Transcript of Conference Call held with Analysts and Investors to discuss the Audited Financial Results for the quarter and year ended March 31, 2025.

MRPL, an ONGC subsidiary, held an analyst call discussing Q4 and FY25 results. Q4 GRM came in at $6.23/barrel (including ~$0.42 inventory gain), with PBT of INR584 crores, 25% above Q3. Full-year FY25 GRM was $4.45/barrel and PBT was INR113 crores. The refinery hit a record crude throughput of 18 million tons at 120% capacity utilization, with distillate yield at 82% for the year. Value-added products improved sharply: ATF output up 31%, reformat up 50%, benzene up 65%. Management guided FY26 GRM of INR6-6.5 per barrel and pegged capex at around INR1,000 crores each for FY26 and FY27. Retail network expansion continues with 167 outlets currently and a target to add 150 more this year, aiming for 300 TKL retail volumes.