Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL), is a subsidiary of Indian Oil Corporation Limited under the Ministry of Petroleum and Natural Gas of the Government of India. Headquartered in Chennai, CPCL was established in 1965 as a joint venture between the Government of India (GOI), Amoco, and the National Iranian Oil Company (NIOC) with an initial shareholding distribution of 74%, 13%, and 13%, respectively. The CPCL refinery was built with an installed capacity of 2.5 million tonnes per year in a record 27 months at a cost of ₹430 million (US$5.2 million). Over the years, CPCL has seen significant changes in its shareholding pattern, including Amoco’s disinvestment in 1985 and the GOI’s public issue of shares in 1994, which was oversubscribed by 27 times, attracting over 90,000 shareholders. Today, Indian Oil Corporation Limited (IOCL) holds 51.88% of CPCL’s shares, with NIOC maintaining its stake.
CPCL operates two refineries with a combined refining capacity of 11.5 million tonnes per year. The Manali Refinery in Chennai, with a capacity of 10.5 million tonnes per year, is one of India’s most complex refineries, producing fuel, lube, wax, and petrochemical feedstocks. The Nagapattinam Refinery, located in the Cauvery basin at Panagudi, Nagapattinam, originally had a capacity of 0.5 million tonnes per year, later enhanced to 1.0 million tonnes per year. This refinery is currently being upgraded to a capacity of 9.0 million tonnes per year at a cost of ₹27,000 crore (US$3.2 billion), with completion expected by 2022, significantly boosting CPCL’s growth. CPCL’s product portfolio includes LPG, motor spirit, superior kerosene, aviation turbine fuel, high-speed diesel, naphtha, bitumen, lube base stocks, paraffin wax, fuel oil, hexane, and petrochemical feedstocks. The company’s wax plant, with an installed capacity of 30,000 tonnes per annum, produces paraffin wax for various applications, while its propylene plant, revamped in 2004, now has a production capacity of 30,000 tonnes per annum. CPCL also supplies LABFS to a downstream unit for the manufacture of linear alkyl benzene.
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
| Promoters + | 67.29% | 67.29% | 67.29% | 67.29% | 67.29% |
| FIIs + | 8.49% | 11.37% | 14.70% | 15.86% | 15.77% |
| DIIs + | 1.97% | 1.76% | 1.24% | 0.75% | 0.79% |
| Government + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public + | 22.25% | 19.59% | 16.78% | 16.11% | 16.14% |
| No. of Shareholders | 98,284 | 1,01,030 | 99,496 | 1,06,619 | 1,17,204 |
The shareholding pattern of Chennai Petroleum Corporation Limited (CPCL) from June 2023 to June 2024 reveals notable trends and shifts among various categories of shareholders. Throughout this period, the promoters maintained a consistent stake of 67.29%, reflecting stability in their control over the company.
Foreign Institutional Investors (FIIs) showed a significant increase in their holdings, rising from 8.49% in June 2023 to 15.77% by June 2024. This indicates growing foreign interest and confidence in CPCL’s potential. In contrast, Domestic Institutional Investors (DIIs) experienced a decline in their shareholding, decreasing from 1.97% in June 2023 to 0.79% by June 2024.
The government held no shares during this period. Public shareholding saw a reduction, decreasing from 22.25% in June 2023 to 16.14% by June 2024, which might suggest a shift in the preference towards institutional holdings. The number of shareholders increased steadily, from 98,284 in June 2023 to 117,204 in June 2024, reflecting a growing investor base and interest in the company’s prospects.
Below are the trading platforms that you can use to purchase CPCL shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| July 2024 | 1,230.50 | 1,070.00 |
| August 2024 | 1,279.72 | 1,112.80 |
| September 2024 | 1,330.91 | 1,157.32 |
| October 2024 | 1,304.82 | 1,134.62 |
| November 2024 | 1,357.01 | 1,180.01 |
| December 2024 | 1,370.58 | 1,191.81 |
As we step into 2024, CPCL share prices are expected to fluctuate throughout the year. In July, the maximum price is projected to be ₹1,230.50 and the minimum price ₹1,070.00. By December, CPCL shares are anticipated to reach a maximum of ₹1,370.58 and a minimum of ₹1,191.81.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,384.29 | 1,064.83 |
| February 2025 | 1,398.27 | 1,075.59 |
| March 2025 | 1,427.63 | 1,098.18 |
| April 2025 | 1,413.50 | 1,087.31 |
| May 2025 | 1,372.33 | 1,055.64 |
| June 2025 | 1,434.08 | 1,103.14 |
| July 2025 | 1,405.96 | 1,081.51 |
| August 2025 | 1,449.45 | 1,114.96 |
| September 2025 | 1,466.84 | 1,128.34 |
| October 2025 | 1,504.98 | 1,157.67 |
| November 2025 | 1,542.60 | 1,186.62 |
| December 2025 | 1,612.02 | 1,240.01 |
CPCL share prices are expected to see notable fluctuations. In January, the maximum price is projected to be ₹1,384.29 and the minimum price ₹1,064.83. By December, CPCL shares are anticipated to reach a maximum of ₹1,612.02 and a minimum of ₹1,240.01.
| When | Maximum Price | Minimum Price |
| January 2026 | 1,660.38 | 1,277.21 |
| February 2026 | 1,618.87 | 1,245.28 |
| March 2026 | 1,651.25 | 1,270.19 |
| April 2026 | 1,684.95 | 1,296.11 |
| May 2026 | 1,668.26 | 1,283.28 |
| June 2026 | 1,709.97 | 1,315.36 |
| July 2026 | 1,676.44 | 1,289.57 |
| August 2026 | 1,728.29 | 1,329.45 |
| September 2026 | 1,762.86 | 1,356.04 |
| October 2026 | 1,808.69 | 1,391.30 |
| November 2026 | 1,853.91 | 1,426.08 |
| December 2026 | 1,900.25 | 1,461.73 |
| When | Maximum Price | Minimum Price |
| January 2027 | 1,919.26 | 1,476.35 |
| February 2027 | 1,968.47 | 1,514.21 |
| March 2027 | 2,045.24 | 1,573.26 |
| April 2027 | 2,005.14 | 1,542.41 |
| May 2027 | 1,946.73 | 1,497.49 |
| June 2027 | 2,034.34 | 1,564.87 |
| July 2027 | 1,994.45 | 1,534.19 |
| August 2027 | 2,056.13 | 1,581.64 |
| September 2027 | 2,128.10 | 1,637.00 |
| October 2027 | 2,183.43 | 1,679.56 |
| November 2027 | 2,238.01 | 1,721.55 |
| December 2027 | 2,293.96 | 1,764.59 |
| When | Maximum Price | Minimum Price |
| January 2028 | 2,339.84 | 1,799.88 |
| February 2028 | 2,399.84 | 1,846.03 |
| March 2028 | 2,493.43 | 1,918.02 |
| April 2028 | 2,444.54 | 1,880.42 |
| May 2028 | 2,373.34 | 1,825.65 |
| June 2028 | 2,480.14 | 1,907.80 |
| July 2028 | 2,431.51 | 1,870.39 |
| August 2028 | 2,506.71 | 1,928.24 |
| September 2028 | 2,594.45 | 1,995.73 |
| October 2028 | 2,661.90 | 2,047.62 |
| November 2028 | 2,728.45 | 2,098.81 |
| December 2028 | 2,796.66 | 2,151.28 |
| When | Maximum Price | Minimum Price |
| January 2029 | 2,852.60 | 2,194.30 |
| February 2029 | 2,925.74 | 2,250.57 |
| March 2029 | 3,039.84 | 2,338.34 |
| April 2029 | 2,980.24 | 2,292.49 |
| May 2029 | 2,893.44 | 2,225.72 |
| June 2029 | 3,023.64 | 2,325.88 |
| July 2029 | 2,964.35 | 2,280.27 |
| August 2029 | 3,056.03 | 2,350.80 |
| September 2029 | 3,162.99 | 2,433.07 |
| October 2029 | 3,245.23 | 2,496.33 |
| November 2029 | 3,326.36 | 2,558.74 |
| December 2029 | 3,409.52 | 2,622.71 |
| When | Maximum Price | Minimum Price |
| January 2030 | 3,477.71 | 2,675.16 |
| February 2030 | 3,566.89 | 2,743.76 |
| March 2030 | 3,705.99 | 2,850.76 |
| April 2030 | 3,633.33 | 2,794.87 |
| May 2030 | 3,527.50 | 2,713.46 |
| June 2030 | 3,686.24 | 2,835.57 |
| July 2030 | 3,613.96 | 2,779.97 |
| August 2030 | 3,725.73 | 2,865.95 |
| September 2030 | 3,856.13 | 2,966.26 |
| October 2030 | 3,956.39 | 3,043.38 |
| November 2030 | 4,055.30 | 3,119.46 |
| December 2030 | 4,156.68 | 3,197.45 |
Throughout 2030, CPCL share prices are projected to experience significant highs and lows. In January, CPCL shares are expected to have a maximum price of ₹3,477.71 and a minimum price of ₹2,675.16. By December, the maximum price is anticipated to rise to ₹4,156.68, while the minimum price is projected to reach ₹3,197.45.
