MRPL Q2 FY27 Results Analysis: PAT Jumps 194%, Borrowings Fall Rs. 2,318 Cr

Cofacto Research Published October 14, 2026 2 min read

Positive

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.

Quick Details

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