MRPL

M R P L share price & financials

Price
₹154.19
Market cap
₹30.8k Cr
Sector
Oil, Gas & Consumable Fuels
Calls analysed
6
Latest concall · Q3 FY26 · call held 19 Jan 2026

M R P L Q3 FY26

EBITDA ₹2,824 cr +165%

EBITDA ₹2,824 cr (+165% YoY). EBITDA surged to ₹2,824 crores in Q3 FY26, a 165% increase compared to ₹1,064 crores in Q3 FY25.

Read the full call →

What M R P L does

MRPL is a Government of India Central Public Sector Enterprise and subsidiary of ONGC that operates an integrated petroleum refinery with an attached Aromatic Complex at Mangaluru, Karnataka, converting imported and domestic crude oil into transportation fuels (petrol, diesel, ATF), bitumen and petrochemical feedstocks. It earns revenue by selling refined products through institutional/bulk buyers, its own HiQ-branded retail fuel outlets, and exports, while its Aromatic Complex produces benzene, para-xylene and toluene, and its Polymer unit produces polypropylene grades including specialty Cast Polypropylene film. It also holds a stake in aviation-fuel joint venture Shell MRPL Aviation Fuel and Services Limited (SMAFSL), which supplies ATF across airports in South India, and moves finished products to customers via integrated pipelines and dedicated marketing terminals.

Segments

  • Refining
  • Petrochemicals / Aromatics
  • Polymers
  • Direct/Institutional Marketing & Retail
HiQ retail fuel outlets
167 outlets (as of 31 March 2025)
Retail footprint
Karnataka, Kerala and Tamil Nadu, with expansion into Andhra Pradesh underway
Refinery site
Single coastal refinery at Mangaluru, Karnataka, integrated with an on-site Aromatic Complex
Parent / promoter
Subsidiary of ONGC; Schedule-A Miniratna Category-I Central Public Sector Enterprise, Government of India
Devangonthi Marketing Terminal
81 TKL finished-product storage with a 10-bay tank-truck loading gantry (Bengaluru region)
Aviation-fuel joint venture
Shell MRPL Aviation Fuel and Services Limited (SMAFSL) supplies ATF across multiple airports in South India
Founded 1988Headquarters Mangaluru, Karnataka, IndiaEmployees 2,530 (2025-03-31) Company website

Guidance record · Q3 FY26

what the last two calls moved 10 tracked 3 delivered 2 missed 5 open
  • Q3 FY26 Throughput delivered said Q2 FY26 Promised: >4.43 MMT Q3 FY26: Net crude throughput reported at 4.7 million metric tons (MMT) for the quarter.
  • Petrochemical Intensity went quiet said Q4 FY24 Promised: 12.5% in next 5 years Q3 FY26: Not mentioned.
  • Retail Outlets delayed said Q4 FY24 Promised: 1,000 by FY26-27 Q3 FY26: And in 5 years' time about 1,000 and that is where the expansion is supposed to reach a very crucial tipping point.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 120.4%, net profit up 436.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue24,968 21,871 24,596 17,356 22,649 −9%24,712 +13%23,950 −3%38,254 +120%
EBITDA-474 1,031 1,130 180 1,489 +414%2,785 +170%1,783 +58%1,318 +632%
Net profit-682 304 363 -272 639 +194%1,445 +375%119 −67%915 +436%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +38.5% 1Y

₹140₹160₹180₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 16 Oct 2025Q3 FY26 — 19 Jan 2026

1Y: ₹127.01 on 10 Sept 2025 → ₹175.86. High ₹206.77 (16 Mar 2026), low ₹126.49 (12 Sept 2025).

How the price took the results

close before → close after

Q3 FY26
−5.3%
19 Jan
Q2 FY26
+1.0%
16 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 6.6% a year over 3 years, FY23 to FY26. Operating margin widened to 7.0%.

