Chennai Petroleum Corporation Limited (CPCL), initially known as Madras Refineries Limited (MRL), is a subsidiary of Indian Oil Corporation Limited and operates under the Ministry of Petroleum and Natural Gas of the Government of India. Established in 1965 as a joint venture between the Government of India (GOI), Amoco, and the National Iranian Oil Company (NIOC), CPCL had an original shareholding structure of 74%, 13%, and 13%, respectively. The company set up its refinery with a capacity of 2.5 million tonnes per year in just 27 months at a cost of ₹430 million (US$5.2 million). Over time, the shareholding pattern shifted, with Amoco disinvesting in 1985 and the GOI conducting a public share issue in 1994 that was oversubscribed by 27 times, drawing over 90,000 shareholders. Currently, Indian Oil Corporation Limited (IOCL) owns 51.88% of CPCL, with NIOC retaining its stake.
CPCL runs two refineries with a combined capacity of 11.5 million tonnes per year. The Manali Refinery in Chennai, boasting a capacity of 10.5 million tonnes per year, is among India’s most advanced refineries, producing fuel, lubricants, wax, and petrochemical feedstocks. The Nagapattinam Refinery, located in the Cauvery basin at Panagudi, started with a 0.5 million tonnes per year capacity, later increased to 1.0 million tonnes per year. This refinery is now being upgraded to a capacity of 9.0 million tonnes per year with an investment of ₹27,000 crore (US$3.2 billion), expected to be completed by 2022, significantly enhancing CPCL’s capacity. The company’s product range 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. CPCL’s wax plant, with a 30,000 tonnes per annum capacity, produces paraffin wax for various uses, while its propylene plant, upgraded in 2004, has a capacity of 30,000 tonnes per annum. Additionally, CPCL supplies LABFS to a downstream unit for the production of linear alkyl benzene.
Shareholding Patterns of CPCL
| 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 shows significant changes among different investor categories. Promoters consistently held 67.29% of the shares, ensuring stable control over the company. Foreign Institutional Investors (FIIs) increased their stake from 8.49% in June 2023 to 15.77% by June 2024, indicating rising foreign interest in CPCL. Conversely, Domestic Institutional Investors (DIIs) reduced their holdings from 1.97% to 0.79% during the same period. Public shareholding decreased from 22.25% to 16.14%, suggesting a shift towards institutional investment. Throughout this time, the number of shareholders grew from 98,284 to 117,204, reflecting an expanding investor base and heightened interest in the company’s future prospects.
How to Purchase CPCL Shares in India?
Below are the trading platforms that you can use to purchase CPCL shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
CPCL Share Price Prediction: 2024 - 2030
CPCL Share Price Prediction 2024
| When | Maximum Price | Minimum Price |
| July 2024 | 1,219.50 | 1,060.44 |
| August 2024 | 1,268.28 | 1,102.86 |
| September 2024 | 1,319.02 | 1,146.97 |
| October 2024 | 1,293.15 | 1,124.48 |
| November 2024 | 1,344.88 | 1,169.46 |
| December 2024 | 1,358.33 | 1,181.15 |
In 2024, the CPCL Share is expected to see notable fluctuations. In July 2024, the projected maximum price of CPCL Share is ₹1,219.50, while the minimum is anticipated to be ₹1,060.44. Moving forward, by December 2024, the CPCL Share is expected to reach a maximum of ₹1,358.33 and a minimum of ₹1,181.15.
