Chennai Petroleum Corporation Ltd (CHENNPETRO) Q2 FY27 Results Analysis: PAT Surges 210%, Record GRM at US$20.41/bbl
Chennai Petroleum Corporation Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 22,055.45 Cr (+10.09% YoY) and PAT growth of +210.48% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 22,055.45 Cr (+10.09% YoY) |
| PAT (Q2) | Rs. 2,271.29 Cr (+210.48% YoY) |
| EBITDA margin | 14.51% (+880 bps YoY) |
| EPS (Q2) | Rs. 152.53 (+210.48% YoY) |
| Market cap | Rs. 21,647.25 Cr |
| CMP | Rs. 1,453.70 |
Quarter Snapshot
Q2 FY27 delivered record GRM of US$20.41/bbl (vs US$9.04/bbl YoY), driving PAT up 210.48% YoY to Rs.2,271.29 Cr and EBITDA margin to 14.51% despite a 14.04% throughput decline from the M&I shutdown. H1 PAT already exceeds full FY26 PAT by 7.4%, though H1 cash conversion was weak (CFO Rs.24.86 Cr) due to ~Rs.4,093 Cr of working-capital absorption. No prior management guidance exists for revenue, earnings, or margin, so no guidance beat is claimed; the key H2 swing factors are GRM sustainability and throughput recovery.
Key Investment Insights
Key Positives
- PAT grew 210.48% YoY to Rs.2,271.29 Cr; EPS of Rs.152.53 vs Rs.49.13 YoY
- EBITDA of Rs.3,201.13 Cr, up 179.70% YoY, with margin at 14.51% vs 5.71% YoY
- Record GRM of US$20.41/bbl vs US$9.04/bbl YoY, including US$3.82/bbl inventory gain
- Revenue grew 10.09% YoY to Rs.22,055.45 Cr despite 14.04% throughput decline
- H1 FY27 PAT of Rs.3,287.96 Cr exceeds full FY26 PAT of Rs.3,061.85 Cr by 7.4%
- Net worth grew 23.08% in six months to Rs.13,293.44 Cr; debt/equity at 0.16x
- Interim dividend of Rs.25/share declared; other expenses declined 18.12% YoY
Risk Factors
- Crude throughput fell 14.04% YoY to 2.590 MMT due to M&I shutdown
- Finance costs rose 83.48% YoY to Rs.62.31 Cr on higher working-capital borrowing
- H1 FY27 CFO of Rs.24.86 Cr vs PAT of Rs.3,287.96 Cr; working capital absorbed ~Rs.4,093 Cr
- Cash fell to Rs.0.28 Cr from Rs.905.04 Cr at March 2026
- Q2 GRM includes US$3.82/bbl inventory gain; sustainability of record cracks uncertain
- Independent director shortfall flagged by auditor persists
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.