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MRPL - M R P L

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

📢 Recent Corporate Announcements

MRPL to Form Petrochemical Marketing JV with ONGC and OPaL; to Invest ₹12.5 Crore

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 27 Apr 2026, 01:21 PM

MRPL has announced the formation of a Joint Venture Company (JVC) for integrated petrochemicals marketing and trading in partnership with ONGC and OPaL. The shareholding structure is defined as 50% for ONGC, 25% for MRPL, and 25% for OPaL. MRPL will contribute ₹12.5 crore towards the initial equity capital, subject to DIPAM approval. This strategic move is designed to create marketing synergies, optimize logistics, and improve pricing mechanisms for the group's petrochemical products.

Shareholding ratio in the new JVC set at 50:25:25 between ONGC, MRPL, and OPaL respectively.
MRPL to contribute ₹12.5 crore towards the equity share capital of the Joint Venture.
Objective is to reduce costs and increase revenue through grade optimization and improved logistics.
The JVC will explore third-party sales to reduce national import dependency on specific petrochemicals.
Formation is subject to final approval from the Department of Investment and Public Asset Management (DIPAM).

💡 Investors should view this as a positive long-term strategic move to enhance marketing margins and operational efficiency. Monitor for DIPAM approval and the subsequent impact on MRPL's non-refining revenue streams.

MRPL Q4 PAT Surges 192% to ₹1,119 Cr; FY26 GRM Doubles to $8.22/bbl

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 07:42 PM

MRPL delivered a stellar performance for FY 2025-26, with annual Profit After Tax (PAT) soaring to ₹1,931 Crore from just ₹51 Crore in the previous fiscal. The Q4 PAT alone reached ₹1,119 Crore, marking a 192% YoY increase, supported by a significant jump in Gross Refining Margins (GRM) to $8.22/bbl for the year. Operational metrics were strong with annual throughput rising to 17.09 MMT and the commissioning of 85 new retail outlets. This turnaround reflects significantly improved refining spreads and enhanced operational scale.

Q4 FY26 PAT grew 192% YoY to ₹1,119 Crore compared to ₹383 Crore in Q4 FY25
Full-year FY26 PAT jumped to ₹1,931 Crore from a low base of ₹51 Crore in FY25
Gross Refining Margin (GRM) for FY26 nearly doubled to $8.22/bbl from $4.45/bbl
Annual throughput increased to 17.09 MMT from 16.18 MMT in the previous year
Company expanded its retail presence to 252 outlets by adding 85 new stations in FY26

💡 The massive turnaround in profitability and doubling of GRMs suggest a strong operational recovery and efficient margin management. Investors should monitor global refining margin trends and the company's domestic retail expansion for sustained long-term growth.

MRPL Q4 FY26 Net Profit Flat at ₹1,137 Cr; Full Year Profit Drops 46% to ₹1,925 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 24 Apr 2026, 07:05 PM

MRPL reported a consolidated net profit of ₹1,137.40 crore for Q4 FY26, nearly identical to the previous year's Q4. However, the full-year FY26 performance was weak, with net profit declining 46.5% to ₹1,924.58 crore compared to ₹3,596.21 crore in FY25. Revenue for the year remained stagnant at approximately ₹1.05 lakh crore. Notably, the board did not recommend a final dividend for the fiscal year, following an earlier interim dividend.

Full-year FY26 consolidated net profit fell 46.5% YoY to ₹1,924.58 crore from ₹3,596.21 crore.
Q4 FY26 revenue stood at ₹25,329.10 crore, showing a marginal decline from ₹25,364.71 crore YoY.
No final dividend recommended for FY26; only a ₹1.00 per share interim dividend was paid earlier.
Debt-Equity ratio improved to 1.04 in FY26 from 1.19 in the previous year.
Transition to a lower tax regime (25.17%) from FY27 resulted in a deferred tax liability reduction of ₹1,140.98 crore.

