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MRPL - M R P L

📊 NSE: MRPL 🏢 Refineries 📅 Last Updated: 12/14/2025 9:22

📢 Recent Corporate Announcements

MRPL Denies Rumours of Refinery Shutdown; Confirms Normal Operations at 300,000 bpd Facility

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 07 Mar 2026, 01:29 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has officially denied social media reports claiming a partial shutdown of its 300,000 barrels per day (bpd) refinery. The rumours suggested that feedstock shortages from the Middle East were disrupting operations, which the company has clarified as factually incorrect. MRPL confirmed that it has lined up adequate quantities of crude oil to sustain its operations and that the refinery is functioning normally. This timely clarification under Regulation 30(11) aims to maintain market stability and prevent misinformation-led volatility.

MRPL denies reports of shutting down parts of its 300,000 bpd Mangalore refinery due to oil shortages.
Company confirms that operations are normal and crude oil supply chains are adequately secured.
The clarification was issued in response to a specific tweet by OilPrice.com regarding Middle Eastern supply issues.
The filing was made under SEBI Regulation 30(11) to verify and deny market rumours.

💡 Investors should remain calm as the company has clarified that its core operations and supply chains are intact. No fundamental changes to the investment thesis are required based on this denied rumour.

MRPL Denies Force Majeure and Fuel Export Halt Rumours

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 05 Mar 2026, 06:31 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has officially clarified that recent media reports regarding a halt in fuel exports are factually incorrect. The company denied declaring any 'Force Majeure' despite reports suggesting disruptions due to the Iran conflict in West Asia. This clarification was issued on March 5, 2026, in response to a surveillance query from the BSE. The company maintains that it is unaware of the source of these rumours and that no undisclosed information exists that would impact trading.

MRPL clarifies that no 'Force Majeure' has been declared by the company.
Denies CNBC-TV18 report dated March 5, 2026, regarding fuel export halts as factually incorrect.
Clarification issued following BSE Surveillance query Ref No. L/SURV/ONL/RV/SG/(2025-2026)/206.
Company confirms there is no unannounced information that could explain recent trading movements.
Operations and exports are implied to be continuing without the reported disruptions.

💡 Investors should ignore the speculative reports regarding export halts and rely on the company's official denial. The stock may see a relief rally as the negative rumour has been formally debunked.

MRPL Denies Reports of Fuel Export Halt Amid West Asia Conflict

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 05 Mar 2026, 06:28 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has officially clarified to the stock exchanges that recent media reports claiming a halt in fuel exports are factually incorrect. The company stated it has not declared 'Force Majeure' despite speculative news suggesting disruptions due to the Iran conflict in West Asia. MRPL confirmed it is unaware of the source of these rumors and has no undisclosed information that would impact trading. This clarification aims to address market volatility caused by the incorrect report published on March 5, 2026.

MRPL clarifies that news reports regarding fuel export halts are factually incorrect
Company explicitly states no 'Force Majeure' has been declared in its operations
Response issued following surveillance queries from BSE and NSE on March 5, 2026
Management confirms no undisclosed information exists that could explain trading movements

💡 Investors should ignore the speculative reports regarding export halts and rely on the company's official denial. Monitor actual crude supply chain developments in West Asia without reacting to unverified media rumors.

MRPL Fined ₹10.85 Lakh by BSE and NSE for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 02 Mar 2026, 01:06 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE and NSE imposing fines for non-compliance with SEBI Regulation 17(1) regarding board composition for the quarter ended December 31, 2025. The total fine amount stands at ₹10,85,600, with each exchange levying ₹5,42,800 (including GST). MRPL has requested a waiver of these fines, explaining that as a Central Public Sector Enterprise, director appointments are the responsibility of the Ministry of Petroleum and Natural Gas. This is a recurring issue for many PSUs where government delays in appointments lead to technical non-compliance.

Total fine of ₹10,85,600 imposed by BSE and NSE combined (₹5,42,800 each).
Non-compliance pertains to SEBI Regulation 17(1) regarding the composition of the Board of Directors.
The penalty is for the reporting period of the quarter ended December 31, 2025.
MRPL has formally represented to the exchanges for a waiver of the fine.
Company cites that director nominations are handled by the Ministry of Petroleum and Natural Gas (MoP&NG).

