1. Economic Overview
1.1. Global Economy
The global economy durinFY 2025-2026 unfolded against the backdrop of cautious global recovery, persistent geopolitical uncertainty and gradual normalisation of monetary conditions. IMF estimated that the growth of global economy has expanded by a moderate pace of about 3.4 % for the year 2025. Central banks in advanced economies continued the easinof policy rates as headline inflation moved closer to the target, lendinsupport to the global demand. The energy landscape durinthe year was shaped by two competinforces- comfortable supply availability on the one hand and recurringeopolitical risk premium on the other. The Middle East conflict especially durinthe last part of fourth quarter, lead to elevated crude oil prices, persistininflationary pressure, disruption in supply chain. The Middle East conflict emerged as a significant geopolitical risk effectinthe world economy. The future global growth depends on quick normalisation around the Strait of Hormuz which is the critical Energy transit corridor. As the global trade is witnessina reduction due to the geopolitical fragmentation and slowinactivity in the Europe and China with commodity importincountries vulnerable to high energy and freight costs, the global growth rate is likely to slide further from the current levels .
1.2. Indian Economy
India continues to be the worlds fastest-growinmajor economy despite the tari_ barriers and increasinenergy prices. The demand largely comes from its large domestic economy and increased growth in the rural as well as urban consumption. The real GDP growth rate estimate has surpassed previous years growth rate and touched 7.7% supported by stable employment, low inflation, stronagricultural performance, improved rural and urban consumption, manufacturinexpansion and digitalization. Investment activity has strengthened with sustained public capital expenditure supported by revival in private investment activity. Services sector continues to remain the key driver of growth.
The disruption in supply chain around Strait of Hormuz led to elevated crude oil prices with the potential to drive the economy towards higher inflation, as we are heavily dependent on crude oil imports for our energy needs. The ongoinefforts of oil companies towards diversifyincrude sourcinand energy transition initiatives shall play a significant role in managinthe supply side risk arisinout of the middle east conflict.
2. Overview of Energy Industry 2.1. Global scenario
The global energy industry durinthe year 2025 witnessed growth across both conventional as well as Renewable energy sources. Fossil fuels still retain the central contribution to the overall energy mix, with demand for oil, natural gas and coal all rising, albeit at slower rates. However, the incremental growth was led by clean energy with demand expansion anchored in electrification, driven by buildings, electric vehicles and data centres. The economic performance in major markets in the year 2025 remained robust supportinmobility demand. However, the oil consumption growth was contained by biofuels use and electrification of road transport. IEA estimated that the growth of oil products for transport fuels was largely steady.
Demand for Natural gas has increased by about 1% in 2025, which is less than the growth of 2.8% observed in 2024. This demand slowdown was due to weaker industrial activity and high LNprices in the first half of the year 2025. The demand in 2025 was largely driven by colder winter weather in United States & European Union and gas use in power sector in Middle East. Demand for electricity grew by about 3% in 2025, moderated from 4.4% in 2024. Power demand worldwide continues to rise, driven by expansion of Data centres and Artificial Intelligence. Against this backdrop, clean and continuous power sources such as Nuclear Power are gaininimportance, while advances in battery storage technology are steadily bringindown the cost of energy capture and storage.
IEA estimated that global electricity generation increased by 850 TWh in 2025, with Solar, Wind and Nuclear power accountinfor the growth. Growth of electric car sales increased by 20% year-on-year in 2025. One in four cars beinsold globally is now electric vehicle.
The Iran conflict durinthe last part of the financial year has largely altered the global energy landscape. Supply disruptions the strait of Hormuz has led to heightened energy security concerns as this route caters to a large percentage of global supply.
2.2. Indian scenario
India has processed about 272.1 MMT of Crude oil in 2025-2026, an increase of 1.3% from FY 2024-2025 ( 268.6 MMT). India is the fourth largest refiner globally and second largest in Asia. As per data published by PPAC (Petroleum Planninand Analysis Cell, MoPNG), India has imported close to 246.4 MMT i.e. 90.6% of Crude Oil in the year FY 2025-2026.
Indias dependence on imported crude oil remains high, as risindemand outpaces domestic production. India is forecast to be the single largest source of global oil demand growth through 2030.
