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MRPL Q2 FY26 results: net profit ₹627.36 crore vs ₹696.94 crore loss, revenue down 9.8%
Mangalore Refinery and Petrochemicals Limited (MRPL) reported consolidated revenue of ₹25,953 crore in Q2 FY26, down 9.8% from Q2 FY25 but up 23.7% from Q1 FY26. EBITDA turned to ₹1,489 crore from a loss of ₹473.91 crore a year earlier, while net profit was ₹627.36 crore and basic EPS was ₹3.58.
Key points
- Consolidated revenue was ₹25,953 crore in Q2 FY26, down 9.8% from Q2 FY25 and up 23.7% from Q1 FY26.
- EBITDA was ₹1,489 crore, with an EBITDA margin of 5.7%, compared with a loss of ₹473.91 crore and a margin of -1.6% in Q2 FY25.
- Net profit was ₹627.36 crore, compared with a net loss of ₹696.94 crore in Q2 FY25; basic EPS was ₹3.58.
- In the first half, revenue was ₹46,941 crore, down 16.3% from H1 FY25, while PBT turned to ₹556.76 crore from a loss of ₹962.97 crore.
- At 30 September 2025, borrowings were ₹10,552.33 crore and cash was ₹807.66 crore, compared with ₹12,866.61 crore and ₹10.1 crore at 31 March 2025.
How did MRPL perform in Q2 FY26?
MRPL’s consolidated revenue for the July–September 2025 quarter was ₹25,953 crore, lower by ₹2,833 crore or 9.8% from Q2 FY25. It was higher by ₹4,965 crore or 23.7% from Q1 FY26. Total expenses were ₹25,055 crore, while EBITDA rose to ₹1,489 crore from a loss of ₹473.91 crore in the year-ago quarter and ₹179.59 crore in the previous quarter.
The EBITDA margin was 5.7% in Q2 FY26, compared with -1.6% in Q2 FY25 and 0.9% in Q1 FY26. Profit before tax was ₹959.66 crore, compared with a loss of ₹1,064 crore a year earlier and a loss of ₹402.90 crore in Q1 FY26. Net profit was ₹627.36 crore, while basic EPS was ₹3.58.
On the standalone basis, revenue was ₹25,952.94 crore and profit after tax was ₹638.67 crore, compared with a standalone loss of ₹682.32 crore in the year-ago quarter.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 25,953 | 20,988 | 28,786 | −9.8% | +23.7% |
| Other income | 61.25 | 38.03 | 37.40 | +63.8% | +61.1% |
| Total expenses | 25,055 | 21,429 | 29,887 | −16.2% | +16.9% |
| EBITDA | 1,489 | 179.59 | −473.91 | turned to profit | +728.9% |
| EBITDA margin | 5.7% | 0.9% | -1.6% | +7.3 pp | +4.8 pp |
| Profit before tax | 959.66 | −402.90 | −1,064 | turned to profit | turned to profit |
| Tax | 335.99 | −130.93 | −358.78 | ||
| Net profit | 627.36 | −270.66 | −696.94 | turned to profit | turned to profit |
| EPS (₹) | 3.58 | −1.54 | −3.98 | turned to profit | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in MRPL's costs and profit?
Total expenses fell by ₹4,832 crore or 16.2% from Q2 FY25, with cost of materials down ₹1,988 crore or 8.8% and other expenses lower by ₹172.50 crore or 3.9%. Finance costs decreased by ₹65.52 crore or 23.0%. Employee cost rose by ₹4.54 crore or 2.7%, while depreciation increased by ₹28.62 crore or 8.4%.
Other income increased by ₹23.85 crore or 63.8% from Q2 FY25 to ₹61.25 crore. Tax moved from a credit of ₹358.78 crore to an expense of ₹335.99 crore, a difference of ₹694.77 crore. There was no exceptional item in either quarter.
Against Q1 FY26, total expenses increased by ₹3,626 crore or 16.9%, mainly because cost of materials rose ₹5,376 crore or 35.4%. Other income increased by ₹23.22 crore or 61.1%, while finance costs fell ₹37.96 crore or 14.8%.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 20,551 | 22,539 | −1,988 | −8.8% |
| Employee cost | 173.81 | 169.27 | +4.54 | +2.7% |
| Finance costs | 219.22 | 284.74 | −65.52 | −23.0% |
| Depreciation | 370.97 | 342.35 | +28.62 | +8.4% |
| Other expenses | 4,216 | 4,389 | −172.50 | −3.9% |
| Total expenses | 25,055 | 29,887 | −4,832 | −16.2% |
| Other income | 61.25 | 37.40 | +23.85 | +63.8% |
| Tax | 335.99 | −358.78 | +694.77 |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
In H1 FY26, consolidated revenue was ₹46,940.97 crore, down ₹9,134.35 crore or 16.3% from H1 FY25. Total income was ₹47,040.25 crore, down 16.2%, while total expenses were ₹46,483.49 crore.
PBT moved to ₹556.76 crore from a loss of ₹962.97 crore in H1 FY25. PAT was ₹356.7 crore, compared with a net loss of ₹623.72 crore, and EPS was ₹2.04 against negative EPS of ₹3.56.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 46,941 | 56,075 | −16.3% |
| Profit before tax | 556.76 | −962.97 | turned to profit |
| Net profit | 356.70 | −623.72 | turned to profit |
| EPS (₹) | 2.04 | −3.56 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹35,561.18 crore at 30 September 2025, compared with ₹34,434.88 crore at 31 March 2025. Total equity rose to ₹13,317.95 crore from ₹12,969.65 crore, while borrowings fell to ₹10,552.33 crore from ₹12,866.61 crore. Cash stood at ₹807.66 crore against ₹10.1 crore.
