$MRPL Operational & Financial Performance Recent Earnings (Q4 FY26 Results): MRPL reported a modest net profit with an EPS of ₹0.68 for the quarter ending March 2026. Total revenue stood at approximately ₹23,950 crore. While throughput remained steady across its 15 MMTPA refinery operations, net margins were impacted by squeezed global refining cracks in key segments like diesel and gasoline. Revenues & Gross Refining Margins (GRMs): Crude processing volumes remained resilient due to MRPL's complex refinery setup, which allows it to process heavier crude grades to optimize input costs. However, lower petrochemical and polymer product margins constrained overall segment profitability. Crude Oil Supply & Sourcing Shifts Crude Basket Diversification: Amid evolving geopolitics and shifting price dynamics of Russian crude imports, Indian refiners including MRPL have been readjusting their crude procurement strategy. Sourcing has increasingly shifted back toward Middle Eastern crude tenders (such as Iraqi and Omani grades) alongside Venezuelan crude barrels to replace reduced Russian discounts. Business & Retail Expansion Retail Marketing Footprint: MRPL continues its strategy to scale up its retail fuel presence under the HiQ brand in southern India, aiming to improve its integrated downstream margins and reduce sole reliance on wholesale bulk sales.

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