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CHENNPETRO - C P C L

📊 NSE: CHENNPETRO 🏢 Refineries 📅 Last Updated: 12/13/2025 20:06

📢 Recent Corporate Announcements

CPCL Reports Record Q4 FY26 GRM of $13.75/bbl and Highest Ever Dividend of ₹62/Share

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Apr 2026, 10:19 PM

Chennai Petroleum (CPCL) delivered a stellar performance in FY26, achieving its highest-ever crude throughput of 11.71 MMT at 112% capacity utilization. The company reported a robust Q4 GRM of $13.75 per barrel, significantly outperforming the Singapore benchmark of $8.70. Financial health improved with the net debt-to-equity ratio dropping to 0.09, supported by a net debt reduction to ₹973 crores. Shareholders were rewarded with a record total dividend of ₹62 per share for the fiscal year.

Achieved record annual crude throughput of 11.71 MMT (112% capacity) and Q4 GRM of $13.75/bbl.
Total dividend for FY26 reached an all-time high of ₹62 per share, including a ₹54 final dividend.
Net debt-to-equity ratio significantly improved to 0.09, with total net debt standing at ₹973 crores.
Recorded highest ever distillate yield of 79.1% and peak production of Diesel (5.139 MMT) and Petrol (1.318 MMT).
Maintained operational stability by securing 55-60% of crude through long-term agreements despite global volatility.

💡 Investors should note the record-high GRMs and significant deleveraging as signs of strong operational efficiency. The stock remains attractive for dividend seekers given the record payout and the company's expansion into retail and niche petrochemical products.

Chennai Petroleum Releases Q4 FY 2025-26 Post-Results Conference Call Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 24 Apr 2026, 07:49 PM

Chennai Petroleum Corporation Limited (CPCL) has officially released the audio recording of its Q4 FY 2025-26 post-results conference call held on April 24, 2026. This disclosure follows the company's quarterly financial results and is in compliance with SEBI Listing Obligations. The recording provides a platform for investors to hear management's perspective on the company's operational performance and future strategy. The company explicitly stated that no unpublished price sensitive information (UPSI) was disclosed during the interaction.

Audio recording of the Q4 FY 2025-26 earnings call is now available on the company's website.
The call was conducted on April 24, 2026, following the earlier results announcement on April 21, 2026.
Filing is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during the session.

💡 Investors should access the recording to understand management's commentary on Gross Refining Margins (GRMs) and future Capex plans. This provides qualitative context that complements the quantitative quarterly financial data.

CPCL Q4 PAT Surges 211% to ₹1,400 Cr; Recommends ₹54 Final Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 07:05 PM

Chennai Petroleum Corporation Limited (CPCL) reported a stellar performance for Q4 FY26, with Profit After Tax (PAT) jumping to ₹1,400 crore from ₹450 crore in the same quarter last year. This growth was primarily driven by a significant expansion in Gross Refining Margins (GRM), which rose to $13.75 per barrel compared to $6.22 YoY. For the full fiscal year, the company achieved a massive turnaround with a PAT of ₹3,062 crore against ₹174 crore in FY25. Operational efficiency remained high with a capacity utilization of 112% and a record distillate yield of 80%.

Q4 PAT increased by 211% YoY to ₹1,400 crore; Full-year PAT surged to ₹3,062 crore.
Gross Refining Margin (GRM) for Q4 improved sharply to $13.75/bbl from $6.22/bbl YoY.
Board recommended a final dividend of ₹54 per share, totaling ₹62 for the year including interim.
Maintained high capacity utilization of 112% with crude throughput of 11.71 MMT for FY26.
Full-year Revenue from Operations grew to ₹78,611 crore from ₹71,050 crore in the previous year.

💡 Investors should react positively to the massive earnings beat and the substantial dividend payout of ₹54 per share. The stock remains a strong play on refining margins and operational efficiency, though global crude volatility remains a key monitorable.

