MRPL Q3 FY26 Results: Profit Soars 369% YoY

Mangalore Refinery and Petrochemicals Limited (MRPL) delivered robust financial performance in Q3 FY26, reporting a sharp jump in profitability and healthy revenue growth. The company announced its Q3 results on 14th January 2026, and the numbers indicate a strong operational turnaround compared to the same quarter last year.

During Q3 FY26, MRPL’s profit surged 369.09% year-on-year, while revenue rose 16.09% YoY, reflecting improved refining margins, better cost control, and stable demand conditions. The strong quarterly performance has renewed investor interest in MRPL stock and strengthened the company’s medium-term outlook.

This article provides a detailed breakdown of MRPL Q3 FY26 results, financial comparisons with Q3 FY25, share price performance, and analysts’ expectations going forward.

MRPL Q3 FY26 Financial Snapshot

In the December 2025 quarter, MRPL reported impressive growth across key financial metrics:

• Revenue: ₹29,720.13 crore

• Profit Before Tax (PBT): ₹2,823.89 crore

• Profit After Tax (PAT): ₹1,450.89 crore

Compared to Q3 FY25, the company’s profitability expanded significantly, driven by improved operating efficiency and favorable market conditions.

MRPL Q3 Results FY26: Consolidated vs Standalone Performance

Extract of Q3 FY26 and Q3 FY25 Financials

Q3 FY26 vs Q3 FY25: Key Highlights

Consolidated Performance

• Revenue Growth:
  MRPL clocked consolidated revenue of ₹29,720.13 crore in Q3 FY26, compared to ₹25,600.78 crore in Q3 FY25, marking a healthy expansion.

• Profit Growth:
  Consolidated PAT stood at ₹1,450.89 crore, sharply higher than ₹309.30 crore reported in Q3 FY25.

• Growth Rates:

  • Revenue growth: ~15% YoY

  • PAT growth: ~370% YoY

This sharp rise in profitability highlights MRPL’s improved refining economics and disciplined cost structure.

Standalone Performance

• Standalone Revenue:
  ₹29,720.13 crore in Q3 FY26 vs ₹25,600.78 crore in Q3 FY25.

• Standalone PAT:
  ₹1,445.16 crore in Q3 FY26 vs ₹304.19 crore in Q3 FY25.

• YoY Growth:

  • Revenue: 16.09%

  • PAT: 375.08%

Standalone numbers closely mirror consolidated performance, indicating stable core operations without major one-off distortions.

What Drove MRPL’s Strong Q3 FY26 Performance?

Several factors likely contributed to MRPL’s stellar Q3 results:

1. Improved Gross Refining Margins (GRMs):
   Favorable crude-product spreads supported better realizations.

2. Operational Efficiency:
   Higher throughput and better capacity utilization improved fixed-cost absorption.

3. Cost Control Measures:
   Effective management of operating and finance costs boosted bottom-line growth.

4. Stable Domestic Demand:
   Consistent demand for petroleum products supported revenue expansion.

Together, these factors resulted in a significant improvement in profitability compared to Q3 FY25.

MRPL Share Price Performance

Recent Price Movement

On the opening bell of 15th January 2026, MRPL shares opened at ₹145.18 per share. After some intraday volatility, the stock moved higher and is currently trading around ₹156.02 per share, above its opening level.

Short- and Long-Term Returns

• 6-month return: ~7.02%

• 1-year return: ~13.42%

• Long-term return: ~2,281.98%

The long-term performance highlights MRPL’s ability to create substantial wealth for patient investors, despite cyclical fluctuations typical of the oil refining sector.

Market Reaction to Q3 FY26 Results

The market has responded positively to MRPL’s Q3 FY26 earnings, with investors reassessing the company’s earnings visibility and valuation comfort. Strong PAT growth has improved sentiment, especially among value-oriented investors looking for PSU-linked energy stocks with improving fundamentals.

Analysts’ Expectations After Q3 FY26 Results

Following the strong quarterly performance, analysts remain cautiously optimistic about MRPL’s future prospects:

• Bullish Target (1 year): ₹204.30 per share

• Bear Case Estimate: ₹140.80 per share

Analysts believe that sustained refining margins, stable crude supply, and disciplined cost management could support further upside. However, they also caution that oil price volatility, global demand shifts, and regulatory changes remain key risks.

Key Risks to Watch

While MRPL’s Q3 FY26 results are encouraging, investors should consider the following risks:

• Crude Oil Price Volatility: Sudden spikes or crashes can impact margins.

• Cyclical Nature of Refining Business: Earnings can fluctuate sharply across cycles.

• Regulatory and Policy Risks: Government policies on fuel pricing and environmental norms may affect profitability.

• Global Economic Uncertainty: Slower global growth could impact demand for petroleum products.

Long-Term Outlook

MRPL’s strong Q3 FY26 performance reinforces its position as a key player in India’s refining landscape. If the company continues to maintain healthy margins and operational efficiency, it could deliver stable earnings growth over the medium to long term.

For long-term investors, MRPL remains a cyclical but fundamentally improving stock, suitable for those who can tolerate volatility and invest with a disciplined approach.

Conclusion

MRPL’s Q3 FY26 results highlight a remarkable turnaround, with profit rising over 369% YoY and revenue growing by 16% YoY. The strong financial performance, coupled with improving market sentiment and favorable analyst outlook, positions MRPL well for the coming quarters.

However, as with any stock market investment, it is essential to factor in sectoral risks and broader market volatility. Investors should conduct thorough research and align investments with their risk profile and financial goals.

Disclaimer:
Investment in the stock market is subject to risk. This article is for informational purposes only and should not be considered investment advice. Please conduct your own research or consult a qualified financial advisor before investing in shares or other securities.