Mangalore Refinery and Petrochemicals Limited (MRPL) Q2 2027 Earnings Call Transcript

Avin Gupta: Good morning, ladies and gentlemen. Welcome to MRPL's Q2 FY 2026-27 earnings call.

|am

Avin Gupta, Chief Manager, Investor Relations. | have with me Director (Finance) and CFO Mr. Devendra

Kumar, ED (Marketing & Business Development) Mr. Deepak Prabhakar, ED (Projects) Mr. Sujith P, Head of Finance Mr. Subhaschandra Pai and CGM (Finance) Mr. Surendra Nayak on the call.

The plan for the call is as follows: first there will be opening remarks by Director (Finance), and then we will proceed to the Q&A session. You may raise your hand while on the call to ask questions. | now hand over the call to Director (Finance) for his opening comments. Devendra Kumar: Good morning, ladies and gentlemen. Good morning, valued investors, analysts and members of the media. Thank you for joining MRPL's Q2 FY 2026-27 earnings call. Allow me to take you through the quarter's results and a few key updates before we open the floor. As you all know, the industry, especially the refining industry, is going through challenging times due to

geopolitical situations mainly arising out of the conflict in West Asia. This has resulted in a squeezing of assured supplies from the Middle East, longer voyage times and a steep increase in freight and insurance costs. The industry is still in reactionary mode and events are evolving on a regular basis. The company

continues to navigate these challenging times with professionalism and determination while maintaining its nation-first approach. Moving to performance, the company's Q2 performance was relatively strong. The standalone net profit

was %1,881 crore on an EBITDA base of %3,210 crore. This is nearly three times the profit of Q2 of last year, which stood at %639 crore. This has been achieved despite a planned shutdown in August. The throughput was 4.18 MMT during Q2 against a quarterly peak of about 4.5 MMT achieved earlier. The

fuel and loss stood at 9.86% for H1, compared to around 11% reported earlier.

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For the half year, the net profit is %2,796 crore against 2367 crore for the corresponding H1 of the previous year. Considering the positive performance for H1 ofthis year, the Board has declared an interim dividend of 33 per share, which works out to a total dividend of 3526 crore. Borrowings fell by over 35,000 crore in six months, reaching %9,245 crore at the end of September. This is, of course, variable and depends on working capital requirements. The debt-equity ratio has correspondingly improved from 1.01 as reported at the end of March 2026 to 0.55 at the end of September 2026.

Moving on to our crude sourcing: despite the West Asia disruptions, the company has kept crude supplies secure by diversifying its crude sourcing basket. When Middle East term cargoes were curtailed by the situation in the Strait of Hormuz, we stepped up domestic crude and spot purchases. In Q2, domestic crude made up about a quarter of our intake, term contracts about a fifth, and spot purchases the balance,

drawn mainly from West Africa, the Americas, the Middle East and Russia. Russian barrels made up about 32% of our Q2 basket, against approximately 28% in Q1. Every cargo is procured on commercial terms, decided on delivered economics.

Moving on, our retail network has 257 retail outlets across Karnataka, Kerala, Tamil Nadu and, lately, Andhra Pradesh. The half-yearly retail margin continued to be marginally negative. The capex for financial year 2026-27 is expected to be in the range of %1,200 crore to 21,500 crore, which includes refinery maintenance, revamping, and small-value IRR projects including retail projects.

Moving on to the major events during the half year: there was the formation ofa JV company, OPML, that is, ONGC Petrochemicals Marketing Limited, with a 50% stake held by ONGC, 25% by OPal and 25% by

MRPL. MRPL's investment will be to the tune of %12.5 crore. This JV is formed for marketing of petrochemicals and related products. It is expected to enhance the petrochemical business and operational planning, and reduce costs through improved logistics, warehousing, grade optimisation and customer management.

PNGRB has granted authorisation to MRPL for laying, building, operating or expanding a petroleum and petroleum products (ATF) pipeline from Devanagonthi to Bengaluru airport. This is expected to be completed by the year 2029-30 at a cost of ¥200 crore plus.

For the first time, MRPL has been able to obtain an international credit rating. Fitch International has assigned a rating of BBB- (Stable), which is at par with the sovereign rating and comparable with its peer companies and OMCs.

