Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Oct - MRPL approved Q2/H1 FY27 results, PAT rose to ₹1,881 crore, and declared ₹3 interim dividend.
Source: Bse
Mangalore Refinery and Petrochemicals Limited (MRPL)
Small CapEnergy stocks · Small cap · NSE
Mangalore Refinery and Petrochemicals Limited (MRPL) is a Schedule 'A' Govt. of India Enterprise and a subsidiary of ONGC. It operates a complex refinery with 3 crude trains, focusing on refining and expanding into fuel marketing. It is ISO 9001, 14001, and 50001 certified.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result14 Oct, 08:35 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
32BearishMACD − · sector -4.3pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 25
Sector 3M: -9.9% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MRPLD candles · FIT view-2.7%Latest close ₹167.52 on 2026-10-21
Bar
-3.2%
RSI
45
MACD hist
-0.30
52W pos
41%
2026-10-21O ₹173.00H ₹174.09L ₹166.64C ₹167.52Vol 61.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MRPLNifty EnergyNifty 500
- MRPL
- -5.0%
- Nifty 500
- -6.5%
- Nifty Energy
- -10.4%
- Vs Nifty 500
- +1.5 pp
Chart stats
21 Oct 2026- From 52W high
- -21.1%
- 52W range position
- 41%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.44x
- Avg traded value
- ₹242 Cr
- 20D price channel
- ₹161.5 - ₹191.5
₹212.3
₹136 - ₹212.3
₹8.3
Latest completed session
20-session average
47.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +57.1% · PAT +203.2% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+61.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 90/100Rev +57% YoY · PAT +203% YoY · margin expansion · operating leverage
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35,590.4 Cr | +57.1% | -14.5% |
| EBITDA | ₹3,278.9 Cr | +120.2% | +148.9% |
| Operating margin | 9.2% | +221 bps | +604 bps |
| PAT | ₹1,900.8 Cr | +203.2% | +101.0% |
| PAT margin | 5.3% | +257 bps | +307 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.85
- P/B
- 1.78
- EV/EBITDA
- 3.77
- Market Cap
- 30270.19Cr
Profitability
- ROE
- 14.50%
- ROCE
- 18.00%
- ROA
- 9.28%
- Dividend Y
- 2.28%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 9.55×
- Altman Z
- 4.32
- Book Value
- 97.20
Cash Flow
- FCF Yield
- 3.80%
- FCF Positive Y
- 8/5
- OCF
- 2531.00 Cr
- EPS TTM
- 25.20
Shareholding
- Promoter Hold
- 88.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 35.6k-14.5% vs prev
Net Profit
₹ CrLatest: 1,901+101.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 45.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 1 Base / Transition
1M return
+0.3%
3M return
-5.0%
6M return
-10.4%
1Y return
+5.1%
RS 1D
-7
RS 20D
0
Sector rank
#5
Industry rank
#13
Stage evidence
- Price is within 0.3% of the 30-week proxy.
- The 30-week proxy changed -1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 130.07-2.66%
RS vs Nifty 500130
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation27/30
Growth21/25
Quality10/20
Balance Sheet10/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 3.8%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 61.1%.
Main drags
- Quality is weaker at 10/20; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
- Cash flow is weaker at 8/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
6.8
PB
1.8
EV/EBITDA
3.8
ROE
14.5%
ROCE
18.0%
FCF Yield
3.8%
Debt/Equity
0.6
MoS
+61.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 6.8, so peak-cycle earnings risk should be checked. Earnings growth is much stronger than revenue growth; verify sustainability.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
81
Previous: 81
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+61.1%
Previous: +59.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
66
72
82
82
81
81
81
81
81
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹234.76
+28.6% MoS
Growth-justified P/E
17.1
Growth-justified Value
₹430.92
+61.1% MoS
PEG
0.19
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KIOCL
Small
KIOCL Limited
Oil Refining & Marketing
match 83
18
502.0
0.9%
-55570%
OVERVALUED
KREBSBIO
Small
Krebs Biochemicals and Industries Limited
Oil Refining & Marketing
match 80
7
—
—
—
OVERVALUED
CHENNPETRO
Large
Chennai Petroleum Corporation Limited
Oil Refining & Marketing
match 64
97
5.0
31.8%
+70%
DEEP VALUE
HINDPETRO
Mid
Hindustan Petroleum Corporation Limited
Oil Refining & Marketing
match 51
54
44.4
30.9%
-116%
FAIR VALUE
BPCL
Large
Bharat Petroleum Corporation Limited
Oil Refining & Marketing
match 49
88
8.1
28.8%
+56%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T07:40:49.778Z
Management commentary snapshot
MRPL posted a significant jump in Q3 FY26 performance with EBITDA of Rs. 2,824 crores, up from Rs. 1,064 crore YoY. Healthy market prices, optimum energy consumption, and high throughput drove strong bottom-line numbers.
MRPL delivered strong Q3 FY26 results driven by favorable market conditions and operational efficiency. Management's strategic focus on retail expansion and diversification into Bio-ATF and specialty chemicals like IBB could provide future stability and growth, despite ongoing geopolitical and freight rate volatility.
Current business mix
Product Slate by Volume (Q3 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
HSD + ATF50.0%
MS15.0%
Other Products (including 10% F&L)35.0%
Growth engines
Retail Outlet Expansion
Targeting 500 outlets in 3 years and 1,000 in 5 years, as retail margins are superior and provide stability.
