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MRPL Q2 FY27 results: net profit ₹1,901 crore vs ₹627.36 crore, revenue up 37.1%
Mangalore Refinery and Petrochemicals Limited (MRPL) reported consolidated revenue of ₹35,590 crore for Q2 FY27, up 37.1% from a year earlier but down 14.5% from Q1 FY27. Consolidated net profit stood at ₹1,901 crore against ₹627.36 crore in Q2 FY26, with basic EPS of ₹10.85 and EBITDA margin of 9.2%.
Key points
- Consolidated revenue was ₹35,590 crore in Q2 FY27, up 37.1% year on year and down 14.5% sequentially from ₹41,609 crore in Q1 FY27.
- EBITDA was ₹3,279 crore, up 120.3% from ₹1,489 crore a year earlier, with the margin at 9.2% against 5.7%.
- Consolidated net profit was ₹1,901 crore against ₹627.36 crore in Q2 FY26, and basic EPS rose to ₹10.85 from ₹3.58.
- For H1 FY27, revenue was ₹77,199.36 crore and net profit was ₹2,846.44 crore, against ₹46,940.97 crore and ₹356.70 crore in H1 FY26.
- The board declared an interim dividend of ₹3 per share, with 21 October 2026 fixed as the record date.
How did MRPL perform in Q2 FY27?
MRPL reported consolidated revenue of ₹35,590 crore for the September 2026 quarter, up 37.1% from ₹25,953 crore in Q2 FY26 but down 14.5% from ₹41,609 crore in Q1 FY27. Total income was ₹35,639.91 crore in Q2 FY27, against ₹26,014.19 crore a year earlier and ₹41,679.85 crore in the previous quarter. The company filed both standalone and consolidated un-audited results, and the figures here are on the consolidated basis.
Consolidated EBITDA rose to ₹3,279 crore in Q2 FY27 from ₹1,489 crore in Q2 FY26 and ₹1,318 crore in Q1 FY27. The EBITDA margin was 9.2%, up 3.5 percentage points from 5.7% a year earlier and 6.0 percentage points from 3.2% in the previous quarter. Profit before tax was ₹2,519 crore, up 162.5% year on year and 107.4% sequentially.
Consolidated net profit was ₹1,901 crore in Q2 FY27, against ₹627.36 crore in Q2 FY26 and ₹945.68 crore in Q1 FY27, while the net profit margin moved to 5.3% from 2.4% a year earlier. Basic EPS was ₹10.85, compared with ₹3.58 a year earlier and ₹5.40 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 35,590 | 41,609 | 25,953 | +37.1% | −14.5% |
| Other income | 49.51 | 70.89 | 61.25 | −19.2% | −30.2% |
| Total expenses | 33,002 | 40,937 | 25,055 | +31.7% | −19.4% |
| EBITDA | 3,279 | 1,318 | 1,489 | +120.3% | +148.9% |
| EBITDA margin | 9.2% | 3.2% | 5.7% | +3.5 pp | +6.0 pp |
| Profit before tax | 2,519 | 1,215 | 959.66 | +162.5% | +107.4% |
| Tax | 638.04 | 299.99 | 335.99 | +89.9% | +112.7% |
| Net profit | 1,901 | 945.68 | 627.36 | +203.0% | +101.0% |
| EPS (₹) | 10.85 | 5.40 | 3.58 | +203.1% | +100.9% |
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 rose 31.7% year on year to ₹33,002 crore in Q2 FY27, slower than the 37.1% rise in revenue. Cost of materials consumed was the largest line at ₹29,109 crore, up ₹8,558 crore or 41.6% from ₹20,551 crore in Q2 FY26, while total expenses fell 19.4% from ₹40,937 crore in Q1 FY27, with cost of materials down ₹6,133 crore from ₹35,242 crore.
Employee cost was ₹179.07 crore, up ₹5.26 crore or 3.0% from a year earlier, finance costs were ₹283.85 crore, up ₹64.63 crore or 29.5%, and depreciation was ₹406.89 crore, up ₹35.92 crore or 9.7%. Other expenses were ₹3,939 crore, lower by ₹277.44 crore or 6.6%, and other income fell to ₹49.51 crore from ₹61.25 crore, down ₹11.74 crore or 19.2%.
