Mangaluru: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC) and a Schedule ‘A’ Mini Ratna Category I company, has approved the standalone and consolidated financial results for the third quarter (Q3 FY 2025–26) and the nine months ended December 31, 2025. The approvals were accorded at the company’s 272nd Board Meeting held on Wednesday.
The results reflect a sharp improvement in profitability, operational efficiency, and balance sheet strength, despite a challenging global energy environment.
Strong financial performance in Q3 FY 2025–26
For the third quarter ended December 31, 2025, MRPL reported robust growth across key financial indicators:
- Revenue from operations: ₹29,720 crore
(Q3 FY 2024–25: ₹25,601 crore) - Profit before tax (PBT): ₹2,214 crore
(Q3 FY 2024–25: ₹469 crore) - Profit after tax (PAT): ₹1,445 crore
(Q3 FY 2024–25: ₹304 crore) - EBIDTA: ₹2,824 crore
(Q3 FY 2024–25: ₹1,064 crore)
The company also reported a significant improvement in its financial leverage, with the debt–equity ratio declining from 0.79 as on September 30, 2025 to 0.63 as on December 31, 2025, reflecting improved cash flows and prudent financial management.
Turnaround performance for nine months FY 2025–26
For the nine months period (9M FY 2025–26), MRPL recorded a strong turnaround from losses reported in the corresponding period of the previous financial year:
- Revenue from operations: ₹76,661 crore
(9M FY 2024–25: ₹81,676 crore) - Profit before tax: ₹2,786 crore
(9M FY 2024–25: Loss of ₹471 crore) - Profit after tax: ₹1,812 crore
(9M FY 2024–25: Loss of ₹313 crore) - Total comprehensive income: ₹1,798 crore
During the nine-month period, total borrowings were reduced from ₹12,867 crore to ₹9,290 crore, while the debt–equity ratio improved sharply from 0.99 as on March 31, 2025 to 0.63 as on December 31, 2025, strengthening the company’s balance sheet.
Physical and operational performance
MRPL’s refinery operations remained stable during the reporting period:
- Throughput (Crude + Others):
- Q3 FY 2025–26: 4.70 million metric tonnes (MMT)
- Q3 FY 2024–25: 4.60 MMT
- 9M FY 2025–26: 12.65 MMT
- 9M FY 2024–25: 13.54 MMT
During October 2025, MRPL commenced storage of crude oil in the cavern storage facility leased from ISPRL, Mangaluru, followed by processing of the stored crude in the refinery. The company also processed Sarir Mesla crude from Libya (API ~37.24) for the first time, enhancing crude sourcing flexibility.
Export contribution and consolidated performance
On a standalone basis, MRPL reported exports of ₹7,458 crore during Q3 FY 2025–26 and ₹22,629 crore during the nine-month period.
On a consolidated basis, the company recorded:
- PAT attributable to owners:
- Q3 FY 2025–26: ₹1,451 crore
- 9M FY 2025–26: ₹1,808 crore
- Total comprehensive income attributable to owners:
- Q3 FY 2025–26: ₹1,446 crore
- 9M FY 2025–26: ₹1,794 crore
Awards and recognitions
During the year, MRPL received multiple prestigious awards, reflecting excellence in exports, digital transformation, innovation, and sustainability:
- Export Excellence Awards from the Federation of Indian Export Organisations (FIEO) under
Five Star Export House and Highest Foreign Exchange Earner categories - Excellence in Digital Procurement Transformation Award at the India Supply Chain Summit 2025
- Fourth consecutive Innovation Award 2024–25 for Best Innovation in Refining Technology at the 28th Energy Technology Meet (ETM 2025)
- ‘Legend (Emerging) Award’ at the 19th Exceed Environment, CSR & HR Awards, supported by the Ministry of Environment, Forest and Climate Change
Outlook
The strong turnaround in profitability, reduction in debt, and recognition across multiple domains underscore MRPL’s operational resilience and strategic focus. Company officials stated that continued emphasis on cost optimisation, crude flexibility, digitalisation, and sustainability initiatives would further strengthen MRPL’s performance in the coming quarters.