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ONGC-owned oil refinery in Karnataka processing crude into fuels and petrochemical feedstocks for Indian markets.
ONGC-owned oil refinery in Karnataka processing crude into fuels and petrochemical feedstocks for Indian markets.
Earns the gross refining margin, the difference between the value of petrol, diesel and other products it sells and the cost of the crude it buys; a large share of products goes to state-run fuel retailers, with the rest exported. ONGC's majority ownership links it to Indian state oil policy.
In one line: A regional Indian refiner.
Moat: narrow (regulatory licence, scale). Complex coastal refinery with ONGC crude linkage, but refining margins are commodity-driven.
Headquarters: Mangalore, India · Founded: 1988 · Employees: 6,461
Size Mangalore Refinery & Petrochemicals (MRPL.NS) is an India Energy company (Oil Refining/Marketing) with a market value of $3.26B, the 272nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹175.67 on 6 Nov 2026.
Performance Over six months the shares gained 13.1%, against +4.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 38.1% over the last twelve months (peer median +15.3%); the operating margin is 6.3% (peer median 6.4%).
Valuation It trades at 4.6× forward earnings against a peer median of 7.4× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.9 points above its cost of capital (10.5% WACC).
Next results Next results expected around 25 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.19T | ₹887B | ₹947B | ₹904B | ₹1.25T |
| Revenue growth | — | -6% | +5% | -28% | — |
| Gross profit | ₹115B | ₹67.8B | ₹19.3B | ₹73.4B | ₹230B |
| EBITDA | ₹91.6B | ₹74.6B | ₹25.8B | ₹80.2B | ₹79.1B |
| Net income | ₹44.1B | ₹19.2B | ₹562M | ₹36.0B | ₹26.6B |
| Free cash flow | n/a | ₹4.31B | -₹212M | ₹44.9B | ₹45.7B |
| Capital expenditure | n/a | ₹14.1B | ₹9.90B | ₹15.6B | ₹7.03B |
| Total debt | ₹102B | ₹153B | ₹131B | ₹127B | ₹169B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mangalore Refinery & Petrochemicals MRPL.NS | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
| Bharat Petroleum BPCL.NS | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% |
| Hindustan Petroleum HINDPETRO.NS | $8.67B | -2% | +17% | 0% | n/a | 24.7% |
| Chennai Petroleum CHENNPETRO.NS | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRPL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -17.2% | 4th highest of 19 |
| 6-month return | +13.1% | +4.4% | 8th highest of 19 |
| Distance from 52-week high | -17.3% | -27.6% | 4th highest of 19 |
| Revenue growth (TTM) | +38.1% | +15.3% | highest of 19 |
| Operating margin | 6.3% | 6.4% | 10th highest of 19 |
| Forward P/E | 4.6× | 7.4× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.0% | -11.0% | 5th most demanding of 13 |
| Growth delivered (Del g) | +22.9% | +13.2% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -28.9 pp | -23.6 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | +10.9 pp | +9.2 pp | 8th highest of 19 |
| EV / EBITDA | 4.4× | 5.0× | 6th cheapest of 13 |
| Net debt / EBITDA | 1.0× | 1.6× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| Sinopec Shanghai Petrochemical 0338.HK | Hong Kong | $3.71B | -8% | -6% | -2% | 20.8× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |