Mangalore Refinery And Petrochemicals Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹30,368 Cr
- P/E
- 7.32
- ROE
- 14.48%
- PEG
- -0.75
- Price to sales
- 0.25
- Debt to equity
- 0.60
- 52W high / low
- ₹207 / ₹139
- Sales growth (5Y)
- 22.64%
- EBITDA margin
- 7.67%
- Net profit margin
- 2.22%
- Promoter holding
- 88.58%
- Sales (last year)
- ₹1.19L Cr
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]
Guidance scorecard · Q2 FY27 call
What Mangalore Refinery And Petrochemicals Ltd's management guided
and where it ranks in Petroleum Products
Petroleum Products
RevenueQ3 FY26 call
10–20%- MRPL targets significant growth in retail outlets, from 200 currently to 500 in 3 years, and 1,000 in 5 years, aiming for retail to become a major revenue source.
- Retail margins are superior and provide stability compared to volatile export sales.
- Expansion includes developing depots and pipeline infrastructure across southern India and adjoining states, with investments in Mumbai, Vizag, Kerala, and Bangalore airport pipeline projects.
- Marketing investment in depots and pipelines expected around ₹500 crore in the near future.
- Retail currently contributes about 1.5-2% of sales; with 1,000 outlets, marketing sales are expected to gain substantial revenue.
2 more points from Mangalore Refinery And Petrochemicals Ltd's call on revenue
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MarginsQ3 FY26 call
FlatSee what Mangalore Refinery And Petrochemicals Ltd said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- FY26 Capex guidance is around ₹1,500 crores, similar to FY25, focusing on revamping and maintenance to keep the plant running at peak performance.
- Approximately ₹400-450 crores of FY26 capex will go towards growth projects such as retail outlets, grid power import, and pipeline rerouting; the rest is maintenance.
- Ongoing projects include the Isobutyl Benzene (IBB) pilot plant and infrastructure enhancements like the Bangalore airport pipeline.
- Plans to expand retail outlets from 200 currently to 250 by fiscal year-end, 500 in 3 years, and 1,000 in 5 years, aiming for retail to be a major revenue stream.
- Investing in depots and pipeline infrastructure, targeting Mumbai, Vizag, Kerala, and southern India with an annual investment of approximately ₹500 crores.
2 more points from Mangalore Refinery And Petrochemicals Ltd's call on capex
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FundraisingQ3 FY26 call
See what Mangalore Refinery And Petrochemicals Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY26 call
Ask what Mangalore Refinery And Petrochemicals Ltd said on the order book →
Full Q3 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Petroleum Products
on management's own guidance
- Arabian Petrol.Good growth2
- Continental Petroleums LtdGood growth1
- Gulf Oil Lubricants India LtdModerate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Petroleum Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Continental Petroleums Ltd | 20–40% | Up 2%+ | ₹70 Cr | 20.7 |
| 2 | Arabian Petrol. | 20–40% | Up 0–2% | ₹114 Cr | 10.1 |
| 3 | Gulf Oil Lubricants India Ltd | 10–20% | Up 0–2% | ₹5,402 Cr | 13.6 |
