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Mangalore Refinery and Petrochemicals Limited (MRPL)

₹172.71 -1.19% last close, 16 Oct

📊 NSE: MRPL 🏢 Refineries 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

Mangalore Refinery and Petrochemicals Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹32,516 Cr (+25.3% year on year, -15.0% on the previous quarter), and net profit ₹1,901 Cr (+203.0% year on year); the operating margin was 10.1%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹32,516	+25.3%	-15.0%
Operating profit	₹3,279	+120.3%	+148.9%
Net profit	₹1,901	+203.0%	+101.0%
EPS (₹)	10.85	+203.1%	+100.9%
Operating margin	10.1%	—	—

Profit +51% above its own trend
Operating margin expanded 435 bps YoY
Borrowings down 33% since Mar 2026

Quality of profit: the core business earned ₹2,588 Cr before tax; other income and one-off items took ₹49.4 Cr off that, leaving pre-tax profit of ₹2,539 Cr. Core profit (operating profit less interest and depreciation) moved +188.1% year on year.

Against its own trend: net profit of ₹1,901 Cr was +51.5% against the ₹1,255 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: -6.8% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

MRPL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 23.73% of the MRPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 23.55%. That is close to its usual level.

23.73%Delivery, 16 Oct

23.55%Own 20-session average

1.0×Volume vs its average

₹172.71NSE close · -1.19%

Delivery in the last 5 sessions: 26.6% · 25.3% · 28.2% · 14.7% · 23.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MRPL Declares ₹3 Interim Dividend; Reports Q2 PAT Surge to ₹1,880.89 Cr Despite Fire Incident

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 14 Oct 2026, 08:51 PM

MRPL announced an interim dividend of ₹3 per equity share (30% on face value of ₹10) for FY 2026-27, with the record date fixed for October 21, 2026. Standalone revenue for Q2 FY27 stood at ₹35,590.40 crore, up 37.1% YoY compared to ₹25,953.04 crore in Q2 FY26. Net profit surged 194.5% YoY to ₹1,880.89 crore from ₹638.67 crore in Q2 FY26. Financials also absorbed an exceptional loss of ₹118.76 crore due to a fire incident at its CHT Unit on September 30, 2026.

Declared an interim dividend of ₹3 per equity share (30%) with record date on October 21, 2026, payable on or before November 04, 2026
Standalone net profit grew 194.5% YoY to ₹1,880.89 crore in Q2 FY27 vs ₹638.67 crore in Q2 FY26
Standalone revenue from operations rose 37.1% YoY to ₹35,590.40 crore compared to ₹25,953.04 crore in the previous year's quarter
Exceptional item charge of ₹118.76 crore recognized following a fire incident at the Phase III CHT Unit on September 30, 2026 (estimated replacement value ~₹225 crore)

💡 Track the upcoming ex-dividend date around October 21, 2026, and monitor subsequent disclosures regarding the operational restoration timeline and insurance settlement for the damaged CHT Unit.

MRPL Q2 Standalone PAT Jumps 194% YoY to ₹1,881 Cr; Declares ₹3/Share Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Oct 2026, 08:47 PM

MRPL reported a 194% YoY surge in standalone Q2 FY27 net profit to ₹1,881 crore compared to ₹639 crore in Q2 FY26. Standalone revenue from operations grew 37.1% YoY to ₹35,590 crore, driven by strong operational realization despite refinery throughput moderating slightly to 4.18 MMT from 4.43 MMT. The Board declared a first interim dividend of ₹3 per share (30%). Additionally, the company announced the incorporation of a marketing joint venture, OPML, with ONGC and OPaL (MRPL holds 25%), and secured a Fitch international credit rating of 'BBB-'.

Standalone Profit After Tax increased 194% YoY to ₹1,881 crore in Q2 FY27 from ₹639 crore in Q2 FY26
Revenue from operations rose 37.1% YoY to ₹35,590 crore compared to ₹25,953 crore in Q2 FY26
EBITDA doubled to ₹3,210 crore in Q2 FY27 versus ₹1,565 crore in Q2 FY26
First interim dividend declared at ₹3 per equity share (30%)
Crude throughput recorded at 4.18 MMT for Q2 FY27 against 4.43 MMT in Q2 FY26

💡 Track the sustainability of refining margins (GRMs) and crude throughput levels in upcoming quarters, as well as the record date and payout schedule for the ₹3 interim dividend.

MRPL Q2 Standalone PAT Jumps 194% YoY to ₹1,880.89 Cr; Declares ₹3 Interim Dividend

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Oct 2026, 08:43 PM

MRPL reported standalone revenue from operations of ₹35,590.40 crore for the quarter ended September 30, 2026, up 37.1% YoY from ₹25,953.04 crore. Standalone Net Profit surged nearly threefold to ₹1,880.89 crore versus ₹638.67 crore in Q2 FY2026 (September 2025 quarter), supported by strong operational performance. Profit was weighed down by an exceptional expense of ₹118.76 crore due to a fire incident at the refinery's CHT Unit on September 30, 2026. Additionally, the Board declared an interim dividend of ₹3 per share (30%) with a record date of October 21, 2026.

