Mangalore Refinery And Petrochemicals Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • High speed Diesel (HSD): 58.3% • Motor Spirit (MS): 28.4% • Aviation Turbine Fuel (ATF): 13.3%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 449.4% YoY, showing strong momentum
- Company has delivered good sales growth of 22.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.05x)
- Company has been maintaining a healthy dividend payout of 36.4%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Inventory has been piling up - inventory days up from 27 to 38
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| RELIANCE | 1281.00 | 23.20 | 1733518.21 | 0.47 | 23196.00 | -24.65 | 311850.00 | 25.41 | 12.17 | 15.30 |
| IOC | 135.25 | 5.68 | 190989.75 | 5.18 | -1141.09 | -116.76 | 281933.07 | 27.08 | 19.69 | 1.69 |
| BPCL | 303.40 | 7.68 | 131630.26 | 5.77 | -1872.70 | -127.38 | 159527.05 | 23.08 | 27.09 | -2.29 |
| HINDPETRO | 349.00 | 44.43 | 74261.01 | 6.95 | -12264.67 | -398.34 | 145225.11 | 21.39 | 23.10 | -11.08 |
| MRPL | 184.25 | 10.28 | 32291.63 | 2.17 | 945.68 | 449.40 | 41608.96 | 98.25 | 18.12 | 3.24 |
| CHENNPETRO | 1602.95 | 5.72 | 23869.75 | 3.87 | 1031.35 | 2671.95 | 29358.75 | 57.14 | 35.15 | 5.35 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24,825 | 22,844 | 28,364 | 29,190 | 27,289 | 28,786 | 25,601 | 27,602 | 20,989 | 25,953 | 29,720 | 28,493 | 41,609 | |
| 22,757 | 20,706 | 27,205 | 26,851 | 26,684 | 29,260 | 24,570 | 26,472 | 20,809 | 24,464 | 26,936 | 26,710 | 40,937 | |
| Operating Profit | 2,068 | 2,138 | 1,159 | 2,339 | 606 | -474 | 1,031 | 1,130 | 179 | 1,489 | 2,785 | 1,783 | 672 |
| OPM % | 8.33% | 9.36% | 4.09% | 8.01% | 2.22% | -1.65% | 4.03% | 4.09% | 0.86% | 5.74% | 9.37% | 6.26% | 1.62% |
| 52 | 61 | 40 | 22 | 45 | 37 | 33 | 38 | 38 | 61 | 39 | 59 | -401 | |
| 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 |
| Profit before Tax | 1,559 | 1,592 | 591 | 1,766 | 101 | -1,064 | 469 | 584 | -403 | 960 | 2,214 | 1,236 | 1,246 |
| Tax % | 35.03% | 34.31% | 34.52% | 35.62% | 34.84% | 33.73% | 35.19% | 37.86% | 32.50% | 35.01% | 34.73% | 90.34% | 24.08% |
| Net Profit | 0 | 0 | 0 | 0 | 73 | -697 | 309 | 371 | -271 | 627 | 1,451 | 117 | 946 |
| 5.79 | 6.00 | 2.24 | 6.50 | 0.42 | -3.98 | 1.76 | 2.11 | -1.54 | 3.58 | 8.28 | 0.67 | 5.40 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 43,767 | 49,055 | 63,446 | 50,230 | 31,959 | 69,758 | 1,09,026 | 90,407 | 94,684 | 88,667 | 1,25,775 | |
| 38,781 | 44,551 | 60,825 | 53,381 | 31,376 | 64,822 | 1,02,517 | 82,702 | 92,384 | 82,428 | 1,19,047 | |
| Operating Profit | 4,986 | 4,504 | 2,621 | -3,150 | 583 | 4,935 | 6,509 | 7,704 | 2,300 | 6,239 | 6,728 |
| OPM % | 11.39% | 9.18% | 4.13% | -6.27% | 1.82% | 7.08% | 5.97% | 8.52% | 2.43% | 7.04% | 5.35% |
| 2,016 | 248 | 139 | 82 | 497 | 68 | 192 | 180 | 154 | 199 | -241 | |
| Interest | 969 | 915 | 1,062 | 1,251 | 841 | 1,212 | 1,298 | 1,119 | 1,016 | 912 | 894 |
| Depreciation | 984 | 966 | 1,048 | 1,086 | 1,158 | 1,088 | 1,187 | 1,257 | 1,347 | 1,520 | 1,558 |
| Profit before Tax | 5,054 | 2,871 | 651 | -5,404 | -919 | 2,711 | 4,256 | 5,523 | 119 | 4,015 | 5,655 |
| Tax % | 34.84% | 38.23% | 46.07% | 25.19% | 16.75% | -9.11% | 37.61% | 34.87% | 52.72% | 52.06% | 44.58% |
| Net Profit | 3,293 | 1,774 | 351 | -4,043 | -765 | 2,958 | 2,655 | 3,597 | 56 | 1,925 | 3,134 |
