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]
Business Segments1.Retail: The company entered the Retail fuel service stations business under the brand‘HiQ’.As of FY24, it has a network of 101 retail outlets across Karnataka and Kerala.[1][2]In FY24, the total retail sales volume in the domestic market was 2.6 MMT with a sales value of Rs. ~15,400 Cr vs 1.9 MMT with a sales value of Rs. ~11,000 Cr in FY22.[2][3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Reliance Industr | 1457.95 | 25.66 | 1972966.36 | 0.38 | 22092.00 | 9.67 | 254623.00 | 9.97 | 9.69 | 999629.00 | 17.65 | 76642.42 | 18165.00 | 2.24 | 4.33 | 0.43 |
| 2. | I O C L | 160.85 | 9.32 | 227140.10 | 3.11 | 8190.86 | 1388.14 | 178628.15 | 2.09 | 7.36 | 760253.58 | 6.85 | 24391.08 | 7817.55 | 1.16 | 2.47 | 0.74 |
| 3. | B P C L | 362.40 | 7.29 | 157227.46 | 2.76 | 6191.49 | 168.30 | 104946.27 | 2.10 | 16.22 | 441893.80 | 7.84 | 21520.07 | 6313.56 | 1.70 | 6.46 | 0.56 |
| 4. | H P C L | 455.20 | 6.92 | 96858.51 | 2.33 | 3859.30 | 2605.05 | 100855.60 | 0.90 | 10.52 | 431921.70 | 5.93 | 13929.32 | 3859.30 | 1.68 | 3.57 | 1.11 |
| 5. | M R P L | 152.30 | 12.34 | 26692.09 | 0.00 | 1445.16 | 375.08 | 24711.65 | 12.99 | 4.36 | 89312.32 | 6.25 | 2175.00 | 1445.16 | 2.07 | 0.15 | 0.81 |
| 6. | C P C L | 859.05 | 10.99 | 12792.26 | 0.58 | 719.19 | 213.49 | 16327.34 | 35.09 | 4.30 | 61314.05 | 3.70 | 1169.80 | 719.19 | 1.45 | 1.21 | 0.22 |
| 7. | Rajasthan Securities | 39.79 | 6.00 | 305.88 | 0.00 | 34.24 | – | 0.00 | – | -0.49 | 8.22 | 94.77 | 50.92 | 34.24 | 3.93 | -0.48 | 0.26 |
| – | Median: 9 Co. | 160.85 | 10.99 | 26692.09 | 0.38 | 1445.16 | 190.9 | 24711.65 | 6.04 | 7.56 | 89312.32 | 6.85 | 2175.0 | 1445.16 | 2.07 | 2.77 | 0.47 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 24,608 | 26,557 | 25,365 | 21,173 | 19,353 | 24,667 | 25,329 | 23,247 | 24,968 | 21,871 | 24,596 | 17,356 | 22,649 | 24,712 |
Expenses | 26,603 | 26,270 | 21,875 | 19,105 | 17,215 | 23,508 | 22,990 | 22,641 | 25,442 | 20,840 | 23,466 | 17,177 | 21,160 | 21,927 |
Operating Profit | -1,995 | 287 | 3,490 | 2,068 | 2,138 | 1,159 | 2,339 | 606 | -474 | 1,031 | 1,130 | 180 | 1,489 | 2,785 |
Other Income | 32 | 60 | 86 | 52 | 74 | 40 | 22 | 45 | 60 | 33 | 38 | 38 | 76 | 39 |
Profit before tax | -2,576 | -288 | 2,950 | 1,559 | 1,606 | 591 | 1,766 | 101 | -1,041 | 469 | 584 | -403 | 975 | 2,214 |
Tax % | -31% | -35% | 35% | 35% | 34% | 35% | 36% | 35% | -34% | 35% | 38% | -32% | 34% | 35% |
Net Profit | -1,789 | -188 | 1,908 | 1,013 | 1,059 | 387 | 1,137 | 66 | -682 | 304 | 363 | -272 | 639 | 1,445 |
EPS in Rs | -10.21 | -1.07 | 10.89 | 5.78 | 6.04 | 2.21 | 6.49 | 0.37 | -3.89 | 1.74 | 2.07 | -1.55 | 3.64 | 8.25 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 71,815 | 57,463 | 39,647 | 43,208 | 48,451 | 62,062 | 51,002 | 31,959 | 69,758 | 109,026 | 90,407 | 94,682 | 89,312 |
Expenses | 70,808 | 59,551 | 37,859 | 38,493 | 44,139 | 60,382 | 53,524 | 31,251 | 64,814 | 102,498 | 82,550 | 92,375 | 83,730 |
Operating Profit | 1,007 | -2,088 | 1,789 | 4,714 | 4,311 | 1,681 | -2,522 | 708 | 4,944 | 6,528 | 7,857 | 2,306 | 5,583 |
Other Income | 430 | 838 | 674 | 2,015 | 154 | 131 | 97 | 93 | 64 | 196 | 41 | 170 | 191 |
Interest | 321 | 407 | 594 | 520 | 443 | 475 | 749 | 558 | 1,212 | 1,298 | 1,119 | 1,016 | 941 |
Depreciation | 706 | 499 | 710 | 678 | 671 | 757 | 783 | 1,158 | 1,088 | 1,187 | 1,257 | 1,347 | 1,463 |
Profit before tax | 410 | -2,156 | 1,158 | 5,531 | 3,351 | 581 | -3,958 | -915 | 2,708 | 4,239 | 5,521 | 113 | 3,370 |
Net Profit | 601 | -1,712 | 1,147 | 3,644 | 2,224 | 332 | -2,740 | -761 | 2,955 | 2,638 | 3,596 | 51 | 2,175 |
