Mangalore Refinery and Petrochemicals Limited (MRPL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+140.4%

₹440.48

vs ₹183.20 price

Levered DCF

₹593.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.81

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.38×	420.69×	11.15×	3.47×	2.46×	-8.91×	-1.21×	38.27×
P/B	2.22×	1.82×	3.02×	0.93×	1.01×	1.6×	0.64×	1.31×
P/S	0.36×	0.25×	0.44×	0.08×	0.1×	0.22×	0.08×	0.21×
EV / EBITDA	7.18×	15.12×	6.71×	4.01×	6.12×	28.67×	-6.63×	11.56×
Gross margin	9.3%	3.3%	9.5%	7.7%	8.2%	3.2%	-3.8%	4.8%
Operating margin	5.3%	1.3%	7.5%	6.2%	5.9%	-1.6%	-6.6%	3.0%
Net margin	2.2%	0.1%	4.0%	2.4%	4.2%	-2.4%	-6.7%	0.5%
Current ratio	1.14×	0.98×	1.03×	0.99×	0.86×	0.73×	0.57×	0.55×
Debt / equity	1.08×	1.01×	0.96×	1.72×	2.96×	5.66×	2.94×	1.57×
Interest coverage	5.2×	1.27×	6.23×	5.24×	4.8×	-0.62×	-3.76×	1.8×
Dividend yield	2.2%	1.5%	0.4%	0.0%	0.0%	0.0%	5.2%	4.9%
Payout ratio	36.4%	623.6%	4.9%	0.0%	0.0%	0.0%	-6.3%	186.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.6%	0.4%	27.1%	26.9%	41.0%	-18.0%	-52.7%	3.4%
Return on invested capital	7.2%	2.2%	16.6%	15.5%	14.3%	-1.5%	-9.8%	3.9%
Return on assets	4.3%	0.2%	10.2%	7.6%	7.4%	-2.2%	-10.9%	1.0%
Free cash flow yield	1.4%	3.8%	13.7%	61.5%	56.0%	-54.6%	-25.0%	1.8%
Earnings yield	6.1%	0.2%	9.0%	28.8%	40.6%	-11.2%	-82.7%	2.6%
Enterprise value	₹462.5B	₹367.1B	₹527.7B	₹261.4B	₹286B	₹308.5B	₹227.8B	₹286.3B
Net debt / EBITDA	2.29×	5.4×	1.61×	2.6×	4.56×	22.34×	-5.45×	6.31×
Cash conversion cycle (days)	40	21	21	17	29	66	14	28