MRPL Q4 FY26 PAT Slumps 67%, Stock Slides 7% on Results

Stock reaction after the Q4 numbers

Mangalore Refinery and Petrochemicals (MRPL) shares fell sharply after the company reported a steep year-on-year drop in quarterly profit. The stock declined 7.15% to Rs 173.08 following the Q4 FY26 result update. Separately, the share price was reported at Rs 186.38 on April 24, 2026 at 15:59, highlighting volatile trade through the session. The intraday range was Rs 182.26 to Rs 194.85. Over a 52-week period, the stock has moved between Rs 120.00 and Rs 212.31. The session-level data also mentioned a delivery percentage of 23.94% and a circuit range of Rs 149.61 to Rs 224.41.

Board meeting and results approval

MRPL, a subsidiary of Oil and Natural Gas Corporation, approved its standalone and consolidated financial results on April 24. The approval came during the company’s 274th board meeting. The results covered the quarter ended March 31, 2026 (Q4 FY26) and the full financial year ended March 31, 2026. Alongside financial performance, the board outcome note also flagged a shortfall in independent directors, which affected Audit Committee quorum and compliance. No additional details on timelines for filling the vacancies were provided in the text.

Q4 FY26 revenue rose, but profits fell

For Q4 FY26, MRPL posted revenue from operations of Rs 28,493 crore, up from Rs 27,602 crore in the corresponding quarter last year. The article also stated that revenue from operations (excluding excise duty) fell 2.6% year-on-year to Rs 23,949.69 crore in Q4 FY26. Profit before tax (PBT) increased to Rs 1,235 crore compared with Rs 584 crore in Q4 FY25. However, profit after tax (PAT) dropped to Rs 119 crore from Rs 363 crore, translating into a 67.1% year-on-year decline. A separate disclosure line referenced Q4 FY26 consolidated revenue of Rs 28,493.04 crore and net profit of Rs 116.90 crore.

EBITDA miss driven by costs and forex loss

The commentary included an estimate comparison that showed EBITDA at Rs 1,780 crore in Q4 FY26, down from Rs 2,780 crore in Q3 FY26. The same note said the reported EBITDA was below estimates of Rs 3,160 crore (PLe) and Rs 3,320 crore (consensus). It attributed the weakness to higher employee costs and other expenses, which included a forex loss of Rs 610 crore. On the profit line, PAT was stated at Rs 120 crore versus Rs 1,450 crore in Q3 FY26 and Rs 360 crore in Q4 FY25, alongside a gap versus estimates.

Full-year FY26: profits surged despite lower revenue

On an annual basis, MRPL reported revenue from operations of Rs 1,05,155 crore for FY26, down from Rs 1,09,280 crore in FY25. Revenue from operations (excluding net excise duty) was reported at Rs 88,667.49 crore in FY26, a 6.4% year-on-year decline. Profit before tax surged to Rs 4,022 crore from Rs 113 crore. Net profit rose sharply to Rs 1,931 crore compared to Rs 51 crore in FY25, described as more than a thirty-eight times increase. The mix of weaker Q4 profitability and a much stronger full-year profit indicates that earnings were materially better earlier in the year than in the March quarter.

Throughput and retail network updates

Operationally, MRPL recorded throughput of 4.35 million metric tonnes (MMT) in Q4 FY26 versus 4.64 MMT in Q4 FY25. Another data point in the text said throughput fell to 4.4 MMT in Q4 FY26 compared with 4.7 MMT in Q3 FY26, pointing to sequential softening. For the full year, throughput stood at 17.00 MMT compared with 18.18 MMT in FY25. On the marketing side, MRPL met its target of opening 250 retail outlets in FY26 and ended the year with 252 outlets. The update suggests the company continued expansion on the retail front even as refining profitability came under pressure in Q4.

Sector context cited: refining margin pressure

The article linked MRPL’s Q4 performance to broader pressure in the oil refining sector. It referenced falling international gross refining margins (GRMs) and fluctuating crude prices as key headwinds. It also noted that lower refining margins and increased operational costs impacted profitability. While the text included a reader-style remark that crude oil prices dropped during Q4 and hurt profitability, the concrete drivers highlighted in the analyst-style note were higher costs and a forex loss. The quarter, therefore, combined margin pressure with cost-related impacts.

Valuation view and revised target price

The note in the text said MRPL was trading at 7.8 times and 7.7 times FY27 and FY28 estimated EV/EBITDA, respectively. It also mentioned a downgrade to ‘SELL’ from ‘ACCUMULATE’. The target price was revised to Rs 143 from Rs 192, using a 6.0 times FY28 estimated EV/EBITDA multiple. These points reflect how the weaker-than-expected EBITDA and profit print in Q4 can change the near-term risk-reward assessment, even when full-year profits are significantly higher than the prior year.

Key numbers at a glance

What investors may track next

MRPL’s near-term focus areas, based on the information provided, include managing operating costs, monitoring forex-related impacts, and improving operational performance against throughput declines. Investors will also track any updates on the independent director shortfall flagged in the board outcome, given its stated impact on Audit Committee quorum and compliance. On business execution, retail outlet expansion remains a visible operating milestone, with 252 outlets achieved against a 250 target in FY26. Any subsequent disclosures on refining margins, cost controls, and project commissioning will be important to evaluate whether Q4 was a one-quarter dip or part of a broader trend.