Mangalore Refinery and Petrochemicals Limited

MRPL.BO

Oil & Gas Refining & Marketing · Energy

Price

₹166.85

-0.85 (-0.51%)

Market Cap

₹289.35B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Mangalore Refinery and Petrochemicals Limited (MRPL) is an Indian oil refining company based in Mangalore, Karnataka. It takes crude oil and processes it into fuels like petrol, diesel, jet fuel, and liquefied petroleum gas (LPG), as well as petrochemical products. MRPL is a subsidiary of Oil and Natural Gas Corporation (ONGC), one of India's largest state-owned energy companies, and operates one of India's larger coastal refineries with a capacity of around 15 million metric tonnes per year.

MRPL earns money by selling refined petroleum products to fuel retailers, industrial customers, and exporters across India and internationally. Its coastal location gives it an advantage in importing crude oil and exporting products by sea. The company's margins are relatively thin, as is typical in refining, and its profitability depends heavily on the difference between crude oil input costs and finished product prices — known as the refining margin. Fluctuating global crude prices and government fuel pricing policies in India remain the key risks to its earnings.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-68.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

89.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Mangalore Refinery and Petrochemicals Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.75B (2022) → 1.75B (2026)

Score breakdown

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Quality

Gross Margin

5.2%

Thin — 5.2% gross margin

Operating Margin

2.4%

Thin — 2.4% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+23.4%

Fast-growing sales (+23.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

138%

Turns 138% of profit into real cash

FCF Margin

3.3%

Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.02

Elevated debt (1.02)

Interest Cover

6.50x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

9.3x

Attractive valuation — P/E 9.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.36%

Moderate income — 2.36% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-28.6%

Dividend cut (-28.6% YoY) — warning sign

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