Mangalore Refinery And Petrochemicals Ltd logo

Mangalore Refinery And Petrochemicals Ltd

MRPL NSE

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]

AI Verdict: HOLD Confidence: 5%

MRPL trades at a reasonable PE of 14.5x with a decent 2.51% dividend yield, but declining sales (TTM -6%) and split analyst opinion (50% buy, 50% sell) suggest limited near-term catalysts. The 5-year stock CAGR of 24% reflects past re-rating, but sustaining this without revenue growth will be challenging.

Key Fundamentals

SmallcapRefineries & MarketingPetroleum Products
Market Cap
₹27,248 Cr
Volatility
Moderate
P/E Ratio
14.01
EBITDA
₹6,236 Cr
Return on Equity
27.08%
Debt to Equity
0.98
Book Value
₹81
EPS
₹15.18
52W High
₹212.31
52W Low
₹120.4

Technical Indicators

Key Insights

Weaknesses

1
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
-6.50% ↘
Net Income Growth
5788.61% ↗
Cash Flow Change
-73.37% ↘
ROE
-98.41% ↘
ROCE
-82.32% ↘
EBITDA Margin (Avg.)
172.09% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

MRPL trades at a reasonable PE of 14.5x with a decent 2.51% dividend yield, but declining sales (TTM -6%) and split analyst opinion (50% buy, 50% sell) suggest limited near-term catalysts. The 5-year stock CAGR of 24% reflects past re-rating, but sustaining this without revenue growth will be challenging.

Bull Case 8
  • Attractive valuation with PE of 14.5x, below the broader market average, offering margin of safety for a cyclical energy play
  • Healthy dividend yield of 2.51% provides income support and signals management confidence in cash flow generation
  • Strong 5-year stock CAGR of 24% demonstrates significant long-term wealth creation for shareholders
  • 5-year compounded profit growth of 35% shows the company can deliver strong earnings expansion over a full cycle
  • 5-year ROE average of 22% indicates efficient capital deployment and strong return generation capability
  • Price-to-book of 1.96x is reasonable for a refinery with demonstrated double-digit ROE, not overly stretched
  • Market cap of Rs 27,514 crore provides adequate liquidity and institutional ownership potential as a mid-large cap PSU refiner
  • TTM profit growth of 3,187% signals a sharp earnings recovery from a depressed base, indicating cyclical upturn potential
Bear Case 8
  • TTM sales declining at -6% and 3-year compounded sales growth of -7% indicate persistent revenue headwinds and potential volume or pricing pressure
  • Analyst consensus is sharply divided with only 2 total ratings split 50-50 between buy and sell, reflecting high uncertainty and low institutional coverage
  • Company might be capitalizing interest costs, which could overstate reported profitability and asset quality
  • 3-year compounded profit decline of -10% shows earnings have not been consistent, undermining the TTM spike narrative
  • 10-year stock CAGR of only 9% suggests the stock has been a long-term underperformer relative to broader indices
  • Last year ROE of 14% has declined from the 5-year average of 22%, indicating deteriorating return profile
  • As a PSU refinery, MRPL is exposed to government policy risks on fuel pricing, subsidy sharing, and capital allocation decisions
  • Absence of reported debt-to-equity, EPS, and 52-week high/low data limits visibility into financial leverage and recent price action

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 2
  • BSE and NSE compliance fine May 28

    MRPL fined Rs 5.68 lakh each by BSE and NSE for Q4FY26 board composition non-compliance, indicating governance lapses.

  • Stock still 25% below March high Jun 15

    Despite recent recovery, MRPL remains down 25% from its high of ₹214 reached on March 9, 2026, reflecting significant value erosion.

Positives 3
  • Stock surges 4.93% on technicals Jun 15

    MRPL gained 4.93% to ₹168.95 on Jun 15 with 14.88% gains over 2 weeks, supported by a double bottom formation and reclamation of the 200-day moving average.

  • Buy signals and ₹180 target Jun 15

    Technical experts upgraded MRPL from Hold to Buy with a score of 2.441 and a short-term target of ₹180, backed by MACD buy signal and pivot bottom point trigger from May 29.

  • Trading volume surge Jun 15

    MRPL traded 14 million shares worth approximately ₹2.44 billion, with 7 million more shares than the previous day indicating strong institutional interest.

Neutral 3
  • ONGC holds 88.58% stake Jun 6

    ONGC directly holds 71.63% and along with subsidiary HPCL holds 88.58% in MRPL as of March 31, 2026.

  • New director appointments Jun 5

    MRPL appointed Dr. Seema as Govt Nominee Director, extended D K Ojha's tenure for 3 years from Jun 4, and appointed Pattathil Sujith as Executive Director (Projects) from Jun 1.

  • Saksham Niveshak dividend campaign May 27

    MRPL launched a shareholder outreach campaign on April 01, 2026 to help investors claim unpaid dividends, running until July 09, 2026.