The quarter carried an exceptional charge of ₹118.76 crore, while Q2 FY26 had no exceptional item. Tax expense rose ₹302.05 crore or 89.9% to ₹638.04 crore from ₹335.99 crore, which the auditors' report links in part to the loss from a fire at the CHT Unit on 30 September 2026.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 29,109 | 20,551 | +8,558 | +41.6% |
| Employee cost | 179.07 | 173.81 | +5.26 | +3.0% |
| Finance costs | 283.85 | 219.22 | +64.63 | +29.5% |
| Depreciation | 406.89 | 370.97 | +35.92 | +9.7% |
| Other expenses | 3,939 | 4,216 | −277.44 | −6.6% |
| Total expenses | 33,002 | 25,055 | +7,948 | +31.7% |
| Other income | 49.51 | 61.25 | −11.74 | −19.2% |
| Tax | 638.04 | 335.99 | +302.05 | +89.9% |
| Exceptional items | −118.76 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, MRPL reported consolidated revenue of ₹77,199.36 crore, up 64.5% from ₹46,940.97 crore in H1 FY26. Total income was ₹77,319.76 crore against ₹47,040.25 crore, and profit before tax rose to ₹3,733.74 crore from ₹556.76 crore.
Consolidated net profit for H1 FY27 was ₹2,846.44 crore, against ₹356.70 crore in H1 FY26, with basic EPS of ₹16.24 compared with ₹2.04. The half-year figures include the Q1 FY27 exceptional gain of ₹471.76 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 77,199 | 46,941 | +64.5% |
| Profit before tax | 3,734 | 556.76 | +570.6% |
| Net profit | 2,846 | 356.70 | +698.0% |
| EPS (₹) | 16.24 | 2.04 | +696.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹47,575.87 crore as on 30 September 2026, against ₹44,481.23 crore at 31 March 2026. Total equity rose to ₹17,038.27 crore from ₹14,196.87 crore, while borrowings fell to ₹9,245.26 crore from ₹14,333.70 crore and cash and cash equivalents were ₹693.61 crore against ₹564.48 crore.
Inventories rose to ₹16,749.90 crore from ₹14,421.56 crore, trade receivables to ₹7,479.89 crore from ₹6,058.80 crore, and trade payables to ₹14,794.62 crore from ₹11,062.92 crore. For H1 FY27, operating cash flow was ₹6,008.98 crore against ₹4,328.24 crore in H1 FY26, investing cash flow was negative ₹429.75 crore against negative ₹733.89 crore, and financing cash flow was negative ₹5,450.10 crore against negative ₹2,796.79 crore.
Capital expenditure in H1 FY27 was ₹440.20 crore, against ₹753.31 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 47,576 | 44,481 |
| Total equity | 17,038 | 14,197 |
| Borrowings | 9,245 | 14,334 |
| Cash and equivalents | 693.61 | 564.48 |
| Inventories | 16,750 | 14,422 |
| Trade receivables | 7,480 | 6,059 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 6,009 | 4,328 |
| Cash from investing | −429.75 | −733.89 |
| Cash from financing | −5,450 | −2,797 |
| Capital expenditure | 440.20 | 753.31 |
Source: Company's results filing (XBRL).
How has MRPL done over the last 8 quarters?
Revenue has risen year on year in each of the last four quarters. It reached ₹41,608.96 crore in Q1 FY27 before easing to ₹35,590.40 crore in Q2 FY27, and the earlier peak was ₹29,720.13 crore in Q3 FY26. The low in the series shown was ₹20,988.03 crore in Q1 FY26.
Net profit bottomed at a loss of ₹270.66 crore in Q1 FY26 and peaked at ₹1,900.76 crore in Q2 FY27, having been ₹1,450.89 crore in Q3 FY26 and ₹116.99 crore in Q4 FY26. The EBITDA margin bottomed at 0.9% in Q1 FY26, peaked at 9.4% in Q3 FY26 and was 9.2% in Q2 FY27.
What else did the company announce?