| 4 | 10–20% | Flat | ₹16.39L Cr | 21.9 | |
| 5 | 10–20% | Flat | ₹1.84L Cr | 5.5 | |
| 6 | M R P LThis stock | 10–20% | Flat | ₹30,270 Cr | 7.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Petroleum Products rankingMangalore Refinery And Petrochemicals Ltd announcements
All announcements →- Dividend / buyback / bonusNotableMangalore Refinery and Petrochemicals approves Q2 FY2026-27 results, interim dividend
Financials of Mangalore Refinery And Petrochemicals Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Mangalore Refinery And Petrochemicals Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 25,365 | 21,058 | 19,353 | 24,667 | 25,329 | 23,247 | 24,968 | 21,871 | 24,596 | 17,356 | 22,649 | 24,712 | 23,950 |
| Expenses + | 21,875 | 18,989 | 17,215 | 23,508 | 22,990 | 22,641 | 25,442 | 20,840 | 23,466 | 17,177 | 21,160 | 21,927 | 22,169 |
| Operating Profit | 3,490 | 2,068 | 2,138 | 1,159 | 2,339 | 606 | -474 | 1,031 | 1,130 | 180 | 1,489 | 2,785 | 1,781 |
| OPM % | 14% | 10% | 11% | 5% | 9% | 3% | -2% | 5% | 5% | 1% | 7% | 11% | 7% |
| Other Income + | 91 | 54 | 67 | 45 | 23 | 52 | 45 | 38 | 45 | 39 | 65 | 45 | 59 |
| Interest | 330 | 267 | 311 | 274 | 262 | 214 | 285 | 264 | 245 | 257 | 219 | 219 | 212 |
| Depreciation | 296 | 294 | 296 | 334 | 333 | 335 | 342 | 332 | 338 | 363 | 371 | 391 | 395 |
| Profit before tax | 2,955 | 1,561 | 1,598 | 596 | 1,768 | 108 | -1,056 | 474 | 592 | -402 | 963 | 2,220 | 1,233 |
| Tax % | 35% | 35% | 34% | 34% | 36% | 32% | -34% | 35% | 37% | -33% | 35% | 35% | 91% |
| Net Profit + | 1,913 | 1,015 | 1,052 | 392 | 1,138 | 73 | -697 | 309 | 371 | -271 | 627 | 1,451 | 117 |
| EPS in Rs | 10.92 | 5.79 | 6.00 | 2.24 | 6.50 | 0.42 | -3.98 | 1.76 | 2.11 | -1.54 | 3.58 | 8.28 | 0.67 |
Financials of Mangalore Refinery And Petrochemicals Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 57,398 | 39,730 | 43,767 | 49,055 | 63,446 | 50,230 | 31,959 | 69,758 | 109,026 | 90,407 | 94,682 | 88,667 |
| Expenses + | 59,565 | 38,021 | 38,775 | 44,526 | 60,816 | 53,368 | 31,252 | 64,814 | 102,498 | 82,550 | 92,375 | 82,432 |
| Operating Profit | -2,167 | 1,709 | 4,992 | 4,529 | 2,630 | -3,137 | 708 | 4,944 | 6,528 | 7,857 | 2,306 | 6,235 |
| OPM % | -4% | 4% | 11% | 9% | 4% | -6% | 2% | 7% | 6% | 9% | 2% | 7% |
| Other Income + | 841 | 674 | 2,015 | 223 | 130 | 70 | 90 | 67 | 213 | 42 | 175 | 207 |
| Interest | 448 | 1,083 | 969 | 915 | 1,062 | 1,251 | 558 | 1,212 | 1,298 | 1,119 | 1,016 | 907 |
| Depreciation | 522 | 1,013 | 984 | 966 | 1,048 | 1,086 | 1,158 | 1,088 | 1,187 | 1,257 | 1,347 | 1,520 |
| Profit before tax | -2,295 | 287 | 5,054 | 2,871 | 651 | -5,404 | -919 | 2,711 | 4,256 | 5,523 | 119 | 4,015 |
| Tax % | -19% | -77% | 35% | 38% | 46% | -25% | -17% | -9% | 38% | 35% | 53% | 52% |
| Net Profit + | -1,853 | 506 | 3,293 | 1,774 | 351 | -4,043 | -765 | 2,958 | 2,655 | 3,597 | 56 | 1,925 |
| EPS in Rs | -10.29 | 4.70 | 19.81 | 11.37 | 1.94 | -19.14 | -4.36 | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 |
| Dividend Payout % | 0% | 0% | 30% | 26% | 52% | 0% | 0% | 0% | 0% | 15% | 0% | 0% |
