Mangalore Refinery and Petrochemicals Limited (MRPL.BO) Stock Analysis & Winston Score

Mangalore Refinery and Petrochemicals Limited (MRPL) is an Indian oil refining company based in Mangalore, Karnataka. It takes crude oil and processes it into fuels like petrol, diesel, jet fuel, and liquefied petroleum gas (LPG), as well as petrochemical products. MRPL is a subsidiary of Oil and Natural Gas Corporation (ONGC), one of India's largest state-owned energy companies, and operates one of India's larger coastal refineries with a capacity of around 15 million metric tonnes per year. MRPL earns money by selling refined petroleum products to fuel retailers, industrial customers, and exporters across India and internationally. Its coastal location gives it an advantage in importing crude oil and exporting products by sea. The company's margins are relatively thin, as is typical in refining, and its profitability depends heavily on the difference between crude oil input costs and finished product prices — known as the refining margin. Fluctuating global crude prices and government fuel pricing policies in India remain the key risks to its earnings.