Standalone net profit grew 194.5% YoY to ₹1,880.89 crore in Q2 (vs ₹638.67 crore in Q2 FY26/Sep-25)
Revenue from operations increased 37.1% YoY to ₹35,590.40 crore compared to ₹25,953.04 crore in the prior-year period
Declared an interim dividend of ₹3 per equity share with record date fixed as October 21, 2026
Exceptional item of ₹118.76 crore recognized following a fire at the CHT Unit on September 30, 2026 (replacement value estimated at ~₹225 crore)

💡 Track the timeline and operational impact of the CHT Unit outage following the September 30 fire, alongside the status of insurance claim recoveries in subsequent quarterly reporting.

MRPL Q2 Standalone PAT Jumps 194% YoY to ₹1,880.89 Cr; Declares ₹3 Interim Dividend

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Oct 2026, 08:41 PM

Standalone net profit grew 194.5% YoY to ₹1,880.89 crore in Q2 (vs ₹638.67 crore in Q2 FY26/Sep-25)
Revenue from operations increased 37.1% YoY to ₹35,590.40 crore compared to ₹25,953.04 crore in the prior-year period
Declared an interim dividend of ₹3 per equity share with record date fixed as October 21, 2026
Exceptional item of ₹118.76 crore recognized following a fire at the CHT Unit on September 30, 2026 (replacement value estimated at ~₹225 crore)

💡 Track the timeline and operational impact of the CHT Unit outage following the September 30 fire, alongside the status of insurance claim recoveries in subsequent quarterly reporting.

MRPL Invests ₹12.5 Cr for 25% Stake in New Petrochemicals Marketing JV with ONGC and OPaL

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 08 Oct 2026, 02:19 PM

MRPL has announced the incorporation of a joint venture company named ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026. MRPL holds a 25% equity stake in OPML, investing ₹12.5 crore in cash for 1.25 crore shares of ₹10 each, alongside ONGC (50%) and OPaL (25%). OPML is formed with an authorized and subscribed share capital of ₹50 crore to serve as an integrated marketing and trading platform for the ONGC Group's petrochemicals business. Financially, the ₹12.5 crore commitment is negligible relative to MRPL's TTM revenue of ₹117,877 crore and net worth of ₹14,167 crore.

Incorporated joint venture entity ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026
Equity shareholding split stands at 50:25:25 between ONGC, MRPL, and OPaL
MRPL subscribed to 1,25,00,000 equity shares at ₹10 face value, totaling ₹12.5 crore in cash
OPML has an authorized and subscribed equity capital of ₹50 crore (5 crore shares of ₹10 each)
Government approval from DIPAM (Ministry of Finance) and RoC has been secured

💡 Track subsequent updates on the operational rollout of OPML and how MRPL's polypropylene and aromatic product volumes transition into this centralized marketing setup.

MRPL Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 02:43 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MRPL's Registrar and Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. It confirms that all securities received for dematerialisation during the period were duly processed, confirmed or rejected, and listed on the respective stock exchanges. This is a recurring statutory disclosure with zero impact on the company's financial or operational performance.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
Covers dematerialisation activities for the quarter ended September 30, 2026
Issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 3, 2026
Filing submitted to BSE and NSE on October 6, 2026

💡 No action is required. Investors should track upcoming Q2 financial results and refining margin updates for fundamental operational cues.

MRPL Appoints Smt. Seema as Independent Director for a 3-Year Term

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 06 Oct 2026, 02:38 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) announced the appointment of Smt. Seema as a Non-official Independent Director on its Board. The appointment has been approved by the Appointment Committee of the Cabinet (ACC) and conveyed via the Ministry of Petroleum and Natural Gas (MoP&NG) letter dated October 5, 2026. The tenure is for a period of 3 years effective October 5, 2026, or until further orders. Smt. Seema holds qualifications in BA, MA, LLB, and B.Ed, bringing 23 years of teaching experience across Law, Management, and Social Service.

Appointment of Smt. Seema as Independent Director for a tenure of 3 years
Effective date of appointment is October 5, 2026
Approved by the Appointment Committee of the Cabinet (ACC) via MoP&NG letter dated October 5, 2026
Appointee has 23 years of teaching experience with specialisation in Law, Management, and Social Service

💡 Track the composition of MRPL's board committees and regular governance updates alongside upcoming quarterly operational and refining margin disclosures.

