Mangalore Refinery And Petrochemicals Ltd

MRPL

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Market Cap

₹ 26,245 Cr

P/E

25.34

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mangalore Refinery and Petrochemicals Limited (MRPL) is a leading refinery engaged in the business of crude oil refining. It is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC).

MRPL achieved a remarkable throughput of 4.4 million metric tonnes during the latest quarter, attributed to completing a complex turnaround.

The company reported significant revenue growth, with operations revenue reaching INR 25,953 crores and a noticeable rise in EBITDA and PAT from the previous quarters.

Despite higher fuel and loss percentages due to post-turnaround plant hiccups, MRPL is optimistic about normalizing the figures in the upcoming quarters.

The company is expanding its retail network, with 185 operational retail outlets and plans to expand further with a goal of 250 by the end of the year.

Sector

Refineries

Industry

Refineries

Market Cap

26,245 Cr

Volatility

High Risk

P/E Ratio

25.3

Industry P/E

19.2

PEG Ratio

1.1

P/B Ratio

2.0

52W High

185.00

52W Low

98.95

Sales CAGR

4.73%

8.27%

12.46%

10Y

8.86%

Profit CAGR

-98.44%

-74.23%

—

10Y

-29.31%

ROE

TTM

7.78%

17.47%

17.87%

10Y

12.96%

ROCE

TTM

10.63%

19.46%

15.17%

10Y

13.08%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

11

1Y Price Target

137.02 ▼ 7.92%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BPCL	367.90	1,59,115 Cr	7.39	1.69	2.69	22.60	21.32	9.31
HINDPETRO	465.30	99,284 Cr	7.13	1.75	2.25	24.49	18.08	7.18
MRPL	148.80	26,245 Cr	25.34	1.97	0.00	7.78	10.63	2.92
CHENNPETRO	914.90	13,757 Cr	11.76	1.56	0.54	13.25	16.05	7.06
GANDHAR	139.85	1,308 Cr	14.02	1.01	0.37	7.23	10.51	4.49
RUCHINFRA	6.80	159 Cr	16.05	0.76	0.00	4.72	5.40	3.05
RESGEN	70.00	148 Cr	18.62	2.58	0.00	13.27	18.90	11.66

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	21,058	19,353	24,667	25,329	23,247	24,968	21,871	24,596	17,356	22,649
Expenses	18,989	17,215	23,508	22,999	22,641	25,442	20,840	23,466	17,177	21,160
Operating Profit	2,068	2,138	1,159	2,330	606	-474	1,031	1,130	180	1,489
OPM %	9.82	11.05	4.70	9.20	2.61	-1.90	4.71	4.59	1.03	6.57
Other Income	54	67	45	33	52	45	38	45	39	65
Interest	267	311	274	262	214	285	264	245	257	219
Depreciation	294	296	334	333	335	342	332	338	363	371
Profit Before Tax	1,561	1,598	596	1,768	108	-1,056	474	592	-402	963
Tax %	34.99	34.18	34.23	35.59	32.38	33.98	34.81	37.38	32.60	34.88
Net Profit	1,015	1,052	392	1,139	73	-697	309	371	-271	627
EPS in Rs	5.79	6.00	2.24	6.50	0.42	-3.98	1.76	2.11	-1.54	3.58

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	59,989	63,688	73,699	59,980	50,796	86,094	1,24,736	1,05,223	1,09,277	88,791
Expenses	38,783	44,553	60,828	53,385	31,262	64,827	1,02,529	82,711	92,389	86,924
Operating Profit	21,206	19,135	12,871	6,595	19,534	21,267	22,207	22,512	16,889	1,867
OPM %	35.35	30.04	17.46	11.00	38.46	24.70	17.80	21.39	15.45	2.10
Other Income	2,021	248	140	83	97	76	231	198	181	168
Interest	966	913	1,059	1,246	554	1,207	1,285	1,114	1,008	1,051
Depreciation	984	966	1,048	1,086	1,158	1,088	1,187	1,257	1,347	1,375
Profit Before Tax	5,054	2,871	651	-5,404	-919	2,711	4,256	5,523	119	-391
Tax %	34.84	38.23	46.07	25.19	16.75	-9.11	37.61	34.87	52.72	26.42
Net Profit	3,293	1,774	351	-4,043	-765	2,958	2,655	3,597	56	-288
EPS in Rs	—	—	1.93	-19.14	-3.19	16.88	15.16	20.53	0.31	5.91
Dividend Payout %	30.29	26.39	51.55	0.00	0.00	0.00	0.00	14.62	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753
Reserves	4,281	7,750	8,481	8,193	4,607	2,495	5,457	8,112	11,530	11,217
Borrowings	12,757	13,260	10,740	12,238	16,751	24,062	21,310	16,939	12,687	13,143
Other Liabilities	25,280	10,078	10,977	10,582	7,454	6,419	11,552	8,397	9,460	8,322
Total Liabilities	44,070	32,840	31,951	32,766	30,565	34,729	40,071	35,201	35,430	34,435
Fixed Assets	21,747	20,618	20,209	19,995	20,424	19,589	21,376	20,388	20,402	20,088
CWIP	198	220	682	995	1,746	2,343	170	475	744	729
Investments	38	42	38	37	37	33	36	54	56	63
Other Assets	22,088	11,960	11,021	11,740	8,359	12,764	18,489	14,284	14,228	13,555
Total Assets	44,070	32,840	31,951	32,766	30,565	34,729	40,071	35,201	35,430	34,435

