Mangalore Refinery And Petrochemicals Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mangalore Refinery And Petrochemicals Ltd trades at ₹174, in a downtrend and 4 weeks into that stage. That is +8.6% against its own 200-day average. It sits at 60% of a 52-week range of ₹126 to ₹207. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 4 of stage 4, confirmed. At ₹174 it trades +8.6% versus its 200-day average and sits at 60% of its 52-week range (₹126–₹207).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +217% while the NIFTY 500 moved +280% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 52nd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mangalore Refinery And Petrochemicals Ltd trades at 10.7× P/E, mid-range by its own standards (52nd percentile). Its long-run median P/E is 10.3×, measured across 9.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.7× is mid-range by its own standards (52nd percentile), against a long-run median of 10.3× measured over 9.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +3,331.3% against a +16.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +9.5%/yr price move, ~+12.5%/yr came from earnings growth and ~−3.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mangalore Refinery And Petrochemicals Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 3 quarters ago at −98.4% and has held its recovery at +3335.7%, ROCE holding at 11.7%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

52.0/100 — rank 4 of 7 in Refineries · 91% evidence confidence

Mangalore Refinery And Petrochemicals Ltd scores 52.0 out of 100 against the 7 companies it is compared with in Refineries, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.8 + 7.7 + 12.2 + 9.3 = 52. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mangalore Refinery And Petrochemicals Ltd reported ₹38,254 Cr of revenue in the Jun 26 quarter, +120.4% year on year. Over 10 years it has compounded at 8.4% a year. The last full year, FY26, came in at ₹88,667 Cr. The last four reported quarters add to ₹1,09,565 Cr.

Mangalore Refinery And Petrochemicals Ltd reported ₹38,254 Cr of revenue in the Jun 26 quarter, +120.4% year on year. Over 10 years it has compounded at 8.4% a year. The last full year, FY26, came in at ₹88,667 Cr. The last four reported quarters add to ₹1,09,565 Cr.

FY26 revenue came in at ₹88,667 Cr (−6.4% on the year), capping 10 years at 8.4% compound. The latest quarter (Jun 26) printed ₹38,254 Cr, +120.4% year on year.

Pace check: the last four quarters averaged +30.4% growth against the decade's 8.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +23.4% over the last 4 quarters against +8.8%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 3.0% this quarter (+2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mangalore Refinery And Petrochemicals Ltd's operating margin is 3.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −6.0% to 11.0%. The current quarter sits inside that band.

Mangalore Refinery And Petrochemicals Ltd's operating margin is 3.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −6.0% to 11.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 3.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −6.0%–11.0%.

Why the margin moved: operating margin went +2.4 pp year on year while gross margin went +1.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mangalore Refinery And Petrochemicals Ltd earned ₹946 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹1,925 Cr. The 10-year compound rate is 14.3%. That is 2.5% of the quarter's revenue. The same quarter a year earlier lost ₹271 Cr. 2 of the last 12 reported quarters were loss-making.

Mangalore Refinery And Petrochemicals Ltd earned ₹946 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹1,925 Cr. The 10-year compound rate is 14.3%. That is 2.5% of the quarter's revenue. The same quarter a year earlier lost ₹271 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹946 Cr, null year on year. On the full year, FY26 printed ₹1,925 Cr (+3,337.5%), and the 10-year compound rate is 14.3%.

→ Profit rose — but did the cash follow? Next: 205% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 205% of Mangalore Refinery And Petrochemicals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,531 Cr of operating cash against ₹1,925 Cr of profit. After ₹2,044 Cr of capital spending, ₹487 Cr was left as free cash.

FY26: operating cash of ₹2,531 Cr against reported profit of ₹1,925 Cr, leaving free cash of ₹487 Cr after ₹2,044 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 205% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 205%: the cash cycle tightened 26 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 41-day cycle and ₹4,601 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mangalore Refinery And Petrochemicals Ltd's cash conversion cycle runs 41 days in FY26, down from 67 days in FY21. Capital spending ran ₹4,601 Cr over the last 3 years. At FY26 sales of ₹88,667 Cr each day of that cycle holds about ₹243 Cr, so roughly ₹9,960 Cr sits inside the business at any moment.

FY26: debtors at 25 days, inventory at 67 days — roughly 2.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 41 days, tighter than FY21's 67.

The full loop: cash goes out to suppliers and production on day 0; stock waits 67 days to sell; customers pay about 25 days after that; and suppliers themselves are paid at 52 days — netting out to the 41-day cycle.

In money terms: at FY26 sales of ₹88,667 Cr, each day of the cycle holds about ₹243 Cr — so the 41-day loop keeps roughly ₹9,960 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,601 Cr over the last 3 fiscal years against ₹4,124 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹897 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 18% and the ROIC − WACC spread is +1.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mangalore Refinery And Petrochemicals Ltd earns a ROCE of 18% in FY26. That is up from a trough of −16% in FY20. Return on invested capital clears the cost of that capital by +1.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 2.2% net margin on 1.99× asset turns.

FY26 ROCE is 18%, recovered from a FY20 trough of −16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 2.2% net margin × 1.99× asset turns × 3.13× balance-sheet leverage ≈ 13.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.2% − 12.0% = a +1.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.08.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Mangalore Refinery And Petrochemicals Ltd carries total debt of ₹15,341 Cr against shareholder equity of ₹14,197 Cr as of Jun 26, a debt-to-equity of 1.08. On the annual view that ratio went from 2.96 in FY22 to 1.08 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹15,341 Cr against shareholder equity of ₹14,197 Cr — a debt-to-equity of 1.08. On the annual view, debt-to-equity went from 2.96 (FY22) to 1.08 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 1.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 1.1 points of Mangalore Refinery And Petrochemicals Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.4% of the company. Foreign institutions moved −0.1 points over the same window, to 2.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −1.1 points over 8 quarters to 0.4%; Foreign institutions: −0.1 points over 8 quarters to 2.2%; Promoters: +0.0 points over 8 quarters to 88.6%.

🚨 Why the register moved: domestic institutions drove it (−1.1 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mangalore Refinery And Petrochemicals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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