MRPL Wins ₹173.77 Cr Tax Dispute in Karnataka High Court; CESTAT Order Upheld

🟢 POSITIVE ⭐ 5/10

LEGAL 📅 01 Oct 2026, 06:03 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) received a favourable ruling from the High Court of Karnataka dismissing the tax department's appeal (CEA No. 34 of 2024). The litigation pertained to a denial of CENVAT credit of ₹1,73,76,67,082 (plus applicable interest and penalty) on capital goods embedded in earth for the period April 2010 to December 2014. The High Court upheld the prior CESTAT Bengaluru order that had ruled in MRPL's favour. The company stated there is nil financial implication as no demand existed following the CESTAT order.

High Court of Karnataka dismissed the tax department's appeal CEA No. 34/2024 against MRPL.
The dispute involved an amount of ₹1,73,76,67,082 (₹173.77 crore) plus interest and penalty.
The tax issue relates to CENVAT Credit on capital goods for the period April 2010 to December 2014.
Upheld the earlier CESTAT Bengaluru Order No. 20249/2024 in MRPL's favour with zero incremental financial liability.

💡 Monitor whether the tax department files a Special Leave Petition (SLP) before the Supreme Court within the statutory limitation period.

MRPL Announces ₹1.20 Cr Total Financial Aid Post Fatal Fire Incident at CHTU

🔵 WATCH ⭐ 4/10

OTHER 📅 01 Oct 2026, 05:09 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) reported a fatal fire incident that took place on September 30, 2026, in its Coker Hydrotreater Unit (CHTU). The company announced financial support of ₹90 lakh to the family of the deceased employee, along with ₹10 lakh under Group Term Life Insurance and ₹20 lakh under the Workmen Compensation Policy, totaling approximately ₹1.20 crore. Additionally, a Mediclaim proposal for the secondary workforce is under discussion and expected to be finalized within four weeks. The financial payout of ₹1.20 crore is immaterial against MRPL's TTM revenue of ₹117,877 crore.

Fatal fire incident occurred on September 30, 2026, at the Coker Hydrotreater Unit (CHTU).
Direct financial support of ₹90 lakh extended to the bereaved family.
Insurance benefits include ₹10 lakh from GTLI and ₹20 lakh under Workmen Compensation Policy, totaling approximately ₹1.20 crore.
Mediclaim arrangement for secondary workforce expected to be finalized in approximately 4 weeks.

💡 Monitor for subsequent updates regarding any operational disruption, downtime, or repair costs at the Coker Hydrotreater Unit.

MRPL Clarifies Fuel Export Tender Withdrawal Following CHT Unit Fire; States Nil Material Impact

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 01 Oct 2026, 04:32 PM

MRPL responded to an exchange query regarding media reports about the cancellation of fuel export tenders following a fire incident on September 30, 2026. The company confirmed it temporarily withheld and withdrew export tenders anticipating potential operational disruptions at its CHT unit. MRPL stated that the tenders are expected to be refloated soon after re-evaluating the situation. The company confirmed 'NIL' material impact on commercial operations, which sits against a TTM revenue base of Rs 1,17,877 Cr.

Responded to BSE and NSE surveillance queries dated October 1, 2026 regarding media reports.
Export tenders temporarily withheld and withdrawn following a fire incident at the CHT unit on September 30, 2026.
Company confirmed the export tenders are expected to be refloated soon after situation assessment.
Reported 'NIL' material commercial impact on the overall operations of the company.

💡 Watch for follow-up announcements regarding the operational restoration of the CHT unit and the formal refloating of the export tenders.

MRPL Reports Refinery Fire at Coker Hydrotreater Unit Resulting in 1 Fatality and 1 Injured

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 30 Sep 2026, 06:32 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) reported a fire incident on September 30, 2026, caused by a rupture of a Cold Separator in its Coker Hydrotreater Unit at around 12:20 hrs. The fire was completely extinguished by 14:47 hrs after isolating the battery limits of the affected unit. Tragically, one fatality was reported from the affected site, and one person sustained burn injuries and is undergoing medical treatment. The operational impact and financial loss are yet to be fully assessed, but MRPL faces single-site asset concentration risk with its 15 MMTPA refinery.

Fire initiated at around 12:20 hrs on September 30, 2026, and was extinguished by 14:47 hrs
Incident caused by the rupture of a high-pressure Cold Separator in the Coker Hydrotreater Unit
1 fatality confirmed and 1 injured person hospitalized receiving medical care
Affected unit's battery limits isolated immediately to prevent spread across the 15 MMTPA refinery site

💡 Track subsequent updates regarding the extent of equipment damage, repair timelines, and whether refinery throughput rates are materially restricted.

