Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), reported a nearly threefold year-on-year increase in standalone net profit to ₹1,881 crore for the second quarter of FY27, compared with ₹639 crore in the year-ago period.
Revenue from operations rose 37.1% to ₹35,590 crore from ₹25,953 crore in Q2 FY26. Profit before tax increased to ₹2,519 crore from ₹975 crore a year earlier.
Earnings before interest, depreciation, tax and amortisation (EBITDA) more than doubled to ₹3,210 crore from ₹1,565 crore in the corresponding quarter last year.
For the first half of FY27, MRPL’s standalone net profit rose to ₹2,796 crore from ₹367 crore in the year-ago period. Revenue from operations increased to ₹77,199 crore from ₹46,942 crore, while profit before tax climbed to ₹3,734 crore from ₹572 crore.
The company’s board declared a first interim dividend of ₹3 per equity share, equivalent to 30% of the share’s face value.
Other key developments
MRPL secured its first-ever international credit rating, receiving a ‘BBB-’ rating with a stable outlook from Fitch Ratings, at par with India’s sovereign rating.
During the quarter, the company finalised agreements to hire storage tanks for aviation turbine fuel (ATF) in Goa and motor spirit and high-speed diesel (MS/HSD) in Kochi. Product loading also commenced at the Aegis Terminal in Mangaluru, Hindupur depot in Andhra Pradesh and Ennore terminal in Tamil Nadu.
MRPL’s marketing terminal at Devangonthi, Bengaluru, received ISCC CORSIA certification for the receipt, storage and blending of sustainable aviation fuel with aviation turbine fuel.
The company also incorporated ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026, alongside ONGC and ONGC Petro additions Ltd. The joint venture will market petrochemicals, chemicals and related products. MRPL holds a 25% stake, while ONGC owns 50% and OPaL holds the remaining 25%.
MRPL shares closed 5.38% higher at ₹185.35 on the NSE on October 14, up ₹9.46 from the previous close, ahead of the company’s Q2 FY27 results.
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