{"id":96,"date":"2026-06-12T20:13:16","date_gmt":"2026-06-12T17:13:16","guid":{"rendered":"https:\/\/tabildot.com.tr\/tv\/?p=96"},"modified":"2026-06-12T20:18:41","modified_gmt":"2026-06-12T17:18:41","slug":"%f0%9f%94%b5-tuprs-2026-03-faaliyet-raporu-analizi-tupras-turkiye-petrol-rafinerileri-a-s","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/tv\/arsivler\/96","title":{"rendered":"\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e &#8211; T\u00fcrkiye Petrol Rafinerileri A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e - T\u00fcrkiye Petrol Rafinerileri A.\u015e.\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/UDz4xzLglb0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"2ElPbfChDK\"><p><a href=\"https:\/\/tabildot.com.tr\/marketrisk\/2498\">\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e &#8211; T\u00fcrkiye Petrol Rafinerileri A.\u015e.<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201c\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e \u2013 T\u00fcrkiye Petrol Rafinerileri A.\u015e.\u201d \u2014 Market Risk\" src=\"https:\/\/tabildot.com.tr\/marketrisk\/2498\/embed#?secret=D9kqnSoVAN#?secret=2ElPbfChDK\" data-secret=\"2ElPbfChDK\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>8 Haziran 2026 itibar\u0131yla payla\u015f\u0131lan 238,80 TL hisse fiyat\u0131 ve T\u00fcpra\u015f\u2019\u0131n 2026 y\u0131l\u0131 birinci \u00e7eyrek (Q1) finansal sonu\u00e7lar\u0131 do\u011frultusunda haz\u0131rlanan analiz ve hesaplamalar a\u015fa\u011f\u0131dad\u0131r: \u2022 Piyasa De\u011feri: \u015eirketin toplam 1.926.795.598 adet pay\u0131 bulunmaktad\u0131r. 238,80 TL fiyat \u00fczerinden hesapland\u0131\u011f\u0131nda g\u00fcncel piyasa de\u011feri yakla\u015f\u0131k 460,1 milyar TL seviyesindedir. \u2022 Defter De\u011feri (Hisse Ba\u015f\u0131): 31 Mart 2026 itibar\u0131yla ana ortakl\u0131\u011fa ait \u00f6zkaynaklar 353.671 milyon TL&#8217;dir. Bu durumda hisse ba\u015f\u0131na defter de\u011feri yakla\u015f\u0131k 183,55 TL olarak hesaplanmaktad\u0131r. \u2022 PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri): Mevcut fiyatla bu oran 1,30 seviyesindedir. \u015eirketin \u00f6zsermayesinin %30 \u00fczerinde bir primle fiyatland\u0131\u011f\u0131n\u0131 g\u00f6sterir. \u2022 F\/K (Fiyat \/ Kazan\u00e7): 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011findeki 3,71 milyar TL&#8217;lik net k\u00e2r y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda (basit bir projeksiyonla), F\/K oran\u0131 yakla\u015f\u0131k 31,0 seviyesinde ger\u00e7ekle\u015fmektedir. Bu oran, 2025 y\u0131l\u0131 ilk \u00e7eyre\u011findeki d\u00fc\u015f\u00fck baz etkisinden dolay\u0131 y\u00fcksek g\u00f6r\u00fcnmektedir. \u2022 Net D\u00f6nem K\u00e2r\u0131 ve De\u011fi\u015fimi: 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 127 milyon TL olan ana ortakl\u0131k net k\u00e2r\u0131, 2026 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6neminde 3.710 milyon TL&#8217;ye y\u00fckselerek %2.821 (yakla\u015f\u0131k 28 kat) oran\u0131nda ola\u011fan\u00fcst\u00fc bir art\u0131\u015f kaydetmi\u015ftir. \u2022 Sat\u0131\u015flar ve Br\u00fct K\u00e2r: Net sat\u0131\u015flar %24,4 art\u0131\u015fla 258,3 milyar TL&#8217;ye, br\u00fct k\u00e2r ise %25,2 art\u0131\u015fla 21,6 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. \u2022 Esas Faaliyet K\u00e2r\u0131: \u015eirketin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131 %123,7 artarak 5,1 milyar TL&#8217;den 11,4 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Bu durum, operasyonel verimlili\u011fin sat\u0131\u015f b\u00fcy\u00fcmesinden daha h\u0131zl\u0131 artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. \u2022 Net Bor\u00e7 Durumu: Finansal tablolarda net bor\u00e7 rakam\u0131 a\u00e7\u0131k\u00e7a belirtilmemekle birlikte, \u015firketin 1,5 milyar TL net finansman geliri elde etmi\u015f olmas\u0131, nakit ve finansal yat\u0131r\u0131mlar\u0131ndan