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,429	-1,108	3,972	1,640	289	-2,818	4,496	6,364	7,045	1,878
Cash from Investing Activity	303	-265	-981	-1,080	-1,449	-2,101	-595	-673	-1,518	-940
Cash from Financing Activity	-1,744	265	-2,796	-996	1,157	4,944	-3,922	-5,690	-5,524	-938
Net Cash Flow	-12	-1,109	194	-436	-2.87	24	-20	1.28	2.93	0.37

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
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%
FIIs	1.05%	1.07%	1.08%	1.54%	2.55%	2.68%	2.27%	1.70%	1.36%	1.30%	0.01%	1.21%
DIIs	0.29%	0.29%	0.71%	1.12%	1.57%	1.50%	1.51%	1.49%	1.67%	1.33%	2.67%	1.45%
Public	10.07%	10.06%	9.63%	8.76%	7.29%	7.23%	7.64%	8.23%	8.39%	8.79%	8.74%	8.76%
Total Shareholders	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Apr 17, 2024	Deepak kumar	Insider - Designated Person	Disposal	227.16	0.05 Cr	2,000	—
Apr 17, 2024	Deepak kumar	Insider - Designated Person	Disposal	222.07	0.04 Cr	2,000	—
Apr 17, 2024	Deepak kumar	Insider - Designated Person	Acquisition	210.77	0.02 Cr	1,000	—
Apr 10, 2024	Hemalatha vengadaramanan	Insider - Immediate Relative	Disposal	180.81	0.08 Cr	4,550	—
Apr 10, 2024	Hemalatha vengadaramanan	Insider - Immediate Relative	Disposal	193.71	0.02 Cr	1,000	—

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	21,058	19,353	24,667	25,329	23,247	24,968	21,871	24,596	17,356	22,649
Expenses	18,989	17,215	23,508	22,999	22,641	25,442	20,840	23,466	17,177	21,160
Operating Profit	2,068	2,138	1,159	2,330	606	-474	1,031	1,130	180	1,489
OPM %	9.82	11.05	4.70	9.20	2.61	-1.90	4.71	4.59	1.03	6.57
Other Income	54	67	45	33	52	45	38	45	39	65
Interest	267	311	274	262	214	285	264	245	257	219
Depreciation	294	296	334	333	335	342	332	338	363	371
Profit Before Tax	1,561	1,598	596	1,768	108	-1,056	474	592	-402	963
Tax %	34.99	34.18	34.23	35.59	32.38	33.98	34.81	37.38	32.60	34.88
Net Profit	1,015	1,052	392	1,139	73	-697	309	371	-271	627
EPS in Rs	5.79	6.00	2.24	6.50	0.42	-3.98	1.76	2.11	-1.54	3.58

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	59,989	63,688	73,699	59,980	50,796	86,094	1,24,736	1,05,223	1,09,277	88,791
Expenses	38,783	44,553	60,828	53,385	31,262	64,827	1,02,529	82,711	92,389	86,924
Operating Profit	21,206	19,135	12,871	6,595	19,534	21,267	22,207	22,512	16,889	1,867
OPM %	35.35	30.04	17.46	11.00	38.46	24.70	17.80	21.39	15.45	2.10
Other Income	2,021	248	140	83	97	76	231	198	181	168
Interest	966	913	1,059	1,246	554	1,207	1,285	1,114	1,008	1,051
Depreciation	984	966	1,048	1,086	1,158	1,088	1,187	1,257	1,347	1,375
Profit Before Tax	5,054	2,871	651	-5,404	-919	2,711	4,256	5,523	119	-391
Tax %	34.84	38.23	46.07	25.19	16.75	-9.11	37.61	34.87	52.72	26.42
Net Profit	3,293	1,774	351	-4,043	-765	2,958	2,655	3,597	56	-288
EPS in Rs	—	—	1.93	-19.14	-3.19	16.88	15.16	20.53	0.31	5.91
Dividend Payout %	30.29	26.39	51.55	0.00	0.00	0.00	0.00	14.62	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753
Reserves	4,281	7,750	8,481	8,193	4,607	2,495	5,457	8,112	11,530	11,217
Borrowings	12,757	13,260	10,740	12,238	16,751	24,062	21,310	16,939	12,687	13,143
Other Liabilities	25,280	10,078	10,977	10,582	7,454	6,419	11,552	8,397	9,460	8,322
Total Liabilities	44,070	32,840	31,951	32,766	30,565	34,729	40,071	35,201	35,430	34,435
Fixed Assets	21,747	20,618	20,209	19,995	20,424	19,589	21,376	20,388	20,402	20,088
CWIP	198	220	682	995	1,746	2,343	170	475	744	729
Investments	38	42	38	37	37	33	36	54	56	63
Other Assets	22,088	11,960	11,021	11,740	8,359	12,764	18,489	14,284	14,228	13,555
Total Assets	44,070	32,840	31,951	32,766	30,565	34,729	40,071	35,201	35,430	34,435

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,429	-1,108	3,972	1,640	289	-2,818	4,496	6,364	7,045	1,878
Cash from Investing Activity	303	-265	-981	-1,080	-1,449	-2,101	-595	-673	-1,518	-940
Cash from Financing Activity	-1,744	265	-2,796	-996	1,157	4,944	-3,922	-5,690	-5,524	-938
Net Cash Flow	-12	-1,109	194	-436	-2.87	24	-20	1.28	2.93	0.37