Mangalore Refinery and Petrochemicals Limited has informed the Exchange about Transcript of Conference Call held with Analysts and Investors to discuss the Un-Audited Financial Results for the quarter ended June 30, 2025.
MRPL · price
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Awaiting price reaction for this filing.
MRPL reported weak Q1 FY26 results, with revenue from operations at Rs. 20,983 crores, EBITDA of Rs. 218 crores, and a loss of Rs. 272 crores, mainly due to a planned plant turnaround and inventory losses. Crude throughput fell to 3.52 MMT, and gross refining margin (GRM) came in at $3.88/barrel, well below the $4.7/barrel seen in the same quarter last year. Management indicated that without the shutdown, GRM would have been around $8/barrel, and July cracks are already trending above the Q1 average. The CFO shared that Q1 CapEx was Rs. 537 crores, full-year CapEx is expected at around Rs. 1,000 crores, gross debt is Rs. 13,608 crores with a debt-to-equity ratio of 1.08x, and reducing debt is a stated priority. The company is targeting Q2 throughput above 4.3 MMT, GRMs in the high single digits, and plans to grow retail outlets from 170 to around 270-300 this fiscal year.
Q1 loss was largely driven by a one-time shutdown and inventory impact, so the stock may get a positive read on management's confidence in a strong recovery in Q2. Improved crack spreads, higher throughput guidance, and an explicit focus on debt reduction are constructive signals, though the weak headline numbers may keep the stock range-bound in the near term.