NSE: MRPL · BSE: 500109
MRPL
Refines crude oil at the Mangalore refinery complex and sells petroleum products and petrochemicals. In FY26 the refinery processed 16.77 MMT of crude at 111.8% capacity utilisation and posted a Gross Refining Margin of USD 9.22 per barrel, with total revenue of Rs 1,05,155 crore. Q1 FY27 throughput was 4.43 MMT, with revenue nearly doubling year-on-year to Rs 41,609 crore and a swing to Rs 946 crore profit (helped by Rs 472 crore exceptional income from revised petroleum product prices). Products include transportation fuels and Sustainable Aviation Fuel — the company received ISCC CORSIA certification for SAF and PNGRB approval for an ATF pipeline to Bengaluru airport. It sells through 252 retail outlets (85 added in FY26) and exports to 22 countries, with exports making up 28.43% of turnover in FY26. Crude/raw materials account for 75.1% of revenue cost, making crude prices the dominant cost driver. It is a Schedule A central government enterprise and subsidiary of ONGC, with HPCL disclosed as promoter, targeting Net Zero Scope 1 and 2 emissions by 2038. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Refined petroleum products, Petrochemicals, Retail fuel sales, Exports (28%). Cyclical, asset-heavy refining and petrochemicals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 86,064 | 1,24,736 | 1,05,223 | 1,09,277 | 1,05,155 |
| EBITDA (ex other income) | 4,901 | 6,499 | 7,687 | 2,293 | 6,235 |
| margin % | 5.7 | 5.2 | 7.3 | 2.1 | 5.9 |
| Owners' profit | 2,958 | 2,655 | 3,597 | 56 | 1,925 |
| EPS, as reported (₹) | 16.88 | 15.15 | 20.52 | 0.32 | 10.98 |
| ROE % · ROCE % | 41.0 · 17.7 | 26.9 · 23.8 | 27.1 · 28.7 | 0.4 · 5.0 | 13.6 · 19.3 |
| Debt / equity (x) | 2.92 | 1.69 | 0.94 | 0.99 | 1.01 |
| Cash from operations | 4,693 | 6,364 | 7,045 | 1,878 | 2,531 |
| Capex | (611) | (703) | (1,556) | (990) | (1,412) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28,786 | 25,601 | 27,601 | 20,988 | 25,953 | 29,720 | 28,493 | 41,609 |
| Profit before tax | (1,064) | 469 | 584 | (403) | 960 | 2,214 | 1,236 | 1,215 |
| Net profit | (697) | 309 | 371 | (271) | 627 | 1,451 | 117 | 946 |
| EPS (₹) | (3.98) | 1.76 | 2.11 | (1.54) | 3.58 | 8.28 | 0.67 | 5.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RELIANCE INDUSTRIES LTD | 15,67,121 | 21.0 | 1.44 | 8.6 | 8.8 | 7.5 | 17.2 | 17.3 |
| INDIAN OIL CORP LTD | 1,82,983 | 5.3 | 0.81 | 3.9 | 19.4 | 17.1 | 11.6 | 1.6 |
| BHARAT PETROLEUM CORP LT | 1,22,623 | 7.2 | 1.22 | 3.8 | 25.8 | 23.2 | 11.4 | (0.6) |
| HINDUSTAN PETROLEUM CORP | 73,867 | 44.2 | 1.13 | 3.8 | 27.5 | 19.3 | 12.1 | (10.7) |
| MRPL ◆ | 30,294 | 9.6 | 2.13 | 6.8 | 13.6 | 15.7 | 15.6 | 4.5 |
| CHENNAI PETROLEUM CORP LT | 22,631 | 5.4 | 2.04 | 4.9 | 27.9 | 31.9 | 13.4 | 5.4 |
| SANMIT INFRA LIMITED | 726 | 382.7 | 18.78 | — | 5.1 | 6.1 | — | 10.2 |
| RAJASTHAN SECURITIES LIMITED | 464 | 5.7 | 3.97 | — | 69.3 | 88.6 | — | 119.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.6 | 8.0 | 8 of 13 | 42% |
| P/B | 2.1 | 1.7 | 8 of 12 | 36% |
| ROCE | 15.7 | 16.4 | 7 of 12 | 46% |
| ROE | 13.6 | 13.6 | 6 of 11 | 50% |
| Debt / Equity | 1.0 | 0.4 | 11 of 12 | 9% |
| EBITDA margin | 4.5 | 5.4 | 7 of 11 | 40% |
| Revenue growth | 98.3 | 24.2 | 1 of 8 | 100% |
| Profit growth | 449.4 | 4.3 | 3 of 9 | 75% |
| Market cap | 30294 | 726 | 5 of 13 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · MRPL declares Rs 3 interim dividend, Q2 profit nearly triples | corporate actions | high | — | — |
| 14 Oct 2026 · MRPL declares interim dividend of Rs 3/share, record date Oct 21, 2026 | corporate actions | high | — | — |
| 14 Oct 2026 · MRPL Q2 PAT jumps nearly 3x to Rs 1,881 Cr; declares Rs 3 interim dividend | compliance | low | — | — |
| 14 Oct 2026 · MRPL submits Security Cover Certificate for quarter ending September 2026 | compliance | minimal | — | — |
| 14 Oct 2026 · MRPL Q2 FY27: Revenue up 37%, PAT up 203% YoY, fire loss exceptional | results | high | — | — |
| 14 Oct 2026 · MRPL Q2 FY27 Results: PAT surges, Rs 3 interim dividend | results | high | — | — |
| 8 Oct 2026 · Board Meeting on 14 Oct 2026 to consider Interim Dividend for FY26-27 | corporate actions | high | — | — |
| 8 Oct 2026 · MRPL incorporates ONGC Petrochemicals Marketing JV; holds 25 percent stake | strategic transactions | high | — | — |
| 6 Oct 2026 · MRPL files quarterly demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · MRPL appoints Smt Seema as Independent Director for 3 years | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.