Transcript of Conference call held with Analysts and Investors to discuss the MRPL Q2 financial results for FY 2026-27.

MANGALORE REFINERY AND PETROCHEMICALS LIMITED आई.एस.ओ. 9001, 14001 एवं 50001 प्रमाणित कंपनी AN ISO 9001, 14001 AND 50001 CERTIFIED COMPANY सीआईएन/ CIN : 19200KA1988G01008959 , Website: www.mnrpl.co.in 10/11/2026 The Assistant General Manager, The Compliance & Listing Department Listing Compliance, BSE Limited National Stock Exchange of India Limited Scrip Code: 500109, Symbol: MRPL, Series: EQ, ISIN: INE103A01014 ISIN: INE103A01014 Scrip Code (Debenture): 959162, 959250, | Debt Security: INE103A08019, INE103A08035, 973692 INE103A08050 Dear Sir/Madam, Subject: Transcript of Conference Call held with Analysts and Investors to discuss the MRPL 02 FY 2026-27 Earnings Conference Call [Ref: Intimation letter dated 30/10/2026] Pursuant to provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the transcript of the Conference Call on Financial Results for the 2"! Quarter FY 2026-27, held on November 04, 2026. Further, we wish to inform that no unpublished price sensitive information was shared/ discussed in the con-call. The above information is available on the Company's website www.mrpl.co.in. This is for your information and record. Thank you. Yours faithfully, For Mangalore Refinery and Petrochemicals Limited Premachandra Rao G ih Company Secretary Enel: A/a Mangalore Refinery and Petrochemicals Limited (A Subsidiary of Oil and Natural Gas Corporation Limited) Earnings Conference Call - 02 & H1 FY 2026-27 Wednesday, 04 November 2026, 11:00 a.m. IST Management Participants Mr. Devendra Kumar Director (Finance) & Chief Financial Officer Mr. Deepak Prabhakar Executive Director (Marketing & Business Development) Mr. Sujith P Executive Director (Projects) Mr. Subhaschandra Pai Head of Finance Mr. Surendra Nayak Chief General Manager (Finance) Mr. Avin Gupta Chief Manager, Investor Relations (Moderator) Note: This transcript has been edited for readability and to correct transcription errors; it is not a verbatim record of the call. In case of any discrepancy, the audio recording of the call available on the Company's website shall prevail. Certain statements in this transcrimpayt be forward-looking and are based on management's current expectations; actual results may differ materially due to various risks and uncertainties, and the Company does not undertake any obligation to update such statements. Avin Gupta: Good morning, ladies and gentlemen. Welcome to MRPL's Q2 FY 2026-27 earnings call. |am Avin Gupta, Chief Manager, Investor Relations. | have with me Director (Finance) and CFO Mr. Devendra Kumar, ED (Marketing & Business Development) Mr. Deepak Prabhakar, ED (Projects) Mr. Sujith P, Head of Finance Mr. Subhaschandra Pai and CGM (Finance) Mr. Surendra Nayak on the call. The plan for the call is as follows: first there will be opening remarks by Director (Finance), and then we will proceed to the Q&A session. You may raise your hand while on the call to ask questions. | now hand over the call to Director (Finance) for his opening comments. Devendra Kumar: Good morning, ladies and gentlemen. Good morning, valued investors, analysts and members of the media. Thank you for joining MRPL's Q2 FY 2026-27 earnings call. Allow me to take you through the quarter's results and a few key updates before we open the floor. As you all know, the industry, especially the refining industry, is going through challenging times due to geopolitical situations mainly arising out of the conflict in West Asia. This has resulted in a squeezing of assured supplies from the Middle East, longer voyage times and a steep increase in freight and insurance costs. The industry is still in reactionary mode and events are evolving on a regular basis. The company continues to navigate these challenging times with professionalism and determination while maintaining its nation-first approach. Moving to performance, the company's Q2 performance was relatively strong. The standalone net profit was %1,881 crore on an EBITDA base of %3,210 crore. This is nearly three times the profit of Q2 of last year, which stood at %639 crore. This has been achieved despite a planned shutdown in August. The throughput was 4.18 MMT during Q2 against a quarterly peak of about 4.5 MMT achieved earlier. The fuel and loss stood at 9.86% for H1, compared to around 11% reported earlier. MRPL ~ Q2 FY 2026-27 Earnings Conference Call Transcript Page 1 For the half year, the net profit is %2,796 crore against 2367 crore for the corresponding H1 of the previous year. Considering the positive performance for H1 ofthis year, the Board has declared an interim dividend of 33 per share, which works out to a total dividend of 3526 crore. Borrowings fell by over 35,000 crore in six months, reaching %9,245 crore at the end of September. This is, of course, variable and depends on working capital requirements. The debt-equity ratio has correspondingly improved from 1.01 as reported at the end of March 2026 to 0.55 at the end of September 2026. Moving on to our crude sourcing: despite the West Asia disruptions, the company has kept crude supplies secure by diversifying its crude sourcing basket. When Middle East term cargoes were curtailed by the situation in the Strait of Hormuz, we stepped up domestic crude and spot purchases. In Q2, domestic crude made up about a quarter of our intake, term contracts about a fifth, and spot purchases the balance, drawn mainly from West Africa, the Americas, the Middle East and Russia. Russian barrels made up about 32% of our Q2 basket, against approximately 28% in Q1. Every cargo is procured on commercial terms, decided on delivered economics. Moving on, our retail network has 257 retail outlets across Karnataka, Kerala, Tamil Nadu and, lately, Andhra Pradesh. The half-yearly retail margin continued to be marginally negative. The capex for financial year 2026-27 is expected to be in the range of %1,200 crore to 21,500 crore, which includes refinery maintenance, revamping, and small-value IRR projects including retail projects. Moving on to the major events during the half year: there was the formation ofa JV company, OPML, that is, ONGC Petrochemicals Marketing Limited, with a 50% stake held by ONGC, 25% by OPal and 25% by MRPL. MRPL's investment will be to the tune of %12.5 crore. This JV is formed for marketing of petrochemicals and related products. It is expected to enhance the petrochemical business and operational planning, and reduce costs through improved logistics, warehousing, grade optimisation and customer management. PNGRB has granted authorisation to MRPL for laying, building, operating or expanding a petroleum and petroleum products (ATF) pipeline from Devanagonthi to Bengaluru airport. This is expected to be completed by the year 2029-30 at a cost of ¥200 crore plus. For the first time, MRPL has been able to obtain an international credit rating. Fitch International has assigned a rating of BBB- (Stable), which is at par with the sovereign rating and comparable with its peer companies and OMCs. There was a long-pending tax case, and we have been able to close that long-pending reformate classification dispute. We have received a refund of %212 crore. The company has won two National Innovation Awards at the recently concluded 29th Energy Technology and Innovation Meet, that is, ETM 2026, held at Goa. These achievements reinforce the company's commitment to R&D and innovation and support the Government of India's vision of Aatmanirbhar Bharat. On the flip side, there was a fire incident on 30th September 2026 at around noon at our Coker Hydrotreater Unit (CHTU). The incident is under active investigation and reconstruction of the unit has commenced. Restoration is targeted by mid-Decembtehirs year, and we expect Q3 throughput to be close to Q2 levels. We have booked a provisional loss of 3118.76 crore in Q2 as an exceptional item, against an MRPL - Q2 FY 2026-27 Earnings Conference Call Transcript Page 2 [Showing first 8,000 characters — download PDF for full document]