Mangalore Refinery & Petroleum
Mangalore Refinery & Petroleum
Petroleum ProductsKey Fundamentals
SmallcapRefineries & MarketingPetroleum ProductsTapetide 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
AI Analysis — Bull vs Bear
MRPL has a market capitalisation of about ₹28,753 Cr and trades at a P/E of 9.2x and a P/B of 2.03x, with a dividend yield of 2.43%. TTM profit is up 1,067% and TTM sales are up 23%, but 3-year compounded sales (-7%) and profit (-10%) are both negative, which shows how cyclical refining earnings are. ROE has ranged from 13% over 10 years to 22% over 5 years, with 14% in the last year.
- TTM compounded profit growth of 1,067% shows a sharp earnings recovery. The market cap of ₹28,753 Cr at a 9.2x P/E implies TTM earnings of about ₹3,125 Cr.
- A P/E of 9.2x is a single-digit earnings multiple, so the valuation does not assume sustained high growth.
- TTM sales growth of 23% matches the 5-year sales CAGR of 23%, pointing to healthy throughput and product realisations in the current period.
- The 5-year compounded profit growth of 36% and 5-year average ROE of 22% show the business can earn strong returns in favourable refining cycles.
- A dividend yield of 2.43% gives shareholders a cash return while they wait for the cycle to play out.
- The stock has compounded at 30% over 5 years and 29% over the last year, showing sustained market re-rating from earlier low levels.
- Market cap of ₹28,753 Cr at 9.2x P/E and 2.03x P/B implies TTM earnings of about ₹3,125 Cr on book value of about ₹14,164 Cr. That is an implied TTM return on book of about 22%, above the last reported full-year ROE of 14%.
- The company is expected to report a good upcoming quarter, which could extend the TTM profit momentum of 1,067%.
- 3-year compounded sales growth of -7% and profit growth of -10% show that earnings have shrunk over a full cycle despite the recent rebound.
- TTM profit growth of 1,067% reflects a very low base, so earnings are highly volatile and exposed to swings in gross refining margins and crude prices. A 9.2x P/E on peak-cycle earnings may overstate how cheap the stock is.
- The company may be capitalising interest cost. That would flatter reported profits within the 9.2x P/E and mean the income statement understates the true cost of debt.
- The 10-year stock CAGR is only 6% against a 5-year CAGR of 30%, which suggests returns depend on buying at the right point in the cycle.
- The 10-year average ROE of 13% and last-year ROE of 14% are only moderate for a stock trading at 2.03x book value.
- 10-year compounded sales growth of 8% and profit growth of 9% show modest long-term growth for a single-location refiner in a commodity business.
- Debt-to-equity, ROCE, and 52-week price range data are unavailable (null/0), so leverage, which matters a lot for a capital-intensive refiner that may be capitalising interest, cannot be checked from the data provided.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Fire at Coker Hydrotreater Unit Sep 30
A high-pressure rupture caused a fire in MRPL's Coker Hydrotreater Unit. The fire was brought under control with one minor injury and no major casualties, but the unit may need to shut down for a while, which could hurt throughput and product slate in the near term.
- Statutory auditors appointed for FY27 Sep 9
Following a CAG notification, MRPL appointed M/s. Ram Raj & Co. and M/s. A Raghavendra Rao & Associates as statutory auditors for FY2026-27. This is a routine governance step for a PSU and has no direct financial impact.
TL;DR: MRPL had little news flow this period, and none of it was clearly positive. The Sep 30 fire in the Coker Hydrotreater Unit is the main risk: it was contained quickly with only one minor injury, but unplanned downtime at a secondary processing unit could weigh on refinery utilisation and margins for the quarter. The Sep 9 auditor appointment is routine compliance. Investors should watch for company updates on how long the damaged unit will be offline and on repair costs, along with the next quarterly GRM numbers.
Quarterly Results
| 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 | 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 |
Profit & Loss
| 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 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% | — |
Balance Sheet
| 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
| 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
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62 extracted metrics + investor summaries across FY07–FY27.
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Frequently Asked Questions about Mangalore Refinery & Petroleum
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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. [1][2]
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