Mangalore Refinery And Petrochemicals Ltd
MRPL NSE
Mangalore Refinery And Petrochemicals Ltd
Petroleum ProductsNSE: MRPL BSE: 500109 Refineries & Marketing
Key Fundamentals
SmallcapRefineries & MarketingPetroleum ProductsMarket Cap
₹32,073 Cr
Volatility
Moderate
P/E Ratio
9.9
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
₹120.45
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mangalore Refinery And Petrochemicals Ltd insights
33 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
1- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
-6.30% ↘
Net Income Growth
3324.56% ↗
Cash Flow Change
34.79% ↗
ROE
3053.49% ↗
ROCE
280.51% ↗
EBITDA Margin (Avg.)
180.62% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
MRPL is a ₹30,565 Cr market-cap ONGC subsidiary trading at a PE of 9.8x with a dividend yield of 2.28%. The company achieved record crude throughput of 18.04 MMT in FY25 and is operating at ~120% capacity, but FY25 profit after tax collapsed to ₹51 Cr from ₹7,696 Cr operating profit in FY24, before recovering sharply in FY26 with ₹6,235 Cr operating profit. Debt-to-equity improved from 0.99 (March 2025) to 0.63 (December 2025), though the business remains highly cyclical and tied to refining margins.
Bull Case 8
- Stock has delivered 41% return in the last 1 year and 27% CAGR over 3 years, significantly outperforming sector averages
- PE of 9.8x is attractive for a refinery operating at record throughput of 18.04 MMT, suggesting earnings are not being priced at a premium
- Debt-to-equity ratio improved sharply from 0.99 (March 2025) to 0.63 (December 2025), indicating meaningful deleveraging
- Operating at ~120% of installed capacity demonstrates high asset utilisation and operational efficiency
- FY26 operating profit recovered to ₹6,235 Cr (OPM 7.02%) from FY25's depressed ₹2,293 Cr (OPM 2.42%), showing margin normalization
- 5-year compounded profit CAGR of 36% reflects long-term earnings growth trajectory despite cyclical swings
- Cash position surged from ₹101 Cr (March 2025) to ₹5,645 Cr (March 2026), providing significant financial flexibility for ₹47,000 Cr petrochemical expansion plans
- Dividend yield of 2.28% provides income support while investors wait through cyclical troughs
Bear Case 8
- 3-year compounded sales CAGR is negative at -7%, reflecting revenue volatility and dependence on crude oil pricing
- FY25 PAT crashed to just ₹51 Cr on revenue of ₹1,09,277 Cr, exposing extreme sensitivity to refining margin compression
- 3-year compounded profit CAGR is -10%, showing earnings have not grown consistently over the medium term
- Potential capitalisation of interest costs (flagged concern) may be flattering reported profitability and understating true operating expenses
- Planned petrochemical expansion of up to ₹47,000 Cr carries significant execution and financing risk for a company with ₹30,565 Cr market cap
- As a PSU subsidiary of ONGC, MRPL faces government intervention risk on fuel pricing and dividend extraction policies
- Refining is a globally cyclical business — OPM swung from 8.49% (FY24) to 2.42% (FY25) to 7.02% (FY26), making earnings highly unpredictable
- ROE of 14-15% (last year / 3-year average) is moderate for the leverage and cyclical risk carried on the balance sheet
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago Positives 1
- PAT surges to ₹1,931 crore Jul 23
MRPL reported PAT of ₹1,931 crore in FY26 vs just ₹51 crore in FY25, a massive turnaround. GRM improved to US$9.22/bbl from US$4.45/bbl, and dividend declared at ₹4 per share.
Neutral 3
- Three independent directors appointed Aug 13
MRPL appointed Lakhan Chandra Mardi, Sharwan Singh Karawasra, and Vipin Malviya as independent directors for a three-year term.
- 38th AGM scheduled Aug 24 Jul 21
MRPL will hold its 38th AGM via video conferencing on August 24, 2026, with remote e-voting beginning August 21.
- Urban workforce dominance in BRSR Jul 23
FY26 BRSR shows 92.98% urban workforce, slightly down from 93.88% in FY25. Rural share rose to 0.61% and 100% plastic packaging was recycled.
TL;DR: MRPL is performing strongly with a dramatic PAT turnaround from ₹51 crore to ₹1,931 crore driven by a doubling of gross refining margins. No visible headwinds in recent news, with routine governance updates on board appointments and AGM scheduling. The improving GRM trend and restored dividend signal healthy operational momentum heading into FY27.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Joint Venture
27 Apr - ONGC, MRPL and OPaL to form petrochemicals marketing JV; MRPL to invest Rs. 12.5 crore. 27 Apr - ONGC, MRPL and OPaL to form petrochemicals marketing JV; MRPL to invest Rs. 12.5 crore.
2
Board Meeting Outcome for Outcome Of The Board Meeting - Regulation 30 And 51 Of The SEBI (LODR), Regulations, 2015 For Standalone And Consolidated Audited Financial Results For The Quarter And Year Ended March 31, 2026.
24 Apr - Board approved audited standalone and consolidated FY26 results; no final dividend, unmodified audit opinion. 24 Apr - Board approved audited standalone and consolidated FY26 results; no final dividend, unmodified audit opinion.
3
Outcome Of The Board Meeting - Regulation 30 And 51 Of The SEBI (LODR), Regulations, 2015 For Standalone And Consolidated Audited Financial Results For The Quarter And Year Ended March 31, 2026.
24 Apr - Board approved audited Q4 and FY26 results; no final dividend. 24 Apr - Board approved audited Q4 and FY26 results; no final dividend.
4
Announcement under Regulation 30 (LODR)-Press Release / Media Release
24 Apr - MRPL approved FY26 audited results: revenue ₹1,05,155 crore, PAT ₹1,931 crore; Dewangonthit terminal fully operational. 24 Apr - MRPL approved FY26 audited results: revenue ₹1,05,155 crore, PAT ₹1,931 crore; Dewangonthit terminal fully operational.
5
Compliances-Reg. 54 - Asset Cover details
24 Apr - Security Cover Certificate filed for period ended 31 March 2026 under SEBI Regulation 54. 24 Apr - Security Cover Certificate filed for period ended 31 March 2026 under SEBI Regulation 54.
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 Petroleum Products sector within the Refineries & Marketing 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 ₹32072.56 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 9.90. 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 ₹120.45 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 2.26%. 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 13.56%. 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?
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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]