MRPL Q4 Results – Key Highlights & View

Net profit sharply declined to ₹1.19B vs ₹14.5B QoQ Revenue dropped to ₹284.9B vs ₹297.2B QoQ EBITDA fell to ₹17.81B vs ₹27.84B QoQ EBITDA margin compressed to 6.25% vs 9.4% QoQ 📉 What impacted performance? Lower refining margins (GRMs) impacted profitability Rising crude oil volatility affecting cost structure Inventory losses due to price fluctuations Weak product cracks in key segments 📊 Fundamentals Snapshot Core business: Refining & petroleum products (OMC-linked performance) Highly cyclical earnings depending on crude and GRMs Limited pricing power vs upstream/downstream integrated players Debt levels and margin sensitivity remain key watch factors 📈 Financial Trend Revenue stable but profitability under pressure Margins showing contraction trend QoQ Earnings visibility depends on improvement in global refining spreads Cash flow may remain volatile with crude swings ⚠️ Risks to Watch استمرار volatility in crude oil prices Weak global demand impacting refining margins Currency fluctuations (USD/INR impact) Regulatory / government policy risks (fuel pricing, subsidies) 🚀 Projects & Positives Capacity utilization improvements can support recovery Focus on efficiency & cost optimization Any upcycle in GRMs can sharply improve earnings Strategic importance as PSU refinery player 🧠 View Short-term pressure due to margin compression Recovery depends on GRM improvement and crude stability Suitable for cyclical play, not steady compounder