The POL (Petroleum, Oil & Lubricants) , consumption grew by 1.7% to 243.2 MMT in FY 2025-2026. This is the slowest growth in three years, reflectinhigh base effect and gradual penetration of alternative mobility. MS consumption grew by 6.5% nationally to 42.6 MMT in FY 2025-2026. All the regions in India recorded healthy growth, but the absolute and percentage gains were highest in South and East. State-wise, Uttar Pradesh has single highest MS market at 5.16 MMT ( 6.7% YOY) growth, followed by Maharashtra and Tamil Nadu. HSD consumption grew by 3.6% to 94.7 MMT in FY 2025-2026- the highest absolute volume ever recorded. HSD remains the go to fuel for commercial transport, agriculture, mininand industrial activity. The Western region saw the strongest growth in HSD with 6.2% driven by industrial expansion in Gujarat and Maharashtra. Growth in Southern states is 3.3%, with Tamil Nadu and Andhra Pradesh recorded strongrowth of 6.8% and 6.6% respectively. Maharashtra has overtaken UP to become Indias single-state HSD market.
ATF demand in India grew by a modest 2% to 9.2 MMT in FY 2025-2026, well below the 9% growth seen in FY 2024-2025. This is due to demand moderation of domestic aviation after several years of post-COVID catch-up. In FY 2025-2026, international aviation accounts for 39% of ATF volumes vs 26% in FY 2024-2025, highlightinthe risinimportance of international fuellinbusiness at airports like Delhi, Mumbai, Bengaluru and Kochi. LPgrowth rate was 6% as per the data published by PPAC.
Natural gas – In FY 2025-2026, India consumed 68.5 BCM of natural gas. Of this, domestic net production was about 50.1% and rest are LNimports. The Power sector experienced record growth, with peak demand reachinapproximately 245 GW in January 2026. Total capacity grew, driven by record additions in solar and wind power, while the peak demand deficit dropped to nearly zero. Electricity demand growth, fuelled by residential and industrial usage, was partially moderated by weather Conditions.
Indian EV penetration in FY2025-2026 reached approximately 8.5% and grew over 24% year-on-year showina steady rise towards reachinIndias target of 30% by year 2030. Despite the continued rise in the EV segment, the consumption of petroleum products continues to grow. The middle east conflict has adversely impacted our energy import bill and has led to increased pressure on domestic fuel supply.
3. Oil Market
The global oil demand was characterised by high supply compared to prevailindemand durinthe financial year leadinto lower oil prices, with the trend shiftintowards slow growth trajectory. Global oil production saw a rise of about 2 Millon barrels per day led by Non -OPEC+ countries production. In the final quarter of the FY 2025-2026, and particularly in March 2026, prices rose sharply due to an escalatinconflict in the Middle East and disrupted flows through the Strait of Hormuz constrained the supply of crude oil and petroleum products, causinsignificant disruption in oil market. As high as about 20 Million barrels per day of petroleum products were impacted due to the disruption through the strait of Hormuz. Crude oil prices remained range-bound through the year, but with certain volatility. The Benchmark Crude Oil prices started at around $ 67/ bbl in April 2025 and went up to $70/bbl in July 2025 and from then on decreased till February 2026 as supply additions outpaced demand. Towards the end of the year (March 2026), the Dubai Benchmark has reached $128/ bbl amid the renewed geopolitical tension in the Middle East. Crude Oil prices for the last 4 years are shown below.
Benchmark refinery margins recov as middle distillate cracks, HSD and ATF in particular, widened on transport and aviation demand and tighter distillates supply balance. Gasoline cracks were healthy through the seasonal peaks, while Fuel-oil and Naphtha remained soft. HSD (10 PPM AG) crack spread recovered in FY 2025-2026 to roughly $ 20/bbl on annual average. The recovery was uneven across the year, soft in Q1 and Q2 due to refinery run cuts there by lowerinthe supply. The sharp increase from October 2025 onwards is due to Drone attacks on Russian oil refineries and US/EU restrictions on Russian companies.
ATF (MOPS) crack spreads recovered modestly to approximately $ 22/bbl on annual average movinalonwith the Diesel Cracks. The increase in cracks from FY 2024-2025 is due to reduced supply because of western refinincapacity rationalisations and lack of alternative supplies.
