Mangalore Refinery and Petrochemicals Ltd

Dividend details

• Interim dividend for FY 2026-27 declared by the Board.
• Interim dividend Rs 3 per equity share of ₹10 face value.
• Face value per share ₹10.
• Record date: 21 October 2026.
• Payment to eligible shareholders on or before November 2026.
• Equity shares only.

Financial highlights

• Standalone Q2 revenue from operations: ₹35,590 crore.
• Standalone Q2 PBT: ₹2,519 crore.
• Standalone Q2 PAT: ₹1,881 crore.
• H1 FY2026-27 revenue: ₹77,199 crore.
• H1 FY2026-27 PAT: ₹2,796 crore.
• Consolidated Q2 PAT: ₹1,901 crore; H1 PAT: ₹2,846 crore.
• Standalone Q2 TCI: ₹1,878 crore; H1 TCI: ₹2,790 crore.
• Interim dividend declared: ₹3 per equity share (30%).
• Exports (Standalone) Q2: ₹3,210 crore; H1: ₹5,070 crore.

Strategic and governance developments

• Fitch assigns BBB- rating with Stable Outlook.
• Tankage storage agreements for ATF (Goa) and MS/HSD (Kochi) finalized in Q2.
• Product loading commenced at Aegis Terminal (Mangaluru), Hindupur (AP), Ennore (TN).
• ISCC CORSIA certification obtained for MRPL Marketing Terminal Devangonthi Bengaluru.
• OPGC-ONGC-OPaL JV OPML formed Oct 7, 2026; MRPL holds 25%.
• MRPL awarded GEEF Global WaterTech Award 2026.

Security cover filing

• Security Cover Certificate for MRPL period ended 30 September 2026 enclosed.
• Pursuant to Regulation 54(2)/(3), disclosed to stock exchanges.

Fire incident update

• Fire incident at MRPL around 12:20 LT extinguished by 14:47 LT.
• One deceased found; another burn-injured person hospitalised.
• Cause: rupture of a Cold Separator at high pressure in Coker Hydrotreater; battery limits isolated.
• Further verified information will be shared as available.

Appointment of Govt. Nominee Director

• Appointment of Government Nominee Director on MRPL Board.
• Name and designation: Shri Mohit Kumar Aggarwal, Deputy Secretary, MoPNG.
• Effective date and tenure: 29.09.2026 for three years or co-terminus, whichever earlier.
• Reason: Competent Authority approval for nomination by MoPNG.
• Profile: Shri Mohit Kumar Aggarwal – ITS 2015; senior DoT/telecom official, Deputy Secretary MoPNG.
• Relationship: Not related to any MRPL directors.
• Declaration: Not debarred/disqualified by SEBI or other authorities.
• Eligibility: Eligible for appointment per Companies Act Section 164.

Incident details

• Rupture of a high-pressure Cold Separator in the Coker Hydrotreater Unit triggered the fire.
• Battery limits of the affected unit isolated; firefighting ongoing.
• Fire brought under control; safety of personnel prioritized.
• One minor injury reported; patient hospitalized and stable.
• Situation monitored; further verified information to be shared.

Rating Action & Ratings

• Fitch assigns MRPL first-time Long-Term IDR BBB- with Stable Outlook and senior unsecured BBB-.
• Instruments Rated: Long-Term IDR BBB-; Senior unsecured BBB-; Outlook Stable.

Rationale

• Equalized with ONGC due to high operational incentives to support MRPL.
• MRPL SCP assessed at 'bb+'; single-asset refinery concentrates risk.
• High refinery complexity; GRM forecast remains robust; margins supported by aromatics.
• Leverage: projected EBITDA net leverage around 1.9x FY27; 1.8x FY28.
• Liquidity: INR6b cash; undrawn INR122b; positive FCF expected FY27.
• Business risk: single asset; exposure to refining cycle; diversification plans via fuel retail.

Outlook & Sensitivities

• Outlook: Stable.
• Downgrade risk if EBITDA net leverage sustains above 2.0x.
• Upgrade possible if ONGC IDR rises and incentives strengthen.

Material Change

• First-time rating; no prior MRPL rating by Fitch.