Inventories increased to ₹8,368.74 crore from ₹7,720.18 crore, trade receivables fell to ₹3,324.24 crore from ₹3,511.02 crore, and trade payables rose to ₹8,158.4 crore from ₹5,814.66 crore. H1 FY26 operating cash flow was ₹4,328.24 crore, compared with ₹207.02 crore in H1 FY25.
Investing cash flow was negative ₹733.89 crore against negative ₹326.42 crore a year earlier, while financing cash flow was negative ₹2,796.79 crore against positive ₹128.31 crore. Capital expenditure was ₹753.31 crore, compared with ₹386.95 crore in H1 FY25.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 35,561 | 34,435 |
| Total equity | 13,318 | 12,970 |
| Borrowings | 10,552 | 12,867 |
| Cash and equivalents | 807.66 | 10.10 |
| Inventories | 8,369 | 7,720 |
| Trade receivables | 3,324 | 3,511 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 4,328 | 207.02 |
| Cash from investing | −733.89 | −326.42 |
| Cash from financing | −2,797 | 128.31 |
| Capital expenditure | 753.31 | 386.95 |
Source: Company's results filing (XBRL).
How has MRPL done over the last 8 quarters?
Revenue reached its highest level in the listed period at ₹29,190.05 crore in Q4 FY24 and its lowest at ₹20,988.03 crore in Q1 FY26. It recovered to ₹25,952.94 crore in Q2 FY26, although it remained below ₹28,785.92 crore in Q2 FY25.
PAT bottomed at a loss of ₹696.94 crore in Q2 FY25 and reached its highest level at ₹1,138.5 crore in Q4 FY24. It was ₹627.36 crore in Q2 FY26 after a loss of ₹270.66 crore in Q1 FY26. The EBITDA margin rose from 0.9% in Q1 FY26 to 5.7% in Q2 FY26, after reaching 8.0% in Q4 FY24.
What did MRPL's management say?
Management said Q3 FY26 crude throughput was expected above 4.43 MMT, against 4.4 MMT in Q2 FY26, with no planned turnaround for the balance of FY26. It maintained FY26 capex of about ₹1,500 crore and said it would be enhanced if Phase-4 progressed.
Management said fuel and loss was 10.42% in Q2 FY26 because of post-turnaround plant hiccups and targeted about 10% for the rest of FY26. It said the retail network had 185 outlets, with a target of 250 by the end of FY26 and plans to add 100–130 per year from FY27.
Management said the Sustainable Aviation Fuel project was under implementation with 20 KL/day capacity and was targeting the 1% blending mandate by January 2027. It also said the SET maturity at the end of calendar year 2025 would be paid from internal accruals, with no refinancing planned.
How did MRPL shares react?
The filing appeared after market hours. MRPL moved down 0.7% after 5 minutes, down 1.8% after 15 minutes and down 3.4% after 30 minutes. On the reaction day, the stock was up 0.8% from the previous close, compared with a 0.0% median move for the other Refineries & Marketing stocks.
By the next day's close, MRPL was down 1.0% from its pre-results close, while the industry median was down 0.7%. By the fifth day's close, MRPL was up 2.3%, against a 0.4% decline for the industry median, an excess move of 2.7 percentage points.
Earlier reaction-day moves were down 6.5% on 18 July 2025, up 2.2% on 20 January 2025, down 4.8% on 18 October 2024, down 5.3% on 22 July 2024 and down 7.9% on 3 May 2024.
| After the filing | Stock | Refineries & Marketing median |
|---|---|---|
| 5 minutes | −0.7% | |
| 15 minutes | −1.8% | |
| 30 minutes | −3.4% | |
| Reaction day | +0.8% | +0.0% |
| Next day | −1.0% | −0.7% |
| 5 days | +2.3% | −0.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 18 July 2025 | −6.5% |
| 20 January 2025 | +2.2% |
| 18 October 2024 | −4.8% |
| 22 July 2024 | −5.3% |
| 3 May 2024 | −7.9% |
Source: MarketPing price-reaction measurement.
How did other Refineries & Marketing companies do?
Six other Refineries & Marketing companies had filed for the quarter, with a median revenue growth of 3.5%. One peer grew revenue more slowly than MRPL, while five peers grew faster than MRPL. Eight of the nine peers in the profit comparison reported higher profit.
| MRPL revenue growth (YoY) | −9.8% |
|---|---|
| Median of 6 other Refineries & Marketing companies | +3.5% |
| Companies with slower revenue growth than MRPL | 1 of 6 |
| Companies with faster revenue growth than MRPL | 5 of 6 |
| Companies whose net profit rose | 8 of 9 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was MRPL's revenue in Q2 FY26?
Revenue from operations was ₹25,953 crore, down 9.8% from ₹28,786 crore in Q2 FY25 (consolidated).
Did MRPL make a profit in Q2 FY26?
Yes. Net profit was ₹627.36 crore, against a net loss of ₹696.94 crore in Q2 FY25.
What was MRPL's EPS in Q2 FY26?
Basic earnings per share were ₹3.58, against a loss of ₹3.98 in Q2 FY25.
How did MRPL shares react to the Q2 FY26 results?
On the reaction day the stock moved +0.8% from the previous close; the median Refineries & Marketing stock moved +0.0%.
When did MRPL announce its Q2 FY26 results?
On 15 October 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering Un-Audited Financial Results For The Quarter And Half-Year Ended September 30, 2025. (BSE, 6 October 2025) · PDF
- Outcome of Board Meeting (NSE, 15 October 2025) · PDF
- The earnings call (24 October 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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