Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,190.00 last close on 23 Oct 2026 +0.46%
Research updated
Mangalore Refinery and Petrochemicals Limited
NSE: MRPLEnergyOil & Gas Refining & Marketing
- Last close
- ₹162.25
- Day change
- −₹3.69 (−2.22%)vs
- Market cap
- ₹32,469 crIndian rupees
- Research updated
- 2 reports
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About Mangalore Refinery and Petrochemicals
Mangalore Refinery and Petrochemicals Limited is an Indian oil and gas company focused on refining crude oil and manufacturing petroleum and petrochemical products. A subsidiary of Oil and Natural Gas Corporation under the Ministry of Petroleum and Natural Gas, it operates a large, complex refinery installation near Mangaluru, Karnataka, designed to process diverse crude slates into high-quality fuels and specialty products. The company’s core outputs include motor fuels such as petrol and high-speed diesel, liquefied petroleum gas, kerosene, aviation turbine fuel, and industrial products like naphtha, bitumen, pet coke, sulphur, and various aromatics and polymers. Mangalore Refinery and Petrochemicals Limited serves transportation, aviation, industrial, and petrochemical sectors across India, supplying both direct bulk customers and retail consumers through its fuel service station network and distribution infrastructure. Headquartered in Mangaluru and founded in 1988, it plays a significant role in India’s energy and petrochemical value chain by providing feedstocks and fuels essential to manufacturing, infrastructure, and everyday mobility.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: MRPL
- Chief executive
- Mr. Mundkur Shyamprasad Kamath
- Employees
- 2,530
- Headquarters
- Mangalore, India
- ISIN
- INE103A01014
- Website
- mrpl.co.in
Public research · Report of
Business model & financial foundation
MRPL (NSE: MRPL), Petroleum refining and fuel marketing: revenue of ₹88,876 crore in FY26 (-6.3% on FY25), an EBITDA margin of 7.0%, net profit of ₹1,925 crore and net debt of ₹14,777 crore.
- Revenue, FY26 (₹ crore)
- 88,876
- consolidated
- Revenue growth, FY26
- -6.3%
- on FY25
- EBITDA margin, FY26
- 7.0%
- EBITDA (Operating EBITDA excluding other income and JV) / revenue
- Net profit, FY26 (₹ crore)
- 1,925
- to owners
- Return on equity, FY26
- 14.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 14,777
- Net debt including leases less available cash
- Market capitalisation (₹ crore)
- 32,469
- at the close of 14 Oct 2026
Company profile
MRPL operates a single 15 MMTPA coastal refinery at Mangaluru, Karnataka, with a polypropylene unit and an aromatics complex (merged former OMPL). It processes imported and domestic crude into diesel, ATF, petrol, LPG, naphtha, aromatics and petcoke, selling to promoters HPCL/ONGC, through its own HiQ retail network (252 outlets at FY26) and via exports. Earnings swing with gross refining margins (product cracks less crude), throughput above nameplate and inventory effects.
| Item | Value |
|---|---|
| Legal name | Mangalore Refinery and Petrochemicals Limited |
| Exchange and ticker | NSE: MRPL; BSE: 500109 |
| ISIN | INE103A01014 |
| CIN | L19200KA1988GOI008959 |
| Sector | Energy |
| Industry | Petroleum refining and fuel marketing |
| Headquarters | Mangalore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Ram Raj & Co and A Raghavendra Rao & Associates (joint, FY27, CAG-appointed); FY26 YCRJ & Associates and BSJ & Associates (since FY27) |
| Market capitalisation | ₹32,469 crore (14 Oct 2026) |
| Shares outstanding | 175.26 crore shares (FY26) |
| Price | ₹175.9 (close, 14 Oct 2026) |
| 52-week range | ₹136.0 - ₹212.3 (to 14 Oct 2026) |
| Website | https://www.mrpl.co.in |
Corporate structure and shareholding
Parent: Oil and Natural Gas Corporation (71.63%); HPCL holds 16.96%.
