Mangalore Refinery And Petrochemicals Ltd (MRPL) — share price & stock analysis

Market cap

₹25,961 Cr

P/E

13.5×

ROE

14.2%

vs own 10-yr valuation

64th pctile

Book value / share

₹81.0

EPS (TTM)

₹11.0

10-yr median P/E

9.1×

Revenue (FY26)

₹88,667 Cr

Profit after tax (FY26)

₹1,925 Cr

Weinstein stage

Stage 4 (2 weeks)

Data as of

1 July 2026

3 of the 6 things we track are currently moving the right way — some things working, some not.

Where the levels actually stand: ROCE 18% — decent; real debt (1.08× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The price went one way, the profits the other

Since Jul 2017, the stock is up 19% while earnings per share fell 11%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 13.5× is the middle of its own range against its own 10-year history (64th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (9.1×).

The price is in a downtrend — fighting it is expensive

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 4: declining — 2 weeks so far, confirmed.stage

The price is below its falling 200-day average — history says most of the damage in stocks happens here. Cheap can get cheaper in Stage 4.dma_200

Trailing NIFTY 500 for 4 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Out of the loss years — profitable again, still below its best

Over 12 years, sales went from ₹71,552 Cr to ₹88,667 Cr (about 2% a year), and profit from ₹606 Cr to ₹1,925 Cr.revenuenet_profit

The books show real losses in FY15 and FY20 and FY21 (worst: ₹−4,043 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales have gone quiet — growth has stalled

Mar 26 sales were ₹23,950 Cr, down 3% on the same quarter last year.revenue

A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.

Margins are widening — 5% → 7% in a year

Of every ₹100 of sales, the company keeps ₹7.4 as operating profit (a year ago it kept ₹4.6).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 2.2% in FY21 and has been rebuilt to 7.0% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (8% → 14%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit collapsed 69% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹117 Cr, down 69% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹11,191 Cr of profit and collected ₹22,320 Cr of operating cash — about 199% conversion.operating_cash_flownet_profit

One asterisk on that strength: suppliers are being paid 28 days later than a year ago (24 → 52 days). Cash flattered by stretching payables is real cash — but it is borrowed timing, not extra earning power.payable_days

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 41 days to go out the door as materials and come back as collected cash — up from 21 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (32 → 67 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹5,995 Cr (FY14) to ₹20,520 Cr, with another ₹826 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹3,842 Cr) fits inside the operating cash the business generated (₹11,460 Cr).investing_cash_flowoperating_cash_flow

Carrying real debt

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹108 — total borrowings have grown from ₹9,840 Cr to ₹15,341 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹18 — decent, not special

Return on capital employed is 18.0% (a year ago: 4.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

The owners aren’t moving

Promoters hold 88.6%, essentially unchanged. Foreign funds own 3.4%, domestic funds 0.3%.promoters_pctfiis_pctdiis_pct

A turnaround that stuck — the question is what’s left to re-rate

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: returns on capital rising (4.0% → 18.0%).roce_pct

Biggest worry: profit falling (₹371 Cr → ₹117 Cr).net_profit

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data