elde edilen getirinin bor\u00e7 maliyetinden y\u00fcksek oldu\u011funu, yani \u015firketin g\u00fc\u00e7l\u00fc bir nakit pozisyonunda (nette nakit) olabilece\u011fine i\u015faret etmektedir. \u2022 Varl\u0131k Finansman\u0131: 704,7 milyar TL&#8217;lik toplam varl\u0131klar\u0131n yakla\u015f\u0131k %50,2&#8217;si \u00f6zkaynaklarla (ana sermaye), geri kalan %49,8&#8217;i ise bor\u00e7larla (y\u00fck\u00fcml\u00fcl\u00fckler) finanse edilmektedir. \u2022 \u00d6zkaynaklardaki De\u011fi\u015fim: 2025 y\u0131l sonuna g\u00f6re \u00f6zkaynaklar 400,7 milyar TL&#8217;den 353,7 milyar TL&#8217;ye gerileyerek %11,7 azalm\u0131\u015ft\u0131r. Bu azal\u0131\u015f\u0131n temel sebebi, Mart ay\u0131nda \u00f6denen 20 milyar TL&#8217;lik dev temett\u00fc taksitidir. \u2022 Marj Analizi: 2026 Q1&#8217;de br\u00fct k\u00e2r marj\u0131 %8,35 olarak ger\u00e7ekle\u015fmi\u015f ve ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki %8,30 seviyesini korumu\u015ftur. Ancak esas faaliyet k\u00e2r marj\u0131 %2,45&#8217;ten %4,41&#8217;e y\u00fckselerek operasyonel karl\u0131l\u0131kta belirgin bir iyile\u015fme g\u00f6stermi\u015ftir. \u2022 Kapasite Kullan\u0131m\u0131: Kapasite kullan\u0131m oran\u0131n\u0131n %83,2&#8217;den %94,5 seviyesine \u00e7\u0131kmas\u0131, \u00fcretimdeki %15&#8217;lik art\u0131\u015f\u0131n en b\u00fcy\u00fck itici g\u00fcc\u00fc olmu\u015ftur. \u2022 Temett\u00fc Verimi: Toplam 33 milyar TL&#8217;lik nakit temett\u00fc karar\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in \u00e7ok g\u00fc\u00e7l\u00fc bir getiri sinyalidir. Mart ay\u0131ndaki 20 milyar TL&#8217;lik \u00f6demeye ek olarak, Eyl\u00fcl ay\u0131nda 13 milyar TL daha \u00f6deme yap\u0131lmas\u0131 planlanmaktad\u0131r. \u2022 \u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131 (ROE): \u00d6zkaynaklardaki d\u00fc\u015f\u00fc\u015fe ra\u011fmen k\u00e2rl\u0131l\u0131ktaki art\u0131\u015f, \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 yukar\u0131 \u00e7ekmektedir. \u015eirket, stratejik d\u00f6n\u00fc\u015f\u00fcm ve modernizasyon kapsam\u0131nda sadece bu \u00e7eyrekte 92,7 milyon dolar yat\u0131r\u0131m harcamas\u0131 yaparak gelecek b\u00fcy\u00fcmesini desteklemeye devam etmektedir. 1. Piyasa De\u011feri ve Hisse Ba\u015f\u0131 De\u011ferlemeler 2. K\u00e2rl\u0131l\u0131k ve B\u00fcy\u00fcme Performans\u0131 (Q1 2026 vs Q1 2025) 3. Finansal Sa\u011fl\u0131k ve Sermaye Yap\u0131s\u01314. Tart\u0131\u015fma ve Di\u011fer \u00d6nemli Oranlar<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udd35 TUPRS 2026-03 Faaliyet Raporu Analizi | T\u00dcPRA\u015e &#8211; T\u00fcrkiye Petrol Rafinerileri A.\u015e. 8 Haziran 2026 itibar\u0131yla payla\u015f\u0131lan 238,80 TL hisse fiyat\u0131 ve T\u00fcpra\u015f\u2019\u0131n 2026 y\u0131l\u0131 birinci \u00e7eyrek (Q1) finansal sonu\u00e7lar\u0131 do\u011frultusunda haz\u0131rlanan analiz ve hesaplamalar a\u015fa\u011f\u0131dad\u0131r: \u2022 Piyasa De\u011feri:&#8230; <\/p>\n","protected":false},"author":2,"featured_media":97,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[7,17,15,18],"class_list":["post-96","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-risk","tag-2026-03","tag-2026-03-faaliyet-raporu-analizi","tag-bilanco-analizi","tag-tuprs"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/96","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/comments?post=96"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/96\/revisions"}],"predecessor-version":[{"id":98,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/posts\/96\/revisions\/98"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media\/97"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/media?parent=96"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/categories?post=96"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/tv\/wp-json\/wp\/v2\/tags?post=96"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}