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.