Mangalore Refinery & Petroleum
Mangalore Refinery And Petrochemicals Ltd
- P/E
- 10.44
Key Fundamentals
SmallcapPetroleum ProductsEnergyPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 18.00%
- Debt to Equity
- 1.08
- EPS (TTM)
- ₹17.93
- Book Value
- ₹97.22
- Market Cap
- —
- P/E (TTM)
- 10.44
- P/B
- 1.92
- ROE
- 14.50%
- Dividend Yield
- 1.67%
- EBITDA
- ₹6,434 Cr
- 52W High
- ₹212.31
- 52W Low
- ₹136.02
- Volume
- 0
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 54
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 67
- Strong
- Cheap vs sector & own history 24% weight
- Growth
- 68
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 25
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 56
- Good
- Trend strength, vol-adjusted 12% weight
- Ownership
- 73
- Strong
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
1- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 2 | 4 | 13 |
| Oscillators | Bullish | 2 | 4 | 3 |
| Moving Averages | Strong Bullish | 0 | 0 | 10 |
Oscillators
Bullish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 59.06
- Neutral
- MACD (12,26,9)
- 2.27
- Bullish
- SMA (50)
- 172.85
- Bullish
- SMA (200)
- 170.80
- Bullish
As of
Analyst Rating
1 of 2 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +8.36% |
|---|---|
| 5Y | +22.64% |
| 3Y | −6.66% |
| 1Y | −6.35% |
| TTM | +23.40% |
Net profit
| 10Y | +14.30% |
|---|---|
| 5Y | Turned to profit |
| 3Y | −10.16% |
| 1Y | Tiny base |
| TTM | Turned to profit |
Operating cash flow
| 10Y | +5.88% |
|---|---|
| 5Y | Turned positive |
| 3Y | −26.46% |
| 1Y | +34.77% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +2.84 pp |
|---|---|
| 5Y | +4.92 pp |
| 3Y | +1.15 pp |
| 1Y | +4.70 pp |
| TTM | +4.63 pp |
Revenue by year
| Mar 2017 | ₹43,767 Cr |
|---|---|
| Mar 2018 | ₹49,055 Cr |
| Mar 2019 | ₹63,446 Cr |
| Mar 2020 | ₹50,230 Cr |
| Mar 2021 | ₹31,959 Cr |
| Mar 2022 | ₹69,758 Cr |
| Mar 2023 | ₹1,09,026 Cr |
| Mar 2024 | ₹90,407 Cr |
| Mar 2025 | ₹94,684 Cr |
| Mar 2026 | ₹88,667 Cr |
Net profit by year
| Mar 2017 | ₹3,293 Cr |
|---|---|
| Mar 2018 | ₹1,774 Cr |
| Mar 2019 | ₹351 Cr |
| Mar 2020 | −₹4,043 Cr |
| Mar 2021 | −₹765 Cr |
| Mar 2022 | ₹2,958 Cr |
| Mar 2023 | ₹2,655 Cr |
| Mar 2024 | ₹3,597 Cr |
| Mar 2025 | ₹56.00 Cr |
| Mar 2026 | ₹1,925 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Mangalore Refinery And Petrochemicals Ltd trades at ₹179.9 with a market cap of ₹32,051.53 crore as of 2026-11-03. The stock carries a PE of 10.03x on a TTM EPS of ₹17.93, with an ROE of 13.56% and a debt-to-equity ratio of 1.08, placing it in a zone where both value arguments and leverage concerns coexist.