MS-A(petrol) crack spreads recovered modestly to around USD 5.6 /bbl on annual average as gasoline followed the broader middle-distillate-led refininrecovery. The recovery was helped by US sanctions on Russian companies affectinoverall product flows . However, towards the end of the year the cracks spreads were not able to keep pace with the volatility and high Dubai prices due to high gasoline inventory levels in Singapore.
4. Performance of MRPL
Production - In the FY 2025-2026, MRPL has processed 16.774 MMT of Crude Oil. This is lower as compared to FY 2024-2025, owinto planned shutdown of our Phase-II refinery complex. The refinery capacity utilization was about 111.8% with a distillate yield of 81.94 %. MRPL has demonstrated operational resilience by operatinbeyond its rated capacity durinperiods of global maritime and geopolitical disruptions. The company also increased LPproduction substantially by around 30% to support domestic fuel supply requirements durinthe month of March 2026. Durinrecent concerns related to global crude supply disruptions, MRPL maintained adequate crude inventories and continued normal refinery operations, highlightinits preparedness and inventory management capability. Gross RefininMargin (GRM) for the year FY 2025-26 is $9.22/bbl a significant rebound from $4.45/bbl in FY 2024-25, driven by stronger product cracks and a more favourable crude basket.
Marketin– MRPL has commissioned 85 retail outlets durinFY 2025-26, takinthe number of operational retail outlets to 252 nos. MRPL has expanded its presence by openinits first retail outlet in Andhra Pradesh. MRPLs retail footprint now covers outlets in Karnataka, Kerala, Tamil Nadu and Andhra Pradesh. MRPL has sold 343.9 million liters of MS and HSD together in its retail outlets in the year FY 2025-26. Durinthe year, MRPLs MS production was aligned with the nationwide E20 mandate under the Ethanol Blended Petrol (EBP) programmer, under which all the MS sold in MRPL retail outlets carries 19.76% Ethanol blending. MRPL has also commissioned 76 EV charginstations in its HiQ retail outlets in line with the commitment towards supportinthe green ecosystem development. A key development this year was the full operationalisation of the Devangonthi marketinterminal near Bengaluru. The terminal receives products through Mangalore- Hassan- Bangalore PMHBL pipeline and is equipped with truck loadinfacilities to serve the large and growininland market of Karnataka and to supply to its retail outlets.
5. Crude Basket
MRPLs crude oil basket comprises of 273 different grades sourced from multiple regions worldwide, reflectinits flexibility to process a wide variety of crude oils.. Moreover, MRPL till date has processed over 116 different types of crudes in the API gravity range of 15? to 46? from various parts of the globe. Crudes have been sourced from Asia, South America, Africa, USA and Russia. Crude was sourced from various National Oil Companies of exportincountries on term basis and from open market on spot basis.
Followinnew crudes were processed durinthe year: a) Hout (Neutral Zone in between Saudi Arabia and Kuwait , API 32.5). b) Mostarda (Angola, API 28.3). c) Gindungo (Angola, API 32.71). d) Sarir Mesla (Libya, API-37.24)
6. Products
The production details are given below:
| Crude | MT | |
| Crude Processed | 16,774,429 | |
| Products | MT | |
| LPG | 1,127,944 | |
| Polypropylene | 441,716 | |
| Benzene | 141,924 | |
| MS | 3,313,382 | |
| Xylol (Mixed Xylene) | 34,332 | |
| Naphtha | 67,555 | |
| Toluene | 4,416 | |
| SKO (Kerosene) | 42,059 | |
| MTO (Mineral Turpentine Oil) | 21,001 | |
| HSD (Diesel) | 6,777,946 | |
| ATF (Jet Fuel) | 1,957,141 | |
| Marine Fuel Oil | 61,713 | |
| Furnace Oil | 7,147 | |
| Bitumen | 186,783 | |
| Pet coke | 8,57,687 | |
| Sulphur | 1,82,056 | |
| Total | 15,224,802 | |
| Exports: | ||
| Product | MT | |
| Benzene | 138,694 | |
| Naphtha | 29,220 | |
| MS-95 RON | 11,26,255 | |
| MS-92 RON | 5,18,016 | |
| ATF | 1,378,162 | |
| HSD | 1,704,079 | |
| Marine Fuel Oil | 69,940 | |
| Total | 4,964,366 |
7. Key Financial Ratios are presented below:
Major Reasons for Significant Change in Ratio (i.e. 25% or more from previous year): a. Debtor Turnover Ratio: Mainly on account of higher trade receivables as at March 31, 2026 due to higher sales. b. Inventory Turnover Ratio: Mainly on account of higher inventory as at March 31, 2026 due to increase in both price and volume. c. Interest Service Coverage Ratio (ISCR): Mainly on account of increase in EBIDTA durinthe current financial year. d. OperatinProfit Margin: Mainly on account of increase in Profit before Tax (PBT) durincurrent financial year. e. Net Profit Margin: Mainly on account of increase in Profit after Tax (PAT) durincurrent financial year. f. Return on Net Worth: Mainly on account of increase in Profit after Tax (PAT) durincurrent financial year.