Year endingFY23FY24FY25FY26
Revenue₹108.8k Cr₹90.5k Cr₹94.7k Cr₹88.7k Cr
Operating profit₹6.5k Cr₹7.7k Cr₹2.3k Cr₹6.2k Cr
Operating margin6.0%8.5%2.4%7.0%
Interest₹1.3k Cr₹1.1k Cr₹1.0k Cr₹907 Cr
Depreciation₹1.2k Cr₹1.3k Cr₹1.3k Cr₹1.5k Cr
Net profit₹2.7k Cr₹3.6k Cr₹51 Cr₹1.9k Cr
Net margin2.4%4.0%0.1%2.2%
Cash from operations₹6.4k Cr₹7.1k Cr₹1.9k Cr₹2.5k Cr
Free cash flow₹5.7k Cr₹5.5k Cr₹918 Cr₹1.1k Cr
ROCE20.0%26.0%4.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr
Reserves₹2.5k Cr₹5.4k Cr₹8.1k Cr₹11.5k Cr₹11.6k Cr₹12.4k Cr
Borrowings₹24.1k Cr₹21.3k Cr₹16.9k Cr₹12.7k Cr₹10.8k Cr₹15.3k Cr
Other liabilities₹6.4k Cr₹11.6k Cr₹8.4k Cr₹9.5k Cr₹11.4k Cr₹14.9k Cr
Total liabilities₹34.7k Cr₹40.1k Cr₹35.2k Cr₹35.4k Cr₹35.6k Cr₹44.5k Cr
Fixed assets₹19.6k Cr₹21.4k Cr₹20.4k Cr₹20.4k Cr₹20.2k Cr₹20.5k Cr
Capital work in progress₹2.3k Cr₹170 Cr₹475 Cr₹744 Cr₹634 Cr₹897 Cr
Investments₹16 Cr₹16 Cr₹16 Cr₹17 Cr₹46 Cr₹20 Cr
Other assets₹12.8k Cr₹18.5k Cr₹14.3k Cr₹14.2k Cr₹14.7k Cr₹23.1k Cr
Total assets₹34.7k Cr₹40.1k Cr₹35.2k Cr₹35.4k Cr₹35.6k Cr₹44.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.99 pp while FIIs added +0.87 pp. The shareholder count shrank 8% to 4,81,301.

Promoters
88.6%
FIIs
2.2%
DIIs
0.4%
Public
8.9%

Since Jun 2025

  • DIIs −0.99 pp
  • FIIs +0.87 pp
  • Public +0.11 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 88.6%, FIIs 1.5%, DIIs 1.1%, Government 0.0%, Public 8.8%.Dec '23: Promoters 88.6%, FIIs 2.5%, DIIs 1.6%, Public 7.3%.Mar '24: Promoters 88.6%, FIIs 2.7%, DIIs 1.5%, Public 7.2%.Jun '24: Promoters 88.6%, FIIs 2.3%, DIIs 1.5%, Public 7.6%.Sep '24: Promoters 88.6%, FIIs 1.7%, DIIs 1.5%, Public 8.2%.Dec '24: Promoters 88.6%, FIIs 1.4%, DIIs 1.7%, Public 8.4%.Mar '25: Promoters 88.6%, FIIs 1.3%, DIIs 1.3%, Public 8.8%.Jun '25: Promoters 88.6%, FIIs 1.3%, DIIs 1.4%, Public 8.8%.Sep '25: Promoters 88.6%, FIIs 1.2%, DIIs 1.4%, Public 8.8%.Dec '25: Promoters 88.6%, FIIs 2.0%, DIIs 1.1%, Public 8.3%.Mar '26: Promoters 88.6%, FIIs 3.4%, DIIs 0.3%, Public 7.7%.Jun '26: Promoters 88.6%, FIIs 2.2%, DIIs 0.4%, Public 8.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of M R P L above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Oil And Natural Gas Corporation Limited 71.63%unchanged
Hindustan Petroleum Corporation Limited 16.96%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.38%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MRPL

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.05 L shares (+1.0%).

Held by funds
₹8 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹5 Cr+0.03 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹2 Cr+0.02 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +5,061 shares (+1.0%)

Funds are sitting on
+2%
vs est. average cost
Held by funds
₹8 Cr
5 schemes · ≈ 0.02% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund
Longest holder
Nippon India Nifty 500 Equal Weight Index Fund
2y · since Sep '24

Shares held by these funds +253%

Aug '23 4.93 L shares Jul '26

All earnings calls (5)

Read the Q3 FY26 call →

Learn to analyse M R P L

Guides on how to read this kind of business and the numbers that matter.