CHENNPETRO FY26 Net Profit Surges to ₹3,062 Cr; Recommends ₹54/Share Final Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 01:12 PM

Chennai Petroleum Corporation Limited (CPCL) reported a massive turnaround in FY26, with annual net profit jumping to ₹3,061.85 crore from just ₹173.53 crore in FY25. The Q4 FY26 net profit also saw a significant rise to ₹1,300.70 crore compared to ₹449.96 crore in the same quarter last year. Reflecting this strong performance, the board recommended a final dividend of ₹54 per share, taking the total dividend for the year to ₹62. While financials are robust, the company faces a minor regulatory hurdle regarding the insufficient number of independent directors on its board.

Annual Net Profit skyrocketed to ₹3,061.85 crore in FY26 from ₹173.53 crore in FY25
Q4 FY26 Net Profit rose to ₹1,300.70 crore, up from ₹449.96 crore in Q4 FY25
Recommended a final dividend of 540% (₹54 per share), totaling ₹62 for the full year including interim
Annual Revenue from Operations increased to ₹78,610.66 crore in FY26 from ₹71,049.91 crore in FY25
Auditors issued an unmodified opinion but noted non-compliance with SEBI norms for independent director count

💡 Investors should react positively to the exceptional profit growth and the high dividend payout of ₹62 per share. The stock remains a strong play for dividend-seeking investors, though the regulatory gap in board composition should be monitored for resolution.

Chennai Petroleum to Host Q4 FY26 Earnings Conference Call on April 24, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Apr 2026, 07:14 PM

Chennai Petroleum Corporation Limited (CPCL) has scheduled a group conference call for Friday, April 24, 2026, at 03:30 PM IST to discuss its financial performance for the fourth quarter of FY 2025-26. The call will be attended by senior management, including the Director of Finance and Chief General Managers from Technical and Finance divisions. Hosted by Elara Securities, the session aims to provide insights into the company's quarterly results and operational highlights. No unpublished price-sensitive information is expected to be shared during this routine disclosure under SEBI regulations.

Earnings conference call for Q4 FY 2025-26 scheduled for April 24, 2026, at 3:30 PM IST.
Management representation includes Shri Rohit Kumar Agrawala, Director (Finance), and other senior CGMs.
The call is organized by Elara Securities (India) Private Limited with international dial-in options for US, UK, and Asia.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should attend the call to understand the company's Gross Refining Margins (GRMs) and outlook on crude oil prices. Key focus areas should be the management's commentary on operational efficiency and any updates on capital expenditure projects.

Chennai Petroleum Submits Q4 FY26 SEBI Regulation 74(5) Compliance Certificate

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 02 Apr 2026, 02:25 PM

Chennai Petroleum Corporation Limited (CPCL) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that securities dematerialized or rematerialized during the quarter ended March 31, 2026, have been processed correctly. This filing is a standard administrative requirement for all listed companies in India to ensure the integrity of shareholding records. It has no impact on the company's financial performance or operational outlook.

Compliance certificate submitted for the quarter ended March 31, 2026.
Certificate issued by Registrar and Transfer Agent (RTA) KFin Technologies Limited.
Confirms adherence to Regulation 74(5) regarding dematerialization of securities.
Verification details have been furnished to both BSE and NSE where shares are listed.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for material performance updates.

CPCL Announces Cessation of Nominee Director M Annadurai Effective March 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Mar 2026, 06:38 PM

Chennai Petroleum Corporation Limited (CPCL) has informed the exchanges about the cessation of Shri M Annadurai as a Non-Executive Nominee Director. This change is effective from March 31, 2026, following his superannuation from the services of Indian Oil Corporation Limited (IOCL), which is the holding company of CPCL. As this is a routine retirement of a nominee director, it does not signify any internal conflict or strategic shift. The board will likely see a new nominee from IOCL in due course to maintain representation.