8. Opportunities and Threats:
MRPL plays a pivotal role in ensurinenergy security for the southern region and contributes significantly to Indias overall petroleum product availability. MRPL produces an extensive range of petroleum and petrochemical products that serve domestic energy, industrial and transportation needs. The refinery has a strategic advantage and is a regional fuel supply backbone to the state of Karnataka. Mangalore Refinery and Petrochemicals Limited (MRPL) has implemented a multi-layered strategy to ensure uninterrupted refinery operations and strengthen crude supply security and operational resilience, particularly in the context of potential global supply chain disruptions arisinfrom risks around the Strait of Hormuz. The refinery has the infrastructure to support diversified crude oil sourcinwhich ensures no single-point dependency and continuity of operation, reducinthe supply side risk. To ensure uninterrupted refinery operations, MRPL has invested in robust preventive and predictive maintenance systems, includinreal-time monitorinof critical equipment and pipinusindigital sensors. The refinery maintains an adequate inventory of critical spares and consumables MRPL has strengthened supply security through collaboration with Indian Strategic Petroleum Reserves Limited (ISPRL) for utilization of one of its underground crude storage cavern. This enhances crude inventory management and helps mitigate risks arisinfrom geopolitical volatility and shippindisruptions.
Goinforward as the world continues transition towards Renewables, the demand of fossil fuels for sectors such as public transport is projected to come down with a shift towards EVs. Hence it is imperative that measures commensurate with the evolvintrend are anticipated and MRPL is actively workinon strategies that aim lonterm sustainability.
MRPL is workinon four pronged approach towards sustained growth of refininoperations:
1. Increasinthe domestic sale of Transportation fuels in India by direct marketinand through Retail outlets. MRPL will also continue its investment in leasinor constructinmarketinterminals, pipelines and retail network to expand access of its markets and improve realisations.
2. Production of value added niche petroleum products: Producinpetrochemicals through the conventional "full cracker route" from crude oil is often more expensive than producinthem directly from refinery feed-stocks rich in ethylene and propylene. Therefore, refinery complexes that naturally generate streams containinhigher concentrations of these molecules gain a significant competitive advantage. Ethylene and propylene are key raw materials used in manufacturinplastics, synthetic _bres, and various petrochemical intermediates. MRPL is currently evaluatinpetrochemical opportunities to capitalize on this advantage. By utilizinrefinery streams rich in petrochemical feed-stocks , MRPL aims to produce petrochemical intermediates at a lower cost compared to the traditional full cracker process, thereby improvinprofitability and expandininto value-added niche petroleum products.
3. MRPL is expandinits investments in biofuels and renewable energy in line with various Government Initiatives includinIndias Sustainable Aviation Fuel (SAF) blendinroadmap. The Government has released indicative target with SAF blendinin Aviation Turbine Fuel (ATF) for all international _ights originatinfrom India at levels of 1% in 2027, 2% in 2028, and 5% by 2030.
MRPL is at an advanced stage of establishina 33 KLPD Bio-ATF plant usinindigenous technology developed by Council of Scientific and Industrial Research (CSIR), Indian Institute of Petroleum (IIP) and Engineers India Limited (EIL). Commercial production from this facility is expected to commence in 2027. In addition, MRPL has planned to produce Sustainable Aviation Fuel (SAF) through co-processinof used cookinoil in one of its hydrocracker units. Trial runs for this initiative have already been successfully completed. Further strengtheninits clean energy portfolio, MRPL is also settinup a Green Hydrogen plant with a planned production capacity of 500 tonnes per annum (TPA). The project is expected to be completed by mid-2027.