Financials of Mangalore Refinery And Petrochemicals Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | 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 | 1,753 | 1,753 |
| Reserves | 3,478 | 4,281 | 7,750 | 8,481 | 8,193 | 4,607 | 2,495 | 5,457 | 8,112 | 11,530 | 11,217 | 12,444 |
| Borrowings + | 14,702 | 14,395 | 15,477 | 14,921 | 15,618 | 18,482 | 24,062 | 21,310 | 16,939 | 12,687 | 13,143 | 15,341 |
| Other Liabilities + | 21,294 | 23,650 | 7,870 | 6,803 | 7,203 | 5,734 | 6,425 | 11,561 | 8,410 | 9,467 | 8,329 | 14,943 |
| Total Liabilities | 41,226 | 44,080 | 32,849 | 31,958 | 32,766 | 30,576 | 34,735 | 40,081 | 35,214 | 35,437 | 34,442 | 44,481 |
| Fixed Assets + | 21,641 | 21,747 | 20,618 | 20,217 | 20,002 | 20,431 | 19,596 | 21,384 | 20,396 | 20,410 | 20,095 | 20,520 |
| CWIP | 1,389 | 198 | 220 | 682 | 995 | 1,746 | 2,343 | 170 | 475 | 744 | 729 | 826 |
| Investments | 0 | 38 | 42 | 31 | 29 | 29 | 25 | 29 | 46 | 48 | 55 | 45 |
| Other Assets + | 18,197 | 22,097 | 11,969 | 11,028 | 11,740 | 8,369 | 12,770 | 18,499 | 14,297 | 14,234 | 13,562 | 23,091 |
| Total Assets | 41,226 | 44,080 | 32,849 | 31,958 | 32,766 | 30,576 | 34,735 | 40,081 | 35,214 | 35,437 | 34,442 | 44,481 |
Financials of Mangalore Refinery And Petrochemicals Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -731 | 1,429 | -1,108 | 3,972 | 1,640 | 289 | -2,818 | 4,496 | 6,364 | 7,051 | 1,878 | 2,531 |
| Cash from Investing Activity + | -94 | 303 | -265 | -981 | -1,080 | -1,449 | -2,101 | -595 | -673 | -1,524 | -940 | -1,378 |
| Cash from Financing Activity + | -2,672 | -1,744 | 265 | -2,796 | -996 | 1,157 | 4,944 | -3,922 | -5,690 | -5,524 | -938 | -598 |
| Net Cash Flow | -3,497 | -12 | -1,109 | 194 | -436 | -3 | 24 | -20 | 1 | 3 | 0 | 554 |
| Free Cash Flow | -1,900 | 979 | -1,900 | 2,901 | 449 | -1,204 | -3,716 | 3,885 | 5,662 | 5,509 | 918 | 1,121 |
| CFO/OP | 30% | 107% | -2% | 103% | 66% | -12% | -400% | 96% | 109% | 102% | 85% | 52% |
Financials of Mangalore Refinery And Petrochemicals Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 14 | 19 | 22 | 19 | 14 | 7 | 28 | 23 | 15 | 16 | 14 | 25 |
| Inventory Days | 24 | 36 | 44 | 45 | 39 | 30 | 90 | 62 | 25 | 38 | 32 | 67 |
| Days Payable | 116 | 223 | 60 | 41 | 29 | 24 | 50 | 55 | 23 | 33 | 24 | 52 |
| Cash Conversion Cycle | -78 | -168 | 6 | 23 | 24 | 14 | 67 | 29 | 17 | 21 | 21 | 41 |
| Working Capital Days | -104 | -203 | -53 | -63 | -49 | -33 | -44 | -13 | -1 | 1 | -1 | 9 |
| ROCE % | -10% | 7% | 19% | 15% | 7% | -16% | -1% | 14% | 20% | 26% | 4% | 18% |
Guidance history
How Mangalore Refinery And Petrochemicals Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +6.5% | 67% |
| Last 6 months | +3.3% | 61% |
| Last 3 months | +1.9% | 71% |
The price is 31.2% below its all-time high of ₹251.5 (3 May 2024). Stocks more than 20% below their peak have their score halved, so 65 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mangalore Refinery And Petrochemicals Ltd: 0.4 × 67 + 0.4 × 61 + 0.2 × 71 = 65, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Mangalore Refinery And Petrochemicals Ltd's management said in earlier quarters
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