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.

Chennai Petroleum Corporation Limited has appointed Shri S.G. Venkatesh as Director (Technical) on its board, effective January 5, 2026. The appointment was announced through a regulatory filing under Regulation 30 of SEBI (LODR) Regulations 2015, demonstrating the company's commitment to strengthening its technical leadership.

Appointment Details

The appointment follows the Ministry of Petroleum and Natural Gas letter No. CA-31019/1/2025-CA-PNG: 52153, with Shri Venkatesh assuming his role on January 5, 2026 (afternoon). The company confirmed that the new director is not debarred from holding office by virtue of any SEBI order or other regulatory authority.

Professional Background and Expertise

Shri S.G. Venkatesh brings substantial industry experience to his new role, having previously served as Executive Director (Petrochemicals) at Indian Oil Corporation Limited (IOCL). His appointment strengthens CPCL's technical capabilities in petroleum refining and petrochemical operations.

Educational and Technical Qualifications

• Education: Bachelor's Degree in Chemical Engineering from University of Kerala
• Experience: 31 years in petroleum refining operations, process design, and petrochemicals
• Technical Expertise: Advanced simulation software including Pro-II, Aspen Plus, and HYSYS

Career Trajectory and Achievements

The new Director (Technical) has demonstrated a results-driven approach throughout his career in the petroleum sector. His professional journey began in Refinery Production planning before transitioning to process optimization and process plant design. In these roles, he successfully led teams responsible for process design for both grassroot projects and revamp of existing refinery units.

Board Composition and Governance

The regulatory disclosure confirms that Shri Venkatesh is not related to any existing director on the CPCL board, ensuring independence in board composition. This appointment aligns with corporate governance best practices and regulatory requirements for public sector enterprises.

The appointment was formally communicated to both BSE Limited and National Stock Exchange of India Limited, with the company secretary P. Shankar signing the regulatory filing on January 5, 2026. This strategic addition to the board is expected to enhance CPCL's technical leadership and operational expertise in the petroleum refining sector.