Mangalore Refinery and Petrochemicals (MRPL) shares jumped as much as 12.10% to ₹182 on October 26 after Q2 FY27 revenue rose 43.6% to ₹32,500 crore and adjusted net profit climbed to ₹2,019.5 crore from ₹627.4 crore.
The Stock Surge and Trading Volume
MRPL was one of the most actively traded stocks on the NSE on Monday, October 26. The share price rose as much as 12.10% to an intraday high of ₹182, according to BusinessToday, in what Business Standard described as a muted overall market. Heavy volume alongside a price jump shows that many investors traded the stock on the day, although volume alone does not explain the direction of the move. Another report put the gain at about 8.8% at 1:40 pm, which shows how the move changed during the session.
Trading was heavy. MarketsMOJO reported that about 3.69 crore MRPL shares changed hands, with traded value of ₹653.62 crore. Vodafone Idea, Jaiprakash Power Ventures and PC Jeweller were also among the most traded stocks by volume.
Q2 FY27 Results
MRPL’s September-quarter numbers explain the move. Revenue rose 43.6% year on year to ₹32,500 crore. Adjusted net profit rose to ₹2,019.5 crore from ₹627.4 crore a year earlier, which is more than three times the earlier figure.
| Metric | Q2 FY27 | Q2 FY26 |
| Revenue | ₹32,500 crore | About ₹22,600 crore (implied) |
| Adjusted net profit | ₹2,019.5 crore | ₹627.4 crore |
| EBITDA margin | 10.1% | About 6.6% (implied) |
Supported by inventory gains, the EBITDA margin expanded by 351 basis points year on year to 10.1%, according to a brokerage report by Choice cited by BusinessToday. Inventory gains arise when a refiner holds crude or products bought earlier at lower prices while market prices rise, which lifts reported profit.
The Whalesbook coverage linked the improvement to strong middle-distillate cracks. Middle distillates are fuels such as diesel and jet fuel, and a crack is the margin between the price of a product and the crude oil used to make it.
What the Brokerage Expects
Choice said it expects diesel prices to remain elevated through FY27, which it believes supports earnings growth for standalone refiners in the second half of the financial year. The brokerage also pointed to seasonally higher petroleum product demand during October to December, along with relatively softer crude oil demand. In its view, this could support stronger product cracks and an expansion in gross refining margins.
Gross refining margin, or GRM, is the difference between the total value of petroleum products coming out of a refinery and the cost of the crude oil used. It is the main profitability measure for a refiner. These are the brokerage’s views and not certain outcomes.
One-Off Items in the Half-Year Numbers
The first-half figures include unusual items. For the first half of FY27, MRPL reported net exceptional income of ₹353 crore. This reflected petroleum product price revisions of ₹471.76 crore recognised in the previous quarter, partly offset by a fire-related loss.
Readers comparing quarters should keep that in mind. Adjusted figures strip out such items to show underlying operating performance, while reported figures include them.
Why Refiners Are Sensitive to Oil Prices
Refining profits depend on the gap between crude costs and product prices, and not only on the price of crude itself. Whalesbook noted that the refining sector is highly sensitive to crude oil price volatility and government policy changes. A move in crude can help or hurt a refiner depending on how product prices respond and how much inventory the company holds.
That is why the same stock can swing sharply from one quarter to the next. A strong quarter does not mean the next will be as strong, since cracks, inventory effects and policy can all change.
Also Read: eMudhra Falls to 52-Week Low of ₹318 as Global TLS Exit and Government Probe Deepen the Sell-Off
What to Watch Next
The key points to follow are product cracks for diesel and jet fuel, crude oil price movements, and any further disclosure on the fire-related loss and price revisions. The company’s next quarterly results will show whether the margin gains hold without the help of inventory effects.
The figures here describe the stock and results on October 26, 2026. Share prices move quickly and these numbers are not a forecast.