CPCL Share Price Target 2025
| When | Maximum Price | Minimum Price |
| January 2025 | 1,371.91 | 1,055.32 |
| February 2025 | 1,385.77 | 1,065.98 |
| March 2025 | 1,414.87 | 1,088.36 |
| April 2025 | 1,400.86 | 1,077.59 |
| May 2025 | 1,360.06 | 1,046.20 |
| June 2025 | 1,421.26 | 1,093.28 |
| July 2025 | 1,393.39 | 1,071.84 |
| August 2025 | 1,436.49 | 1,104.99 |
| September 2025 | 1,453.73 | 1,118.25 |
| October 2025 | 1,491.52 | 1,147.33 |
| November 2025 | 1,528.81 | 1,176.01 |
| December 2025 | 1,597.61 | 1,228.93 |
As we step into 2025, CPCL Share prices are projected to show significant variation throughout the year. In January, the expected maximum price is ₹1,371.91 and the minimum is ₹1,055.32. By June, these prices are projected to rise to a maximum of ₹1,421.26 and a minimum of ₹1,093.28. In July, the maximum is anticipated to be ₹1,393.39 and the minimum ₹1,071.84. By December, CPCL Share prices are expected to peak at a maximum of ₹1,597.61 and a minimum of ₹1,228.93.
CPCL Share Price Prediction 2026
| When | Maximum Price | Minimum Price |
| January 2026 | 1,645.54 | 1,265.80 |
| February 2026 | 1,604.40 | 1,234.15 |
| March 2026 | 1,636.49 | 1,258.84 |
| April 2026 | 1,669.88 | 1,284.53 |
| May 2026 | 1,653.35 | 1,271.81 |
| June 2026 | 1,694.68 | 1,303.60 |
| July 2026 | 1,661.45 | 1,278.04 |
| August 2026 | 1,712.84 | 1,317.57 |
| September 2026 | 1,747.10 | 1,343.92 |
| October 2026 | 1,792.52 | 1,378.86 |
| November 2026 | 1,837.33 | 1,413.33 |
| December 2026 | 1,883.27 | 1,448.67 |
CPCL Share Price Prediction 2027
| When | Maximum Price | Minimum Price |
| January 2027 | 1,902.10 | 1,463.15 |
| February 2027 | 1,950.87 | 1,500.67 |
| March 2027 | 2,026.96 | 1,559.20 |
| April 2027 | 1,987.21 | 1,528.62 |
| May 2027 | 1,929.33 | 1,484.10 |
| June 2027 | 2,016.15 | 1,550.89 |
| July 2027 | 1,976.62 | 1,520.48 |
| August 2027 | 2,037.75 | 1,567.50 |
| September 2027 | 2,109.07 | 1,622.36 |
| October 2027 | 2,163.91 | 1,664.55 |
| November 2027 | 2,218.01 | 1,706.16 |
| December 2027 | 2,273.46 | 1,748.81 |
CPCL Share Price Target 2028
| When | Maximum Price | Minimum Price |
| January 2028 | 2,318.93 | 1,783.79 |
| February 2028 | 2,378.39 | 1,829.53 |
| March 2028 | 2,471.14 | 1,900.88 |
| April 2028 | 2,422.69 | 1,863.61 |
| May 2028 | 2,352.13 | 1,809.33 |
| June 2028 | 2,457.97 | 1,890.75 |
| July 2028 | 2,409.78 | 1,853.67 |
| August 2028 | 2,484.30 | 1,911.00 |
| September 2028 | 2,571.25 | 1,977.89 |
| October 2028 | 2,638.11 | 2,029.31 |
| November 2028 | 2,704.06 | 2,080.05 |
| December 2028 | 2,771.66 | 2,132.05 |
CPCL Share Price Prediction 2029
| When | Maximum Price | Minimum Price |
| January 2029 | 2,827.10 | 2,174.69 |
| February 2029 | 2,899.58 | 2,230.45 |
| March 2029 | 3,012.67 | 2,317.44 |
| April 2029 | 2,953.60 | 2,272.00 |
| May 2029 | 2,867.57 | 2,205.82 |
| June 2029 | 2,996.61 | 2,305.08 |
| July 2029 | 2,937.85 | 2,259.89 |
| August 2029 | 3,028.71 | 2,329.78 |
| September 2029 | 3,134.72 | 2,411.32 |
| October 2029 | 3,216.22 | 2,474.02 |
| November 2029 | 3,296.63 | 2,535.87 |
| December 2029 | 3,379.04 | 2,599.26 |
CPCL Share Price Target 2030
| When | Maximum Price | Minimum Price |
| January 2030 | 3,446.62 | 2,651.25 |
| February 2030 | 3,535.00 | 2,719.23 |
| March 2030 | 3,672.86 | 2,825.28 |
| April 2030 | 3,600.85 | 2,769.88 |
| May 2030 | 3,495.97 | 2,689.21 |
| June 2030 | 3,653.29 | 2,810.22 |
| July 2030 | 3,581.65 | 2,755.12 |
| August 2030 | 3,692.43 | 2,840.33 |
| September 2030 | 3,821.66 | 2,939.74 |
| October 2030 | 3,921.02 | 3,016.17 |
| November 2030 | 4,019.05 | 3,091.58 |
| December 2030 | 4,119.53 | 3,168.87 |