💡 This is a procedural regulatory issue common to many Indian PSUs and does not impact the company's operational fundamentals. Investors should monitor for the eventual filling of board vacancies to ensure full compliance with corporate governance norms.

MRPL Board Meeting on March 3, 2026 to Consider Interim Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 24 Feb 2026, 02:47 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has announced a Board Meeting scheduled for March 3, 2026, to consider the declaration of an interim dividend for the financial year 2025-26. In accordance with SEBI Insider Trading regulations, the trading window for the company's equity shares is closed from February 24, 2026, until March 5, 2026. This announcement indicates potential cash returns for shareholders, reflecting the company's current financial health. Investors should watch for the specific dividend amount and the record date to be finalized during the meeting.

Board meeting scheduled for March 3, 2026, to consider interim dividend declaration.
Trading window for equity shares closed from February 24, 2026, to March 5, 2026.
The dividend consideration pertains to the financial year 2025-26.

💡 Investors should maintain their positions to potentially benefit from the dividend and check the announced yield and record date on March 3.

MRPL Completes Transfer of 100 Physical Equity Shares Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jan 2026, 03:09 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has processed a request for the transfer of 100 physical equity shares for Folio No. 00998272. This action follows the special window provided by SEBI for the re-lodgement of physical share transfer requests. The company confirmed that no objections were received during the 30-day notice period following a public advertisement on December 11, 2025. The transferred shares will now be subject to a mandatory six-month lock-in period as per regulatory requirements.

Transfer of 100 equity shares of face value ₹10 each for Folio No. 00998272
Request processed under SEBI circulars SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 and 2018/139
Completion of 30-day objection period with no claims received against the transfer
Transferred shares are subject to a mandatory lock-in period of six months

💡 No action is required from investors as this is a routine administrative update involving a negligible volume of shares. Focus should remain on the company's operational performance and Gross Refining Margins (GRMs).

MRPL Completes Transfer of 200 Physical Shares Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jan 2026, 03:04 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has finalized the transfer of 200 physical equity shares following a request under the SEBI special window for re-lodgement. The shares, associated with Folio No. 0088482, were released from the IEPF demat account to the transferee after a 30-day public notice period yielded no objections. As per regulatory guidelines, these shares will remain under a lock-in period for six months. This is a standard administrative procedure and does not impact the company's operational or financial standing.

Transfer of 200 equity shares of face value ₹10 each completed for Folio No. 0088482
Process conducted under SEBI circulars for re-lodgement of physical share transfers and IEPF releases
Mandatory 30-day advertisement period concluded with zero objections received
Transferred shares are subject to a mandatory lock-in period of six months

💡 No action is required from retail investors as this is a routine administrative filing regarding a specific shareholder's request. Focus should remain on MRPL's quarterly refining margins and global crude price trends.

MRPL Q3 FY26 Concall: EBITDA Jumps to ₹2,824 Cr; Debt-to-Equity Improves to 0.63

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jan 2026, 04:39 PM

MRPL reported a robust Q3 FY26 performance with EBITDA surging to ₹2,824 crore from ₹1,064 crore YoY, driven by healthy product cracks and record operational efficiency. The company has significantly improved its leverage, bringing debt down to ₹9,290 crore with a debt-to-equity ratio of 0.63. Management highlighted that while Russian crude imports have ceased due to sanctions, the impact is being offset by strong refining margins. Future growth is supported by a ₹364 crore Bio-ATF plant and an expanding retail network targeting 250 outlets by fiscal end.

EBITDA increased to ₹2,824 crore in Q3 FY26 versus ₹1,064 crore in Q3 FY25.
Achieved record energy efficiency with an MBN of 67 and fuel & loss at 10.06%.
Total debt reduced to ₹9,290 crore, resulting in a healthy debt-to-equity ratio of 0.63.
Investing ₹364 crore in a Bio-ATF plant to comply with CORSIA norms by 2027.
Retail footprint reached 200 outlets, with a target to hit 250 by the end of the current fiscal year.

💡 Investors should focus on the company's successful debt deleveraging and operational efficiency gains which provide a buffer against volatile crude prices. Monitor the sustainability of HSD and ATF cracks, which have moderated to $14-15 in early Q4 from Q3 peaks of $21.