Bio-ATF Plant
Establishing a Bio-ATF plant to comply with CORSIA Norms, enabling supply of blended ATF globally starting 2027.
Isobutyl Benzene (IBB) Pilot Plant
Efforts of the innovation team will start to show from next year when the IBB pilot plant (base for pharmaceutical) gets running.
Complex Refinery Advantage
The refinery is biased towards heavier crude processing due to its complex nature, which is economically more suiting.
Capacity and execution
Retail Outlets
Achieved 200 outlets, targeting around 250 outlets within this fiscal year itself.
Bio-ATF Plant
Establishing a Bio-ATF plant at a cost of Rs. 364 crores, to supply blended ATF from 2027.
Grid Power Project
Will be completed within the next fiscal year, bringing fuel and loss closer to 9.5-10%.
Depots and Pipelines
Targeting establishment of depots in adjoining states like Mumbai, Vizag, Kerala, and the Bangalore airport pipeline (Devangonti-Devanhalli).
Tailwinds
Healthy Market Prices
Healthy market prices, optimum energy consumption, and throughput led to published bottom-line numbers.
Finished Product Cracks
Finished product cracks went significantly up, more than offsetting the loss on account of Russian barrels.
Desalination Plant
MRPL is now well past its summer water blues due to the desalination plant.
Headwinds
Freight Rates
Did see a spike in freight rates earlier in Q3, though they have gradually come down from peak levels, still higher than Q1.
Russian Crude Sourcing
No Russian crude is being imported due to sanctions, though management states it played a marginal role and its loss is not a significant impact.
Risk radar
Geopolitical Conditions and Sanctions
Uncertainties prevailing in market sourcing under sanctions, with implications of new sanctions packages being monitored.
Freight Rate Volatility
Freight rates, while moderated, remain higher than Q1 levels, impacting import costs.
Government Control and Taxation
Market perception that pricing and taxation are still controlled by the government, impacting valuations.
Forex Volatility
Volatility in the Forex market could impact ECB debt repayment due to potential foreign exchange loss.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Management explicitly highlighted a significant jump in performance both year-on-year and quarter-on-quarter, indicating strong current momentum against prior periods.
Sector KPIs management disclosed
EBITDA
Rs. 2,824 crores for Q3 FY26 versus Rs. 1,064 crore for Q3 FY25.
MBN (Energy Efficiency)
Posted MBN of 67, which was the best number posted in any quarter.
Fuel and Loss (F&L)
Stood at 10.06% for the quarter, one of the best in any of the quarters.
Current Debt
Stands at Rs. 9,290 crores.
Management forward view
Retail as a Game Changer
Retail is going to be a big game changer for the refinery, offering superior margins and stability compared to export sales.
Full-fledged Refinery and Marketing Business
In the future, the company aims to be a full-fledged refinery and marketing business, not just limited to refining.
Dividend Possibility
If Q4 remains profitable, the board might actually look at a dividend, considering the good performance in the first three quarters.
Addressing Low Public Float
The company's low public float (approx. 12%) is an issue being examined with parent companies to address.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Retail Outlet Count | 200 outlets | Achievement of 250 outlets by fiscal year-end and progress towards 500 in 3 years. |
| Fuel and Loss (F&L) | 10.06% | Reduction to 9.5-10% with the completion of the grid power project in the next fiscal year. |
| Capex Incurred | Rs. 887 crores (9M FY26) | Total Capex for FY26 reaching ~Rs. 1,500 crores and similar levels for FY27, with breakdown between growth and maintenance. |
| Debt Reduction | Rs. 9,290 crores | Further reduction in debt during the next quarter if the market remains good, and management's call on ECB repayment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 53rd percentile within Energy. Main check: results consistency is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
25 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Energy: 53rd pctile, median 73 · Small: 75th pctile, median 66
Evidence depth
Financial-only
25 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 88.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.8%.
- ▸8 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mangalore Refinery and Petrochemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - MRPL reports CHTU fire fatality on 30 Sep 2026 and announces ₹1.2 crore support to family.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - MRPL fire on 30 Sep 2026 extinguished; one dead, one burn injury.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appoints Ram Raj & Co. and A Raghavendra Rao & Associates as FY 2026-27 statutory auditors.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 13 Aug - MoP&NG approved three independent directors on MRPL board for three years from 12 Aug 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Regulation 53 (1) Annual Report. 50m - MRPL issued FY2025-26 annual report; 38th AGM on 24 August 2026 via VC/OAVM.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 15 Jul - Board approved Q1 FY27 results on 15 July 2026; consolidated net profit was ₹945.68 crore.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Cessation 10 Jul - Shri Dheeraj Kumar Ojha ceases as Government Nominee Director on MRPL board, effective 11 July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Cessation 1 Jul - ONGC nominee director Pankaj Kumar ceased as MRPL director effective 01 July 2026 due to superannuation.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3 Jul - Satyan Kumar appointed ONGC nominee director on MRPL board effective 2 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jul - Newspaper Advertisement- Notice of 38th AGM of the Company.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 15 Jul - MRPL Q1 FY27 net profit rose to ₹945.68 crore; board approved results, auditor changes, MoA/AoA proposal.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.