Mangalore Refinery and Petrochemicals Limited Earnings Summary — Q4 FY2026
MRPL Sees Q4 Profits Tumble Amid Tax Adjustments Despite Resilient Operating Income
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 59.7% sequentially in Q1 FY2027.
- Revenue of ₹38,254 Cr is 120.4% higher year-on-year.
- Revenue has compounded at 20.1% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹946 Cr is 449.4% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at -10.1% annualised across the period.
- Operating margin stands at 3.4% in Q1 FY2027.
- Operating margin expanded by 241 bps year-on-year.
- Over the last two years operating margin has expanded by 83 bps.
- PBT margin is 3.3%.
- Expense growth of 115.0% remained below revenue growth of 120.4%.
- Operating profit of ₹1,318 Cr is 633.7% higher year-on-year.
- Operating leverage continues to improve.
- 2 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 63/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 38,254 | 23,950 | 24,712 | 22,649 | 17,356 | 24,596 | 21,871 | 24,968 | 23,247 | 25,329 |
| Expenses | Accelerating | 36,937 | 22,169 | 21,927 | 21,160 | 17,177 | 23,466 | 20,840 | 25,442 | 22,641 | 22,990 |
| Operating Profit | Volatile | 1,318 | 1,781 | 2,785 | 1,489 | 180 | 1,130 | 1,031 | -474 | 606 | 2,339 |
| Operating Margin | Volatile | 3.4% | 7.4% | 11.3% | 6.6% | 1.0% | 4.6% | 4.7% | -1.9% | 2.6% | 9.2% |
| Other Income | Volatile | 574 | 59 | 45 | 65 | 39 | 45 | 38 | 45 | 52 | 23 |
| Interest | Stable | 244 | 212 | 219 | 219 | 257 | 245 | 264 | 285 | 214 | 262 |
| Depreciation | Stable | 401 | 395 | 391 | 371 | 363 | 338 | 332 | 342 | 335 | 333 |
| Profit Before Tax | Volatile | 1,246 | 1,233 | 2,220 | 963 | -402 | 592 | 474 | -1,056 | 108 | 1,768 |
| Tax | Volatile | 300 | 1,116 | 769 | 336 | -131 | 221 | 165 | -359 | 35 | 629 |
| Net Profit | Volatile | 946 | 117 | 1,451 | 627 | -271 | 371 | 309 | -697 | 73 | 1,139 |
| Net Margin | Volatile | 2.5% | 0.5% | 5.9% | 2.8% | -1.6% | 1.5% | 1.4% | -2.8% | 0.3% | 4.5% |
Key Takeaways
- 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 Guidance
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.
Sentiment Shift
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.
Outlook
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.
From the Annual Report (Key Quotes)
“The business quality is currently defined by high capital intensity and cyclicality rather than stable compounding.”
“Strategic shift towards retail expansion represents an attempt to stabilize margins.”
“Relationship with parent ONGC provides a safety net despite frequent board-level changes characteristic of PSU subsidiaries.”
Official Quarterly Documents
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This summary is AI-generated from Mangalore Refinery and Petrochemicals Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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