MRPL tumbles after reporting Q1 net loss of Rs 272 cr; GRM drops to $3.88/barrel

Mangalore Refinery & Petrochemicals (MRPL) fell 6.56% to Rs 139.55 after the company reported a standalone net loss of Rs 271.97 crore in Q1 FY26, compared to a net profit of Rs 65.57 crore in Q1 FY25.

Revenue from operations (excluding excise duty) declined 25.3% year-on-year to Rs 17,356.23 crore for the quarter ended 30 June 2025.

The company reported a pre-tax loss of Rs 402.90 crore during the quarter.

MRPL?s total throughput (crude + others) for Q1 FY26 was 3.52 million metric tonnes (MMT), down from 4.35 MMT in Q1 FY25.

Gross refining margin (GRM) fell to $3.88 per barrel in Q1 FY26, compared with $4.70 per barrel in the same quarter last year.

Earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs 218 crore in Q1 FY26, a sharp decline of 66.46% from Rs 650 crore posted in Q1 FY25.

The company also noted that it processed 1,512 TMT of crude oil in April 2025 ? the highest ever for any April ? surpassing the previous record of 1,481 TMT set in April 2022. Additionally, MRPL completed the shutdown of major units in the Phase-2 complex during the quarter.

Mangalore Refinery and Petrochemicals, a subsidiary of ONGC, is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery has flexibility to process crudes of various API, delivering a variety of quality products. As on 30 June 2025, ONGC held 71.63% stake while Hindustan Petroleum Corporation (HPCL) held 16.96% stake in the company.

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