Total income fell to Rupees 25,352 crore in Q3, down 6% from Rupees 26,955 crore in Q2. However, it remained comfortably above the Rupees 24,530 crore reported in Q1. The modest revenue dip reflects softer
product prices and lower throughput compared to the festive-fueled Q2 surge. Operational performance remained relatively steady with no major disruptions flagged.
Margins contract on global cues
The steep profit decline in Q3 was largely driven by compressed Gross Refining Margins (GRMs) amid volatile crude prices and rising input costs. While Q2 benefitted from favorable spreads and inventory gains, Q3 saw pressures from narrowing crack spreads and fluctuating exchange rates. The impact of finance costs also grew to Rupees 464 crore from Rupees 353 crore in Q2.
Looking ahead to a stable recovery
Despite Q3 softness, the nine-month PAT stood at Rupees 2,317 crore, signaling resilience over FY26. With capacity utilization stable and refining margins expected to normalize, MRPL’s focus will remain on cost optimization and product mix management heading into Q4. The company may also benefit from a recovery in international demand in the upcoming quarters.
MRPL’s FY26 so far has been a tale of fluctuating profitability, with Q2 peaking and Q3 correcting, underlining the cyclical nature of refining earnings.
