In spite of a slowdown in revenue, ONGC subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) announced a significant increase in profitability for fiscal year (FY) 26. At their meeting on April 24, the company’s board of directors authorised the consolidated and standalone results for the fourth quarter and the full year ending March 31, 2026.
Operational revenue increased to ₹28,493 crore in Q4 FY26 from ₹27,602 crore in the previous year. The profit before taxes more than quadrupled to 1,235 crore, up from 584 crore in the fourth quarter of fiscal year 25. The fall in net profit from ₹363 crore to ₹119 crore was due to margin constraints and cost trends.
A robust earnings return was reported by MRPL on a full-year basis. The revenue was ₹1,05,155 crore, which was somewhat less than ₹1,09,280 crore in the previous fiscal year. The improvement in refining margins contributed to a meteoric rise in net profit to 1,931 crore from 51 crore the previous year, and a precipitous rise in profit before tax to 4,022 crore from 113 crore.
From an operational standpoint, throughput in FY26 was 17.0 MMT, down from 18.18 MMT in FY25. While the Devangonthi marketing port was fully operational to improve inland distribution, the company fortified its downstream presence by commissioning 85 new retail shops, bringing the overall network to 252.
Improved operational efficiency was evident in the surge in earnings before interest, depreciation, tax, and amortisation (EBITDA) to ₹6,449 crore for FY26 from ₹2,469 crore in FY25. From $4.45 to $9.22 per barrel, that is the increase in gross refining margin (GRM) for the year.
Across all operations, there was a widespread recovery as the consolidated profit after tax attributable to owners reached 1,925 crore in FY26, up from 56 crore in FY25.
At India Energy Week, MRPL was named “Innovator of the Year (2025)” for their work in indigenous technology development and refining innovation, two areas where they gained recognition from the industry throughout the year.
Disclaimer: All news articles are sourced through valid sources, and Business Unlimited (BU) doesn’t have any exclusive rights on these pieces. If BU features any exclusive story or article, it will be marked as Exclusive Story.