4. Focussinon R&D:
Research and Development activities at MRPL are driven by the Innovation Center, which focuses on cutting-edge technological advancements across process technology development and AI/ML innovations. The current primary focus areas of R& D include: a. Artificial Intelligence (AI) & Machine Learnin(ML) : MRPL has implemented several innovative solutions across its operations, drivincost savings, improvinproductivity, and supportinits long-term goals. b. Active Pharma Ingredients: MRPL Innovation Centre has developed optimized synthetic pathways for a high-margin, low-volume Active Pharma Ingredients (APIs) which will achieve enhanced yields, simpli_ed process routes, and significant cost savings while meetinstringent pharmaceutical quality standards c. Plastic circularity : Plastic circularity initiatives at MRPL focus on a novel approach involvinde-polymerization of plastic waste into its original monomers, enablinrecovery of high-purity monomers that can be reintroduced into the production cycle to manufacture new plastics with properties comparable to virgin materials d. Crude to Chemicals and refinery molecules valorisation: Gradual Ole_ns and Aromatic Technology (GOAT) is an in-house developed and commercialized refininprocess that converts crude oil and low-value hydrocarbons directly into high-value petrochemical feed-stocks
5. MRPLs Net Zero Plans :
MRPL has established an ambitious target of achievinNet Zero emissions for Scope 1 and Scope 2 by FY 2038. The transition pathway has been designed around a structured portfolio of several de-carbonization levers, deployed across the near, medium, and long-term horizons to ensure a balanced, technology-diversified, and economically viable approach to emissions reduction.
The probable decarbonisation levers are a) Adoption of renewable energy through solar and wind power b) Substitution of conventional fuels with Bio based fuels like Compressed Bio-Gas (CBG) through alternative co-_rinin refinery-fired heaters c) Additional process and utility optimization measures, includinenergy efficiency improvement initiatives, electric heat tracing, drive electrification, Organic Rankine Cycle (ORC)-based waste heat recovery systems d) Carbon Capture, Utilisation and Storage (CCUS) technologies to address residual hard-to-abate emissions from refinery process units e) Electric boilers/furnaces Collectively, de-carbonization levers provide MRPL with a credible, resilient, and phased pathway towards achievinNet Zero Scope 1 and Scope 2 emissions by FY 2038. The roadmap balances environmental stewardship with operational reliability and financial prudence, ensurinthat the Companys transition to a lower-carbon future is achieved while preservinlong-term competitiveness and creatinsustainable value for stakeholders
9. Risks
9.1. Crude Supply and Price Risk
The global crude oil market remained volatile durinFY 2025–26 driven by geopolitical tensions, production decisions by major oil-exportinnations and shiftindemand patterns. Geopolitical tensions, includinconflicts in key regions such as the Persian Gulf and the Russia–Ukraine corridor, alonwith volatility in freight and insurance markets, continue to pose significant risks to global supply chains. Furthermore, critical logistical chokepoints, particularly the Strait of Hormuz, adversely affected the timely arrival of crude cargoes, potentially impactinoperational stability and supply continuity.
The supply disruptions through the strait of Hormuz has had a direct impact on the supply side impactinthe crude oil prices sharply, shippinand logistics disruptions, higher feed stock costs, challenges in inventory management. Although our strategic diversification efforts are based on qualitative, quantitative, and commercial assessments, we remain steadfast in our commitment to maintainina well-balanced sourcinportfolio across both regional and domestic producers. This disciplined approach enhances our ability to capture emerginopportunities while effectively mitigatinrisks, contingent upon crude availability, quality compatibility, voyage economics, and operational considerations remaininoptimally aligned for efficient processing.
MRPL has adopted a flexible and responsive crude procurement strategy, underpinned by a judicious blend of long-term contractual arrangements and opportunistic spot purchases. This was complemented by prudent inventory bu_ers, ensurinseamless continuity and resilience in refininoperations. The Refinery linear programminmodel is continuously updated to reflect evolvindynamics in crude availability, quality, and pricing, thereby enablindata-driven procurement decisions and the optimisation of the overall crude slate. This agile framework empowers the Company to proactively capture value from opportunity crudes and alternative feed-stocks in line with prevailinmarket economics. Furthermore, the Single Point Moorin(SPM) facility strengthens the Companys capability to handle larger cargo parcels, yieldinenhanced freight efficiencies and operational synergies. MRPL has handled highest ever 13 Nos of VLCC durinthe Financial year at its SPM.