💡 The sharp decline in annual profitability and the absence of a final dividend are negative triggers for the stock. Investors should monitor refining margins and the impact of the new tax regime on future cash flows before making new entries.

MRPL Disburses Interim Dividend of Rs 4 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 31 Mar 2026, 04:02 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has confirmed the disbursement of its interim dividend for the financial year 2025-26. The dividend was declared at a rate of Rs 4 per equity share, which corresponds to a 40% payout on the face value of Rs 10. The Board of Directors had originally approved this payout during their meeting on March 03, 2026. Eligible shareholders received the credit in their accounts on March 24, 2026.

Interim dividend of Rs 4 per equity share disbursed for FY 2025-26
Dividend payout represents 40% of the face value of Rs 10 per share
Payment successfully completed to eligible shareholders on March 24, 2026
The dividend was previously declared by the Board on March 03, 2026

💡 Shareholders should verify their registered bank accounts for the credit of the dividend. The consistent dividend payout reflects the company's commitment to returning value to its investors.

MRPL Receives GST Demand and Penalty Notice of Rs 23.76 Crore for FY 2019-24

🟡 NEUTRAL ⭐ 4/10

LEGAL 📅 31 Mar 2026, 12:00 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has received an Order-in-Original from the GST Department regarding Input Tax Credit (ITC) issues for the period FY 2019-20 to FY 2023-24. The order includes a basic tax demand of Rs 10.97 crore and a penalty of Rs 12.79 crore, plus interest. MRPL intends to challenge this order through a legal appeal, asserting that the demand is unsustainable. The company has stated that this development will not have a significant impact on its financial position given its large scale of operations.

Basic GST demand of Rs 10.97 crore for the period FY 2019-20 to FY 2023-24.
Penalty of Rs 12.79 crore imposed by the Commissioner of Central Excise & Central Tax.
Total financial implication (excluding interest) is approximately Rs 23.76 crore.
Company to file an appeal with appropriate legal authorities within the prescribed period.

💡 No immediate action is required as the demand amount is immaterial relative to MRPL's total turnover and balance sheet size. Investors should treat this as a routine tax dispute common in large-scale industrial operations.

MRPL Announces Cessation of Four Independent Directors Effective March 28, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Mar 2026, 05:33 PM

Mangalore Refinery and Petrochemicals Limited (MRPL) has informed the exchanges that four of its Independent Directors will cease their roles on March 28, 2026, following the completion of their tenures. The outgoing directors include Shri. Rajkumar Sharma, Shri. Manohar Singh Verma, Shri. Pankaj Gupta, and Ms. Cheruvally Nivedida Subramanian. These directors held key positions across various board committees, including Audit, Stakeholders Relationship, and Nomination and Remuneration. This is a routine governance transition in line with SEBI regulations regarding director tenures.

Four Independent Directors to cease office effective March 28, 2026, upon completion of their tenure.
Outgoing directors include chairpersons of the Audit Committee and Stakeholders Relationship Committee.
The transition is compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
MRPL will need to appoint new independent directors to fill these vacancies and maintain committee compositions.

💡 This is a routine administrative update regarding board rotation; investors should monitor the company for future announcements regarding the appointment of new independent directors.

MRPL to Close Trading Window from April 1, 2026, for Q4 and FY26 Audited Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 11:03 AM

Mangalore Refinery and Petrochemicals Limited (MRPL) has announced the closure of its trading window effective April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of audited financial results for the quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the board meeting where the results are approved. The specific date for the board meeting will be disclosed by the company in due course.

Trading window closure starts on April 1, 2026, for all designated persons and their immediate relatives.
The closure is related to the consideration of audited financial results for the quarter and year ended March 31, 2026.
The window will reopen 48 hours after the conclusion of the board meeting where results are approved.
The board meeting date for financial result approval is yet to be announced.

💡 This is a routine regulatory announcement with no direct impact on the company's valuation. Investors should wait for the announcement of the board meeting date to prepare for the upcoming earnings release.

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.

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.