- TTM profit growth of 1,067% signals a dramatic earnings recovery, reflecting a sharp turnaround in refining profitability
- PE of 10.03x is modest for a refinery of this scale, suggesting the stock is not priced for aggressive growth expectations
- ROCE of 19.33% indicates efficient deployment of total capital including debt, a healthy sign for a capital-intensive business
- 5-year compounded profit growth of 36% demonstrates strong medium-term earnings momentum beyond just the recent TTM spike
- Stock has delivered a 5-year CAGR of 28% and a 1-year return of 17%, outperforming many large-cap peers in the petroleum products sector
- 10-year ROE averages 13% while the 5-year ROE averages 22%, showing a structural improvement in return generation over recent cycles
- Dividend yield of 1.69% provides a modest income cushion, meaningful for a cyclical sector where many peers offer negligible payouts
- The stock trades at ₹179.9 against a 52-week low of ₹136.02, roughly 32% above its trough, suggesting the market has already re-rated the recovery but still sits 15% below the 52-week high of ₹212.31
- Debt-to-equity of 1.08 is elevated for a cyclical refiner, amplifying downside risk during periods of weak gross refining margins
- 3-year compounded sales growth of -7% and 3-year profit growth of -10% reveal that the recent TTM surge masks a weak underlying medium-term revenue and profit trend
- Potential capitalisation of interest costs could overstate reported profitability and asset values, distorting true earnings quality
- Price-to-book of 1.85x is not particularly cheap for a commodity refiner whose earnings are inherently volatile and tied to crack spreads
- Last year ROE of 14% has declined from the 5-year average of 22%, hinting that the peak-cycle profitability may already be fading
- The stock sits about 15% below its 52-week high of ₹212.31 as of 2026-11-03, indicating the market has pulled back from recent optimism
- 10-year compounded profit growth of only 9% and stock CAGR of 6% over the same period highlight that long-term returns have been modest and heavily cyclical
- As a petroleum refiner, MRPL's earnings are highly sensitive to global crude oil price swings and crack spread volatility, factors entirely outside management control
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: MRPL delivered a standout Q2 FY27 with PAT surging 195% YoY to ₹1,881 crore, driven by higher refining margins (GRM at $14.8/bbl vs $9.1/bbl YoY) and EBITDA margins expanding to 10%. The company secured its first investment-grade international credit rating and is expanding its terminal network. Key risks include the ₹119 crore exceptional fire loss, lower throughput volumes, and post-results selling pressure. With analysts projecting 349% PAT growth for FY27 and diesel cracks expected to stay elevated through H2, the earnings trend is strongly improving, though sustaining these margins into FY28 remains the key watch item.
- Stock drops 7% post results Oct 14
MRPL shares fell 7.42% to an intraday low of ₹171.20 despite strong Q2 results, with revenue declining 15% QoQ from ₹38,255 crore to ₹32,516 crore.
- Coker unit fire exceptional loss Oct 26
MRPL provisionally recognised an exceptional loss of ₹118.76 crore in Q2 FY27 following a fire at its Coker Hydrotreater (CHT) unit.
- Throughput dips YoY Oct 14
Total throughput fell to 4.18 million tonnes in Q2 FY27 from 4.43 million tonnes in Q2 FY26, indicating slightly lower processing volumes.
- Q2 PAT surges 195% YoY Oct 14
Standalone net profit jumped to ₹1,881 crore in Q2 FY27 from ₹627 crore in Q2 FY26, with EBITDA rising 120% YoY to ₹3,277 crore and margins expanding 351 bps to 10.08%.
- Shares surge 13% on results Oct 26
MRPL rallied 13% to ₹182 with nearly 80 million shares worth ₹1,387 crore traded, reflecting strong investor demand following Q2 results.
- First Fitch BBB- rating Oct 14
MRPL received its first international credit rating of BBB- with stable outlook from Fitch, matching India's sovereign rating.
