C P C L

CPCL achieved its highest ever crude throughput of 11.71 MMT for FY26, representing 112% of installed capacity, surpassing the previous best of 11.64 MMT. Q4 FY26 also saw strong performance with 2.93 MMT throughput, 111% of capacity. The company recorded its best fuel and loss of 7.73%, best MBN of 69.8%, and best EII of 84% for the fiscal year, attributed to effective energy conservation and improved operational reliability. Distillate yield reached a record 79.1%, exceeding the previous record of 77.6%.

The Gross Refining Margin (GRM) for FY26 stood at $9.2 per barrel, significantly outperforming the Singapore benchmark of $5.83 per barrel. For Q4 FY26, the GRM was $13.75 per barrel against a Singapore benchmark of $8.70 per barrel, with a core GRM of $10.3 per barrel. This consistent premium is due to continuous optimization of refinery production, product distribution, and efficient crude procurement. CPCL also achieved its highest ever production of 5.139 MMT for diesel, 1.318 MMT for petrol, and 447 TMT for LPG.

CPCL maintains a flexible crude-sourcing mechanism, securing 55-60% of its crude through long-term agreements and the remainder on a short-term basis from diverse sources. This strategy allows the company to enhance flexibility and capitalize on price economies. The crude mix includes approximately 10% from India, 25-30% from Russia, and the rest primarily from Middle East countries (including Iraq), with 5-10% from Africa and the U.S. The company processed 52% high sulfur crude during the financial year, adapting to market conditions.

Capex for FY26 was INR 856 crores, an increase from INR 673 crores in the previous year. CPCL has initiated two significant projects: the LOBS Group 2 & 3 project with an outlay of INR 1,600 crores and a retail outlet endeavor with an investment of INR 400 crores. These projects, totaling INR 2,000 crores, are expected to be executed over the next 2-3 years, with commissioning anticipated in FY27 for retail outlets. The LOBS project aims to convert lower value-added products to higher realization products, and the new unit will add 250,000 KTPA in Group 2, Group 3 capacity.

The company significantly improved its leverage position, with a gross debt-equity ratio of 0.18, down from 0.39 last year. Net borrowings stood at INR 973 crores, resulting in a net debt ratio of 0.09. For FY26, CPCL declared its highest ever total dividend of INR 62 per share, comprising an interim dividend of INR 8 and a final dividend of INR 54. Management also indicated that a bonus issue would be considered by the Board at an appropriate time^⏳, given the significant reserves of INR 11,000 crores.

CPCL achieved an S&P Global ESG score of 60 for 2025, ranking as the second highest in the oil and gas sector in India. The company was also conferred the Gold Shield award from ICAI for excellence in financial reporting, underscoring its commitment to strong governance and sustainability practices. These achievements reflect continuous efforts in energy efficiency, fuel and loss reduction, and value-added product development.