Chennai Petroleum Q2 Results, October 22, 2026: Profit Triples to ₹2,271 Crore as GRM Hits $20.41

Chennai Petroleum Q2 results, announced on October 22, 2026, are the kind refiners dream about. The Chennai-based refiner reported a standalone net profit of ₹2,271.29 crore for the September quarter, a little over three times the ₹731.55 crore it earned a year ago. The numbers are from CPCL’s audited results filed on NSE and its press release.

Profit also more than doubled from the June quarter’s ₹1,016.67 crore. Earnings per share for the three months came to ₹152.53, against ₹49.13 a year earlier.

Chennai Petroleum Q2 results: margins did the work

This was a margin quarter, not a volume quarter. CPCL’s gross refining margin, which is roughly what it earns on every barrel of crude it turns into fuel, rose to US$20.41 a barrel from US$9.04 in the same quarter last year.

One caveat sits in the notes to the results. That $20.41 includes an inventory gain of $3.82 a barrel on crude and products, up from $1.38 a year ago. Inventory gains come from holding stock while prices rise. They can turn into losses just as easily when prices fall. Strip them out and the margin is still about $16.6 a barrel, more than double last year’s comparable figure of roughly $7.7. That’s our arithmetic from the filed numbers, not a figure the company reported.

Volumes actually fell. Crude throughput was 2.590 million tonnes, down from 3.013 million tonnes a year ago and 2.848 million tonnes in June. The company says one of its crude units was shut for planned maintenance, and capacity utilisation still came in at 98%.

Revenue, costs and the half-year picture

Revenue from operations rose 10.1% year on year to ₹22,055 crore. Add other income and total income was ₹22,109 crore. Compared with June, revenue was about 25% lower. The June quarter had higher throughput and also included ₹385.21 crore of extra revenue from a backdated price revision on March 2026 supplies, so it isn’t a clean base.

For the half year to September, profit after tax was ₹3,287.96 crore against ₹674.93 crore a year earlier. The first half of last year was weak, with an average GRM of $6.17 a barrel. This year’s first half averaged $14.34. On a consolidated basis, half-year profit was ₹3,278 crore.

₹25 interim dividend

The board declared an interim dividend of ₹25 per share on a face value of ₹10. The record date is Friday, October 30, 2026, and the company says the payout will reach eligible shareholders on or before November 21, 2026.

What we’d watch next

Refining profits swing with crack spreads and crude prices. A quarter this strong is hard to repeat unless margins hold up. The inventory gain, in particular, can flip in a falling oil market. Throughput should recover once the unit under maintenance is back, and that would help if margins stay firm. Peer numbers help here. Our note on HPCL Q2 results covers another refiner that reported the same day. For a broader method, see our guide to analysing quarterly results.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before making any investment decision.