MRPL Q2 FY27 Results Analysis: PAT Jumps 194%, Borrowings Fall Rs. 2,318 Cr
Mangalore Refinery And Petrochemicals Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 35,590.40 Cr (+37.13% YoY) and PAT growth of +194.50% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 14, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 35,590.40 Cr (+37.13% YoY) |
| PAT (Q2) | Rs. 1,880.89 Cr (+194.50% YoY) |
| EBITDA margin | 9.21% (+347 bps YoY) |
| EPS (Q2) | Rs. 10.73 (+194.80% YoY) |
| Market cap | Rs. 32,468.64 Cr |
| CMP | Rs. 185.26 |
Quarter Snapshot
MRPL delivered PAT of Rs.1,880.89 Cr (+194.5% YoY) with EBITDA margin at 9.21% versus 5.74% a year ago, aided by inventory gains in a rising-crude quarter and the new 25.17% tax rate. Borrowings fell Rs.2,318 Cr QoQ to Rs.9,245 Cr while H1 free cash flow reached Rs.5,568.78 Cr, funding both deleveraging and the Rs.1,500 Cr FY27 capex plan. The Rs.921 Cr inventory build defers higher-cost crude into Q3, making the crude price trajectory the key H2 swing factor, and a Rs.118.76 Cr insured fire charge at the CHT unit was booked as exceptional.
Key Investment Insights
Key Positives
- Revenue grew 37.13% YoY to Rs.35,590.40 Cr despite a 14.46% QoQ seasonal decline from Q1's peak
- EBITDA of Rs.3,278.92 Cr with margin at 9.21%, up from 5.74% YoY and 3.17% QoQ
- PAT of Rs.1,880.89 Cr grew 194.50% YoY; normalized PAT of Rs.1,969.57 Cr grew 208.4% YoY
- Borrowings reduced Rs.2,318 Cr QoQ to Rs.9,245 Cr (−30% in 12 months); Debt-Equity at 0.55x, ISCR at 11.31x
- H1 CFO of Rs.6,008.98 Cr at 2.15x PAT; FCF of Rs.5,568.78 Cr
- Effective tax rate reduced to 25.33% from 34.47% via Section 115BAA adoption effective FY27
- Interim dividend of Rs.3 per share (30%) declared on October 14, 2026
- Basic EPS of Rs.10.73 vs Rs.3.64 YoY; H1 EPS of Rs.15.95 vs Rs.2.09
Risk Factors
- Fire incident at CHT unit on Sep 30, 2026 resulted in a Rs.118.76 Cr exceptional charge; insurance recovery pending
- Rs.921.26 Cr inventory build defers higher-cost crude into Q3 P&L, creating an H2 margin headwind
- Finance costs rose 29.48% YoY and 16.20% QoQ to Rs.283.85 Cr on higher working capital needs
- Revenue declined 14.46% QoQ from Q1's peak of Rs.41,608.96 Cr
- Trade receivables rose to Rs.7,479.89 Cr from Rs.6,058.80 Cr over the half-year
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.