Shri M Annadurai (DIN: 10870538) ceased to be a Non-Executive Nominee Director on the Board.
The cessation is effective from March 31, 2026, due to his superannuation from IOCL.
IOCL is the holding company of Chennai Petroleum Corporation Limited.
The disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine administrative change due to retirement. Investors should continue to focus on the company's refining margins and operational performance.

Chennai Petroleum Announces Cessation of Two Independent Directors on Tenure Completion

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Mar 2026, 11:13 PM

Chennai Petroleum Corporation Limited (CPCL) has announced that Mr. Ravi Kumar Rungta and Dr. C.K. Shivanna have ceased to be Independent Directors of the company. The change is effective from the close of business hours on March 28, 2026, following the completion of their respective tenures. This is a routine board transition in compliance with SEBI (LODR) Regulations and does not indicate any internal conflict or performance issues. The company will likely appoint new independent directors to fill these vacancies in due course.

Mr. Ravi Kumar Rungta (DIN: 00993270) ceased to be an Independent Director effective March 28, 2026.
Dr. C.K. Shivanna (DIN: 09398521) ceased to be an Independent Director effective March 28, 2026.
The cessations are strictly due to the completion of their official tenures on the board.
The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine administrative update regarding board composition and requires no immediate action from investors. Monitor future filings for the appointment of new independent directors to ensure the board maintains regulatory compliance.

Chennai Petroleum Declares Interim Dividend of Rs 8 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 26 Mar 2026, 04:24 PM

Chennai Petroleum Corporation Limited (CPCL) has announced an interim dividend of Rs 8 per equity share for the financial year 2025-26. This dividend is based on a face value of Rs 10 per share, representing an 80% payout on the face value. The company has designated April 2, 2026, as the record date to identify eligible shareholders. The total dividend payout is expected to be completed by April 25, 2026, providing a direct cash return to investors.

Interim dividend of Rs 8 per equity share declared for FY 2025-26
Record date for dividend eligibility fixed as April 2, 2026
Dividend payment to be completed on or before April 25, 2026
Payout represents 80% of the face value of Rs 10 per share

💡 Investors looking to benefit from this dividend should ensure they hold the stock before the ex-dividend date. The Rs 8 per share payout offers a decent yield for income-focused investors in the PSU refinery space.

Chennai Petroleum Declares Interim Dividend of Rs 8 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 26 Mar 2026, 04:19 PM

Chennai Petroleum Corporation Limited (CHENNPETRO) has announced an interim dividend of Rs 8 per equity share for the financial year 2025-26. The dividend is declared on a face value of Rs 10 per share, representing an 80% payout on the face value. The company has established April 2, 2026, as the record date for determining eligibility. Shareholders can expect the payment to be processed on or before April 25, 2026.

Interim dividend of Rs 8 per equity share declared for FY 2025-26
Record date for dividend eligibility fixed as April 2, 2026
Dividend payment to be completed by April 25, 2026
Payout is based on equity shares with a face value of Rs 10 each

💡 Investors seeking dividend income should ensure they hold the stock before the ex-dividend date to qualify for the Rs 8 per share payout. This announcement reflects healthy cash flow and a commitment to shareholder returns.

Chennai Petroleum to Consider Interim Dividend on March 26, 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 20 Mar 2026, 09:31 PM

Chennai Petroleum Corporation Limited (CPCL) has scheduled a Board Meeting on March 26, 2026, to consider the declaration of an interim dividend for the financial year 2025-26. In compliance with SEBI Insider Trading regulations, the trading window for the company's securities will be closed for insiders starting March 21, 2026. The window will remain closed until 48 hours after the board's decision is communicated to the exchanges. This meeting is a key event for shareholders looking for short-term yield from the public sector refiner.

