NRL National Refinery Limited

National Refinery Limited (NRL) financial ratios

National Refinery Limited earned a net margin of 1.4% in FY2026 against a five-year average of -1.3% (Refinery median 3.6%). Return on equity was 11.5%, compared with a sector median of 13.6%. The current ratio stood at 0.80× and debt was 84.7% of equity. Cash took about 32 days to cycle through receivables, inventory and payables.

FY2026 vs the Refinery median

Gross margin: 5.3%; Sector median 7.3%
Operating margin: 4.5%; Sector median 6.2%
Net margin: 1.4%; Sector median 3.6%
Return on equity (ROE): 11.5%; Sector median 13.6%
Return on assets (ROA): 3.9%; Sector median 7.1%
Current ratio: 0.80×; Sector median 1.01×
Debt to equity: 84.7%; Sector median 25.5%
Asset turnover: 2.79×; Sector median 2.06×
Dividend payout ratio: 0.0%; Sector median 0.0%

Median of the 4 companies in the sector with the figure for their latest fiscal year.

NRL financial ratios (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 * Jul 2008 – Jun 2009	FY2008 * Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Profitability
Gross margin	5.3%	(2.0%)	(2.5%)	4.4%	9.4%	2.8%	(8.9%)	(2.8%)	2.8%	9.1%	11.8%	4.6%	1.5%	2.8%	2.7%	6.7%	5.7%	4.8%	(83.5%)	6.8%
EBITDA margin	4.9%	(1.5%)	(1.9%)	4.8%	9.6%	4.1%	(7.0%)	(1.4%)	4.2%	8.1%	10.2%	3.8%	1.1%	2.8%	2.7%	98.9%	4.6%	4.1%	8.0%	6.9%
Operating margin	4.5%	(2.6%)	(3.1%)	3.7%	8.3%	1.6%	(9.9%)	(3.6%)	1.8%	7.5%	9.8%	3.6%	0.9%	2.6%	2.6%	98.7%	4.4%	3.9%	7.9%	6.7%
Pre-tax margin	2.3%	(6.0%)	(6.1%)	(1.7%)	4.7%	1.0%	(11.8%)	(6.9%)	0.7%	7.7%	10.8%	3.7%	0.9%	2.5%	2.5%	6.8%	4.7%	2.6%	6.8%	6.7%
Net margin	1.4%	(4.8%)	(5.1%)	(1.5%)	3.6%	1.3%	(3.2%)	(5.4%)	1.3%	7.5%	8.2%	2.5%	0.5%	1.6%	1.5%	4.4%	3.0%	1.4%	4.6%	4.6%
Effective tax rate	39.6%	—	—	—	23.1%	(26.4%)	—	—	(95.2%)	3.2%	23.8%	33.3%	48.8%	36.4%	41.2%	34.5%	36.0%	45.5%	32.0%	31.0%
Returns
Return on equity (ROE)	11.5%	(42.8%)	(58.7%)	(12.0%)	25.4%	5.8%	(12.8%)	(22.5%)	4.1%	20.1%	23.0%	13.1%	3.6%	10.9%	10.5%	29.7%	17.8%	8.8%	39.8%	38.0%
Return on assets (ROA)	3.9%	(11.8%)	(14.7%)	(4.2%)	10.2%	2.5%	(5.8%)	(12.2%)	2.8%	14.0%	15.1%	7.4%	1.8%	5.0%	4.6%	12.1%	7.0%	3.4%	15.2%	14.6%
Return on invested capital (ROIC)	9.5%	—	—	—	20.5%	7.7%	—	—	4.0%	19.9%	23.0%	13.1%	3.6%	11.0%	10.5%	30.4%	20.2%	8.9%	45.8%	38.1%
Liquidity
Current ratio	0.80×	0.75×	0.81×	1.03×	1.12×	0.84×	0.65×	0.89×	1.24×	1.36×	1.84×	2.32×	1.84×	1.80×	1.69×	1.68×	1.50×	1.53×	1.48×	1.51×
Quick ratio	0.32×	0.38×	0.20×	0.37×	0.36×	0.30×	0.24×	0.24×	0.60×	0.65×	1.10×	1.47×	0.87×	0.98×	0.86×	1.04×	—	—	—	1.08×
Leverage
Debt to equity	84.7%	121.0%	275.5%	108.9%	46.9%	63.9%	56.9%	73.8%	3.3%	1.8%	—	—	—	—	—	—	—	—	—	—
Debt to capital	45.9%	54.8%	73.4%	52.1%	31.9%	39.0%	36.2%	42.5%	3.2%	1.7%	—	—	—	—	—	—	—	—	—	—
Debt to assets	28.8%	40.7%	51.3%	33.7%	18.2%	26.7%	26.8%	32.8%	2.2%	1.2%	—	—	—	—	—	—	—	—	—	—
Assets to equity	2.96×	3.63×	3.99×	2.88×	2.50×	2.26×	2.19×	1.84×	1.47×	1.44×	1.52×	1.78×	2.03×	2.17×	2.28×	2.45×	2.54×	2.56×	2.63×	2.60×
Efficiency
Asset turnover	2.79×	2.44×	2.87×	2.79×	2.82×	2.01×	1.80×	2.27×	2.15×	1.87×	1.84×	2.94×	3.82×	3.18×	3.07×	2.74×	2.34×	2.46×	3.27×	3.17×
Receivable days days	27	29	26	30	25	26	24	25	28	24	27	23	19	26	30	20	7	10	17	33
Inventory days days	36	48	59	63	57	49	54	46	36	45	59	51	43	52	50	—	—	—	—	34
Payable days days	31	25	29	40	42	35	27	31	35	31	44	43	38	51	53	64	83	79	31	57
Cash conversion cycle days	32	52	56	52	39	40	51	40	29	38	42	31	24	26	27	(45)	(76)	(70)	(14)	9
Dividends
Dividend payout ratio	0.0%	—	—	—	13.2%	0.0%	—	—	45.2%	22.4%	20.8%	21.6%	0.0%	42.2%	45.8%	30.4%	48.7%	65.2%	26.6%	31.7%
Earnings retention rate	1.00×	—	—	—	0.87×	1.00×	—	—	0.55×	0.78×	0.79×	0.78×	1.00×	0.58×	0.54×	0.70×	0.51×	0.35×	0.73×	0.68×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

NRL: frequently asked questions

What is NRL's EPS?

National Refinery Limited reported basic earnings per share of Rs 77.09 for FY2026 (Jul 2025 – Jun 2026).

What is NRL's P/E ratio?

At the closing price of Rs 665.73 on 16 Oct 2026, NRL trades at a P/E of 8.6× based on EPS of Rs 77.09 (FY2026).

Does NRL pay dividends?

National Refinery Limited did not declare a cash dividend for FY2026.

What was NRL's revenue and profit in FY2026?

National Refinery Limited reported revenue of Rs 440.8 bn and profit attributable to shareholders of Rs 6.2 bn for FY2026 (Jul 2025 – Jun 2026).

What is NRL's book value per share?

National Refinery Limited's book value per share was Rs 705.90 at the end of FY2026. The shares trade at 0.94× book value.

Information only, not investment advice.