MRPL Q1 FY26 Results 2025: Loss ₹272 Cr, GRM $3.88

What MRPL reported for the June quarter

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a consolidated net loss of ₹272 crore for the first quarter of FY26, reversing from a profit in the same period last year. The company said the quarter was impacted by lower revenue and weaker refining margins. Revenue from operations in the June quarter came in at ₹20,988 crore, down from ₹27,289 crore in Q1 FY25. Gross Refining Margin (GRM) averaged $1.88 per barrel versus $1.70 per barrel a year earlier. Refinery throughput stood at 3.52 million metric tonnes (MMT) of crude and other feedstocks, compared with 4.35 MMT in the year-ago quarter.

MRPL’s board approved the Q1 results at its 270th meeting held on July 18. The company is a subsidiary and a Schedule 'A' Mini Ratna Category-I company, as per the information shared alongside the results. The stock’s last traded price was reported at ₹181.80.

Quarterly P&L snapshot (QoQ data shared)

The quarterly dataset shared for MRPL shows a sharp decline in the top line and a swing to losses in the June quarter when compared on a quarter-on-quarter basis.

The same information set also reported selling, general and administrative expenses of ₹174.12 crore for the June quarter, and other operating expenses of ₹618.56 crore.

Management commentary: throughput, yields, and turnaround impact

In its performance discussion for Q1 FY26, MRPL linked the weaker quarter to plant shutdowns and inventory losses, while pointing to operational markers such as yields and processing milestones. The company said it processed 3.52 MMT of crude and other feedstocks during the quarter, with volumes lower year-on-year due to the planned turnaround.

MRPL highlighted that April saw record processing of 1.51 MMT, indicating capacity potential once all units run at full availability. On product yields, distillate yield for the quarter was 80.97%. Fuel and loss (F&L) was reported at 11.41%, while the adjusted F&L due to the turnaround was indicated at around 10.1%.

Why revenue fell: crude prices and lower throughput

MRPL said revenue from operations was ₹20,983 crore for the quarter, reflecting lower throughput as well as a significant fall in crude prices. The company cited almost a 20% year-on-year drop in benchmark crude prices compared to last year’s Q1, and an 8% sequential decline.

These factors mattered because refining profitability is influenced by both physical volumes processed and the spread between input crude and product realizations. The company also pointed to inventory effects during the quarter. It stated that the reported loss was attributable to plant shutdowns and inventory loss, and called these “transient effects.”

Margin pressure: GRM and EBITDA moved lower

GRM averaged $1.88 per barrel, down from $1.70 per barrel in Q1 of the previous year and $1.23 per barrel in Q4 FY25. MRPL reported EBITDA of ₹218 crore and a PAT loss of ₹272 crore in the quarter.

PTI also reported that standalone EBITDA fell to ₹218 crore from ₹650 crore a year ago. Profit before tax for the quarter was negative ₹403 crore, compared to a ₹101 crore profit in Q1 FY25. Consolidated loss after tax attributable to owners stood at ₹271 crore, against a ₹73 crore profit in the corresponding quarter last year.

Operational milestone: April 2025 record run rate

Despite the weaker quarter, MRPL said it achieved a milestone in April 2025 by processing 1,512 TMT of crude oil, its highest-ever for the month. This surpassed the earlier April record of 1,481 TMT set in 2022.

The company framed this record as evidence of inherent capacity when units are online and operating normally. The June quarter, however, coincided with the planned turnaround that constrained full-quarter volumes.

Additional quarterly trend data: income, expenses, and profitability

A separate quarterly and annual snapshot in the information shared shows that “Total Income” for Jun 2025 was ₹17,394.26 crore, compared with ₹22,709.82 crore in Sep 2025 and ₹24,750.99 crore in Dec 2025. The same snapshot listed profit after tax (PAT) of -₹270.66 crore for Jun 2025, following ₹370.63 crore in Mar 2025 and ₹627.36 crore in Sep 2025.

In the consolidated quarterly table provided, the line item for Jun 2025 shows ₹17,356 crore, alongside expenses of ₹17,177 crore and operating profit of ₹180 crore. Profit before tax for the same Jun 2025 column was -₹402 crore, and EPS was -₹1.54.

Key operating and financial metrics at a glance

Market impact: what investors can directly observe

The reported set of numbers indicates a quarter where MRPL’s earnings were pressured by weaker margins and a temporary operational disruption. Revenue from operations fell to ₹20,988 crore from ₹27,289 crore year-on-year, while throughput declined to 3.52 MMT from 4.35 MMT.

Profitability markers also weakened, with GRM at $1.88 per barrel compared to $1.70 per barrel a year ago, and compared to $1.23 per barrel in Q4 FY25 as cited by the company. The stock last traded at ₹181.80 in the data provided, offering a reference point for how the market was pricing the company around the results.

What to track next

MRPL said it continues to focus on operational efficiencies, inventory management, and sustained throughput, and also discussed capacity expansion, integration of downstream petrochemical units, and investments in cleaner fuels. The next scheduled earnings date listed for MRPL was October 15, 2025.

The near-term focus for investors is likely to remain on throughput normalization after the planned turnaround and how GRM trends evolve from the $1.88 per barrel level reported for the quarter, based on the company’s own disclosures.