EPS in Rs | 3.43 | -9.77 | 6.54 | 20.79 | 12.69 | 1.89 | -15.64 | -4.34 | 16.86 | 15.05 | 20.52 | 0.29 | 12.41 |
Dividend Payout % | 0% | 0% | 0% | 29% | 24% | 53% | 0% | 0% | 0% | 0% | 15% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 | 1,753 |
Reserves | 5,316 | 3,552 | 4,679 | 8,318 | 9,280 | 8,974 | 6,014 | 2,485 | 5,444 | 8,082 | 11,499 | 11,181 | 11,539 |
Borrowings | 9,793 | 9,032 | 8,075 | 8,541 | 7,950 | 9,131 | 11,896 | 24,062 | 21,310 | 16,939 | 12,687 | 13,143 | 10,824 |
Other Liabilities | 22,665 | 20,007 | 22,787 | 7,802 | 7,238 | 7,333 | 6,145 | 6,425 | 11,561 | 8,410 | 9,467 | 8,329 | 11,419 |
Total Liabilities | 39,527 | 34,345 | 37,293 | 26,414 | 26,221 | 27,191 | 25,808 | 34,725 | 40,068 | 35,184 | 35,406 | 34,406 | 35,535 |
Fixed Assets | 5,991 | 14,109 | 14,881 | 14,161 | 14,038 | 13,996 | 14,239 | 19,596 | 21,384 | 20,396 | 20,410 | 20,095 | 20,190 |
Gross Block | 12,251 | 20,942 | 15,592 | 15,549 | 16,083 | 16,761 | 17,749 | 25,682 | 28,543 | 28,707 | 29,724 | 30,659 | – |
Accumulated Depreciation | 6,260 | 6,832 | 711 | 1,388 | 2,045 | 2,765 | 3,510 | 6,086 | 7,159 | 8,311 | 9,314 | 10,563 | – |
CWIP | 8,552 | 1,378 | 188 | 220 | 668 | 982 | 1,730 | 2,343 | 170 | 475 | 744 | 729 | 634 |
Investments | 15 | 1,350 | 1,350 | 1,350 | 1,350 | 1,503 | 2,178 | 16 | 16 | 16 | 17 | 19 | 20 |
Other Assets | 24,969 | 17,508 | 20,874 | 10,684 | 10,166 | 10,710 | 7,661 | 12,770 | 18,499 | 14,297 | 14,234 | 13,562 | 14,691 |
Total Assets | 39,527 | 34,345 | 37,293 | 26,414 | 26,221 | 27,191 | 25,808 | 34,725 | 40,068 | 35,184 | 35,406 | 34,406 | 35,535 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 8,602 | -576 | 1,376 | -852 | 3,507 | 569 | 183 | -2,818 | 4,496 | 6,364 | 7,051 | 1,878 |
Cash from Investing Activity | -921 | -1,408 | 359 | -337 | -966 | -952 | -1,563 | -2,101 | -595 | -673 | -1,524 | -940 |
Cash from Financing Activity | 1,387 | -1,503 | -1,748 | 67 | -2,334 | -55 | 1,379 | 4,944 | -3,922 | -5,690 | -5,524 | -938 |
Net Cash Flow | 9,068 | -3,487 | -13 | -1,121 | 207 | -438 | -1 | 24 | -20 | 1 | 3 | 0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 23 | 15 | 22 | 22 | 20 | 14 | 7 | 28 | 23 | 15 | 16 | 14 |
Inventory Days | 44 | 22 | 33 | 40 | 41 | 36 | 28 | 90 | 62 | 25 | 38 | 32 |
Days Payable | 109 | 116 | 221 | 59 | 40 | 29 | 23 | 50 | 55 | 23 | 33 | 24 |
Cash Conversion Cycle | -43 | -79 | -166 | 3 | 20 | 21 | 12 | 67 | 29 | 17 | 21 | 21 |
Working Capital Days | -47 | -92 | -164 | -31 | -36 | -18 | -21 | -44 | -13 | -1 | 1 | -1 |
ROCE % | 4% | -11% | 13% | 27% | 20% | 6% | -16% | -1% | 14% | 20% | 26% | 4% |
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Stock Analysis
Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC, is a leading Indian company primarily engaged in crude oil refining and petrochemical production.
Operational efficiency improvements, successful processing of new crude types, strategic crude storage initiatives, and continued progress on expansion studies and SAF projects are key drivers. The strong Q3 turnaround in profitability also indicates positive operational momentum.
Currently no data available for Order Book.
While Q3 FY26 results show a significant improvement, the YoY revenue decline in 9M FY26 (-6.14%) warrants monitoring. Past reports indicated fines for board composition non-compliance, though the company was seeking waivers.
The results for Q3 FY26 were announced on January 14, 2026. The company previously held an earnings call for Q2 FY26 on October 16, 2025.
Corporate Announcements
