MRPL reported a net loss of Rs 271 crore in Q1FY26, reversing from a profit last year. Revenue and refining margins declined sharply. 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.