There was a long-pending tax case, and we have been able to close that long-pending reformate classification dispute. We have received a refund of %212 crore.

The company has won two National Innovation Awards at the recently concluded 29th Energy Technology and Innovation Meet, that is, ETM 2026, held at Goa. These achievements reinforce the company's commitment to R&D and innovation and support the Government of India's vision of Aatmanirbhar Bharat.

On the flip side, there was a fire incident on 30th September 2026 at around noon at our Coker Hydrotreater Unit (CHTU). The incident is under active investigation and reconstruction of the unit has commenced. Restoration is targeted by mid-December this year, and we expect Q3 throughput to be close to Q2 levels. We have booked a provisional loss of 3118.76 crore in Q2 as an exceptional item, against an

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estimated replacement value of about 225 crore. These are, of course, preliminary estimates. The assets are adequately insured. To sum up, MRPL continues to follow a nation-first approach, which was evident from MRPL's ramping up of LPG supplies by cutting down on polypropylene during H1. We will continue to strive to keep throughput and product supplies at the peak levels technically possible for fulfilling domestic demand

first. We are targeting a retail presence of about 500 retail outlets by the end of FY 2028. We continue to follow a balanced portfolio approach of debt reduction, modest capex and shareholder returns. Based on

current market conditions and performance trends, the company is expected to continue to maintain a strong balance sheet in the current year.

Thank you for your continued interest in our company. The floor is now open for questions. | would request you to keep today's discussion restricted to Q2 performance and the company's stated plans. For queries on topics other than the company's financial and physical performance, you may like to approach other relevant forums of communication with the company. Thank you.

Avin Gupta: Thank you, sir. We will wait for a moment so that the question queue assembles, and then we will start the Q&A session. Attendees are requested to raise their hand as and when they want to ask questions.

We have the first question from Mr. Mayank Maheshwari. Mayank, you can go ahead with your question. Mayank Maheshwari: Can you hear me? Avin Gupta: Yes, you are audible.

Mayank Maheshwari: Sir, firstly, thank you for doing this call. | really appreciate you speaking to investors. The first question | had was related to crude sourcing. Obviously, it has been a challenging time for the

last six months. You highlighted your crude sourcing for the second quarter. Can you give us an idea of how you are managing the challenges around freight? That was definitely having an impact in September, but it is getting a bit worse, | suppose, from a freight cost perspective into November and December. Can

you highlight what is going on in terms of your crude sourcing cost and the all-in DES-basis delivered cost of crude, and give us a view on how you are managing the situation?

Devendra Kumar: Thank you, Mayank, for your two questions. Yes, sourcing has been a challenge, and as stated in my opening remarks, we are addressing these issues head-on. We still continue to be in a

reactionary mode because events are evolving, as stated earlier. Given this background, which is already known to you, we have widened our scope of procurement and onboarded more vendors. We are trying to source from West Africa and the Americas, and this process is continuous. We are also evolving some

of our contractual terms with West Asia; for example, more STS operations are being organised by regular sources.

Coming to the freight part, yes, freight continues to be a challenge. It has risen sharply, as has been

pointed out by us earlier. Freight has gone up to anywhere between $7 and $10 in extreme cases; the average would be $7 to $8, sometimes $9 also. But we are living with that. As stated earlier, we are following the nation-first approach, and we will continue to strive to keep our operations at the fullest peak point. We are also trying to maximise our DAP cargoes, because that takes care of some of the uncertainty involved in sourcing these vessels. Thank you.

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Mayank Maheshwari: Okay. So, to put it in perspective, would you say your freight cost in the current

quarter versus last quarter is up $34, because your freight has gone to $7—8 versus $3—4 last quarter? Is that the right way of thinking about it on an overall total cost of crude basis?

Devendra Kumar: If you are trying to build a model, it is anybody's guess; it is still volatile. As we move

from one cargo to another, we see steep differentiation. That is why DAP cargoes have helped us. So $7 to $9 would be the typical range; that is what | can say. Mayank Maheshwari: Got it, sir. The second question | had was related to the capex plans for MRPL. You have a very healthy balance sheet now. Can you talk to us about your growth plans going forward? Devendra Kumar: | will not be giving a very futuristic or forward-looking statement, but yes, our capex remains in the modest range. Again, sticking to my opening statement, it is ¥1,200 crore to %1,500 crore,

and that is mostly revamping and, to some extent, our retail expansion. This is where we are confining ourselves in the near future, and by near future | mean about a couple of years.

