Mangalore Refinery and Petrochemicals Limited — Investor Meet, 24-07-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MRPL reported Q1 FY26 revenue of Rs. 20,983 Cr, with a PAT loss of Rs. 272 Cr and EBITDA of Rs. 218 Cr. Gross Refining Margin (GRM) averaged $3.88/barrel. These results were impacted by a planned plant shutdown and inventory losses, which management noted are transient effects.

Throughput for the quarter was 3.52 MMT due to the shutdown. The refinery is now back to full operation, targeting over 4.3 MMT throughput and high single-digit GRMs in Q2 FY26, supported by stronger middle distillate cracks. Management is focused on cost leadership and reducing debt, which stands at Rs. 13,608 Cr.

Without the shutdown and inventory impact, Q1 GRM would have been around $8/barrel, with July GRMs already showing stronger. The Paraxylene complex is currently operating in 'reformate mode' due to market conditions, contributing approximately $0.5/barrel. MRPL aims to expand its retail outlets to about 270 this year, targeting a significant increase in retail sales volume. Diesel cracks are currently high, with potential for further strength.

The company projects a return to stronger financial performance as operations normalize, reflecting a confident outlook post-turnaround.