MRPL shares slide 7% after co slips to loss in Q1 on margin, revenue hit
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Shares of Mangalore Refinery and Petrochemicals (MRPL) fell over 7% on Monday to touch an intraday low of Rs 138.70 apiece on the BSE. This decline came in the wake of the company’s first-quarter financial results for FY26, which showed a significant turnaround from profit to loss. Last week, MRPL, a subsidiary of ONGC, reported a consolidated net loss of Rs 271 crore for Q1 FY26, compared to a net profit of Rs 73 crore in the same quarter last year. Revenue from operations for the June quarter fell to Rs 20,988 crore, down from Rs 27,289 crore recorded in Q1 FY25. Additionally, the company’s Gross Refining Margin (GRM), a key indicator of profitability in the refining business, dropped to $3.88 per barrel from $4.70 per barrel year-on-year, highlighting the pressure on MRPL’s core operations. Investors reacted negatively to the results, leading to a notable dip in the stock price on Monday. Price and Technicals: The stock has experienced...