Mangalore Refinery & Petrochemicals Ltd.
NSE: MRPLMangalore Refinery & Petrochemicals Ltd.: A 30-second snapshot
MRPL is a PSU downstream refiner trading at ₹150.32, below both its 50-DMA (₹177.72) and 200-DMA (₹155.45) with a 29% drawdown from its 52-week high. Trailing PE stands at 13.64 with a profit margin of 2.17%, while 5-year earnings growth is -68.2% and the company ranks last on quality score among its Energy sector peers. A proposed JV with ONGC and OPaL for petrochemicals marketing represents a structural diversification move amid ongoing refining margin volatility.
P/E
13.6
Forward P/E
11.3
ROE
+14.2%
Debt / Equity
108.06
Profit Margin
+2.2%
Div. Yield
+2.7%
5Y ROE > 15%
2/5
5Y FCF > 0
4/5
Quality
27/100
News
8 headlines · 3 positive · 2 negative
PSU Stock Crashes 7% After Its Net Profit Decreases by 92% QoQ - Trade Brains
Trade Brains
MRPL, ONGC and OPaL to Form Petrochemicals Marketing Joint Venture - PSU Connect
PSU Connect
MRPL, ONGC, OpaL form JV to integrate petrochemicals marketing - BusinessLine
BusinessLine
MRPL Q4 profit drops 68% despite higher revenue and better margins - CNBC TV18
CNBC TV18
MRPL: FY 2025-26 net profit jumped to ₹1,924.58 crore, with improved margins and interim dividend paid - TradingView
TradingView
Recent context
- ·Q4 FY26 net profit fell 68% YoY and 92% QoQ, triggering a single-session decline of approximately 7% per news reports, reflecting acute sensitivity of earnings to refining crack spreads.
- ·MRPL, ONGC, and OPaL announced a joint venture to integrate petrochemicals marketing, a structural move that could diversify revenue streams beyond pure refining over the medium term.
- ·FY 2025-26 full-year net profit was reported at ₹1,924.58 crore with improved annual margins and an interim dividend paid, though the trajectory within the year showed a sharp Q4 deterioration.
Strengths
- +FCF was positive in 4 of the available fiscal years, indicating that cash generation has not been uniformly negative despite margin pressure.
- +Forward PE of 11.25 is below the trailing PE of 13.64, and below peer RELIANCE (22.41), suggesting the market is pricing in an earnings improvement relative to current depressed results.
- +Dividend yield of 2.66% provides an income component at current price levels, with an interim dividend paid in FY 2025-26 as noted in recent disclosures.
- +5-year revenue decline of -3.4% is relatively modest compared with the -68.2% earnings contraction, suggesting the revenue base has held up while the cost and margin structure has been the primary driver of earnings erosion.
Weaknesses
- −5-year earnings growth of -68.2% and profit margin of 2.17% reflect deeply compressed refining economics; a 92% QoQ net profit decline was reported in the most recent quarter, underscoring the fragility of earnings at current spread levels.
- −Quality score of 16, ranked last among 5 evaluated Energy sector peers, combined with ROE exceeding 15% in only 2 of 5 years and a consistency score of 19, signals structurally weak capital efficiency relative to the sector.
- −Price is below both the 50-DMA (₹177.72) and the 200-DMA (₹155.45) with a 3-month decline of 20.77% and a 29.09% drawdown from the 52-week high, reflecting sustained multi-timeframe technical deterioration.
- −5-year revenue growth of -3.4% combined with high earnings sensitivity to margin fluctuations means the business has limited buffer; D/E of approximately 1.08x on thin margins constrains balance-sheet flexibility.
Open questions
- ?Does the petrochemicals marketing JV with ONGC and OPaL represent a structural shift in MRPL's revenue mix, or is it primarily a distribution arrangement with limited impact on refining margin dependence?
- ?How has the gap between MRPL's quality score (16) and sector leader Coal India (77) evolved over time, and what specific operational or structural factors drive the persistent divergence?
- ?Given that forward PE (11.25) is lower than trailing PE (13.64), what level of earnings recovery would be required to close the gap to historical ROE levels above 15%, and how sensitive is that recovery to crude oil price differentials and GRM cycles?
- ?The 5-year earnings CAGR of -68.2% contrasts with FCF being positive in 4 of 5 years — what explains this divergence between reported earnings and cash generation, and how durable is the FCF profile?
Peer comparison: Energy
Ranks 5 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| MRPL | Mangalore Refinery & Petrochemicals Ltd.You're viewing | 13.6 | +14.2% | 16 |
| Industry avg | across 5 peers | 11.6 | +18.6% | 53 |
| COALINDIA | Coal India Ltd. | 9.2 | +28.1% | 77 |
| ONGC | Oil & Natural Gas Corporation Ltd. | 9.9 | — | 54 |
| BPCL | Bharat Petroleum Corporation Ltd. | 4.9 | — | 53 |
| RELIANCE | Reliance Industries Ltd. | 22.4 | +9.1% | 29 |
| DUMMYVEDL3 | Dummy Vedanta Ltd. 3 | — | — | — |
Technical state
Current price
₹150.32
SMA 50
₹177.72
SMA 200
₹155.45
RSI (14)
34.9 (neutral)
From 52w high
-29.1%
1Y return
+16.3%
3M return
-20.8%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- high5-year earnings growth of -68.2% alongside a profit margin of 2.17% indicates severe and sustained compression in core profitability; MRPL ranks last (5th of 5 ranked peers) on quality score (16) within the Energy sector, and ROE has exceeded 15% in only 2 of the past 5 years.
- highPrice of ₹150.32 is below both the 50-DMA (₹177.72) and the 200-DMA (₹155.45), and is 29.09% off the 52-week high; the 3-month decline of 20.77% indicates accelerating near-term selling pressure.
- mediumD/E ratio of 108.06 (expressed as percentage) — equivalent to approximately 1.08x debt-to-equity — combined with flat debt trend, constrained margins, and a consistency score of 19, leaves limited financial headroom if refining spreads compress further.
- medium5-year revenue growth of -3.4% alongside 5-year earnings growth of -68.2% points to a deteriorating operating leverage profile; profit margins are thin enough that small revenue fluctuations translate into outsized earnings swings.
- lowAnalyst coverage is limited to a single analyst with no consensus rating available; thin coverage reduces the reliability of any external validation signal on the stock.
Cross-section contradictions
- 1-year price change is +16.25% yet 3-month price change is -20.77% and the stock sits 29.09% below its 52-week high, indicating that annual gains were concentrated in an earlier sub-period followed by a sharp reversal — the two time horizons present materially different momentum pictures.
- Forward PE of 11.25 is lower than trailing PE of 13.64, implying market expectations of an earnings recovery, yet the 5-year earnings CAGR of -68.2% and a 92% QoQ net profit decline (per recent news) have not established a durable earnings floor.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days