Board Meeting scheduled for March 26, 2026, to consider interim dividend for FY 2025-26
Trading window for insiders to be closed from March 21, 2026
Trading restriction ends 48 hours after the dividend information is filed with stock exchanges
Announcement made in compliance with SEBI Listing Obligations and Disclosure Requirements

💡 Investors should monitor the outcome of the March 26 board meeting for the dividend quantum and the subsequent record date to ensure eligibility for the payout.

Chennai Petroleum to Close Trading Window from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Mar 2026, 02:42 PM

Chennai Petroleum Corporation Limited (CPCL) has announced the closure of its trading window for all designated insiders starting April 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the upcoming financial results for the quarter and full year ending March 31, 2026. The window will remain shut until 48 hours after the results are officially disclosed to the stock exchanges.

Trading window for insiders to be closed starting April 1, 2026
Closure pertains to the financial results for the quarter and year ending March 31, 2026
Window will reopen 48 hours after the financial results are filed with BSE and NSE
The specific date for the Board Meeting to approve results will be announced in due course

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the future announcement of the Board Meeting date to review the Q4 and FY26 performance.

Chennai Petroleum Reaffirms Top-Tier CRISIL AAA/Stable Credit Rating

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 18 Mar 2026, 11:18 PM

Chennai Petroleum Corporation Limited (CPCL) has announced that CRISIL Ratings has updated its bank-wise facility details without any change to the existing ratings. The company maintains its highest credit rating of 'CRISIL AAA/Stable' for long-term bank facilities and 'CRISIL A1+' for short-term instruments. The update covers fund-based facilities totaling approximately Rs. 7,800 crore and Commercial Papers worth Rs. 7,500 crore. This reaffirmation underscores the company's robust financial health and its ability to meet debt obligations.

CRISIL AAA/Stable rating reaffirmed for long-term bank facilities including a Rs. 3,000 crore limit with State Bank of India.
Short-term rating of CRISIL A1+ maintained for Commercial Papers with a total limit of Rs. 7,500 crore.
Fund-based facilities across multiple lenders including ICICI Bank (Rs. 525 cr), HDFC Bank (Rs. 500 cr), and Indian Bank (Rs. 1,500 cr) remain unchanged.
The update was administrative in nature to comply with RBI requirements for bank-wise facility disclosures.

💡 No immediate action is required as the credit rating remains at the highest possible level, indicating stable financial health. Investors should continue to monitor the company's operational margins and refining spreads.

CPCL Q3 PAT Surges to ₹987 Cr; GRM Improves to $10.97/bbl

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Jan 2026, 08:38 PM

Chennai Petroleum Corporation Limited (CPCL) reported a massive turnaround in Q3 FY2025-26, with Profit After Tax (PAT) soaring to ₹987 crore from just ₹10 crore in the previous year. This performance was driven by a significant improvement in Gross Refining Margins (GRM), which rose to $10.97 per barrel compared to $4.29 per barrel YoY. Operational efficiency remained high with a capacity utilization of 105% and a distillate yield of approximately 80%. For the nine-month period, the company turned profitable with a PAT of ₹1,662 crore against a loss in the prior year.

Q3 PAT jumped to ₹987 crore from ₹10 crore YoY; Revenue grew 24% to ₹19,438 crore.
Gross Refining Margin (GRM) significantly improved to $10.97/bbl from $4.29/bbl in the same quarter last year.
Crude throughput increased to 2.79 MMT with a capacity utilization of 105% during the quarter.
Nine-month PAT reached ₹1,662 crore, reversing a loss of ₹276 crore in the previous year.
Maintained a record distillate yield of approximately 80% for the period, indicating high operational efficiency.

💡 Investors should view this as a strong recovery driven by improved refining margins and operational efficiency. The stock may see positive momentum given the sharp turnaround from marginal profits/losses to significant profitability.

CHENNPETRO Approves Audited Q3 and 9M FY26 Financial Results; No Loan Defaults Reported

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 24 Jan 2026, 07:22 PM

Chennai Petroleum Corporation Limited (CPCL) has officially released its audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The results were approved by the Board of Directors on January 24, 2026, following an Audit Committee recommendation. Significantly, the statutory auditors have issued an unmodified opinion, suggesting no major accounting concerns. The company also confirmed it has maintained a clean credit record with no defaults on loans or debt securities during the period.

Audited Standalone and Consolidated financial results for Q3 and 9M FY26 have been approved.
Statutory auditors issued an Unmodified Opinion on the financial statements, ensuring reporting reliability.
The company reported zero defaults on all outstanding loans, revolving facilities, and debt securities.
No deviations or variations were reported in the utilization of funds from public or rights issues.
The Board meeting concluded at 19:20 hrs on January 24, 2026, following a 18:00 hrs start.

💡 Investors should examine the detailed profit and loss statements for Gross Refining Margins (GRM) and throughput levels. The unmodified audit opinion provides a layer of security regarding the company's financial disclosures.

View All CHENNPETRO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income declined 10.6% from INR 66,385.7 Cr in FY2024 to INR 59,356.0 Cr in FY2025. Standalone sales for the quarter ended June 2024 were INR 17,095 Cr, a 3.5% decrease from INR 17,720 Cr in March 2024. Compounded sales growth over 3 years stands at 11%, while the trailing twelve months (TTM) shows a 5% contraction due to moderation in product crack spreads.

Geographic Revenue Split

The company primarily caters to the South Indian market, with IOCL buying over 90% of CPCL's output to meet regional product requirements. Specific percentage splits for other regions are not disclosed, but the strategic focus remains on the southern region of India.

Profitability Margins

Operating Profit Margin (OPM) fluctuated significantly, recorded at 11% in Sep 2023 but dropping to 4% by June 2024. Net Profit Margin (PAT/OI) fell from 4.1% in FY2024 to a thin 0.3% in FY2025. Gross Refining Margin (GRM) was impacted by inventory losses, falling to $4.22/bbl in FY2025 and further to $3.22/bbl in Q1 FY2026 (including a $1.95/bbl inventory loss).

EBITDA Margin

OPBDIT/OI (EBITDA Margin) saw a sharp decline from 6.9% in FY2024 to 1.9% in FY2025. This 500 basis point drop was driven by the moderation of international product crack spreads and inventory losses of $0.06/bbl in FY2025 compared to gains in previous cycles.

Capital Expenditure

Planned investment for the 9-MMTPA Cauvery Basin Refinery JV is INR 3,000 Cr (CPCL's 25% share of the INR 36,354 Cr to INR 38,830 Cr project). As of March 31, 2025, INR 1,322 Cr has been invested. Annual maintenance capex is projected at INR 200-250 Cr, with additional outlays for value-added projects like LOBS upgrade.

Credit Rating & Borrowing

Maintains a 'CRISIL AAA/Stable/CRISIL A1+' rating. Interest coverage ratio moderated to 4.5x in FY2025 from 20.1x in FY2024 due to lower profitability. Total debt stood at INR 1,920 Cr as of September 30, 2025, following repayments of ~INR 1,400 Cr.

⚙️ Operational Drivers

Raw Materials

Crude oil is the primary raw material, accounting for the vast majority of input costs. Other inputs include additives for lubricating oils.

Import Sources

Majority of crude oil is imported from the Middle East. Approximately 30% of sourcing comes from 'opportunity crudes,' which have been predominantly Russian crudes over the last two years due to available discounts.

Key Suppliers

Sourcing is primarily managed through parent company Indian Oil Corporation Limited (IOCL) via pooled crude oil procurement to leverage bulk purchase benefits.

Capacity Expansion

Current installed capacity is 10.5 MMTPA at the Manali refinery. A 9-MMTPA expansion is planned at the Cauvery Basin Refinery (Nagapattinam) through a JV with IOCL, with a Commercial Operations Date (COD) expected by April 2029.

