MRPL shares extend gains to 17% in seven sessions; Stock jumps despite narrowing margins

Shares of Mangalore Refinery and Petrochemicals Ltd. (MRPL), the Mangaluru-based refiner, surged as much as 13% on Thursday, July 16, after its June quarter revenue surged compared to the January-March period.

This is the biggest single-day gain for the stock in the last four months.

On a sequential basis, MRPL's revenue increased by 60% from the previous quarter, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined by 26% to ₹1,318 crore. EBITDA margin also narrowed to 3.4% from 7.5% last year.

Net profit for the period stood at ₹914 crore from ₹119 crore in the previous quarter.

During the quarter, MRPL recognised an exceptional gain of ₹471.76 crore arising from the revision of prices for certain petroleum product supplies made in an earlier period. The company also opted for the lower corporate tax regime under the Income Tax Act, 2025, effective FY27, reducing its applicable tax rate to 25.168% from 34.944% earlier.

The ONGC

subsidiary reported its June quarter results after market hours on July 15. On a year-on-year basis, MRPL's revenue more than doubled to ₹38,254.2 crore in the June quarter from ₹17,356.7 crore in the corresponding quarter last year. Net profit stood at ₹945.7 crore, compared with a net loss of ₹270.7 crore a year earlier.

EBITDA increased sharply to ₹1,317.6 crore from ₹179.5 crore in the corresponding quarter last year, while the EBITDA margin expanded to 3.44% from 1.03%.

The company processed 4.43 million metric tonnes (MMT) of crude and other feedstock during the quarter, compared with 3.52 MMT in the year-ago period and 4.35 MMT in the March quarter.

On the operational front, MRPL received PNGRB authorisation for its aviation turbine fuel (ATF) pipeline from Devangonthi Terminal to Kempegowda Airport in Bengaluru.

It also commenced product loading at the Aegis Terminal in Mangaluru, Hindupur depot in Andhra Pradesh and the Ennore terminal in Tamil Nadu, while executing lease agreements for storage tankages at JNPA, Kakinada and Krishnapatnam.

The company also said it obtained ISCC CORSIA certification for co-processing used cooking oil under its Sustainable Aviation Fuel (SAF) programme during the quarter.

Shares of MRPL are slightly off the highs of the day, currently trading 9.7% higher at ₹172.6. The stock has now extended its year-to-date advance to 12%.