Mayank Maheshwari: Thank you. Very clear. Devendra Kumar: Yes, there is one specific case which | did mention, the Devanagonthi to Bengaluru Airport pipeline. That will be a major project coming up.

Mayank Maheshwari: Yes, that is very clear. Thank you.

Avin Gupta: Thank you, Mayank. The next question is from Mr. Nitin Tiwari. Nitin, you can unmute yourself and ask your questions. Nitin Tiwari:

Hi, good morning, and thanks for the opportunity. Sir, thank you for having this call; | really

appreciate it. My first question was with respect to the performance of the refinery and the marketing division. What was our refinery output in terms of key products? Either percentages or absolute numbers

would be helpful — how much we produced of diesel, gasoline, ATF, etc., and also on the petrochemical side. And what was our marketing throughput for petroleum products? | am talking about the retail network that you have.

Devendra Kumar: | would request our Head of Marketing, Mr. Deepak Prabhakar, to take this question. Deepak Prabhakar: Good morning. On the specific query on how we have done in marketing: Q2 has seen very high sales of retail products, primarily because of the curtailment of retail operations by the private

OMCs. We are seeing a year-on-year growth of almost 50% from the last quarter. While this is not a structural change — it has to do with the fact that some of the private OMCs have curtailed sales due to

lower margins — as DF said, we are a public sector company, and being a responsible public sector company, we have not curtailed operations. We are continuing to serve the market, and we also believe that serving the market will result in some stickiness in the customer base, and that some of this growth will stay with us even when the situation normalises.

In the direct marketing space, again, the space has been vacated largely by the private OMCs and, to some extent, by the public sector OMCs. However, MRPL has continued to supply these entities as a market-

building exercise, and we hope these volumes will be sustained. Our direct marketing growth has also been significant, and we see a year-on-year growth of almost 30% to 40% in direct marketing of petroleum products.

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We have also strongly entered the solvents business, primarily xylol, MTO and toluene, and we are quite strong there. Compared to last year, we have grown significantly, by nearly 100% in this space, and we are touching 10 TMT per month in the solvents segment. The other products remain largely the same as last year because our product basket is fixed, so in terms of quantity it remains the same. As| said earlier, there is an impact on the margins.per se. However, we believe this is a short-term event, and building a market at this time will help us retain a lot more customers when the situation normalises.

Nitin Tiwari: Any sense of the direct marketing numbers for petrol and diesel, if you can help with that? Deepak Prabhakar: We do not do direct marketing for petrol, because it is not a direct-sale product. But | would say that diesel volumes have grown tremendously in the second quarter. We are seeing total sales of almost 40 TMT, as opposed to 20 TMT in quarter one. TMT is thousand metric tonnes. Nitin Tiwari: Thank you so much for that answer. My second question was with respect to refinery margins. | noticed that we used to report refinery margins earlier, but we have not reported them, | think,

in the June quarter and also in the September quarter. If you can help us understand that number a little — what was our refinery margin this quarter, and how should we look at this metric going ahead? What

is the number we will be able to make on a sustainable basis in this environment? Devendra Kumar: Nitin, if you have attended or seen our previous call in January, we had taken a

conscious decision not to publish quarterly GRM numbers. The reason was that there is a huge difference in the way, or the methodology, GRM is computed by different companies, and some other PSUs have also taken that approach. So we will not be publishing GRM numbers on a quarterly basis. However, some

of these numbers can be worked backwards, because we have already given our EBITDA and other details. So most of those numbers are already available in the investor domain.

Nitin Tiwari: Understood, sir. That is fair. | just wanted your thoughts on the outlook for refining. As | said, what can we do on a sustainable basis in this environment? Cracks are very strong, but freight rates are also very strong, and then there is the incidence of SAED. If you can give us some perspective on what we

can do 01

reasonable basis from our refineries.

Devendra Kumar: A brief comment on the RTP: most of our sales are going at RTP level in the domestic market currently. Based on the current systemic arrangements, we see movement in SAED that is more

in line with the international market, but the net cracks available are more or less around $20 above the average landed cost. Since it is an average for the entire industry, some are operating above average and some below, so the cracks applicable to us would be different; they will be different for each of the refineries and OMCs. And since the GRM methodology is not similar — some include SAED and some do

not — it does not make sense for us to publish any of those numbers on a quarterly basis. Nitin Tiwari: Understood. Thanks for the points. | will get back in the queue for more questions. Devendra Kumar: Thank you, Nitin.

Avin Gupta: The next question is from Mr. Dhaval Popat. Dhaval, you may unmute yourself and proceed with your questions.

Dhaval Popat: Thanks a lot for the opportunity, and congratulations on a great set of numbers. My question is regarding an article in the Economic Times which reported GRMs being restricted to USD 15

per barrel, quoting a senior government official. However, | understand the implied GRM for MRPL is

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already around $14.86-14.9, broadly in this range, and for CPCL it is already above $15 per barrel. The clarification | was trying to seek is: | hope there is no cap from the government side around this $15 per barrel number? How does that work?

Devendra Kumar: Thank you, Dhaval; you are one of our regulars. Thank you for asking this question. It is more or less a repetition of what | have already mentioned to Nitin: the landed price and the cracks determine the final numbers, and they keep varying. But yes, you are right that the range is more or less

around that. And as | said, it is an average, so some refiners would be above and some below, and there will obviously be differences between one refiner and another.

Dhaval Popat: Agreed. And if| understand correctly, the throughput would be close to 02, and the next maintenance cycle is only in March-April; there is no maintenance planned as of now for MRPL this year.

Devendra Kumar: That is right. The next one is expected early next financial year, maybe around April. Dhaval Popat: If| can just chip in one last question. | understand the complexity of MRPL is higher than

that of many refineries in India, and as a result it can take in fuel oil as well as vacuum gas oil to increase the distillate yield. During the current quarter, have you been including these intermediate products to increase the distillate yield? Should we be thinking on those terms, or any colour in that regard?

Devendra Kumar: Yes. In the current quarter we have a slight constraint in the product mix, but once the CHT is completely brought online, we will retain the full flexibility that was available earlier.

Dhaval Popat: Sorry, my question was regarding secondary intermediates. You have previously used vacuum gas oil and fuel oil to generate distillates. Do we take those into account for this quarter as well? If there is any colour; otherwise, of course, | can take this offline. Devendra Kumar: Mr. Deepak Prabhakar will answer you. Deepak Prabhakar: We are always on the lookout for intermediates. That depends primarily on the

available spare capacity in the secondary processing units. VGO and high sulphur fuel oil have been our inputs in the past. We keep evaluating market conditions and the market prices of these intermediates

on offer, and see whether there is processing capability that can match the prices on offer in the market. In the past six months, we have not had any requirement of taking in VGO or high sulphur fuel oil as intermediate products for processing. However, we are constantly evaluating market offers, and we are

in touch with other refineries within India on the available intermediate feedstocks, to see if we can maximise our secondary processing units. As of now, we do not see any immediate processing of these feedstocks.

Dhaval Popat: That is helpful. Thanks a lot. Devendra Kumar: Thank you, Dhaval.

Avin Gupta: A reminder to all participants: you may raise your hand to ask a question. The next question is from Mr. Kirtan Mehta. Kirtan, you may go ahead. Kirtan Mehta: Thank you, sir, for hosting this call and for giving us an opportunity to ask questions. Could

you give more colour on what kind of impact the fire incident will have on the distillate yield, particularly for Q3? Would it be, say, a couple of percentage points lower distillate, or would the impact be higher?

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Devendra Kumar: Thank you, Mehtaji. On the generic question, | have already covered it in the opening statement, so that we are all at the same level of understanding: our Q3 total throughput is not likely to change significantly, but our product mix is slightly impacted, because that particular unit was designed

to process heavier crudes. To that extent, yes, there is a marginal impact. If that does not suffice, | will ask Mr. Deepak to give a more elaborate answer. Sujith P : It is still not worked out yet, sir. Deepak Prabhakar: As DF said, it is a very marginal impact. If | had to put a number to it, the impact on

total production could be less than a couple of percentage points of the distillates. Kirtan Mehta: Earlier there was a question about the crude sourcing mix. You mentioned that we have

broadened the crude sourcing to include West Africa as well as US crude. Could you give us the percentages from different sources — how much from the Middle East, how much Russian crude we have used, and how much high sulphur or heavier crude we have been using lately in 02? Avin Gupta: On the crude sourcing that you are asking about, | can give you a broad outline. From the Middle East, we were at about 20-21%; from domestic sources, we were at around 25% for 02; and the

rest of the crude was coming from other sources, including Russian barrels, which were around 30-32%. Kirtan Mehta: Sure, sir. Thank you. Just one last question, if| may. In terms of the retail outlets — we are planning to reach around 500 outlets — do we have a planning process with HPCL to optimise the footprint across the group, or is it done completely independently at the MRPL level?

Deepak Prabhakar: It is generally handled independently. However, we are also conscious of the fact that HPCL is a group company. While we do not factor that in when we do our network planning, we do have an indirect consideration in certain specific areas. Being both suppliers and partners in the supply chain, we do some amount of optimisation between the companies. Kirtan Mehta: Sure, sir. Thank you. Devendra Kumar: Thank you, Mehtaji.

Avin Gupta: If anybody else wants to ask a question, ‘please raise your hand. The next question is from Mr. Harshraj. You may go ahead and ask your questions. Harshraj: Hi, good morning, sir. Thank you for letting me ask the question. | have one question on the

product mix. Compared with what we had in FY25, there was a drastic change in FY26, where the share of petrol, that is MS, HSD and ATF increased by approximately 10%. For the

first half of FY27, is it around

FY26 levels, or closer to FY25 levels? Deepak Prabhakar: | do not think there has been a major change in the product mix. Largely, we have been at the same percentage numbers with respect to crude. Harshraj: | think from FY25 to FY26, the MS share improved from 13.4% to close to 20%.

Avin Gupta: You must be referring to MS plus reformate in that case. Harshraj: Yes.

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Deepak Prabhakar: This is again a matter of optimisation. If you look at the total distillate yield, any distillate is generally a mix of the MS-to-ATF range of products. Depending on the sourcing of crude, we may have to swing a

bit lighter. As Middle East crudes are a bit heavier, we tend to produce larger

quantities of middle distillates, whereas with other sources of crude we tend to go a bit lighter. This could be the reason why you are seeing a change in the overall MS numbers, but it has not been to the extent

of 130 to 200. | would guess the impact on account of the crude mix is maybe 20-30 TMT per month. However, | will get back to you with the exact numbers. Avin Gupta: Connect with me offline and | will give you the details. Harshraj: Sir, one more question | have is on RLNG consumption during the first half of this year — what is the potential, and where are we right now?

Deepak Prabhakar: RLNG is something we evaluate on a month-on-month basis depending on the offers.

Currently, the market is stressed, mainly due to supply constraints, and price levels are also significantly higher. It is an economic decision for us to process RLNG. RLNG continues to be economical, and we continue to take some quantity. However, spot offers are significantly higher, and therefore we have

curtailed some of the RLNG processing in our units. We are always on the lookout for new sources; we evaluate new offers and enter the market quite often. Harshraj: Thank you, sir. That is all from my side. Devendra Kumar: Thank you, Harshraj. Avin Gupta: The next question is from Mr. Indukumar Gupta. Hello Indra, you can ask your questions. Indukumar Gupta: Thank you for the opportunity, sir. My question was related to exports. | understand you are focusing more on the domestic side. Were there any exports during the first half of 2026-27? Deepak Prabhakar: There were a couple of cargoes, primarily due to issues with respect to balancing supply and demand domestically. Domestic demand continues to be strong, and therefore we are trying

to divert all our molecules into the domestic market. However, if there are a couple of cargoes that spill over due to specific issues in the market, we do export them. We anticipate that exports will be low, at least in the next couple of months. However, on a structural basis, there could be some regular exports

from MRPL; a couple of cargoes of diesel and ATF together would be the normal exports from MRPL. H1 was 15% on a quantity basis. Indukumar Gupta: One more question, if | may. How much was the SAED impact on those exports? Deepak Prabhakar: SAED is a known number; it is published regularly. Whatever SAED number is published, that is the direct impact. Indukumar Gupta: Thank you so much. Avin Gupta: DF sir has also mentioned, in reply to an earlier question, the residual cracks that we are normally getting on an average. | think that should answer that. Indukumar Gupta: Thank you so much.

