Mangalore Refinery and Petrochemicals (500109) Q3 25/26 earnings summary

Executive summary

• Achieved significant year-on-year and quarter-on-quarter improvement in Q3, with EBITDA rising to INR 2,824 crores from INR 1,064 crores in Q3 last year, driven by healthy market prices, energy efficiency, and throughput.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 14, 2026.

• Financial statements have been reviewed by the Audit Committee and Joint Statutory Auditors, with no material misstatements identified.

• Fuel and losses reached 10.06%, among the best quarterly results, with energy efficiency (MBN) at a record 67.

• Retail expansion is a strategic focus, with 200 outlets achieved and a target of 250 by year-end, aiming for 500 in three years and 1,000 in five years.

Financial highlights

• EBITDA for Q3 was INR 2,824 crores, up from INR 1,064 crores year-over-year.

• Standalone revenue from operations for the quarter: ₹29,720.13 crore, up from ₹25,952.94 crore year-over-year.

• Standalone net profit for the quarter: ₹1,445.16 crore, up from ₹638.67 crore year-over-year.

• Consolidated net profit for the quarter: ₹1,450.89 crore, up from ₹627.36 crore year-over-year.

• Operating margin for the quarter: Standalone 9.67%, Consolidated 9.69%.

Outlook and guidance

• Q4 expected to remain healthy if market conditions persist; CapEx guidance for FY 2027 remains at INR 1,500 crores, mainly for maintenance and growth projects.

• Retail expansion to 500 outlets in three years and 1,000 in five years, with supporting depot and pipeline infrastructure planned.

• Management assessed ongoing geopolitical conditions and found no significant impact on asset values or recoverability.

• Dividend payout is under consideration, contingent on Q4 profitability and board approval.