MRPL falls 8% after weak Q4;
Mangalore Refinery and Petrochemicals share price today
Shares of Mangalore Refinery fell nearly 8 per cent on the National Stock Exchange (NSE) on Monday, April 27, after the company reported a more than 68 per cent decline in net profit for the March 2026 quarter (Q4FY26).
Around 01:20 pm, MRPL stock was trading at Rs 173.53, down 6.9 per cent from Rs 186.38 in the previous session on the NSE. In comparison, the NSE Nifty 50 was at 24,105.25, up 207.30 points or 0.87 per cent. The market capitalization of the company stood at Rs 30,446.15 crore. The share price is down about 19 per cent from its 52-week high of ₹212.31 hit on March 6, 2026.
Mangalore Refinery Q4 Results
In Q4FY26, Mangalore Refinery reported a net profit of ₹117 crore, down 68.43 per cent from ₹371 crore in the year-ago period. The company’s revenue from operations rose 3.2 per cent to ₹28,493 crore, compared to ₹27,602 crore in the year-ago period.
The company’s earnings before interest, taxes, depreciation and amortization (Ebitda) rose 58 per cent to ₹1,783.1 crore compared to ₹1,128.8 crore in Q4FY25. Its EBITDA margin increased from 4.1 percent to 6.3 percent in the same quarter of the last financial year.
For the full FY26, MRPL’s revenue from operations stood at ₹1,05,155 crore, compared to ₹1,09,280 crore in FY25. However, profit after tax increased sharply to ₹1,931 crore from ₹51 crore in the previous financial year.
The company’s board has not recommended a final dividend for FY26.
PL Capital on Mangalore Refinery
According to PL Capital, MRPL reported a weak performance in Q4FY26, with Ebitda coming in at ₹1783.1 crore, significantly lower than ₹27.8 billion in Q3FY26 and below its estimates as well as consensus forecast. The default was mainly due to higher employee and other expenses, including foreign exchange losses of ₹6.1 billion. Profit after tax declined to ₹117 crore, which was less than expected. Throughput for the quarter declined to 4.4 million metric tons from 4.7 million metric tons in Q3FY26.
The brokerage said MRPL achieved its target of adding 250 retail outlets in FY26, taking the total number of outlets to 252. The company plans to significantly increase its marketing presence, with the aim of expanding its retail network to 1,000 outlets in the next five years.
Analysts expect gross refining margins to be $7.7 and $7.4 per barrel for FY27 and FY28, respectively. The stock is currently valued at around 7.8x and 7.7x EV/Ebitda for FY27E and FY28E.
The brokerage has downgraded the stock to ‘Sell’ from ‘Accumulate’ and reduced its target price to ₹143 from ₹192 earlier, valuing it at 6x FY28E EV/Ebitda. A downgrade reflects an increase in debt levels. However, it has set an option price of ₹22 per share for the company’s chemicals business, which is still a few years away from commercialization. =============
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