TL;DR: MRPL is in a technical recovery phase, rallying nearly 15% over two weeks with strong volume and multiple buy signals pointing toward a ₹180 target. However, the stock remains 25% below its March 2026 high and carries a governance flag from exchange fines for board composition non-compliance. The high promoter holding of 88.58% by ONGC provides stability but limits free float. The near-term trend is improving on technicals, though sustaining momentum above ₹170 will be key to confirming the recovery.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
25,365
21,058
19,353
24,667
25,329
23,247
24,968
21,871
24,596
17,356
22,649
24,712
23,950
Expenses
21,875
18,989
17,215
23,508
22,990
22,641
25,442
20,840
23,466
17,177
21,160
21,927
22,169
Operating Profit
3,490
2,068
2,138
1,159
2,339
606
-474
1,031
1,130
180
1,489
2,785
1,781
OPM %
14%
10%
11%
5%
9%
3%
-2%
5%
5%
1%
7%
11%
7%
Other Income
91
54
67
45
23
52
45
38
45
39
65
45
59
Interest
330
267
311
274
262
214
285
264
245
257
219
219
212
Depreciation
296
294
296
334
333
335
342
332
338
363
371
391
395
PBT
2,955
1,561
1,598
596
1,768
108
-1,056
474
592
-402
963
2,220
1,233
Tax %
35%
35%
34%
34%
36%
32%
-34%
35%
37%
-33%
35%
35%
91%
Net Profit
1,913
1,015
1,052
392
1,138
73
-697
309
371
-271
627
1,451
117
EPS in Rs
10.92
5.79
6
2.24
6.5
0.42
-3.98
1.76
2.11
-1.54
3.58
8.28
0.67
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
57,398
39,730
43,767
49,055
63,446
50,230
31,959
69,758
1,09,026
90,407
94,682
88,667
Expenses
59,565
38,021
38,775
44,526
60,816
53,368
31,252
64,814
1,02,498
82,550
92,375
82,432
Operating Profit
-2,167
1,709
4,992
4,529
2,630
-3,137
708
4,944
6,528
7,857
2,306
6,235
OPM %
-4%
4%
11%
9%
4%
-6%
2%
7%
6%
9%
2%
7%
Other Income
841
674
2,015
223
130
70
90
67
213
42
175
207
Interest
448
1,083
969
915
1,062
1,251
558
1,212
1,298
1,119
1,016
907
Depreciation
522
1,013
984
966
1,048
1,086
1,158
1,088
1,187
1,257
1,347
1,520
PBT
-2,295
287
5,054
2,871
651
-5,404
-919
2,711
4,256
5,523
119
4,015
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
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
Div. Payout %
0%
0%
30%
26%
52%
0%
0%
0%
0%
15%
0%
36%
Figures in ₹ Crores

Balance Sheet

  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
14,943
Total Liabilities
41,226
44,080
32,849
31,958
32,766
30,576
34,735
40,081
35,214
35,437
34,442
44,481
Fixed Assets
21,641
21,747
20,618
20,217
20,002
20,431
19,596
21,384
20,396
20,410
20,095
20,520
CWIP
1,389
198
220
682
995
1,746
2,343
170
475
744
729
826
Investments
0
38
42
31
29
29
25
29
46
48
55
45
Other Assets
18,197
22,097
11,969
11,028
11,740
8,369
12,770
18,499
14,297
14,234
13,562
23,091
Total Assets
41,226
44,080
32,849
31,958
32,766
30,576
34,735
40,081
35,214
35,437
34,442
44,481
Figures in ₹ Crores

Cash Flow

  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
1,121
CFO/OP
30
107
-2
103
66
-12
-400
96
109
102
85
52
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Mar 2026
Promoters 88.58%
Public 5.67%
FIIs 3.41%
Others 2.00%
DIIs 0.34%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
88.58%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.68%
2.27%
1.70%
1.36%
1.30%
1.30%
1.21%
2.05%
3.41%
DIIs
2.73%
2.66%
2.53%
2.33%
2.04%
1.55%
0.35%
0.29%
0.29%
0.71%
1.11%
1.57%
1.50%
1.51%
1.49%
1.67%
1.33%
1.38%
1.45%
1.05%
0.34%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.13%
6.23%
6.50%
6.59%
6.76%
6.36%
7.64%
8.18%
8.11%
7.72%
6.96%
5.65%
5.62%
5.98%
6.58%
6.52%
6.88%
6.85%
6.84%
6.17%
5.67%
Others
2.56%
2.53%
2.38%
2.50%
2.62%
3.50%
3.43%
2.95%
3.02%
3.00%
3.34%
4.20%
1.62%
1.66%
1.66%
1.87%
1.91%
1.89%
1.92%
2.15%
2.00%
No. of Shareholders
3,33,582
3,53,293
3,50,389
3,55,715
3,57,011
3,77,311
3,99,820
4,04,632
4,02,051
3,93,179
3,85,945
3,69,761
4,40,569
4,67,875
5,14,267
5,14,730
5,35,236
5,21,003
5,11,428
4,74,143
4,66,296

Documents

Frequently Asked Questions about Mangalore Refinery And Petrochemicals Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: MRPL and BSE: 500109. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Mangalore Refinery And Petrochemicals Ltd belong to?
Mangalore Refinery And Petrochemicals Ltd operates in the Energy sector within the Petroleum Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Mangalore Refinery And Petrochemicals Ltd?
Mangalore Refinery And Petrochemicals Ltd has a market capitalisation of approximately ₹27247.65 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Mangalore Refinery And Petrochemicals Ltd?
The Price-to-Earnings (PE) ratio of Mangalore Refinery And Petrochemicals Ltd is 14.01. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Mangalore Refinery And Petrochemicals Ltd?
Over the past 52 weeks, Mangalore Refinery And Petrochemicals Ltd has traded between a low of ₹120.4 and a high of ₹212.31. This range helps investors understand the stock's price volatility and recent trading levels.
Does Mangalore Refinery And Petrochemicals Ltd pay dividends?
Yes, Mangalore Refinery And Petrochemicals Ltd has a dividend yield of 2.56%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Mangalore Refinery And Petrochemicals Ltd?
Mangalore Refinery And Petrochemicals Ltd has a Return on Equity (ROE) of 27.08%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Mangalore Refinery And Petrochemicals Ltd on Tapetide?
On Tapetide, you can view Mangalore Refinery And Petrochemicals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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