| Entity | Holding | Business |
|---|---|---|
| Shell MRPL Aviation Fuels and Services Limited | 50% | Aviation fuel marketing JV, equity-accounted |
| ONGC Petrochemicals Marketing Limited | 25% | Petrochemicals marketing JV incorporated 7 Oct 2026, INR 12.5 cr investment |
No consolidated subsidiaries. Unquoted stakes: Mangalam Retail Services 18.99%, Mangalore SEZ 0.96% (purchase to 27.92% signed, not complete).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 88.58% | 88.58% | 88.58% | 88.58% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.05% | 3.41% | 2.17% | 2.45% |
| Domestic institutions | 1.05% | 0.34% | 0.39% | 0.53% |
| of which mutual funds | 0.81% | 0.28% | 0.31% | 0.37% |
| Other | 8.32% | 7.67% | 8.86% | 8.42% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MRPL is a high-complexity, predominantly single-site Mangalore refiner controlled by ONGC, with HPCL as a second promoter. It converts bought crude into diesel, jet fuel, gasoline, LPG and petrochemicals, sold through promoter offtake, exports and a growing own retail network. It controls throughput, operating reliability and product mix, not global cracks, crude prices or export levies. The single site contributes over90% of EBITDA per Fitch. The aviation JV is equity accounted; there is no controlled operating subsidiary in the consolidated earnings history. OPML is a new25% JV, not a wholly owned subsidiary. Revenue means consolidated revenue excluding excise, retaining other operating revenue. Derived operating EBITDA excludes other income, exceptional items and JV share. JV profit is already included before reported consolidated PBT; it is not added again after PAT. Minority interest is nil. Throughput and disclosed GRM are standalone, so the gross-margin-per-feed proxy links standalone refinery operations to consolidated P&L; it is not reported GRM or actual product sales realisation. Money is INRcrore, shares crore, EPS INR.
| Peer | Why the dossier compares them |
|---|---|
| Chennai Petroleum Corporation (CHENNPETRO) | Closest listed pure-play PSU standalone refiner with similar GRM sensitivity and parent offtake. |
| Hindustan Petroleum Corporation (HINDPETRO) | PSU refiner-marketer, MRPL promoter shareholder and offtaker; refining exposure comparable. |
| Bharat Petroleum Corporation (BPCL) | |
| Indian Oil Corporation (IOC) | Largest PSU refiner; shares same crack and policy (SAED, pricing) exposures. |
| Reliance Industries (RELIANCE) | |
| Oil India (OIL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue excluding sales excise | 69,815 | 1,08,976 | 90,334 | 94,891 | 88,876 |
| Cost of revenue (vendor classification) * | 64,077 | 1,00,539 | 81,743 | 90,569 | 80,578 |
| Other operating costs (vendor classification) * | 922.9 | 945.4 | 1,052 | 2,545 | 1,347 |
| EBITDA (vendor classification) * | 4,718 | 6,587 | 8,017 | 2,474 | 6,466 |
| Operating EBIT excluding other income and JV | 3,588 | 5,326 | 6,451 | 945.3 | 4,716 |
| Finance costs including borrowing FX adjustment | 876.6 | 1,071 | 1,114 | 1,008 | 907.2 |
| PBT including equity accounted JV | 2,711 | 4,256 | 5,523 | 118.9 | 4,015 |
| Tax current and deferred | -246.9 | 1,600 | 1,925 | 62.7 | 2,090 |
| PAT including JV | 2,958 | 2,655 | 3,597 | 56.2 | 1,925 |
| Diluted EPS (₹) | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 |