| EPS | 19.81 | 11.37 | 1.94 | -19.14 | -4.36 | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 | — |
| Dividend Payout % | 30.28% | 26.39% | 51.54% | 0.00% | 0.00% | 0.00% | 0.00% | 14.62% | 0.00% | 36.43% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 23%
- 3 Years:
- -7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- —
- 3 Years:
- -10%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 33%
- 3 Years:
- 24%
- 1 Year:
- 43%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 26%
- 3 Years:
- 15%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 373 | 154 | 300 | -132 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7,750 | 8,481 | 8,193 | 4,607 | 2,495 | 5,457 | 8,112 | 11,530 | 11,217 | 12,444 | |
| 13,260 | 11,100 | 12,587 | 17,324 | 24,385 | 21,614 | 17,359 | 13,142 | 13,619 | 15,662 | |
| Trade Payables | 6,044 | 4,793 | 4,693 | 3,277 | 4,003 | 9,382 | 6,169 | 7,204 | 5,810 | 11,063 |
| 7,822 | 10,862 | 10,569 | 3,459 | 1,662 | 1,209 | 2,711 | 4,619 | 4,977 | 7,443 | |
| Total Liabilities | 37,001 | 37,142 | 38,094 | 30,287 | 34,299 | 39,414 | 36,103 | 38,246 | 37,376 | 48,365 |
| 20,618 | 20,209 | 19,995 | 20,424 | 19,589 | 21,376 | 20,388 | 20,402 | 20,088 | 20,444 | |
| Capital Work in Progress | 220 | 682 | 995 | 1,746 | 2,343 | 170 | 475 | 721 | 719 | 828 |
| 42 | 31 | 29 | 29 | 25 | 29 | 46 | 48 | 55 | 50 | |
| 4,414 | 5,240 | 6,309 | 4,232 | 7,103 | 10,487 | 6,777 | 8,306 | 7,720 | 14,422 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,860 | 3,511 | 6,059 | |
| Cash & Bank | 2,144 | 833 | 490 | 28 | 52 | 44 | 39 | 39 | 31 | 611 |
| 9,563 | 10,147 | 10,278 | 3,828 | 5,187 | 7,309 | 8,379 | 4,870 | 5,252 | 5,952 | |
| Total Assets | 37,001 | 37,142 | 38,094 | 30,287 | 34,299 | 39,414 | 36,103 | 38,246 | 37,376 | 48,365 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -118 | 4,661 | 1,744 | 375 | -2,829 | 4,759 | 7,130 | 7,051 | 1,878 | 2,531 | |
| Cash from Investing | -265 | -981 | -1,080 | -1,449 | -2,101 | -595 | -673 | -1,524 | -940 | -1,378 |
| Cash from Financing | 265 | -2,796 | -996 | 1,157 | 4,944 | -3,922 | -5,690 | -5,524 | -938 | -598 |
| -1,109 | 194 | -436 | -3 | 24 | -20 | 1 | 3 | 0 | 554 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Mangalore Refinery and Petrochemicals Limited has informed the Exchange regarding Appointment of Ram Raj & Co and A Raghavendra Rao & Associates as Statutory Auditor of the company w.e.f. September 07, 2026.
2026-08-26 - Disclosure under Regulation 30 - Notice of Penalty received from NSE and BSE for the quarter ender 30th June 2026.
2026-08-26 - Srutinizers report and voting results of Annual General Meeting held on August 24, 2026.
2026-08-24 - Mangalore Refinery and Petrochemicals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 24, 2026
2026-08-13 - Intimation of Appointment of Non-official Directors Shri Vipin Malviya on the Board of MRPL.
2026-08-13 - Intimation of Appointment of Non-official Directors Shri Sharwan Singh Karawasra on the Board of MRPL.
2026-08-13 - Intimation of Appointment of Non-official Directors Shri Lakhan Chandra Mardi on the Board of MRPL.
2026-07-24 - Newspaper Advertisement Notice of 38th Annual General Meeting of the Company.
2026-07-23 - Mangalore Refinery and Petrochemicals Limited has informed the Exchange regarding 'Submission of BRSR for FY 2025-26'.
News
Recent coverage and analyst commentary for MRPL
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