Chennai Petroleum Corporation Limited
CPCL, earlier known as Madras Refineries Limited (MRL), was established in December 1965 as a joint venture of the Government of India (GoI), Amoco Inc. of US (Amoco), and the National Iranian Oil Company (NIOC), with their initial equity contributio...
Key Metrics
EPS
184.36
Current ratio
1.38
Debt/Equity
0.97
Debt/EBITDA
2.00
Interest coverage ratio
0.06
Operating Cashflow to total debt
0.72
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Strong parentage lends flexibility
Healthy operational profile –
Low demand risk due to locational advantage; integrated operations of Group mitigate cyclicality risk in refining segment of consolidated entity –
Liquidity position: Adequate
Cons
Project implementation risks partly mitigated by the Group’s long demonstrated history in implementing projects
Vulnerability of profitability to global refining margin cycle, import duty protection and INR-USD parity levels
Disclaimer: Tap Bonds gathers data directly from the respective OBPP websites but does not guarantee its accuracy. We do not offer investment advice or endorse the purchase of any securities mentioned, nor do we warrant the reliability of the information collected.
About Chennai Petroleum Corporation Limited bond.
This comprehensive profile covers key factual information about Chennai Petroleum Corporation Limited. CPCL, earlier known as Madras Refineries Limited (MRL), was established in December 1965 as a joint venture of the Government of India (GoI), Amoco Inc. of US (Amoco), and the National Iranian Oil Company (NIOC), with their initial equity contributions in the venture being in a ratio of 74:13:13. In 1985, Amoco divested its equity holding in favour of the GoI. CPCL came out with a public issue in 1994, wherein the GoI divested part of its equity stake. In FY2001, the GoI sold its stake in CPCL to IOCL as part of its efforts to insulate standalone refineries from market volatility, following the dismantling of the administered pricing mechanism (APM). As on June 30, 2024, IOCL held 51.9% equity stake in CPCL, with Naftiran Intertrade Company Limited1 and others holding 15.4% and 32.7%, respectively. CPCL currently operates a 10.5-MMTPA refinery in Manali, near Chennai. Being a standalone refinery, CPCL’s products, barring a few industrial feedstock and fuels, have always been sold by oil marketing companies. After IOCL’s acquisition of a majority stake in CPCL, the bulk of the latter’s output is sold through IOCL. EPS in Mar-2024 was 184.36. Current ratio in Mar-2024 was 1.38. Debt/Equity in Mar-2024 was 0.97. Debt/EBITDA in Mar-2024 was 2.00. Interest coverage ratio in Mar-2024 was 0.06. Operating Cashflow to total debt in Mar-2024 was 0.72. Total revenue for Mar-2025(E) was ₹83208.03. Net income for Mar-2025(E) stood at ₹5028.95. Total assets as of Mar-2024 were ₹18,374.75. Operating cash flow for Mar-2024 was ₹2,694.25. The company’s borrowing relationships include State Bank of India (₹N/A Cr), Union Bank of India (₹N/A Cr), The Federal Bank Limited (₹N/A Cr), Punjab National Bank (₹N/A Cr), ICICI Bank Limited (₹N/A Cr), IndusInd Bank Limited (₹N/A Cr), IDBI Bank Limited (₹N/A Cr), Union Bank of India (₹N/A Cr), The South Indian Bank Limited (₹N/A Cr), State Bank of India (₹N/A Cr), (₹N/A Cr). Peers and comparison entities consist of Chennai Petroleum Corporation Limited, Reliance Industries Limited, Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Strong parentage lends flexibility; Healthy operational profile –; Low demand risk due to locational advantage; integrated operations of Group mitigate cyclicality risk in refining segment of consolidated entity –; Liquidity position: Adequate. Key risks include: Project implementation risks partly mitigated by the Group’s long demonstrated history in implementing projects; Vulnerability of profitability to global refining margin cycle, import duty protection and INR-USD parity levels. Leadership team details include A Dharmaraj (Chief General Manager), Anil Sahni (Chief General Manager), Arvind Kumar (Managing Director), B Kothandaraman (Chief General Manager), Babak Bagherpour (Nominee Director), C K Shivanna (Independent Director), Deepak Srivastava (Nominee Director), G Premchand (Chief General Manager), Ganesh S Bhat (Chief Vigilance Officer), H Shankar (Director - Technical), Inder Jeet (Nominee Director), M B Dakhili (Nominee Director), P C Ramesh Babu (Chief General Manager), P Kannan (Director - Operations), P Shankar (Company Secretary & Compliance Officer), Ramakrishnan Ilango (Chief General Manager), Ravi Kumar Rungta (Independent Director), Rohit Kumar Agrawala (Director - Finance), S Sadagopan (Chief General Manager), S Venkateswaran (Chief General Manager), Shrikant Madhav Vaidya (Non Executive Chairman), Subhajit Sarkar (Nominee Director), V Srikanth (Chief General Manager). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.