| Materials purchases and inventory change | 79,720 | 89,222 | 78,058 | ||
| Employee benefits | 772.1 | 700.3 | 838.1 | ||
| Other expenses including residual inventory excise | 2,134 | 2,676 | 3,745 | ||
| Operating EBITDA excluding other income and JV | 7,708 | 2,292 | 6,235 | ||
| Other income | 179.1 | 153.7 | 198.2 | ||
| Depreciation and amortisation | 1,257 | 1,347 | 1,520 | ||
| Exceptional signed earnings impact | -8.29 | 0.00 | 0.00 | ||
| Non controlling share | 0.00 | 0.00 | 0.00 | ||
| Share of JV profit | 14.6 | 28.1 | 8.36 | ||
| PAT to owners | 3,597 | 56.2 | 1,925 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 7,209 | 9,865 | 13,283 | 12,970 | 14,197 |
| Borrowings excluding leases | 21,310 | 16,939 | 12,452 | 12,867 | 14,334 |
| Cash and cash equivalents | 5.52 | 6.80 | 9.73 | 10.1 | 564.5 |
| Net trade receivables | 4,328 | 4,469 | 3,860 | 3,511 | 6,059 |
| Inventory | 10,487 | 6,777 | 8,306 | 7,720 | 14,422 |
| Trade payables | 9,382 | 6,169 | 7,204 | 5,810 | 11,063 |
| Net PPE | 410.9 | 400.6 | 19,303 | 18,964 | 18,670 |
| CWIP | 169.8 | 1,288 | 721.4 | 718.7 | 828.4 |
| Total assets | 40,071 | 35,201 | 35,430 | 34,435 | 44,481 |
| Earmarked restricted other banks | 28.9 | 21.3 | 46.1 | ||
| Lease liabilities | 235.3 | 276.8 | 1,007 | ||
| Net debt including leases less available cash | 12,677 | 13,133 | 14,777 | ||
| Issuer gearing definition net debt | 12,452 | 12,867 | 14,334 | ||
| Diluted weighted average shares | 175.26 | 175.26 | 175.26 | ||
| Trade net working capital | 4,963 | 5,421 | 9,417 | ||
| Current assets less current liabilities | 388.3 | -274.3 | 2,727 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations after income taxes | -1,540 | 7,082 | 7,051 | 1,878 | 2,531 |
| Free cash flow (vendor definition) * | 3,885 | 5,662 | 5,489 | 887.6 | 1,119 |
| Dividends paid positive cash outflow | 175.3 | 350.5 | 701.0 | ||
| Cash capital expenditure positive outflow | -611.3 | -702.6 | 1,556 | 990.3 | 1,412 |
| Long term debt repaid positive cash outflow | 5,135 | 757.2 | 1,485 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual fully paid shares outstanding | 175.26 | 175.26 | 175.26 | 175.26 | 175.26 |
| FY24-FY26 cumulative CFO / PAT (x) | 2.05x | ||||
| Net trade receivables YoY growth (%) | -9.0% | 72.6% | |||
| Net revenue YoY growth (%) | 5.0% | -6.3% | |||
| Year-end net trade receivable days | 16 | 14 | 25 | ||
| Year-end inventory days | 38 | 32 | 67 | ||
| Year-end trade payable days | 33 | 24 | 52 | ||
| Strict hit rate of closed guidance assessments (%) | 36.4% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations net of excise | 21,871 | 24,596 | 17,356 | 22,649 | 24,712 | 23,951 | 38,254 | 32,516 |
| Cost of revenue (vendor classification) * | 20,312 | 22,993 | 16,747 | 21,445 | 20,939 | 36,103 | ||
| Other operating costs (vendor classification) * | 689.2 | 616.5 | 618.6 | 688.3 | 1,316 | 1,058 | ||
| EBITDA (vendor classification) * | 738.1 | 837.3 | -144.4 | 2,439 | 1,445 | 1,018 | ||
| Operating EBIT excluding other income, JV and exceptional | 699.6 | 792.0 | -183.8 | 1,118 | 2,394 | 1,388 | 916.5 | 2,872 |
| Finance cost | 263.6 | 245.4 | 257.2 | 219.2 | 219.0 | 211.9 | 244.3 | 283.9 |
| Consolidated profit before tax including JV | 474.5 | 591.9 | -401.6 | 963.4 | 2,220 | 1,233 | 1,246 | 2,539 |
| Total tax expense, credit negative | 165.2 | 221.2 | -130.9 | 336.0 | 769.1 | 1,116 | 300.0 | 638.0 |
