MANGALORE REFINERY & PETROCHEMICALS RESEARCH REPORT

MRPL (NSE: MRPL, BSE: 500109) runs a single 15 MMTPA high-complexity refi nery at Mangaluru that processed ~17 MMT inFY26 (~113% of nameplate). It is a Schedule-A Mini Ratna CPSE: ONGC holds 71.63% and HPCL 16.96% (promoter group88.58%), leaving a public fl oat of only ~11.4%. About 40% of products are exported; the rest goes to HPCL/OMCs and a youngretail network (~250 outlets). It is not an F&O stock, so it sits inside this SOP’s lane. Event 1 - Q2 FY27 (14-Oct). Standalone revenue Rs 35,590 Cr, EBITDA Rs 3,210 Cr (vs Rs 1,565 Cr), PAT Rs 1,881 Cr (vs Rs 639Cr); consolidated PAT Rs 1,901 Cr. H1 PAT is Rs 2,796 Cr against Rs 367 Cr a year ago. Borrowings fell to Rs 9,245 Cr (Mar-26: Rs14,334 Cr); debt/equity 0.55. Interim dividend Rs 3. Fitch assigned a fi rst-time BBB- (Stable) , equal to ONGC and thesovereign.