MRPL Reports Fire Incident in Coker Hydrotreater Unit; Fire Brought Under Control

🔵 WATCH ⭐ 6/10

OTHER 📅 30 Sep 2026, 02:56 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) reported a fire incident at its Mangaluru complex around noon on September 30, 2026. The incident was caused by the rupture of a high-pressure Cold Separator in the Coker Hydrotreater (CHT) Unit. The affected unit's battery limits were isolated, and the fire has been brought under control with no major injuries and one minor injury reported. Given that MRPL operates a single 15 MMTPA refinery site, shutdown duration of the CHT unit will be closely tracked to assess throughput impact.

Fire occurred around noon on September 30, 2026, following the rupture of a high-pressure Cold Separator.
Incident localized to the Coker Hydrotreater (CHT) Unit with battery limits isolated.
Fire brought under control; no fatalities or major injuries, with 1 minor injury reported.
Operations at MRPL represent a single-site refinery with 15 MMTPA capacity and TTM revenue of ₹117,877 Cr.

💡 Monitor upcoming disclosures regarding the extent of equipment damage, estimated downtime of the CHT unit, and potential impact on throughput or product slate.

Fitch Assigns MRPL Initial 'BBB-' Credit Rating with Stable Outlook

🟢 POSITIVE ⭐ 7/10

OTHER 📅 29 Sep 2026, 05:03 PM

Fitch Ratings has assigned Mangalore Refinery and Petrochemicals Limited (MRPL) a first-time Long-Term Foreign-Currency Issuer Default Rating of 'BBB-' with a Stable Outlook, equalized with its parent ONGC. MRPL's Standalone Credit Profile (SCP) was assessed at 'bb+', reflecting its Nelson Complexity Index of 11.7 and low projected leverage, offset by single-site concentration. Fitch projects MRPL's Gross Refining Margin (GRM) at USD 8.5/bbl for FY27 (down from USD 9.22/bbl in FY26) with annual capex assumed at INR 15.5 billion over FY27-FY29. EBITDA net leverage is forecast to remain low at 1.9x in FY27 and 1.8x in FY28.

Assigned maiden international Long-Term Issuer Default Rating of 'BBB-' with Stable Outlook by Fitch Ratings.
Standalone Credit Profile (SCP) rated at 'bb+', supported by a high refinery complexity of 11.7 Nelson Complexity Index and capacity utilization over 110%.
Fitch forecasts MRPL's GRM at USD 8.5/bbl in FY27 (FY26: USD 9.22/bbl) and EBITDA net leverage at 1.9x.
Parent ONGC provides tangible backing, including a credit guarantee of up to USD 500 million for crude oil purchases from Saudi Aramco.
Annual capex modeled at INR 15.5 billion over FY27-FY29, with plans to double fuel retail outlets to 500 by FY29.

💡 Track international borrowing costs if MRPL taps foreign currency debt markets, alongside tracking quarterly GRM benchmarks against Fitch's USD 8.5/bbl estimate.

MRPL Closes Trading Window from October 01, 2026 for Q2/H1 FY27 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Sep 2026, 02:48 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has announced the closure of its trading window starting October 01, 2026, pursuant to SEBI Prohibition of Insider Trading Regulations. The closure is in anticipation of the consideration and approval of the un-audited financial results for the quarter and half-year ended September 30, 2026. The window will reopen 48 hours after the conclusion of the board meeting approving the results. The exact date of the board meeting will be communicated in due course.

Trading window closes effective October 01, 2026
Closure covers the un-audited financial results for Q2/H1 ended September 30, 2026
Trading window reopens 48 hours after the declaration of results at the upcoming board meeting

💡 Track the upcoming corporate announcement regarding the specific date for the Board meeting to consider the Q2/H1 financial results.

MRPL Appoints Joint Statutory Auditors for FY 2026-27 via CAG Mandate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 05:17 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has announced the appointment of M/s. Ram Raj & Co. and M/s. A Raghavendra Rao & Associates as Statutory Auditors for FY 2026-27. The appointment follows a communication dated September 07, 2026, from the Comptroller and Auditor General of India (CAG) pursuant to Section 139 of the Companies Act, 2013. As a public sector enterprise, statutory auditors are routinely designated by the CAG. The filing carries no direct operational or financial impact on the company's TTM revenue of ₹117,877 Cr.

Appointment of M/s. Ram Raj & Co. and M/s. A Raghavendra Rao & Associates as Joint Statutory Auditors for FY 2026-27
Auditor designation conveyed via CAG letter dated September 07, 2026, and received on September 09, 2026
Appointed pursuant to Section 139 of the Companies Act, 2013 for state-owned enterprises
M/s A Raghavendra Rao & Associates currently operates 6 branch offices alongside its Bangalore head office

💡 Track MRPL's upcoming Q2 FY2026-27 earnings releases to review the limited review report under the newly appointed statutory auditors.

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.