Mangalore Refinery and Petrochemicals Limited Earnings Summary — Q4 FY2026

• Net profit experienced a massive sequential and year-over-year decline to ₹117 crore, significantly impacted by a high tax rate of 91% in the latest quarter.
• Operating performance remained relatively steady compared to historical lows, though Operating Profit Margin (OPM) contracted to 7% from 11% in the prior quarter.
• Revenue for the quarter was ₹23,950 crore, showing a slight contraction of 2.6% YoY, reflecting typical cyclical volatility in the refining sector.
• Interest expenses observed a marginal reduction to ₹212 crore, continuing a long-term trend of balance sheet optimization through deleveraging.
• Depreciation costs have risen to ₹395 crore, the highest in several quarters, reflecting ongoing capital investments in refinery and petrochemical assets.
• The 'HiQ' retail brand expansion to 101 outlets continues to be a strategic focus to diversify revenue streams away from raw refining margins.

Management is prioritizing operational excellence and capacity utilization while expanding the petrochemical segment to mitigate refining margin volatility. Retail expansion remains a key long-term pillar.

Deteriorating

While operating profit was higher than the same period last year, the severe drop in net income due to tax adjustments and sequential margin compression indicates a challenging end to the fiscal year.

The outlook remains contingent on global Gross Refining Margins (GRMs) and crude price stability. Retail and petrochemical growth are expected to provide a buffer, but interest costs and tax burdens remain significant headwinds.