Mangalore Refinery and Petrochemicals (500109) Q2 26/27 earnings summary

Executive summary

• Q2 operations remained strong despite an August planned shutdown and September Coker Hydrotreater fire; Q3 throughput is expected near Q2 levels.

• Crude sourcing diversified amid West Asia disruptions, while strong domestic demand prioritized domestic product sales and LPG supply.

• H1 net exceptional income of ₹353.00 crore comprised ₹471.76 crore of prior-period product-price revisions, less a provisional ₹118.76 crore fire loss.

Financial highlights

• Q2 consolidated revenue was ₹35,590.40 crore vs ₹25,953.34 crore YoY; net profit was ₹1,900.76 crore vs ₹627.36 crore.

• H1 consolidated revenue was ₹77,199.36 crore vs ₹46,941.87 crore; net profit was ₹2,846.44 crore vs ₹356.70 crore.

• Q2 standalone net profit was ₹1,880.89 crore vs ₹638.67 crore; EBITDA was ₹3,210 crore. H1 standalone net profit was ₹2,795.71 crore vs ₹366.70 crore.

• Q2 throughput was 4.18 MMT, compared with a prior quarterly peak of ~4.5 MMT.

• Consolidated EPS was ₹10.85 in Q2 vs ₹3.58 YoY and ₹16.24 in H1 vs ₹2.04.

Outlook and guidance

• Q3 throughput is expected near Q2 levels; Coker Hydrotreater restoration is targeted by mid-December, with product impact estimated below 2 percentage points.

• FY 2026/27 CapEx is ₹1,200–1,500 crore, mainly for maintenance, revamping and retail projects; near-term CapEx is expected to remain modest.

• Targeting ~500 retail outlets by FY 2028-end; the network currently has 257 outlets across Karnataka, Kerala, Tamil Nadu and Andhra Pradesh.

• Fuel and loss is expected below 10%, with a prior target of ~9.5%; grid power availability by FY-end should improve the metric further.

• Transactions with ONGC Petrochemicals Marketing Limited are expected to commence shortly.