MRPL
Small CapMangalore Refinery and Petrochemicals Limited
Power
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -3% YoY · PAT -68% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23,950 Cr | -2.6% | -3.1% |
| EBITDA | ₹1,781 Cr | +57.6% | -36.1% |
| Operating margin | 7.0% | +200 bps | -400 bps |
| PAT | ₹117 Cr | -68.5% | -91.9% |
| PAT margin | 0.5% | -102 bps | -538 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Product Slate by Volume (Q3 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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).
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.
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.
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.
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.
Management explicitly highlighted a significant jump in performance both year-on-year and quarter-on-quarter, indicating strong current momentum against prior periods.
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.
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.
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.
Trend score and candlestick chart
43NeutralSMA20 -7.4% / mo
Technical chart
MRPLweekly · 5Y-0.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 52. Wait for confirmation.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 24% off 52W high · 33% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.3%.
- Fair-value margin of safety is positive at 55.8%.
- Cash flow contributes 9/10 to the score.
Main drags
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 41st percentile within Power. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter holding is 88.6%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 41st pctile, median 67 · Small: 51st pctile, median 65
19 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 88.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.3%.
- ▸8 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.08.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 13.80
- P/B
- 1.88
- EV/EBITDA
- 5.41
- Market Cap
- 26578.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 17.70%
- ROA
- 0.13%
- Dividend Y
- 2.64%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 1.08
- Interest Coverage
- 6.87×
- Altman Z
- 3.49
- Book Value
- 81.00
Cash Flow
- FCF Yield
- 4.34%
- FCF Positive Y
- 8/5
- OCF
- 2531.00 Cr
- EPS TTM
- 10.98
Shareholding
- Promoter Hold
- 88.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 34%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — 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.