Mangalore Refinery & Petroleum logo

Mangalore Refinery & Petroleum

MRPL NSE

Key Fundamentals

SmallcapRefineries & MarketingPetroleum Products
Market Cap
₹31,566 Cr
Volatility
Moderate
P/E Ratio
9.81
EBITDA
₹6,434 Cr
Return on Equity
13.56%
Debt to Equity
1.08
Book Value
₹80.95
EPS
₹15.18
52W High
₹212.31
52W Low
₹125.65

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

1
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
-6.3% higher than 3Y
Net Income Growth
—
Cash Flow Change
34.79% higher than 3Y
ROE
—
ROCE
281% higher than 3Y
EBITDA Margin (Avg.)
181% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Mangalore Refinery And Petrochemicals Ltd (MRPL) is a mid-cap petroleum refiner with a market cap of ₹31,566 Cr, trading at a PE of 10.1x and PB of 2.24x. TTM profit growth of 1,067% reflects a sharp cyclical recovery, while 3-year compounded profit growth remains negative at -10%, underscoring the inherent volatility of refining economics. The stock has delivered a 1-year return of 42% and offers a dividend yield of 2.21%.

Bull Case 8
  • TTM compounded profit growth of 1,067% signals a massive earnings recovery, likely driven by improved gross refining margins and higher throughput
  • PE ratio of 10.1x is relatively undemanding for a company showing strong near-term earnings momentum, suggesting the market has not fully priced in the recovery
  • 5-year compounded profit CAGR of 36% demonstrates the company's ability to generate significant earnings power across a full cycle
  • TTM sales growth of 23% indicates robust top-line expansion, supported by higher crude throughput and elevated product prices
  • Dividend yield of 2.21% provides a tangible cash return to shareholders, above the broad market average for Indian equities
  • Stock CAGR of 42% over 1 year and 33% over 5 years reflects sustained investor interest and improving fundamentals over time
  • 3-year average ROE of 15% and 5-year average ROE of 22% indicate the company has historically generated healthy returns on equity capital
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum may continue
Bear Case 8
  • 3-year compounded sales CAGR of -7% highlights that the top line has actually contracted over a medium-term horizon, raising questions about sustainable volume or pricing growth
  • 3-year compounded profit CAGR of -10% indicates that despite the TTM spike, medium-term earnings trajectory has been negative and volatile
  • Concern that the company might be capitalizing interest costs, which could overstate reported profits and asset values while masking true financing expenses
  • Key financial data points — ROE, ROCE, debt-to-equity, and EPS — are unavailable or null, limiting investors' ability to assess current profitability and leverage accurately
  • 52-week high and low data are both reported as 0, indicating potential data gaps that make technical and valuation range analysis unreliable
  • As a petroleum refiner, MRPL is heavily exposed to crude oil price swings and crack spread volatility — the 1,067% TTM profit jump could reverse just as sharply
  • 10-year stock CAGR of only 8% suggests that over longer periods, MRPL has delivered modest returns, reflecting the cyclical and capital-intensive nature of the refining business
  • PB ratio of 2.24x, in the absence of confirmed current ROE and ROCE figures, may imply the stock is pricing in optimistic earnings that could prove unsustainable

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Board non-compliance fines Aug 26

    MRPL penalized ₹28.4 lakh (₹14.19 lakh each by BSE and NSE) for Q1FY27 board composition lapses. The CPSE has sought a waiver citing government nomination rules.

  • West Asia crude shift risks Aug 24

    West Asia crude sourcing dropped from 66% in FY23 to 27% in Q1FY27, and Russian crude fell from 44% to 27-28%. While diversification improves supply security, rapid shifts expose MRPL to sourcing volatility amid global energy disruptions.

  • China export competition looms Aug 18

    China's fuel exports surged to 1.1 million tonnes in July from 240,860 tonnes in June, posing a competitive threat to Indian refiners in Asian markets.

