MRPL Q2 FY27 Net Profit Surges 203% YoY to ₹1,901 Crore; Declares ₹3 Interim Dividend

Key numbers

P/E TTM	10.34Sector 17.85
Market Cap	₹32,484 CrOil & Gas
RSI	54.6Neutral Zone
Promoter Holding	88.58%Unchanged

Key highlights

• Net profit jumped 203.0% YoY and 101.0% QoQ to reach ₹1,901 crore
• Operating margin expanded to 7.1% in Q2-27 from 3.7% in the same quarter last year
• Board declared an interim dividend of ₹3 per share (30%) with a record date of Oct 21, 2026
• Exceptional loss of ₹118.76 crore recognized due to a fire incident at the refinery CHT unit
• Effective tax rate reduced to 25.168% from 34.944% under new tax provisions
• Revenue from operations stood at ₹35,590 crore, up 37.1% over the same quarter last year

Margin Expansion Drives Triple-Digit Profit Growth

MRPL reported a substantial 203.0% year-on-year increase in net profit for the quarter ended September 30, 2026, reaching ₹1,901 crore compared to ₹627 crore in the same period last year. This performance was driven by a sharp expansion in operating margins, which improved to 7.1% from 3.7% in Q2-26. While revenue from operations grew to ₹35,590 crore, up from ₹25,953 crore YoY, the company experienced a sequential decline from the ₹47,609 crore recorded in Q1-27.

The quarterly results also reflect a 101.0% growth in net profit on a quarter-on-quarter basis, indicating strong internal efficiency gains despite fluctuating revenue levels in the global petroleum sector.

Accounting for the Coker Hydrotreater Fire Incident

The company's quarterly performance was impacted by a fire incident at the Coker Hydrotreater unit in Phase III of its refinery complex. MRPL provisionally estimated the financial impact of this incident at ₹118.76 crore, which was recorded as an exceptional item for the quarter. This loss includes the carrying value of damaged property, plant, and equipment, alongside inventory losses.

The company noted that the estimated replacement value of the damaged assets is approximately ₹225 crore. However, management stated that the affected assets are adequately insured, and the final insurance claims will be reviewed and recognized in subsequent reporting periods upon fulfillment of recognition criteria.

Transition to Lower Tax Regime and Dividend Payout

• Declaration of interim dividend at ₹3 per share for FY 2026-27, payable by Nov 4, 2026
• Record date fixed as October 21, 2026, for dividend eligibility assessment
• Switch to 25.168% effective tax rate from the earlier 34.944% under Section 115BAA
• Accumulated MAT credit to be carried forward for utilization under new tax conditions
• Total comprehensive income for the quarter stood at ₹1,878 crore on a standalone basis

Investment in Green Energy and Distribution Infrastructure

Beyond refining operations, MRPL is advancing several infrastructure and green energy initiatives to diversify its revenue streams. The company has received PNGRB authorization for an ATF pipeline project connecting Devangonthi to the Bengaluru Airport, expected to be completed within 36 months of the May 2026 approval. Additionally, management is investing ₹364 crore in a bio-ATF plant aimed at global sustainable aviation fuel markets, with supply targeted to commence in 2027.

On the retail front, the company continues to scale its HiQ fuel station network, moving toward a target of 500 outlets from the 252 outlets reported earlier this year, enhancing its downstream market presence in India.

Fire Incident Impact and Asset Review

Based on a preliminary assessment, the Company has provisionally estimated the financial impact of the incident at ₹118.76 crore, comprising the estimated carrying value of the damaged Property, Plant and Equipment (PPE), corresponding to an estimated replacement value of approximately ₹225 crore.

What to watch next

• Commencement of global supply from the ₹364 crore bio-ATF plant targeted for 2027
• Execution milestones for the ATF pipeline to Bengaluru Airport over the next 30 months
• Expansion of the HiQ fuel station network toward the 500-outlet guidance
• Final insurance claim settlement for the fire incident at the Phase III CHT unit

“The Board of Directors in its meeting held on October 14, 2026 has declared the first interim dividend of ₹ 3 per equity share (30%).”

Mangalore Refinery and Petrochemicals · financial snapshot

Share price	₹185.35
Market capitalisation	₹32,484.42 Cr
Revenue (annual)	₹88,667.49 Cr
Net profit (annual)	₹1,924.58 Cr
Revenue (latest quarter)	₹38,254.19 Cr+59.73% vs previous quarter
Net profit (latest quarter)	₹945.68 Cr+708.34% vs previous quarter
P/E (TTM)	10.34×Sector 17.85×
Promoter holding	88.58%0.00% QoQ
FII holding	2.45%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.