At its meeting on 14 October 2026, the board approved the standalone and consolidated un-audited financial results for the quarter and half year ended 30 September 2026, along with the limited review report. The board also declared an interim dividend of ₹3 per fully paid-up equity share of ₹10 each for FY27 and fixed 21 October 2026 as the record date, with payment to eligible shareholders on or before 30 November 2026.
What did the auditors point out?
The auditors' report includes an emphasis of matter drawing attention to Note 5 of the financial results, which describes a fire at the company's CHT Unit in Phase III of the refinery complex on 30 September 2026. The fire damaged a portion of property, plant and equipment and intermediary stock. The company has estimated the initial loss at ₹118.76 crore, comprising the carrying value of the damaged property, plant and equipment, an estimated replacement value of approximately ₹225 crore, and losses relating to inventories and other incidental expenses, which has been provided for and disclosed as an exceptional item. The report also states that nothing has come to the auditors' attention that causes them to believe the information required under Regulation 33 and 52 of the SEBI (LODR) Regulations, 2015 has not been disclosed, or that it contains any material misstatement.
How did MRPL shares react?
MRPL's results appeared after market hours. From the price when the filing appeared, the stock fell 3.5% within five minutes, 7.0% within 15 minutes and 8.7% within 30 minutes. On the reaction day it closed 5.8% below the previous close of ₹185.35.
By the next day's close the stock was down 6.7% from its pre-results close, and by the fifth session it was down 12.8%. The Refineries & Marketing sector median moved 0.2% lower on the reaction day, 0.5% lower by the next day and 2.7% lower over five sessions, leaving MRPL behind the sector median by 5.6 percentage points, 6.2 percentage points and 10.1 percentage points.
The Nifty Smallcap 250 fell 1.2% on the reaction day, 1.1% by the next day's close and 8.1% over five sessions. MRPL's earlier results-day moves included gains of 11.3% on 15 July 2026, 7.7% on 14 January 2026 and 2.2% on 20 January 2025, and falls of 7.9% on 24 April 2026, 6.5% on 18 July 2025, 4.8% on 18 October 2024 and 5.3% on 22 July 2024.
| After the filing | Stock | Refineries & Marketing median |
|---|---|---|
| 5 minutes | −3.5% | |
| 15 minutes | −7.0% | |
| 30 minutes | −8.7% | |
| Reaction day | −5.8% | −0.2% |
| Next day | −6.7% | −0.5% |
| 5 days | −12.8% | −2.7% |
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 |
|---|---|
| 15 July 2026 | +11.3% |
| 24 April 2026 | −7.9% |
| 14 January 2026 | +7.7% |
| 15 October 2025 | +0.8% |
| 18 July 2025 | −6.5% |
| 20 January 2025 | +2.2% |
| 18 October 2024 | −4.8% |
| 22 July 2024 | −5.3% |
Source: MarketPing price-reaction measurement.
How did other Refineries & Marketing companies do?
Seven other Refineries & Marketing companies that have filed for this quarter were compared, and their median revenue growth was 26.0%, below MRPL's 37.1% growth. All seven peers grew more slowly than MRPL, and none grew faster. Of the six peers whose profit was compared, three reported higher profit.
| MRPL revenue growth (YoY) | +37.1% |
|---|---|
| Median of 7 other Refineries & Marketing companies | +26.0% |
| Companies with slower revenue growth than MRPL | 7 of 7 |
| Companies with faster revenue growth than MRPL | 0 of 7 |
| Companies whose net profit rose | 3 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was MRPL's revenue in Q2 FY27?
Revenue from operations was ₹35,590 crore, up 37.1% from ₹25,953 crore in Q2 FY26 (consolidated).
Did MRPL make a profit in Q2 FY27?
Yes. Net profit was ₹1,901 crore, against a net profit of ₹627.36 crore in Q2 FY26.
What was MRPL's EPS in Q2 FY27?
Basic earnings per share were ₹10.85, against ₹3.58 in Q2 FY26.
How did MRPL shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.8% from the previous close; the median Refineries & Marketing stock moved −0.2%.
When did MRPL announce its Q2 FY27 results?
On 14 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting For Considering Un-Audited Financial Results For The Quarter And Half-Year Ended September 30, 2026. (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting (BSE, 14 October 2026) · PDF
- Results- Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 14 October 2026) · PDF
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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