Positives 5
  • FY26 PAT surges to ₹1,931 crore Aug 24

    MRPL reported FY26 PAT of ₹1,931 crore versus just ₹51 crore in FY25, with gross refining margin improving to $9.22 per barrel.

  • Refining margins spike globally Aug 18

    MRPL shares surged 6.7% to ₹189 as US refining margins hit ~$70/bbl and global refinery throughput dropped 5 million bpd YoY to 89 million bpd, while demand stays above 100 million bpd.

  • Dividend approved at AGM Aug 26

    Shareholders approved a ₹4 per share dividend and appointed two new directors at the 38th AGM, with 100% promoter group support on all resolutions.

  • Attractive valuation vs peers Aug 24

    MRPL trades at 9.7x forward PE with 52.05% estimated growth, significantly below its estimated cash flow value of ₹333.32 versus current price of ₹173.84.

  • AI-driven refinery optimization Aug 24

    MRPL has deployed AI for real-time melt flow index prediction in the polypropylene unit and a real-time power/steam optimizer in the captive power plant, driving operational savings.

Neutral 1
  • Statutory auditors appointed for FY27 Sep 09

    MRPL appointed M/s Ram Raj & Co. and M/s A Raghavendra Rao & Associates as statutory auditors for FY27 following CAG notification.

TL;DR: MRPL delivered a dramatic earnings turnaround in FY26 with PAT jumping from ₹51 crore to ₹1,931 crore, supported by improving refining margins now near multi-year highs due to global supply disruptions. The stock trades at an attractive 9.7x forward PE with over 50% estimated growth, and crude diversification reduces geopolitical concentration risk. Key risks include rising Chinese fuel exports threatening Asian market share and minor governance penalties. The near-term outlook is favorable as long as global refining margins remain elevated, though margin normalization in 2027 as throughputs rebound by 3.5 mb/d is worth watching.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
54
67
45
23
52
45
38
45
39
65
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
1,561
1,598
596
1,768
108
-1,056
474
592
-402
963
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 in Rs
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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 in Rs
-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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY07–FY26.

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Shareholding Pattern

DIIs0.39%Promot.88.58%Others2.17%FIIs2.17%Public6.70%As ofJun 2026

Documents

Frequently Asked Questions about Mangalore Refinery & Petroleum

What does Mangalore Refinery And Petrochemicals Ltd do?
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, ...
Where is Mangalore Refinery And Petrochemicals Ltd (MRPL) listed?
Mangalore Refinery And Petrochemicals Ltd trades as MRPL on the NSE and under code 500109 on the BSE.
Which sector does Mangalore Refinery And Petrochemicals Ltd belong to?
Mangalore Refinery And Petrochemicals Ltd is classified under the Petroleum Products sector, in the Refineries & Marketing industry.
What is the market capitalisation of Mangalore Refinery And Petrochemicals Ltd?
Mangalore Refinery And Petrochemicals Ltd has a market capitalisation of ₹31,566 Cr, which places it in the Large Cap band.
What is the PE ratio of Mangalore Refinery And Petrochemicals Ltd?
Mangalore Refinery And Petrochemicals Ltd trades at a PE ratio of 9.81, on earnings per share of ₹15.18, against a book value of ₹80.95 per share.
What is the 52-week high and low of Mangalore Refinery And Petrochemicals Ltd?
Over the last 52 weeks Mangalore Refinery And Petrochemicals Ltd has traded between ₹125.65 and ₹212.31.
Does Mangalore Refinery And Petrochemicals Ltd pay dividends?
Mangalore Refinery And Petrochemicals Ltd has a dividend yield of 2.21%.
What is the Return on Equity (ROE) of Mangalore Refinery And Petrochemicals Ltd?
Mangalore Refinery And Petrochemicals Ltd reported a return on equity of 13.56%. Its debt-to-equity ratio is 1.08.

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. [1][2]

Website mrpl.co.in
Listed 2005-01-07
Face Value ₹ 10
Issued Size 1,75,25,98,777

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