Mangalorerefinerypetroch earnings calls.

MRPL delivered a standout Q3 FY26 with PAT of Rs 2,824Current reported value: 2,824. No comparable prior figure is available in the source record. crore, driven by robust crack spreads (HSD at $21/bblCurrent $21/bbl. Reported change: +$6 vs Q2.) and optimized energy consumption. The company achieved its best-ever Nelson Complexity Index of 67Current 67. Reported change: Best-ever quarterly. and fuel losses of 10.06%Current 10.06%. Reported change: Among best quarterly., reflecting operational excellence. Russian crude exposure remains marginal (~5-7%) and fully compliant with sanctions, with Middle East sourcing (~40%) providing supply stability. Retail expansion is the strategic priorityCurrent reported value: Retail expansion is the strategic priority. No comparable prior figure is available in the source record., targeting 250 outlets by FY26 year-end, scaling to 500 in 3 years and 1,000 in 5 years, with ~Rs 400-450 crore annual growth capex allocated. Bio-ATF plant (Rs 365.64 crore) positions MRPL for Corsia compliance from 2027. Current cracks have moderated to Q2 levels (~$14-15), and Q4 guidance remains positive if market conditions persist. Debt reduced below Rs 9,290 crore with debt-equity at 0.63x. Key risks include crack volatility, geopolitical disruptions, and limited float (~12%) constraining valuation re-rating.