Mangalore Refinery & Petroleum delivered a significant turnaround in financial performance for FY26, with profit after tax rising sharply to ₹1,931 crore from ₹51 crore in the previous year. The company’s revenue from operations stood at ₹1,05,155 crore.

The 38th Annual General Meeting was held on August 24, 2026, where shareholders approved the audited financial statements and declared a final dividend of 40%, or ₹4 per equity share. This payout involves a total distribution of ₹701.04 crore, matching the interim dividend already declared by the Board.

Operational Highlights

The refinery processed 16.77 million tons of crude oil during the year. While this volume was marginally lower than the prior year due to a planned shutdown of Phase-II units in April and May 2025, operations continued at approximately 112% of rated capacity. The company maintained a high distillate yield of 81.94%, maximizing production of high-value transportation fuels.

Gross refining margin improved substantially to $9.22 per barrel, up from $4.45 per barrel in the previous year. This expansion was supported by a favorable product mix and stronger refining margins amidst fluctuating global crude oil prices driven by geopolitical tensions.

Marketing and Retail Expansion

The marketing business expanded its retail network by adding 85 new outlets, bringing the total to 252 outlets across Karnataka, Kerala, Tamil Nadu, and Andhra Pradesh. The company sold nearly 344 million litres of petrol and diesel through this network. All petrol sold met government ethanol blending requirements.

To prepare for future energy transitions, MRPL installed 76 electric vehicle charging points across its retail network. Additionally, the Devangonthe Marketing Terminal near Bengaluru became fully operational, enhancing logistics capabilities for inland markets. The joint venture, Shell MRPL Aviation Fuels and Services Private Limited, increased its turnover to ₹2,706 crore.

Sustainability and Innovation

Mangalore Refinery & Petroleum reduced its scope-1 and scope-2 emission intensity by nearly 10% and achieved an absolute reduction of more than 11% compared to the baseline. Energy conservation initiatives saved over 43,436 tonnes of oil equivalent during the year.

The company is advancing several strategic initiatives:

• Setting up India’s first Sustainable Aviation Fuel plant using indigenously developed DILSAAF™ technology, expected to commission early next year.
• Establishing a Green Hydrogen plant with a production capacity of 500 tons per year.
• Importing higher quantities of renewable power once the Grid Infrastructure Project is commissioned in September 2026.

What the Numbers Show

The surge in profit after tax from ₹51 crore to ₹1,931 crore represents a massive multiple increase, primarily driven by the near-doubling of the gross refining margin from $4.45 to $9.22 per barrel. This indicates that operational efficiency and favorable market spreads were the dominant factors in the bottom-line improvement, rather than volume growth, as crude throughput remained relatively stable despite planned shutdowns.

Mangalore Refinery and Petrochemicals Limited ( mangalore refinery & petroleum ) has appointed three new independent directors to its board. The Ministry of Petroleum and Natural Gas approved the appointments of Lakhan Chandra Mardi, Sharwan Singh Karawasra, and Vipin Malviya for a three-year term.

The appointments are effective from August 12, 2026, or until further order, whichever is earlier. This move aligns with regulatory requirements under Regulation 30(2) and Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Board Members

The newly appointed directors bring diverse professional backgrounds to the board:

• Lakhan Chandra Mardi: An advocate practicing at the Jharkhand High Court in Ranchi. He holds a degree in Political Science (Honors) from Ranchi University and a Law degree from North Orissa University. He previously served as a member of the T.P.P. Committee for the Government of Jharkhand.
• Sharwan Singh Karawasra: A Bachelor of Engineering graduate from Rajasthan University/Engineering College Kota. He is the founder and director of Career Line Coaching Institute.
• Vipin Malviya: An advocate and tax consultant who holds Commerce and Law degrees from Pt. Ravishankar Shukla University. He is the proprietor of B. M. Malviya & Co.

Compliance and Eligibility

All three appointees are eligible under Section 164 of the Companies Act, 2013. They are not debarred by any SEBI order or other authority and have no relationship with existing company directors. Premachandra Rao G, Company Secretary, confirmed the appointments in a communication dated August 13, 2026.