9.2. Refinery Margin Risk
Refininmargins in FY 2025–2026 have remained inherently volatile, shaped by a complex interplay of crude differentials, product cracks, and regional demand–supply dynamics. Margins were particularly sensitive to Asian middle distillate and motor spirit (MS) economics, seasonal consumption patterns, and export competitiveness.
Periods of firm HSD and MS cracks provided support; however, spikes in feedstock prices and phases of product oversupply exerted downward pressure.
DurinFY 2025–2026, MRPL actively mitigated margin risks through dynamic crude slate optimisation, distillate maximisation, cost discipline alonwith calibrated adjustments in refinery run rates, aligninoperations with evolvinmarket signals to safeguard earnings.
MRPL also continued to strengthen its operational performance by maintaininhigh capacity utilisation, securincost-e_cient feedstock, diversifyincrude sourcing, expandinits portfolio of value-added products.
10. Internal Control Systems
MRPL has a well-established internal control mechanism. MRPL constantly works on improvinand upgradinits system of internal control towards ensurinmanagement effectiveness and efficiency, reliable reportinon operations and finances and securinhigh level legal compliance and risk management. Adequate systems of internal control commensurate with the Companys size and nature of its operations are in place. These have been designed to provide reasonable assurance with regard to recordinand providinreliable financial and operational information, complyinwith applicable statutes, safeguardinassets from unauthorized use or losses, executintransactions with proper authorization and ensurincompliance of corporate policies.
The Internal Audit is supervised by the Audit Committee which continuously monitors the effectiveness of the internal control systems with an objective to provide to the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the organizations risk management control and governance process. The Audit Committee reviews the audit and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations and follow up actions.
MRPL is also covered by regular compliance and performance audits by the Comptroller and Auditor General of India. The company is also under the jurisdictional oversight of the Central Vigilance Commission and has a full-_edged Vigilance Department headed by a Chief Vigilance Officer.
11. Joint Ventures
11.1 Shell MRPL Aviation Fuel Services Limited (SMAFSL)
The Company has Joint Venture viz. Shell MRPL Aviation Fuel Services Limited (SMAFSL) with Shell B.V. Netherlands wherein your Company holds 50% of share capital and the balance is held by Shell Gas BV, The Netherlands. The accounts of SMAFSL have been consolidated with MRPLs Accounts.
(Details furnished in Notes of the Financial Statements for FY 2025-26).
11.2 Mangalam Retail Services Limited (MRSL)
Durin2017-18, the Company reduced its shareholdinin Mangalam Retail Services Limited (MRSL) to 18.98% and accordingly MRSL presently is not an associate Company of MRPL. MRSL has not yet started commercial operations.
12. Conclusions
The physical and financial performance of MRPL in FY 2025-2026 was excellent displayinresilience in the times of uncertainty in global crude oil supply and demand growth. India is expected to remain amongst the fastest-growinmajor economies and centre for global oil-demand growth, providina durable and expandinmarket for Transportation Fuels and Petrochemicals. Refinery margins, have recovered from the lows of FY 2024-2025, and are expected to remain supported, though still cyclical, as global distillate balances stay relatively tight, even as industry remains alert to geopolitical risk and the pace at which new refinincapacity is commissioned. With in this environment, MRPL continues to operate the refinery over 110% capacity over last four financial years. The companys focus is on improvinoperational efficiency, product margin optimization, launch of new value added products and marketinexpansion continues to be the key guidinstrategy for sustainability and future growth.
13. Forward LookinStatements
All statements that address expectations or projections about the future, but not limited to the Companys strategy for growth, product development, market position, expenditures and financial results, are forward-lookinstatements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Companys actual results, performance or achievements could thus differ from those projected in any forward-lookinstatements. The Company assumes no resp onsibility to publicly amend, modify or revise any such statements on the basis of subsequent developments, information or events. The Company disclaims any obligation to update these forward-lookinstatements, except as may be required by law.
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