- New independent director appointed Oct 6
Smt. Seema was appointed as Independent Director for a three-year term effective October 5, 2026.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 21,058 | 19,353 | 24,667 | 25,329 | 23,247 | 24,968 | 21,871 | 24,596 | 17,356 | 22,649 | 24,712 | 23,950 | 38,254 |
| Expenses | 18,989 | 17,215 | 23,508 | 22,990 | 22,641 | 25,442 | 20,840 | 23,466 | 17,177 | 21,160 | 21,927 | 22,169 | 36,937 |
| Operating Profit | 2,068 | 2,138 | 1,159 | 2,339 | 606 | −474 | 1,031 | 1,130 | 180 | 1,489 | 2,785 | 1,781 | 1,318 |
| OPM % | 10% | 11% | 4.7% | 9% | 2.6% | −1.9% | 4.7% | 4.6% | 1% | 7% | 11% | 7% | 3.4% |
| Other Income | 51.78 | 60.95 | 39.58 | 23 | 52 | 37.4 | 38 | 37.78 | 38.03 | 61.25 | 45 | 59 | 574 |
| Interest | 267 | 311 | 274 | 262 | 214 | 285 | 264 | 245 | 257 | 219 | 219 | 212 | 244 |
| Depreciation | 294 | 296 | 334 | 333 | 335 | 342 | 332 | 338 | 363 | 371 | 391 | 395 | 401 |
| PBT | 1,559 | 1,592 | 591 | 1,766 | 108 | −1,064 | 474 | 584 | −403 | 960 | 2,220 | 1,233 | 1,246 |
| Tax % | 35% | 34% | 34% | 36% | 32% | −34% | 35% | 37% | −33% | 35% | 35% | 91% | 24% |
| Net Profit | 1,015 | 1,052 | 392 | 1,138 | 73 | −697 | 309 | 371 | −271 | 627 | 1,451 | 117 | 946 |
| EPS (₹) | 5.79 | 6 | 2.24 | 6.5 | 0.42 | −3.98 | 1.76 | 2.11 | −1.54 | 3.58 | 8.28 | 0.67 | 5.4 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57,398 | 39,730 | 43,767 | 49,055 | 63,446 | 50,230 | 31,959 | 69,758 | 1,09,026 | 90,407 | 94,684 | 88,667 | 1,09,564 |
| Expenses | 59,565 | 38,021 | 38,775 | 44,526 | 60,816 | 53,368 | 31,252 | 64,814 | 1,02,498 | 82,550 | 92,378 | 82,338 | 1,02,193 |
| Operating Profit | −2,167 | 1,709 | 4,992 | 4,529 | 2,630 | −3,137 | 708 | 4,944 | 6,528 | 7,857 | 2,306 | 6,330 | 7,371 |
| OPM % | −3.8% | 4.3% | 11% | 9% | 4.2% | −6% | 2.2% | 7% | 6% | 9% | 2.4% | 7% | 7% |
| Other Income | 841 | 674 | 2,015 | 223 | 130 | 70 | 90 | 67 | 213 | 42 | 176 | 117 | 743 |
| Interest | 448 | 1,083 | 969 | 915 | 1,062 | 1,251 | 558 | 1,212 | 1,298 | 1,119 | 1,016 | 912 | 894 |
| Depreciation | 522 | 1,013 | 984 | 966 | 1,048 | 1,086 | 1,158 | 1,088 | 1,187 | 1,257 | 1,347 | 1,520 | 1,558 |
| PBT | −2,295 | 287 | 5,054 | 2,871 | 651 | −5,404 | −919 | 2,711 | 4,256 | 5,523 | 119 | 4,015 | 5,662 |
| Tax % | −19% | −77% | 35% | 38% | 46% | −25% | −17% | −9% | 38% | 35% | 53% | 52% | — |
| Net Profit | −1,853 | 506 | 3,293 | 1,774 | 351 | −4,043 | −765 | 2,958 | 2,655 | 3,597 | 56 | 1,925 | 3,141 |
| EPS (₹) | −10.29 | 4.7 | 19.81 | 11.37 | 1.94 | −19.14 | −4.36 | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 | 17.93 |
| Div. Payout % | 0% | 0% | 30% | 26% | 52% | 0% | 0% | 0% | 0% | 15% | 0% | 36% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 |
| Reserves | 3,478 | 4,281 | 7,750 | 8,481 | 8,193 | 4,607 | 2,495 | 5,457 | 8,112 | 11,530 | 11,217 | 12,444 |
| Borrowings | 14,702 | 14,395 | 15,477 | 14,921 | 15,618 | 18,482 | 24,062 | 21,310 | 16,939 | 12,687 | 13,143 | 15,341 |