MRPL Releases Audio and Video Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 19 Jan 2026, 06:30 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has released the audio and video recordings of its conference call held on January 19, 2026. The call focused on the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a routine compliance requirement under SEBI LODR Regulations, providing transparency into management's discussion on performance. Investors can access the provided links to understand the company's operational trajectory and financial health for the period ending December 2025.

Conference call held on January 19, 2026, to discuss Q3 and 9M FY26 financial results.
Both audio and video recordings of the analyst meet have been made publicly available via web links.
Discussion encompassed both standalone and consolidated financial performance for the period ending December 31, 2025.
The filing ensures compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to gain insights into management's commentary on Gross Refining Margins (GRMs) and future outlook. No immediate trading action is required based solely on this routine disclosure of the call recording.

MRPL Q3 PAT Jumps 375% to ₹1,445 Cr; Debt-Equity Ratio Improves to 0.63

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Jan 2026, 04:01 PM

MRPL reported a stellar performance for Q3 FY 2025-26, with Profit After Tax (PAT) surging to ₹1,445 crore from ₹304 crore in the same period last year. Revenue from operations grew 16% YoY to ₹29,720 crore, while the company successfully turned around its nine-month performance from a loss to a profit of ₹1,812 crore. A major highlight is the aggressive deleveraging, with total borrowings reduced by ₹3,577 crore over nine months, bringing the debt-equity ratio down to 0.63. Operational throughput remained stable at 4.70 MMT, supported by new crude sourcing and cavern storage utilization.

Q3 PAT increased by 375% YoY to ₹1,445 crore, while Revenue rose 16% to ₹29,720 crore.
Total borrowings reduced significantly from ₹12,867 crore to ₹9,290 crore in the last nine months.
Debt-Equity ratio improved to 0.63 as of Dec 31, 2025, compared to 0.99 in March 2025.
9M FY26 performance turned around to a profit of ₹1,812 crore from a loss of ₹313 crore in 9M FY25.
Processed Sarir Mesla Crude from Libya for the first time and utilized cavern storage for crude processing.

💡 Investors should take note of the significant improvement in the balance sheet and the sharp turnaround in profitability. The stock may see positive momentum due to the substantial reduction in debt and improved margins.

MRPL Q3 FY26 Net Profit Surges 375% YoY to ₹1,445 Crore; Revenue Up 16%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Jan 2026, 03:18 PM

MRPL reported a robust Q3 FY26 with net profit surging to ₹1,445.16 crore, a 375% increase from ₹304.19 crore in Q3 FY25. Revenue from operations grew 16% YoY to ₹29,720.13 crore, while operating margins improved significantly to 9.67% from 3.18% YoY. The company also showed substantial debt reduction, with total borrowings falling to ₹9,289.61 crore from ₹13,296.18 crore in the previous year. This performance marks a strong recovery for the 9-month period, turning a loss of ₹312.56 crore last year into a profit of ₹1,811.86 crore.

Net Profit jumped 375% YoY to ₹1,445.16 crore in Q3 FY26 compared to ₹304.19 crore in Q3 FY25.
Revenue from operations rose 16% YoY to ₹29,720.13 crore from ₹25,600.78 crore.
Operating margin expanded to 9.67% in Q3 FY26 from 3.18% in the same quarter last year.
Debt-to-Equity ratio improved significantly to 0.63 from 1.06 on a year-on-year basis.
Earnings Per Share (EPS) for the quarter increased to ₹8.25 from ₹1.74 in Q3 FY25.

💡 The strong turnaround in profitability and significant debt reduction makes MRPL a positive prospect in the oil refining space. Investors should maintain a positive outlook while monitoring global Gross Refining Margins (GRMs) and crude oil price volatility.

MRPL Schedules Q3FY26 Earnings Conference Call for January 19, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Jan 2026, 03:39 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has announced its earnings conference call for Monday, January 19, 2026, at 11:00 AM IST. The call will discuss the un-audited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The session will be led by Mr. Devendra Kumar, Director Finance & CFO, providing a platform for institutional investors to discuss operational performance. This is a standard regulatory filing following the conclusion of the December quarter.

Earnings call scheduled for January 19, 2026, at 11:00 hrs IST.
Focus on Q3FY26 and nine-month financial results ending December 31, 2025.
Key speaker is Mr. Devendra Kumar, Director Finance & CFO of MRPL.
The call is hosted by PL Capital (Prabhudas Lilladher) via the Zoom platform.

