Chennai Petroleum Corporation Moat Analysis: Score & Risks
Chennai Petroleum Corporation Ltd.
A first-pass moat teardown of Chennai Petroleum Corporation Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow (capped) read — primary edge in Cost Advantage. Provisional, single-pass evidence.
Chennai Petroleum Corporation Ltd. scores 5.65 on MoatSCORE 6.0 — a narrow (capped) moat in Oil & Gas. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“your Company achieved a crude throughput of 10.454 MMT, representing 99.6% capacity utilization, despite a planned turnaround undertaken during the year.”
“Tripartite agreement with IOC, BPC & HPC for product supply.”
“Similar trend of lower GRM's is visible in the industry at varying scale”
“We have been continuously achieving a premium GRM earnings over Singapore GRM”
“However, since Motor Sprit (petrol), High Speed Diesel and Aviation Turbine Fuel continued to be outside the purview of GST, under-recoveries on account of restrictions in availing of input tax credit proportionately are being borne by the Company.”
“GRM for the year 2018-19 was lower at $3.70/bbl as compared to $6.42/bbl in the year 2017-18”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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