MRPL posts ₹272 crore Q1 loss for FY26 amid revenue and margin decline

MRPL posts ₹272 crore Q1 loss for FY26 amid revenue and margin decline

Mangalore Today News Network

Mangaluru, July 19, 2025: Mangalore Refinery and Petrochemicals Ltd (MRPL), a Schedule "A" Mini Ratna Category-I company and subsidiary of ONGC, reported a consolidated net loss of ₹272 crore for the first quarter of FY 2025-26, marking a sharp downturn from the ₹66 crore profit posted in the same period last year.

The company’s Board of Directors approved the Q1 results at its 270th meeting held on July 18, MRPL said in a statement.

The financial performance reflects a decline in revenue from operations, which dropped to ₹20,988 crore in Q1 FY26, compared to ₹27,289 crore in Q1 FY25.

MRPL’s Gross Refining Margin (GRM)—a key profitability metric for refineries—fell to USD 3.88 per barrel, down from USD 4.70 per barrel year-on-year.

The refinery processed 3.52 million metric tonnes (MMT) of crude and feedstock during the quarter, lower than the 4.35 MMT processed in the corresponding quarter of FY25. Despite the overall drop, MRPL achieved a notable operational milestone by processing 1,512 TMT of crude in April 2025—its highest ever for that month—surpassing the previous record of 1,481 TMT in April 2022.

During the quarter, MRPL also completed the planned shutdown of major units in its Phase-2 complex for maintenance.

On a standalone basis, EBITDA fell to ₹218 crore from ₹650 crore a year earlier. Profit Before Tax was negative at ₹403 crore, compared to a profit of ₹101 crore in Q1 FY25.

The consolidated loss after tax attributable to owners stood at ₹271 crore, against a profit of ₹73 crore in the same period last year.

Despite the setback, MRPL reaffirmed its strategic importance in India’s energy sector and expressed confidence in a recovery in the coming quarters, supported by the resumption of operations and anticipated improvement in refining margins.