Additional Facilities and Instruments

The company also maintains high ratings for other financial instruments and facilities:

Regulatory Compliance

The rating update was conducted in compliance with Reserve Bank of India requirements, ensuring adherence to regulatory standards for credit rating disclosures. The company has made the updated bank-wise facilities list available on its website at www.cpcl.co.in under the investor relations section.

Company Profile

Chennai Petroleum Corporation Limited operates as a Government of India enterprise and serves as a group company of Indian Oil Corporation Limited. The company maintains ISO certifications including ISO 9001:2008, ISO 14001:2004, and BS OHSAS 18001:2007, reflecting its commitment to quality, environmental management, and occupational health standards.

Chennai petroleum corporation delivered exceptional financial performance in Q3FY26, marking a significant turnaround from the previous year. The government-owned refinery and group company of Indian Oil Corporation Limited reported audited results that demonstrate strong operational efficiency and improved market conditions.

Financial Performance Overview

The company's standalone financial results show remarkable improvement across key metrics. Net profit for Q3FY26 reached ₹987.22 crore, representing a substantial increase from ₹10.46 crore recorded in Q3FY25. This exceptional performance reflects the company's enhanced operational capabilities and favorable market dynamics.

Nine-Month Performance Analysis

The nine-month period ended December 31, 2025, showcased even more impressive results. Chennai Petroleum Corporation achieved a net profit of ₹1,662.15 crore compared to a loss of ₹276.43 crore in the corresponding period of the previous year. This turnaround demonstrates the company's successful navigation of challenging market conditions and effective cost management strategies.

Operational Excellence and Refining Margins

The company's operational performance showed significant improvement in crude processing capabilities. Crude throughput for Q3FY26 reached 2.786 MMT compared to 2.552 MMT in Q3FY25, indicating enhanced refinery utilization. For the nine-month period, crude throughput increased to 8.780 MMT from 7.480 MMT in the previous year.

A key driver of the improved financial performance was the substantial enhancement in refining margins. The average gross refining margin for April-December 2025 reached US$ 7.72 per barrel, more than doubling from US$ 3.40 per barrel recorded in the same period of 2024.

Cost Management and Operational Efficiency

The company demonstrated effective cost management across various expense categories. Employee benefits expense for Q3FY26 was ₹173.10 crore compared to ₹121.28 crore in Q3FY25. Finance costs decreased significantly to ₹32.65 crore from ₹79.16 crore, reflecting improved financial management and reduced borrowing costs.

Consolidated Results and Joint Ventures

Consolidated financial results, which include joint ventures and an associate, showed similar positive trends. Consolidated net profit for Q3FY26 reached ₹1,001.59 crore compared to ₹20.78 crore in Q3FY25. The share of profit from joint ventures and associates contributed ₹14.37 crore in Q3FY26 versus ₹10.32 crore in the previous year.

Regulatory Compliance and Audit Opinion

The financial results received unmodified audit opinions from R.G.N. Price & Co., Chartered Accountants, for both standalone and consolidated statements. The Board of Directors approved the results at their meeting held on January 24, 2026, following recommendation by the Audit Committee. The company confirmed no defaults on outstanding loans or debt securities and maintained compliance with regulatory requirements.