💡 Investors should monitor the call for management commentary on Gross Refining Margins (GRMs) and crude sourcing strategies. The actual financial results will be the primary driver of stock movement.

MRPL Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 11:01 AM

Mangalore Refinery and Petrochemicals Limited (MRPL) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, confirms that share dematerialization requests for the quarter ended December 31, 2025, were processed within mandated timelines. It verifies that physical certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard administrative filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed and securities listed on stock exchanges.
Physical security certificates were mutilated and cancelled as per SEBI guidelines.
Registrar and Transfer Agent (RTA) for the process was MUFG Intime India Private Limited.

💡 This is a routine regulatory filing with no impact on the company's financial performance or stock valuation. No action is required from investors.

MRPL Clarifies No Undisclosed Information Behind Recent Trading Volume Spurt

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Jan 2026, 12:19 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has responded to a clarification sought by the National Stock Exchange regarding a significant increase in its trading volume. The company officially stated that there is no unpublished price sensitive information (UPSI) or any pending event that needs to be disclosed under SEBI regulations. MRPL maintains that the recent movement in share volume is entirely market-driven and not linked to any internal corporate developments. This clarification is a standard regulatory response to ensure market transparency and safeguard investor interests.

NSE Surveillance team requested clarification on December 31, 2025, regarding high trading volumes.
MRPL submitted its formal response on January 1, 2026, denying any undisclosed material events.
Company confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management attributed the volume spurt to general market dynamics rather than specific company news.

💡 Investors should remain cautious as the volume spurt is not backed by any fundamental news or material events according to the company. It is advisable to focus on upcoming quarterly results rather than speculative volume movements.

MRPL Clarifies No Undisclosed Information Behind Recent Trading Volume Spurt

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Jan 2026, 02:38 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has issued a clarification to the stock exchanges regarding a significant increase in the trading volume of its shares. The company stated that there is no unpublished price sensitive information (UPSI) or pending events that require disclosure under SEBI Regulation 30. Management has clarified that the recent movement in share volume is entirely market-driven. This response follows a surveillance query from BSE Limited dated January 1, 2026.

Responded to BSE surveillance query L/SURV/ONL/PV/APJ/2025-2026/825 dated January 1, 2026
Confirmed no undisclosed price-sensitive information exists under SEBI LODR Regulation 30
Attributed recent trading volume fluctuations to external market-driven factors
Reiterated commitment to timely disclosure of all material events as per regulatory norms

💡 Investors should note that the recent volume surge lacks fundamental triggers according to the company. It is advised to avoid speculative trading based on volume spurts and focus on upcoming quarterly results.

View All MRPL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall consolidated revenue grew by 4.7% from INR 90,407 Cr in FY2024 to INR 94,682 Cr in FY2025. The retail segment showed significant growth, with sales value reaching approximately INR 15,400 Cr in FY2024, a 40% increase compared to INR 11,000 Cr in FY2022. Q2 FY2026 revenue was reported at INR 25,953 Cr.

Geographic Revenue Split

While a specific percentage split is not disclosed, the company leverages its coastal location for both domestic supply and exports. Domestic retail sales volume reached 2.6 MMT in FY2024, while the refinery's proximity to the New Mangalore Port facilitates cost-effective finished product exports.

Profitability Margins

Profitability saw a sharp decline in FY2025 due to global margin compression. Net Profit (PAT) margin plummeted from 4.00% in FY2024 to nearly 0.00% in FY2025, with PAT falling from INR 3,582 Cr to just INR 28 Cr. This was driven by Gross Refining Margins (GRMs) falling from $10.36/bbl to $4.45/bbl.

EBITDA Margin

The Operating Profit (OPBDIT/OI) margin contracted from 8.80% in FY2024 to 2.70% in FY2025. However, Q2 FY2026 showed a recovery with an EBITDA of INR 1,565 Cr, driven by a restoration of throughput to 4.5 MMT and improved product cracks compared to the previous quarter.

Capital Expenditure

Historical CAPEX includes the Phase-III expansion which increased capacity to 15 MMTPA and the commissioning of a 440 KTPA polypropylene unit. Borrowings stood at INR 24,062 Cr as of March 2021, reflecting heavy investment in the integrated aromatic complex and refinery upgrades.

