Chennai Petroleum Corporation (CHENNPETRO)

Chennai Petroleum Corporation (CPCL) has shown a very strong recovery in Q1 FY27. Consolidated revenue from operations jumped 84.8% YoY to ₹27,369 crore, while PAT surged to ₹1,031 crore, compared with a ₹40 crore loss in Q1 FY26. Operating profit also increased sharply, reflecting a significant improvement in refining profitability. The biggest positive is the improvement in gross refining margin (GRM). CPCL's Q1 GRM increased to $8.78/barrel from $3.22/barrel a year earlier. This recovery in refining margins was the major reason for the turnaround in profitability. CPCL also has a strong operating track record. During FY26, its average GRM was around $9.20/barrel versus the Singapore benchmark of $5.83, showing that refinery optimisation, crude selection and product yields have historically allowed the company to earn a premium over benchmark margins.