Mumbai, April 2026 — Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), reported a sharp rebound in its full-year financial performance for fiscal year 2026, even as fourth-quarter earnings declined year-over-year.
The company announced its audited standalone and consolidated results for the quarter and year ended March 31, 2026, following approval at its 274th Board meeting held in Mangalore.
Q4 FY26: Profit Declines, Margins Improve
For the fourth quarter, MRPL posted a net profit (PAT) of ₹119 crore, down from ₹363 crore in the same period last year. However, underlying operational metrics showed improvement:
- Revenue: ₹28,493 crore (up 3.2% YoY)
- Profit Before Tax (PBT): ₹1,235 crore (up 111%)
- EBITDA: ₹1,842 crore (up 58%)
- Exports: ₹7,252 crore (down from ₹11,378 crore)
The divergence between higher operating profits and lower net profit suggests the impact of taxes, inventory adjustments, or other non-operational factors during the quarter.
FY26: Massive Jump in Profitability
MRPL delivered a dramatic turnaround for the full fiscal year:
- Revenue: ₹1,05,155 crore
- Profit Before Tax: ₹4,022 crore (vs ₹113 crore in FY25)
- Profit After Tax: ₹1,931 crore (vs ₹51 crore in FY25)
- EBITDA: ₹6,449 crore (up 161%)
- Total Comprehensive Income: ₹1,833 crore (vs ₹32 crore)
The sharp increase in profitability reflects stronger refining margins, improved operational efficiency, and better cost management.
Consolidated Results Reflect Similar Growth
On a consolidated basis:
- FY26 PAT (attributable to owners): ₹1,825 crore (vs ₹56 crore in FY25)
- Q4 FY26 PAT: ₹117 crore (vs ₹371 crore in Q4 FY25)
This indicates consistent performance improvement across the group level.
Operational Performance and Throughput
MRPL’s physical throughput declined slightly:
- Q4 FY26: 4.35 million metric tonnes (MMT) vs 4.84 MMT
- FY26: 17.00 MMT vs 18.18 MMT
Despite lower throughput, the company improved profitability through better margins and efficiency gains.
GRM Nearly Doubles
A key highlight was the significant improvement in Gross Refining Margin (GRM):
- FY26 GRM: $9.22 per barrel
- FY25 GRM: $4.45 per barrel
This near doubling of GRM played a crucial role in boosting earnings and reflects favorable market conditions and operational optimization.
Expansion and Strategic Developments
MRPL continued to strengthen its downstream presence:
- Commissioned the Devangonthi Marketing Terminal, improving access to inland markets
- Added 85 new retail outlets, taking the total network to 252 outlets
These initiatives are expected to enhance distribution efficiency and long-term revenue streams.
Industry Recognition
The company was honored with the FIPI Innovator of the Year (2025) award for its contributions to refining innovation and indigenous technology development. The award was presented by Hardeep Singh Puri, India’s Minister for Petroleum and Natural Gas, during India Energy Week.
About MRPL
MRPL is a Schedule “A” Mini Ratna Category I Central Public Sector Enterprise engaged in crude oil refining and production of petroleum and petrochemical products. As a key subsidiary of ONGC, it plays an important role in India’s energy value chain.
Bottom Line
While MRPL’s fourth-quarter earnings showed a decline, its full-year performance marks a strong recovery driven by improved refining margins and operational efficiency. The results position the company for sustained growth, supported by strategic expansion and favorable industry dynamics.