Mangalore Refinery and Petrochemicals Limited shareholders approved a final dividend of ₹4 per equity share for FY26 at the company’s 38th annual general meeting held on August 24, 2026.

The mangalore refinery & petroleum also approved the appointment of Dr Seema and Satyan Kumar as directors, alongside ratifying cost auditor remuneration and approving material related-party transactions with Shell MRPL Aviation Fuels and Services Limited.

Voting Results Overview

Shareholders voted in favour of all ten resolutions placed before them. The promoter group, holding 1,552,507,615 shares, cast 100% of its votes in favour across all agenda items. Public institutions and non-institutional investors also supported the majority of proposals, though dissent was recorded on director appointments.

Key Resolutions Passed

Director Appointments

Dr Seema, nominated by the Ministry of Petroleum and Natural Gas, was appointed as an additional director effective June 4, 2026, and confirmed by shareholders. Satyan Kumar, nominated by Oil and Natural Gas Corporation Limited, was appointed effective July 2, 2026, and similarly confirmed. Arun Kumar Singh, retiring by rotation, was re-appointed after receiving 98.51% support.

Corporate Governance Updates

The company appointed Kumar Naresh Sinha & Associates as secretarial auditor for five years, from FY27 to FY31, at a remuneration of ₹40,000 per year plus GST. Cost auditor remuneration for FY27-28 was ratified at ₹2.5 lakh plus GST and e-filing fees.

A special resolution amended the Memorandum and Articles of Association to align with the Companies Act, 2013, expanding object clauses to include biofuels, renewable energy, and active pharmaceutical intermediates.

Related Party Transactions

Shareholders approved material related-party transactions with Shell MRPL Aviation Fuels and Services Limited for up to ₹5,500 crore in FY28. This resolution received 81.30% support, with public institutions voting 81.20% in favour.

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.