MRPL, a subsidiary of ONGC and a Schedule "A" Mini Ratna Category-I company, on Saturday reported a consolidated net loss of ₹272 crore for the first quarter of FY 2025-26, compared to a profit of ₹66 crore during the same period last year.
According to a statement from Mangalore Refinery and Petrochemicals Ltd, the company’s Board of Directors approved the Q1 financial results at its 270th meeting held on July 18.
The results reflect a decline in revenue from operations, which stood at ₹20,988 crore in Q1 FY26, down from ₹27,289 crore in Q1 FY25.
Gross Refining Margin (GRM), a key performance indicator for refineries, dropped to USD 3.88 per barrel from USD 4.70 per barrel year-on-year.
"The refinery processed 3.52 million metric tonnes (MMT) of crude and other feedstocks during the quarter, lower than 4.35 MMT in Q1 FY25. However, MRPL achieved a significant operational milestone by processing 1,512 TMT of crude oil in April 2025—its highest-ever for any April—surpassing the previous record of 1,481 TMT set in April 2022," the company said.
MRPL also completed the scheduled shutdown of major units in its phase-2 complex during this quarter.
Standalone EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) stood at ₹218 crore, down from ₹650 crore in the same quarter last year. Profit Before Tax was negative at ₹403 crore, compared to a profit of ₹101 crore in Q1 FY25.
MRPL’s consolidated loss after tax attributable to owners stood at ₹271 crore, as against a profit of ₹73 crore in the corresponding quarter of the previous year.
Despite the setback, the company stated that it maintains a strategic role in India’s energy sector and is expected to recover in the upcoming quarters with resumed operations and anticipated improvements in margins, it stated.