Credit Rating & Borrowing

MRPL maintains a strong credit profile backed by ONGC, with ratings of [ICRA]AAA(Stable). Borrowing costs are competitive, with some facilities linked to term SOFR + 125 bps. Financial flexibility is high due to 71.63% ownership by ONGC.

⚙️ Operational Drivers

Raw Materials

Crude oil is the primary raw material, representing the vast majority of the INR 94,654 Cr total expenses in FY2025. Other inputs include feedstocks for the 440 KTPA polypropylene unit and the aromatic complex.

Import Sources

Raw materials are primarily sourced globally and received via the New Mangalore Port. The company's coastal location allows it to maintain lower crude oil inventories compared to inland refineries, reducing carrying costs.

Key Suppliers

Major suppliers include parent company ONGC for crude oil. The company also maintains operational linkages with HPCL, which holds a 16.96% stake.

Capacity Expansion

Current installed refining capacity is 15 MMTPA. The company also operates a 440 KTPA polypropylene unit and a fully integrated aromatic complex (formerly OMPL) which was merged to optimize production of para-xylene and reformate.

Raw Material Costs

Raw material costs are highly volatile and linked to global crude prices. In FY2025, total expenses (primarily crude) consumed 99.9% of operating income, compared to approximately 91% in FY2024, illustrating the impact of narrowing crack spreads.

Manufacturing Efficiency

Capacity utilization is exceptionally high, with throughput at 121% in FY2025. Q2 FY2026 throughput was 4.5 MMT, recovering from 3.5 MMT in Q1 FY2026 following a planned maintenance shutdown.

Logistics & Distribution

Distribution is handled through 101 'HiQ' retail outlets and transport terminals. Proximity to the port provides a structural advantage for exporting surplus production without high inland freight costs.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth is targeted through the expansion of the 'HiQ' retail network in Karnataka and Kerala, and the optimization of the integrated aromatic complex. The company aims to maximize margins by switching production between para-xylene and reformate based on market prices.

Products & Services

Petrol (MS), Diesel (HSD), Polypropylene, Aviation Turbine Fuel (ATF), Para-xylene, Benzene, Reformate, and LPG.

Brand Portfolio

HiQ (Retail Fuel), MRPL.

New Products/Services

Expansion into the petrochemical segment via the 440 KTPA Polypropylene unit and integrated aromatics provides a hedge against volatile fuel margins.

Market Expansion

The company is aggressively expanding its domestic retail footprint, increasing sales volume from 1.9 MMT in FY2022 to 2.6 MMT in FY2024.

Market Share & Ranking

Not disclosed, but it is a major player on the Indian west coast.

Strategic Alliances

Shell MRPL Aviation Fuels and Services Limited is a 50/50 joint venture focused on the aviation fuel segment.

🌍 External Factors

Industry Trends

The industry is currently seeing a moderation in global refining margins due to ample supply. Long-term, the shift toward electric vehicles and renewable energy poses a threat to fossil fuel demand, though India's demand remains robust in the medium term.

Competitive Landscape

Competes with other major Indian refiners like Reliance Industries and PSU peers like IOCL and BPCL.

Competitive Moat

The moat is built on strong parentage (ONGC), which provides financial backing, and a strategic coastal location. This is sustainable as long as the company can successfully transition its product mix toward petrochemicals.

Macro Economic Sensitivity

Highly sensitive to global GDP growth and industrial activity, which dictate the demand for diesel and petrochemicals.

Consumer Behavior

Increasing domestic consumption of auto-fuels has supported the company's retail expansion strategy.

Geopolitical Risks

Geopolitical tensions in oil-producing regions can cause crude price spikes and supply disruptions, impacting the refinery's input costs and throughput.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Ministry of Petroleum and Natural Gas (MoP&NG). The company is subject to CPSE guidelines regarding board appointments and operational mandates.

Environmental Compliance

MRPL is compliant with current environmental regulations but faces long-term risks from tightening global emission standards and carbon taxes.

Taxation Policy Impact

The company typically operates at a standard corporate tax rate, with a 35% tax provision noted in profitable quarters like March 2024.

Legal Contingencies

The company was fined INR 5,42,800 each by BSE and NSE (Total INR 10.85 Lakhs) for non-compliance with Board composition requirements (Regulation 17(1)) for the quarter ended September 30, 2025.