| Consolidated profit after tax | 309.3 | 370.6 | -270.7 | 627.4 | 1,451 | 117.0 | 945.7 | 1,901 |
| Diluted earnings per share, not annualised (₹) | 1.76 | 2.11 | -1.54 | 3.58 | 8.28 | 0.67 | 5.40 | 10.85 |
| Revenue from operations including excise duty | 25,601 | 27,601 | 20,988 | 25,953 | 29,720 | 28,494 | 41,609 | 35,590 |
| Cost of materials consumed | 20,938 | 22,955 | 15,175 | 20,551 | 20,394 | 22,802 | 35,242 | 29,109 |
| Purchases of stock in trade | 3.12 | 3.40 | 6.62 | 4.61 | 4.82 | 4.65 | 5.37 | 5.75 |
| Changes in inventories of finished goods and WIP | -960.2 | -303.6 | 1,202 | -481.5 | 655.4 | -2,262 | 454.5 | -921.3 |
| Excise duty on sales, excluded from net revenue | 3,730 | 3,006 | 3,632 | 3,304 | 5,008 | 4,543 | 3,355 | 3,074 |
| Employee benefits expense | 169.8 | 194.7 | 174.1 | 173.8 | 184.3 | 305.9 | 177.1 | 179.1 |
| Other operating expenses excluding excise | 689.2 | 616.0 | 618.6 | 911.7 | 688.3 | 1,317 | 1,058 | 864.5 |
| Other income | 33.3 | 37.8 | 38.0 | 61.3 | 39.3 | 59.6 | 70.9 | 49.5 |
| Depreciation and amortisation expense | 331.5 | 337.9 | 363.3 | 371.0 | 390.7 | 394.9 | 401.1 | 406.9 |
| Materials plus purchases plus inventory change | 19,981 | 22,655 | 16,384 | 20,074 | 21,055 | 20,545 | 35,702 | 28,194 |
| Operating EBITDA excluding other income, JV and exceptional | 1,031 | 1,130 | 179.6 | 1,489 | 2,785 | 1,783 | 1,318 | 3,279 |
| Exceptional income positive, expense negative | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 471.8 | -118.8 |
| Share of equity-accounted JV profit or loss | 5.11 | 7.49 | 1.31 | 3.69 | 5.73 | -2.37 | 30.9 | 19.9 |
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of MRPL | 309.3 | 370.6 | -270.7 | 627.4 | 1,451 | 117.0 | 945.7 | 1,901 |
| Current-year income tax | 0.00 | 14.7 | 0.00 | 97.4 | 385.6 | 222.6 | 256.8 | 603.4 |
| Tax relating to earlier years | 0.00 | -10.7 | 0.00 | 0.00 | 0.00 | 0.00 | -20.6 | 0.00 |
| Deferred income tax expense or credit | 165.2 | 217.3 | -130.9 | 238.6 | 383.5 | 893.6 | 63.7 | 34.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 121.3% | 56.1% | -17.1% | 5.0% | -6.3% |
| EBITDA margin | 8.5% | 2.4% | 7.0% | ||
| Net margin | 4.0% | 0.1% | 2.2% | ||
| Return on equity | 31.1% | 0.4% | 14.2% | ||
| Return on capital employed | 12.6% | 19.3% | 24.6% | 3.7% | 17.3% |
| Return on assets | 10.2% | 0.2% | 4.9% | ||
| Net debt (₹ crore) | 12,677 | 13,133 | 14,777 | ||
| Net debt / EBITDA | 1.64x | 5.73x | 2.37x | ||
| Interest cover | 4.09x | 4.98x | 5.79x | 0.94x | 5.20x |
| Asset turnover | 1.87x | 2.90x | 2.56x | 2.72x | 2.25x |
| Receivable days | 23 | 15 | 16 | 14 | 25 |
| Inventory days (on revenue) | 55 | 23 | 34 | 30 | 59 |
| Payable days (on revenue) | 49 | 21 | 29 | 22 | 45 |
| Cash conversion | 1.96x | 33.4x | 1.32x | ||
| Capex intensity | 0.9% | 0.6% | 1.7% | 1.0% | 1.6% |
| Free cash flow (₹ crore) | -2,151 | 6,379 | 5,495 | 887.6 | 1,119 |
| Dividend payout | 4.9% | 623.6% | 36.4% | ||
| EPS, diluted (₹) | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 |
| Book value per share (₹) | 41.14 | 56.29 | 75.79 | 74.00 | 81.00 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less available cash; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and JV).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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