Mangalore Refinery and Petrochemicals (500109) Q4 24/25 earnings summary

Executive summary

• Q4 gross refining margin (GRM) was $6.23/bbl, with PBT of INR 584 Cr, up 25% sequentially; FY GRM was $4.45/bbl and PBT INR 113 Cr.

• Standalone and consolidated audited financial results for the quarter and year ended March 31, 2025, were approved, with no dividend recommended for FY 2024-25.

• Statutory auditors issued unmodified opinions on both standalone and consolidated financial statements.

• Crude throughput reached 18 million tons, 120% of nameplate capacity, setting a new record.

• Net debt-to-equity at 0.99; total debt INR 13,227 Cr as of March 31.

Financial highlights

• Q4 inventory gain of $0.42/bbl contributed to GRM outperformance.

• Standalone revenue from operations for Q4 FY25 was ₹27,601.39 crore, up from ₹25,600.78 crore in Q3 FY25, but down from ₹29,190.05 crore in Q4 FY24.

• Standalone net profit for Q4 FY25 was ₹363.14 crore, compared to ₹304.19 crore in Q3 FY25 and ₹1,136.84 crore in Q4 FY24.

• Polypropylene sales hit a record 473,000 MT; diesel direct sales grew sharply.

• For the full year FY25, standalone revenue was ₹1,09,277.49 crore (FY24: ₹1,05,223.28 crore), and net profit was ₹50.58 crore (FY24: ₹3,595.93 crore).

Outlook and guidance

• FY26 retail sales target set at 300 TKL, up from 230 TKL in FY25.

• GRM expected in the $6–6.5/bbl range for FY26, assuming current market cracks persist.

• CapEx guidance of INR 1,000 Cr per year for FY26 and FY27, split equally between refinery and marketing.

• Retail network to expand by 150 outlets in FY26, targeting 330–340 outlets.

• Management assessed the impact of US tariffs and the Russia-Ukraine war as not significant on asset carrying values.