Mangalore Refinery and Petrochemicals Limited Q1 FY2027 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
MRPL Q1 FY2027: Revenue ₹41,608.96 Cr (vs ₹20,988.53 Cr YoY), PAT ₹945.68 Cr (vs ₹(270.66) Cr YoY)
In Q1 FY2027 MRPL reported consolidated revenue from operations of ₹41,608.96 Cr and consolidated net profit of ₹945.68 Cr, marking a strong recovery versus Q1 FY2026. EBITDA/operating profit expanded with operating margin at 5.76% in the quarter. The quarter included an exceptional item of (₹471.76) Cr recorded in the consolidated statement. Management also opted for lower tax rate (25.168%) from FY2027 which reduces the effective tax burden going forward.Revenue from Operations (Consolidated) Q1 FY2027Page 3
₹41,608.96 Crvs ₹20,988.53 Cr in Q1 FY2026
Net Profit / (Loss) (Consolidated) Q1 FY2027Page 3
₹945.68 Crvs ₹
Total Expenses (Consolidated) Q1 FY2027Page 9
₹40,936.80 Crvs ₹21,429.59 Cr in Q1 FY2026
Exceptional Items (Income)/Expenses [net] Q1 FY2027Page 3
(₹471.76) Crvs — in Q1 FY2026
Earnings per Share (Basic) (Consolidated) Q1 FY2027Page 3
₹0.67vs ₹
Operating Margin (Consolidated) Q1 FY2027Page 5
5.76%vs 5.32% in Q1 FY2026
Net Worth (Consolidated) as at Q1 FY2027Page 4
₹15,140.51 Crvs ₹12,694.72 Cr in Q1 FY2026
Key Highlights
9
Consolidated revenue nearly doubled YoY to ₹41,608.96 Cr in Q1 FY2027 driven by higher operations versus ₹20,988.53 Cr in Q1 FY2026.
Consolidated net profit swung to a positive ₹945.68 Cr in Q1 FY2027 from a loss of ₹(270.66) Cr in Q1 FY2026, reflecting recovery in profitability.
The quarter included an exceptional line item of (₹471.76) Cr in Q1 FY2027 recorded in the consolidated results.
Total expenses rose to ₹40,936.80 Cr in Q1 FY2027 from ₹21,429.59 Cr in Q1 FY2026, driven by higher cost of materials consumed of ₹35,242.00 Cr.
Operating margin expanded to 5.76% in Q1 FY2027 from 5.32% in Q1 FY2026, indicating improved operational profitability.
Consolidated earnings per share (basic) improved to ₹0.67 in Q1 FY2027 from ₹(1.54) in Q1 FY2026 reflecting the profit recovery.
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Key Highlights
9
Consolidated revenue nearly doubled YoY to ₹41,608.96 Cr in Q1 FY2027 driven by higher operations versus ₹20,988.53 Cr in Q1 FY2026.
Consolidated net profit swung to a positive ₹945.68 Cr in Q1 FY2027 from a loss of ₹(270.66) Cr in Q1 FY2026, reflecting recovery in profitability.
The quarter included an exceptional line item of (₹471.76) Cr in Q1 FY2027 recorded in the consolidated results.
Total expenses rose to ₹40,936.80 Cr in Q1 FY2027 from ₹21,429.59 Cr in Q1 FY2026, driven by higher cost of materials consumed of ₹35,242.00 Cr.
Operating margin expanded to 5.76% in Q1 FY2027 from 5.32% in Q1 FY2026, indicating improved operational profitability.
Consolidated earnings per share (basic) improved to ₹0.67 in Q1 FY2027 from ₹(1.54) in Q1 FY2026 reflecting the profit recovery.
Net worth strengthened to ₹15,140.51 Cr as at Q1 FY2027 versus ₹12,694.72 Cr as at Q1 FY2026, supporting balance-sheet resilience.
Consolidated finance costs were ₹244.31 Cr in Q1 FY2027, up from ₹257.18 Cr in Q1 FY2026 (QoQ/YoY context shown), indicating interest remains a material cost item.
The company consolidated share of profit from joint venture was ₹30.86 Cr in Q1 FY2027, contributing to consolidated earnings.
Guidance & Outlook
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Management elected to exercise lower corporate tax rate of 25.168% from FY2026-27 onwards which will reduce effective tax charge going forward.
Company reiterated single-segment focus on downstream petroleum sector for reporting and operations going forward.
Board has recommended shareholder approval for amendments to Memorandum and Articles of Association to align with Companies Act, 2013 ahead of the AGM.
Change in internal auditor (appointment of Shri Sanjib Kumar Mandal) and appointment of cost auditor M/s Bandyopadhyaya Bhaumik & Co. for FY2026-27 were approved on 15-07-2026.
Risks & Concerns
5
Exceptional item of (₹471.76) Cr in Q1 FY2027 is material and creates uncertainty on recurring earnings quality for the quarter.
Total expenses and cost of materials consumed rose sharply to ₹40,936.80 Cr and ₹35,242.00 Cr respectively in Q1 FY2027 which could pressure margins if costs persist.
Board currently lacks the requisite number of Independent Directors which may pose governance and compliance risk until appointments are made.
Total borrowings remain elevated at ₹11,562.56 Cr as at Q1 FY2027 which sustains leverage risk on the balance sheet.
The audit review notes reliance on other auditor reports for the jointly controlled entity (Shell MRPL Aviation Fuels and Services Limited), indicating limited direct audit coverage for JV results.
AI-generated analysis. May contain inaccuracies — verify against original sources.