In 2030, projected prices for CPCL show a varied range throughout the year. In January, the maximum price is expected to reach ₹3,446.62, with a minimum of ₹2,651.25. February sees a slight increase with a maximum of ₹3,535.00 and a minimum of ₹2,719.23. March anticipates further growth to a maximum of ₹3,672.86 and a minimum of ₹2,825.28. April’s projections hover around a maximum of ₹3,600.85 and a minimum of ₹2,769.88. May is expected to see a maximum of ₹3,495.97 and a minimum of ₹2,689.21. June’s figures rise to a maximum of ₹3,653.29 and a minimum of ₹2,810.22. July’s projected maximum price is ₹3,581.65, with a minimum of ₹2,755.12. August sees a further increase to a maximum of ₹3,692.43 and a minimum of ₹2,840.33. September’s projections show a maximum of ₹3,821.66 and a minimum of ₹2,939.74. October is expected to have a maximum of ₹3,921.02 and a minimum of ₹3,016.17. November anticipates a maximum of ₹4,019.05 and a minimum of ₹3,091.58. Finally, December 2030 is projected to see the highest prices of the year, with a maximum of ₹4,119.53 and a minimum of ₹3,168.87.
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) has shown significant fluctuations in its financial performance from March 2020 to March 2024. Sales experienced a sharp decline from ₹36,973 crore in March 2020 to ₹22,222 crore in March 2021, followed by a substantial recovery 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. Correspondingly, 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. It continued to grow, reaching ₹5,698 crore in March 2023 before slightly 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 throughout the period, with a high of ₹107 crore in March 2021 and a low of ₹13 crore in March 2024.
Interest expenses gradually 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. The profit before tax improved significantly from a loss of ₹3,016 crore in March 2020 to a profit of ₹4,809 crore in March 2023, followed by a slight decrease 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 saw a turnaround 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) reflected this trend, with a notable increase from a loss of ₹139.52 in March 2020 to ₹237.31 in March 2023, followed by a decrease to ₹182.07 in March 2024. The dividend payout percentage increased significantly, from 0% in March 2020 to 30% in March 2024, indicating a growing confidence in returning value to shareholders.
FAQS
What is the current share price of CPCL?
As of July 18th, 2024, the share price of CPCL is around INR ₹1,212.
What is the expected share price target of CPCL by 2024?
Based on various market analyses and expert opinions, the expected share price target of CPCL by 2024 is around INR 1,358.33.
Can CPCL share price reach INR 2000 by 2025?
It is unlikely for the share price of CPCL to reach INR 2000 by 2025.
What is CPCL share price target for 2025?
Based on our analysis, CPCL is anticipated to have a trading range between ₹1,046.20 and ₹1,597.61 in the year 2025.
What is CPCL share price target for 2030?
As per our analysis, CPCL share price target for 2030 would be somewhere between ₹2,651.25 and ₹4,119.53.
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Conclusion
In recent years, Chennai Petroleum Corporation Limited (CPCL) has demonstrated a resilient financial performance amidst dynamic market conditions. From FY 2020 to FY 2024, CPCL navigated significant fluctuations in its sales, which rebounded impressively from ₹22,222 crore to ₹66,024 crore. This recovery was bolstered by strategic initiatives and effective cost management, reflected in the steady improvement of operating profit margins to 7% by FY 2024. The company’s commitment to expansion and modernization, particularly with the ongoing upgrade of its Nagapattinam Refinery, underscores 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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