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Swing Capital

Mangalore Refinery And Petrochemicals Ltd

NSE: MRPL BSE: 500109Energy

Mangalore Refinery & Petrochemicals Limited (MRPL) was set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation(ONGC). The company is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels and distribution of petroleum products through retail outlets and transport terminals. [1][2]

₹148
52W: ₹120 — ₹215
PE 13.5 · Book ₹80.8 · +83% vs book
Market Cap₹25,868 Cr
Stock P/E13.5Price to Earnings
ROCE17.7%Return on Capital
ROE14.2%Return on Equity
Div. Yield2.71%Face Value ₹10

Weaknesses

  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 4.87% of profits over last 3 years

Shareholding Pattern

Promoters88.58%
FIIs3.41%
DIIs0.34%
Public7.67%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters88.58%88.58%88.58%88.58%88.58%88.58%88.58%88.58%
FIIs2.26%1.69%▼0.61.36%▼0.31.31%▼0.11.3%▼0.01.22%▼0.12.05%▲0.83.41%▲1.4
DIIs1.5%1.48%▼0.01.66%▲0.21.32%▼0.31.38%▲0.11.45%▲0.11.05%▼0.40.34%▼0.7
Public7.64%8.23%▲0.68.38%▲0.28.8%▲0.48.75%▼0.18.76%▲0.08.32%▼0.47.67%▼0.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales24,66725,32923,24724,96821,87124,59617,35622,64924,71223,950
Expenses23,50822,99022,64125,44220,84023,46617,17721,16021,92722,167
Operating Profit1,1592,339606-4741,0311,1301801,4892,7851,783
OPM %5%9%3%-2%5%5%1%7%11%7%
Net Profit3871,13766-682304363-2726391,445119
EPS ₹2.216.490.37-3.891.742.07-1.553.648.250.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹88,667Cr, down 6.4% YoY. OPM at 7%.

Debt Position

Borrowings at ₹15,341Cr. Debt-to-equity ratio: 1.24x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹828Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.34% (-0.36pp change). FIIs: 3.41% (+2.33pp change). Promoters hold 88.58%.

Margin & Efficiency

ROCE improving from -11% (Mar 2015) to 18% (Mar 2026). Working capital days: 9.

Valuation

PE 13.5x with 17.7% ROCE. Price is 83% above book value of ₹80.8. Dividend yield: 2.71%.

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