MRPL Q1 results: MRPL reports Rs 272 crore loss as revenue and refining margins dip, crude throughput falls YoY

Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of ONGC and a Schedule 'A' Mini Ratna Category-I company, on Saturday reported a consolidated net loss of Rs 272 crore for the first quarter of FY26, reversing from a Rs 66 crore profit in the same period last year.

The company’s board approved the Q1 results during its 270th meeting held on July 18. MRPL said the loss was driven by a decline in revenue and lower refining margins , PTI reported. Revenue from operations in the June quarter dropped to Rs 20,988 crore, from Rs 27,289 crore in Q1FY25. Gross Refining Margin (GRM) slipped to $3.88 per barrel from $4.70 per barrel year-on-year.

“Refinery throughput stood at 3.52 million metric tonnes (MMT) of crude and other feedstocks, compared to 4.35 MMT in the year-ago quarter,” the company said in a statement. Despite the overall drop, MRPL said it achieved a milestone in April 2025, processing 1,512 TMT of crude oil — its highest-ever for the month — surpassing the earlier April record of 1,481 TMT set in 2022.

Standalone EBITDA fell to Rs 218 crore, from Rs 650 crore a year ago. Profit Before Tax for the quarter was negative Rs 403 crore, compared to a Rs 101 crore profit in Q1FY25. Consolidated loss after tax attributable to owners stood at Rs 271 crore, against a Rs 73 crore profit in the corresponding quarter last year.

The company completed scheduled maintenance and shutdown of major units in its phase-2 complex during the quarter, impacting output. It, however, expressed confidence in recovery in the coming quarters, supported by resumption of operations and improved margins.