ONGC-Backed Refinery Stock Slips 7% on Monday Despite FY26 PAT Surging to Rs 1,931 Crore; Here’s Why

DSIJ Intelligence/ 27 Apr 2026 /Categories: Mindshare, Quarterly Results, Trending

ONGC-Backed Refinery Stock Slips 7% on Monday Despite FY26 PAT Surging to Rs 1,931 Crore; Here’s Why

MRPL reports FY26 profit after tax of Rs 1,931 crore as refining margins and throughput rise, though Q4 net profit declines YoY.

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The Indian equity markets are trading in the green on Monday, with the Nifty 50 rising 0.86 per cent. Despite the positive benchmark momentum, stock-specific weakness continues in select energy counters. Amid this, Mangalore Refinery and Petrochemicals (MRPL) was trading at Rs 173.28, down 7.03 per cent during the session, following the announcement of its Q4FY26 and FY26 financial results.

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MRPL Q4FY26 Results: Quarterly Performance

Mangalore Refinery and Petrochemicals reported revenue from operations of Rs 28,493 crore in Q4FY26, compared to Rs 27,602 crore in Q4FY25, registering a growth of 3.23 per cent YoY. EBITDA stood at Rs 1,842 crore, compared to Rs 1,168 crore in the corresponding quarter last year, reflecting a growth of 57.71 per cent YoY.

Profit before Tax came in at Rs 1,235 crore, up sharply from Rs 584 crore, marking a growth of 111.47 per cent YoY. However, net profit after tax declined to Rs 119 crore, compared to Rs 383 crore in Q4FY25, reflecting a decline of 68.93 per cent YoY. The sharp fall in PAT despite higher operating profitability was primarily due to lower exceptional/other income adjustments and tax impact during the quarter.

MRPL FY26 Annual Performance

For the full financial year FY26, the company reported revenue from operations of Rs 1,05,155 crore, compared to Rs 1,09,280 crore in FY25.

EBITDA surged to Rs 6,449 crore, compared to Rs 2,469 crore in the previous year, reflecting a sharp growth of 161.20 per cent YoY.

Profit before tax stood at Rs 4,022 crore, compared to just Rs 113 crore in FY25, while net profit after tax jumped to Rs 1,931 crore from Rs 51 crore, registering an exceptional growth of over 3,686 per cent YoY.

Key Refinery Metrics and Operational Highlights

One of the most important refining indicators, Gross Refining Margin (GRM), improved significantly to USD8.22 per barrel in FY26, compared to USD 4.45 per barrel in FY25, indicating stronger core refining economics.

Crude throughput during FY26 stood at 17.00 MMT, compared to 18.18 MMT in the previous year.

The company also commissioned 85 new retail outlets during the year, taking the total network to 252 outlets, while the Devangonthi Marketing Terminal became fully operational, improving inland market access.

Awards and Strategic Progress

MRPL was recognised with the FIPI Innovator of the Year 2025 award for sustained excellence in refining innovation and indigenous technological development during India Energy Week.

The company continues to focus on improving downstream integration, marketing presence, and refinery efficiency under ONGC’s broader energy strategy.

About MRPL

Mangalore Refinery and Petrochemicals is a Schedule ‘A’ CPSE and a subsidiary of ONGC, engaged in crude oil refining and petrochemical operations. The company operates one of India’s key coastal refineries and has been expanding its fuel retail and inland Logistics infrastructure.

With improving refining margins, expanded retail marketing, and stronger operational efficiencies, MRPL remains an important player in India’s downstream oil sector.