Mangalore Refinery and Petrochemicals Limited (MRPL) is a subsidiary of Oil and Natural Gas Corporation (ONGC) and one of India’s key public sector refining companies. Headquartered in Mangaluru, MRPL operates a 15 MMTPA refinery and engages in crude oil refining, petrochemical production, aviation fuel trading, and retail fuel distribution under the “HiQ” brand. As of January 2026, MRPL is facing severe financial stress—profit growth has collapsed by 98.59%, ROE stands at just 0.39%, and the company reported near-zero net profit despite ₹94,682 Cr in revenue. While sales grew modestly (4.73%), refining margins remain volatile due to global crude swings and inventory losses. This article provides a realistic outlook on the MRPL share price target 2026–2030.
MRPL: Company Overview
- Incorporated: 1986
- Managing Director: Shri Sanjay Kumar Saran
- NSE Symbol: MRPL
- Core Segments:
- Crude Oil Refining (85%)
- Petrochemicals (10%)
- Retail Fuel & Aviation Fuels (5%)
- Market Position: Among India’s top 5 refineries; wholly owned by ONGC (GOI)
MRPL benefits from sovereign backing and strategic importance in India’s energy security—but suffers from low refining margins, high debt, and inconsistent profitability.
MRPL: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹155.50 |
| Market Capitalization | ₹27,226.62 Cr |
| No. of Shares Outstanding | 175.26 Cr |
| P/E Ratio (TTM) | 12.52 |
| P/B Ratio | 1.85 |
| EPS (TTM) | ₹12.41 |
| Book Value (TTM) | ₹84.08 |
| ROE | 0.39% |
| ROCE | 4.38% |
| Dividend Yield | 0.00% |
| Face Value | ₹10 |
| Cash | ₹31.39 Cr |
| Debt | ₹12,866.61 Cr |
| Promoter Holding | 88.58% |
| Sales Growth (YoY) | 4.73% |
| Profit Growth (YoY) | –98.59% |
Note: The company’s net profit plummeted to ₹56 Cr in FY25 from ₹3,597 Cr in FY24—primarily due to inventory losses from falling crude prices and weak GRMs (Gross Refining Margins).
MRPL Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹164 – ₹182 |
| 2027 | ₹174 – ₹194 |
| 2028 | ₹184 – ₹208 |
| 2029 | ₹194 – ₹224 |
| 2030 | ₹204 – ₹242 |
Important: These targets assume no major inventory losses, stable refining margins, and continued government support. Upside is limited by poor capital efficiency; downside is cushioned by asset value and ONGC backing.
MRPL Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹164 | ₹182 |
MRPL reported a 98.59% YoY profit collapse in FY25, despite 4.73% sales growth. Trading at 12.5x P/E and 1.85x P/B, the stock is fairly valued for a PSU refiner—but only if margins recover. The 2026 target assumes stabilization in GRMs and no further inventory markdowns.
MRPL Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹174 | ₹194 |
If MRPL sustains 8–10% earnings recovery and benefits from ONGC’s integration synergies, EPS could reach ₹13.50–₹14.50 by FY27. Assuming a P/E of 12.5–13.5x, the 2027 target range is justified.
MRPL Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹184 | ₹208 |
By 2028, benefits from petrochemical expansion and retail fuel scale should reflect in margins. A P/E of 13–14x on projected EPS of ₹14.00–₹15.00 supports the ₹184–₹208 band.
MRPL Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹194 | ₹224 |
Long-term tailwinds include India’s rising fuel demand and potential export opportunities. If competition doesn’t erode pricing, EPS could reach ₹15.50–₹16.50 by FY29. At a P/E of 13–14x, the 2029 target is ₹194–₹224.
MRPL Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹204 | ₹242 |
Over a five-year horizon, MRPL remains a low-growth, policy-dependent PSU. A terminal P/E of 14–15x on FY30 EPS (~₹15.00–₹16.50) justifies the ₹204–₹242 range.
MRPL: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (ONGC/GOI) | 88.58% |
| Public & Retail | 8.32% |
| Foreign Institutional Investors (FII) | 2.05% |
| Domestic Institutional Investors (DII) | 1.05% |
High government ownership ensures policy alignment but limits float liquidity and institutional interest.
MRPL: Strengths vs Risks
Strengths:
- Sovereign ownership with 88.58% GOI stake
- Strategic asset in India’s energy infrastructure
- Backed by ONGC’s financial strength
- Expanding retail footprint (101+ HiQ outlets)
Risks:
- ROE of just 0.39% limits capital efficiency
- High debt (₹12,867 Cr) increases interest burden
- Vulnerable to crude oil volatility and inventory losses
- No dividend history reduces income appeal
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate to High |
| Ideal Time Horizon | 5+ years |
| Volatility | Higher than PSU average |
| Dividend/Income Potential | None (0% yield) |
| Best For | Conservative investors seeking PSU exposure with turnaround potential |
- 98.59% YoY profit collapse
- Near-zero ROE (0.39%)
- Inventory losses from crude price swings
- Weak refining margins in a volatile macro environment
Final Verdict
MRPL is a strategically important but financially fragile PSU refiner. While not in loss, its near-zero returns and margin volatility cap upside.
Our MRPL share price target 2026–2030 (₹164 to ₹242) reflects cautious optimism—rooted in asset value and policy support, but tempered by execution risk. Upside is modest; downside is limited by sovereign backing.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – MRPL Consolidated Page (FY2025 + TTM)
- Finology Ticker – MRPL Financials & Analysis
- Ministry of Petroleum – Annual Report 2025
- MRPL Investor Presentation (Q3 FY26, Jan 2026)