| Other Liabilities | 21,294 | 23,650 | 7,870 | 6,803 | 7,203 | 5,734 | 6,425 | 11,561 | 8,410 | 9,467 | 8,329 | 14,950 |
| Total Liabilities | 41,226 | 44,080 | 32,849 | 31,958 | 32,766 | 30,576 | 34,735 | 40,081 | 35,214 | 35,437 | 34,442 | 44,488 |
| Fixed Assets | 21,641 | 21,747 | 20,618 | 20,217 | 20,002 | 20,431 | 19,596 | 21,384 | 20,396 | 20,410 | 20,095 | 20,451 |
| CWIP | 1,389 | 198 | 220 | 682 | 995 | 1,746 | 2,343 | 170 | 475 | 744 | 729 | 897 |
| Investments | 0 | 38 | 42 | 31 | 29 | 29 | 25 | 29 | 46 | 48 | 55 | 50 |
| Other Assets | 18,197 | 22,097 | 11,969 | 11,028 | 11,740 | 8,369 | 12,770 | 18,499 | 14,297 | 14,234 | 13,562 | 23,090 |
| Total Assets | 41,226 | 44,080 | 32,849 | 31,958 | 32,766 | 30,576 | 34,735 | 40,081 | 35,214 | 35,437 | 34,442 | 44,488 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | −731 | 1,429 | −1,108 | 3,972 | 1,640 | 289 | −2,818 | 4,496 | 6,364 | 7,051 | 1,878 | 2,531 |
| Investing | −94 | 303 | −265 | −981 | −1,080 | −1,449 | −2,101 | −595 | −673 | −1,524 | −940 | −1,378 |
| Financing | −2,672 | −1,744 | 265 | −2,796 | −996 | 1,157 | 4,944 | −3,922 | −5,690 | −5,524 | −938 | −598 |
| Net Cash Flow | −3,497 | −12 | −1,109 | 194 | −436 | −3 | 24 | −20 | 1 | 3 | 0 | 554 |
| Free Cash Flow | −1,900 | 979 | −1,900 | 2,901 | 449 | −1,204 | −3,716 | 3,885 | 5,662 | 5,509 | 918 | 1,120 |
| CFO/OP | 30 | 107 | −2 | 103 | 66 | −12 | −400 | 96 | 109 | 102 | 85 | 51 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 14 | 19 | 22 | 19 | 14 | 7 | 28 | 23 | 15 | 16 | 14 | 25 |
| Inventory Days | 24 | 36 | 44 | 45 | 39 | 30 | 90 | 62 | 25 | 38 | 32 | 67 |
| Days Payable | 116 | 223 | 60 | 41 | 29 | 24 | 50 | 55 | 23 | 33 | 24 | 52 |
| Cash Conversion Cycle | −78 | −168 | 6 | 23 | 24 | 14 | 67 | 29 | 17 | 21 | 21 | 41 |
| Working Capital Days | −104 | −203 | −53 | −63 | −49 | −33 | −44 | −13 | −1 | 1 | −1 | 9 |
| ROCE % | −10% | 7% | 19% | 15% | 7% | −16% | −1% | 14% | 20% | 26% | 4% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mangalore Refinery & Petroleum insights
66 extracted metrics across FY08–FY27.
Documents
- Q3 FY26 concall · Jan 2026Transcript
- Q2 FY26 concall · Oct 2025Transcript
- Q1 FY26 concall · Jul 2025Transcript
- Concall · Apr 2025Transcript Recording
- Q4 FY24 concall · May 2024Transcript
- 25 Sep 2026
- 11 Sep 2026
- 22 Jun 2026
- 5 Jun 2026
- 22 Dec 2025
- General announcements 30 Oct 2026
- General announcements 14 Oct 2026
Frequently Asked Questions about Mangalore Refinery & Petroleum
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What is the 52-week high and low of Mangalore Refinery And Petrochemicals Ltd?
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Company Information
Mangalore Refinery & Petrochemicals Limited (MRPL) was set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation(ONGC). The company is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels and distribution of petroleum products through retail outlets and transport terminals.
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