Mangalore Refinery and Petrochemicals (500109) Q2 25/26 earnings summary

Executive summary

• Q2 throughput was 4.4 million metric tons, rebounding after a planned turnaround and demonstrating strong operational recovery.

• Revenue from operations reached INR 25,953 crore in Q2, with EBITDA at INR 1,565 crore and PAT at INR 639 crore, showing substantial sequential and year-over-year growth.

• Standalone and consolidated unaudited financial results for the quarter and half-year ended September 30, 2025, were approved by the Board on October 15, 2025.

• The company operates in the downstream petroleum sector and reports as a single segment.

• Retail outlet expansion continues, with 185 operational and a target to exceed 250 by year-end.

Financial highlights

• Standalone revenue from operations for H1 FY26 was ₹46,940.97 crore, down from ₹56,075.32 crore in H1 FY25.

• Standalone net profit for H1 FY26 was ₹366.70 crore, compared to a net loss of ₹616.75 crore in H1 FY25.

• EBITDA for Q2 was INR 1,565 crore; PAT was INR 639 crore, both significantly higher than Q2 last year and Q1.

• Forex loss of INR 355 crore, split between realized transaction losses and revaluation of ECB loans.

• Export sales comprised about 40% of total turnover.

Outlook and guidance

• Throughput for Q3 expected above 4.43 million metric tons, with strong GRMs anticipated if crude prices remain stable.

• Domestic demand growth for key products expected to remain resilient.

• Retail outlet network to grow by 100–130 outlets annually.

• Capex plan for FY26 is around ₹1,500 crore, with potential increase if phase four expansion proceeds.

• Management assessed the impact of global events and found no significant effect on asset carrying values.