Raw Material Costs

Raw material costs are highly sensitive to international crude prices and INR-USD parity. Inventory levels of ~40 days make the company vulnerable to price fluctuations; for instance, an inventory loss of $1.95/bbl was recorded in Q1 FY2026.

Manufacturing Efficiency

Refinery ran at full capacity in FY2024 with no major shutdowns. FY2025 saw lower efficiency due to planned Maintenance & Inspection (M&I) shutdowns of primary and secondary units, which increased startup/shutdown costs.

Logistics & Distribution

Distribution is largely handled by IOCL, which buys 90% of the output. CPCL is also entering the direct retail segment with 300 planned outlets starting FY2026 to improve distribution margins.

📈 Strategic Growth

Expected Growth Rate

11%

Growth Strategy

Growth will be driven by the 9-MMTPA Cauvery Basin refinery expansion, increasing petrochemical intensity to 6% (Polypropylene), and upgrading Naphtha/HSD to high-margin Group-II and III Lube Oil Based Stocks (LOBS). The company is also diversifying into the retail marketing segment with 300 branded outlets over 5 years.

Products & Services

LPG, Motor Spirit (Petrol), Superior Kerosene, Aviation Turbine Fuel (ATF), High Speed Diesel (HSD), Naphtha, Fuel Oil, Lube Base Stocks, Bitumen, Paraffin Wax, Hexane, and Sulphur.

Brand Portfolio

CPCL (for specialty products and upcoming retail outlets), IOCL (for primary fuel marketing).

New Products/Services

Group-II and Group-III Lube Oil Based Stocks (LOBS) and Polypropylene from the new refinery JV. Retail fuel marketing is a new service segment starting FY2026.

Market Expansion

Expansion of retail footprint in South India with 300 outlets starting FY2026. The Cauvery Basin project targets increased petrochemical yield to capture value-added segments.

Market Share & Ranking

Major refiner in South India; specific national market share percentage not provided but strategic importance to IOCL is highlighted.

Strategic Alliances

Joint Venture with IOCL for the Nagapattinam refinery where IOCL holds 75% and CPCL holds 25% equity.

🌍 External Factors

Industry Trends

The industry is shifting toward petrochemical integration to offset volatile fuel margins. India remains dependent on oil imports, but there is a long-term shift toward net-zero goals, with CPCL targeting 2046 for carbon neutrality.

Competitive Landscape

Competes with other domestic refiners, though the 90% offtake agreement with IOCL and strategic location in Tamil Nadu provide a protected market share.

Competitive Moat

Moat is built on high Nelson Complexity (10.03), which allows processing of cheaper, heavy crudes, and a guaranteed offtake agreement with IOCL. This is sustainable as long as IOCL maintains its dominant market position in South India.

Macro Economic Sensitivity

Highly sensitive to global crude oil prices and the INR-USD exchange rate. A weakening rupee increases the cost of imported crude, while global demand shifts affect crack spreads.

Consumer Behavior

Increasing demand for value-added products like lubricants and petrochemicals (Polypropylene) is driving the shift in refinery configuration.

Geopolitical Risks

Geopolitical tensions (e.g., Russia-Ukraine) impact crude availability and pricing. Russian crude currently provides a cost advantage but remains subject to international sanctions and trade shifts.

⚖️ Regulatory & Governance

Industry Regulations

Subject to tightening environmental and safety regulations. Margins are influenced by import duty differentials on crude vs. finished products.

Environmental Compliance

Targeting net-zero carbon emissions by 2046. Compliant with BS-VI fuel specifications. ISO 27001:2022 certified for Information Security Management.

Taxation Policy Impact

Effective tax rate is approximately 27% as of the June 2024 quarter.

⚠️ Risk Analysis

Key Uncertainties

Volatility in international crude prices and crack spreads can swing PAT from INR 2,708 Cr to INR 155 Cr (as seen between FY24 and FY25). Project execution risk for the INR 38,830 Cr Cauvery Basin refinery could impact future credit metrics.