MRPL, ONGC's refinery in Mangalore, earned ₹1,881 crore in July-September 2026, nearly three times a year earlier, and declared a ₹3 dividend. Yet the share fell about 6%. Refining profits depend on margins that rise and fall, and the share had already climbed from about ₹144 a year ago. Our view: it is a good quarter in a business that swings from year to year.
Standalone profit for July-September 2026 was ₹1,881 crore against ₹639 crore a year earlier. Sales rose 37% to ₹35,590 crore. Operating profit more than doubled to ₹3,210 crore, and the margin rose from 4.9% to 8.8%. The board declared an interim dividend of ₹3 a share, with record date 21 October.
The share had already gained about 21% in a year, from ₹143.6 to ₹174.8. It fell about 5.75% to ₹174.6 on 15 October. Investors may be booking profits, and some worry that refining margins have peaked. Profit was already high in April-June (₹946 crore), so much of the good news was expected.
MRPL's yearly profit shows how much it moves: ₹3,582 crore in 2023-24, just ₹56 crore in 2024-25 and ₹1,925 crore in 2025-26. A single quarter can swing from a ₹705 crore loss (July-September 2024) to a ₹1,900 crore profit (July-September 2026). These profits follow the gap between crude oil and fuel prices, which the company does not control.
Refining margins in Asia. Crude oil prices. Government decisions on fuel prices and export taxes. ONGC owns 88.6%, so few shares are available to trade. A full-year profit near ₹6,000 crore would make the share look cheap, but only if margins stay high.
| Standalone profit ₹1,881 crore vs ₹639 crore; revenue ₹35,590 crore (+37%); EBITDA ₹3,210 crore; margin 8.82% vs 4.93%; dividend ₹3 | Q2 FY27 |
| Consolidated profit ₹3,582 / ₹56 / ₹1,925 crore | FY24-FY26 |
| Loss ₹705 crore | Q2 FY25 |
| ₹143.6 a year ago; ₹174.8 on 14 Oct 2026; fell ~5.75% on 15 Oct | Prices |
| Promoter holding 88.58% | 30 Jun 2026 |
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