Devendra Kumar: Thank you, Indra.

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a Avin Gupta: The next question is from Mr. Dhaval Popat. You may go ahead and ask your questions.

Dhaval Popat: Thank you so much. The last time we had a call, there was a discussion around specific energy consumption — more power was to be taken from the grid, which would have resulted in a further decrease in specific energy consumption for MRPL. | just wanted to understand if there is any further development on that. Devendra Kumar: One question or more questions?

Dhaval Popat: Just one more. Sorry, it broke my chain of thought; please answer the first question and | will come back with the second one. Devendra Kumar: On energy consumption: as soon as the grid power project goes online, it will lead to

further improvement in our fuel and loss numbers. The current position is improving based on other efforts, such as reducing steam consumption and containing steam losses, and we have been able to bring it down below 10. Once grid power is fully available, which is expected by the financial year end, we will see a significant improvement. Dhaval Popat: Okay, that is helpful. Devendra Kumar: If you remember, last time we said that we are targeting about 9.5. Dhaval Popat: Agreed.

Devendra Kumar: Let it stabilise, and then we should be closer to that number. Dhaval Popat: My second question is more of a follow-up. Within the middle distillate slate, between ATF

and diesel, there was a change in the product slate in 2025-26. If a significant difference arises, given the current situation and given Europe being an elastic buyer, how much flexibility does MRPL have? Can it be switched within a quarter, or within a month? How quickly is MRPL able to switch between ATF and diesel? Deepak Prabhakar: The swing capability exists. We can swing between products quite quickly, even ona monthly basis, depending on the right type of crude. The constraint would be the sourcing of crude; as

long as we have the right crude for doing that, we should be able to swing pretty fast. Dhaval Popat: Okay, that is really helpful. Thank you. Avin Gupta: Thank you, Dhaval. The next question is from Ms. Nidhi Varma. Nidhi, you may go ahead with your questions. Nidhi, are we audible? Nidhi Varma: Yes. Hi, sir. You mentioned in your remarks that term contracts for Middle Eastern crude oil imports are evolving, and you also mentioned the higher freight rates and the company's intent to switch as much as possible to DAP cargoes. Are you negotiating with Middle Eastern countries to have more oil on a DAP basis compared to FOB, which used to be the case until last financial year or this financial year? Devendra Kumar: Thank you, Nidhi, for the question. Yes, Middle East crude, especially from the majors,

used to work on a very specific contractual basis. Now we have seen certain changes from their side, and that is not evolving into something new. Again, as | mentioned earlier, it is reactionary in nature. For a short period, we have seen a change in this methodology, including DAP cargoes, offering STS, and there

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was even a case of a tender being floated. So we have seen these kinds of changes being brought to the table even by the biggies from the Middle East.

Nidhi Varma: Is this a temporary change that you are witnessing, or are you planning to go for next year's term volumes also on a DAP basis, factoring in the freight as well? Or will we be going back to the normal scenario?

Devendra Kumar: Sorry, please continue; | interrupted. Nidhi Varma: No issues. | am keen to know, since the dynamics of the world have changed now, whether Middle Eastern countries are more willing to offer you term contracts including supplies on a DAP basis. Devendra Kumar: Are you done with the question? Nidhi Varma: Yes, sir.

Devendra Kumar: This is both an opportunity and an option for the current sellers. So far, they have not experimented — | will keep it as a personal view — and they have not seen the benefits of this. Now this gives them added flexibility going forward. We cannot anticipate how they will move forward, but learning from this experience, our estimate is that it will be built into the systems going forward, and some form of the variations being brought in now will be available in future also. To de-risk ourselves, we would continue to insist on DAP cargoes, but going forward, when things stabilise, we will evaluate purely based on our delivered economics. | hope that answers your question. Nidhi Varma: Yes, sir, partly. Thank you.

Devendra Kumar: You can always get back to us if you have more detailed queries. Nidhi Varma: Sure, | will do that. Thank you. Devendra Kumar: Thank you, Nidhi.

Avin Gupta: That was the last question for today. Thank you for joining us for this earnings conference call, and have a good day. Devendra Kumar: Thank you, everyone. Thank you for your continued interest in MRPL. Have a good day. — End of Transcript —

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