Elara Capital Raises Mangalore Refinery Target Price to ₹214 on Strong GRM Performance Apr 27, 2026
Elara Capital has upgraded Mangalore Refinery and Petrochemicals with an Accumulate rating and raised target price to ₹214, driven by strong Gross Refining Margin of ~$13.5/bbl that resulted in 58% YoY EBITDA growth. However, the company faced challenges with PAT decline due to lower inventory gains and taxes, plus ~9% throughput drop. While EPS upgrades were noted, the brokerage highlighted that earnings volatility continues due to lack of downstream integration.
MRPL Reports 68% Decline in Q4 Net Profit Amid Challenging Market Conditions
Mangalore Refinery and Petrochemicals Limited (MRPL) announced its Q4 FY 2024-25 results, showing a significant decline in profitability. Net profit fell 68% to ₹363.00 crore, while revenue decreased by 2.9% to ₹24,596.00 crore. EBITDA dropped 51.7% to ₹1,130.00 crore, with the EBITDA margin contracting to 4.6%. For the full fiscal year, net profit plummeted to ₹50.58 crore from ₹3,595.93 crore in the previous year. Despite challenges, MRPL maintained a strong financial position with total assets of ₹34,399.01 crore and a net worth of ₹12,933.78 crore. The company's board did not recommend any dividend for FY 2024-25.