Financial Condition of CPCL: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 36,973 | 22,222 | 43,068 | 76,271 | 66,024 |
| Expenses + | 39,076 | 20,209 | 40,336 | 70,574 | 61,548 |
| Operating Profit | -2,103 | 2,014 | 2,732 | 5,698 | 4,476 |
| OPM % | -6% | 9% | 6% | 7% | 7% |
| Other Income + | 24 | 107 | 16 | 15 | 13 |
| Interest | 415 | 376 | 413 | 331 | 224 |
| Depreciation | 523 | 467 | 504 | 573 | 606 |
| Profit before tax | -3,016 | 1,277 | 1,832 | 4,809 | 3,660 |
| Tax % | 31% | 81% | 27% | 27% | 26% |
| Net Profit + | -2,078 | 238 | 1,342 | 3,534 | 2,711 |
| EPS in Rs | -139.52 | 15.95 | 90.15 | 237.31 | 182.07 |
| Dividend Payout % | 0% | 0% | 2% | 11% | 30% |
Chennai Petroleum Corporation Limited (CPCL) experienced significant fluctuations in its financial performance from March 2020 to March 2024. Sales dropped from ₹36,973 crore in March 2020 to ₹22,222 crore in March 2021, then recovered to ₹43,068 crore in March 2022, peaking at ₹76,271 crore in March 2023 before slightly dropping to ₹66,024 crore in March 2024. Expenses followed a similar trend, decreasing to ₹20,209 crore in March 2021, then rising to ₹40,336 crore in March 2022, reaching ₹70,574 crore in March 2023, and finally settling at ₹61,548 crore in March 2024. Operating profit turned positive in March 2021 with ₹2,014 crore after a loss of ₹2,103 crore in March 2020, growing to ₹5,698 crore in March 2023 before declining to ₹4,476 crore in March 2024. The Operating Profit Margin (OPM) improved from -6% in March 2020 to 7% in March 2023 and remained steady at 7% in March 2024.
Other income remained minimal, with a high of ₹107 crore in March 2021 and a low of ₹13 crore in March 2024. Interest expenses decreased from ₹415 crore in March 2020 to ₹224 crore in March 2024, while depreciation increased from ₹523 crore in March 2020 to ₹606 crore in March 2024. Profit before tax improved from a loss of ₹3,016 crore in March 2020 to a profit of ₹4,809 crore in March 2023, then slightly decreased to ₹3,660 crore in March 2024. Tax rates varied, with a high of 81% in March 2021, stabilizing around 26-27% in the subsequent years. Net profit turned around from a loss of ₹2,078 crore in March 2020 to a profit of ₹3,534 crore in March 2023, before declining to ₹2,711 crore in March 2024. Earnings per share (EPS) followed this trend, increasing from a loss of ₹139.52 in March 2020 to ₹237.31 in March 2023, then decreasing to ₹182.07 in March 2024. The dividend payout percentage increased significantly from 0% in March 2020 to 30% in March 2024, indicating growing confidence in returning value to shareholders.
FAQS
As of July 18th, 2024, the share price of CPCL is around INR ₹1,221.
Based on various market analyses and expert opinions, the expected share price target of CPCL by 2024 is around INR 1,370.58.
Based on our analysis, CPCL is anticipated to have a trading range between ₹1,055.64 and ₹1,612.02 in the year 2025.
As per our analysis, CPCL share price target for 2030 would be somewhere between ₹2,675.16 and ₹4,156.68.
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Conclusion
In recent years, Chennai Petroleum Corporation Limited (CPCL) has shown resilient financial performance amid fluctuating market conditions. From FY 2020 to FY 2024, CPCL experienced significant sales volatility, which rebounded impressively from ₹22,222 crore to ₹66,024 crore. This recovery was driven by strategic initiatives and effective cost management, resulting in a steady improvement in operating profit margins, reaching 7% by FY 2024. The company’s focus on expansion and modernization, especially with the ongoing upgrade of its Nagapattinam Refinery, highlights its proactive approach to enhancing production capabilities and diversifying its product offerings.
Having said that, we are not a financial advisor. Please consult a SEBI-registered financial advisor before trading CPCL. This post on CPCL share price target from 2024 to 2030 is for educational purposes only.
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