Mangalore Refinery and Petrochemicals Ltd (MRPL), a part of ONGC and a government-owned company, reported a net loss of ₹272 crore in the first quarter of the financial year 2025–26 (Q1FY26). This is a big change from the ₹66 crore profit it made in the same period last year.
The company shared its Q1 results after a board meeting on July 18. According to MRPL, the loss happened because of lower revenue, reduced refining margins, and less crude oil processing.
Key Highlights:
- Revenue Down: The revenue for Q1 dropped to ₹20,988 crore from ₹27,289 crore in Q1FY25.
- Refining Margin Lower: Gross Refining Margin (GRM) fell to $3.88 per barrel compared to $4.70 per barrel a year ago.
- Less Crude Processed: MRPL processed 3.52 million metric tonnes (MMT) of crude oil and feedstocks in the quarter, down from 4.35 MMT last year.
Even with these challenges, MRPL achieved a milestone in April 2025 by processing 1,512 thousand metric tonnes (TMT) of crude oil — its highest-ever for the month of April, breaking the previous record set in 2022.
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- Standalone EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) was ₹218 crore, down from ₹650 crore last year.
- Profit Before Tax was a loss of ₹403 crore, compared to a ₹101 crore profit last year.
- Consolidated Net Loss stood at ₹271 crore, against a ₹73 crore profit last year.
MRPL also completed planned maintenance and shutdown work during the quarter, which affected its production. However, the company is hopeful that things will improve in the coming months as operations restart and margins get better.
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