Mangalore Refinery and Petrochemicals Limited (MRPL) is a **Category 1 schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE)** under the Ministry of Petroleum & Natural Gas. It is a subsidiary of Oil & Natural Gas Corporation (ONGC). Established in **1988**, the refinery is strategically located at Katipalla, north of Mangalore city, in the Dakshina Kannada District of Karnataka State (India).
Mangalore Refinery & Petrochemicals Limited (MRPL) was initially set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). On **March 28, 2003**, ONGC acquired A.V. Birla Group's stake and further infused equity capital of ₹600 crores, making MRPL a majority-held subsidiary of ONGC. MRPL was declared a Miniratna (mini jewel) by the Government of India in **2007**.
The refinery boasts a **15 Million Metric Tonne Per Annum (MMTPA) capacity** with a versatile design, incorporating complex secondary processing units and high flexibility to process crude oils of various API gravities, delivering a variety of quality products. MRPL is the **only refinery in India to have two hydrocrackers** producing premium diesel (high cetane) and is one among the two refineries in India to have two CCRs (Continuous Catalytic Reformers) producing high octane unleaded petrol.
The company is primarily engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels, and distribution of petroleum products through retail outlets and transport terminals. Its refinery produces a wide range of petroleum products, including Naphtha, Liquefied Petroleum Gas (LPG), Motor Spirit, High-Speed Diesel, Kerosene, Aviation Turbine Fuel, Sulfur, Xylene, Bitumen, along with Pet Coke, and Polypropylene.
MRPL operates an **Aromatic Complex, a petrochemical unit capable of producing 0.905 MMTPA of Para Xylene and 0.273 MMTPA of Benzene**. It also has a polypropylene unit with a capacity of **0.44 million metric tonnes per year**. The company also sells petrochemical products, such as aromatic products comprising paraxylene, benzene, heavy aromatics, paraffinic raffinate, reformate, and toluene.
The company entered the Retail fuel service stations business under the brand **'HiQ'**. As of FY24, it has a network of **101 retail outlets** across Karnataka and Kerala. The retail segment has shown robust growth, with total retail sales volume in the domestic market reaching **2.6 MMT with a sales value of ₹15,400 Crore in FY24**, compared to 1.9 MMT with a sales value of ₹11,000 Crore in FY22.
Market capitalization stands at **₹25,702 Crore** as per recent data. The company maintains a high promoter holding of **88.6%**. The company reported revenue of **₹94,682 Crore** and a profit of **₹56.2 Crore** for the latest reported period.
The company's financial performance has been impacted by challenging market conditions. MRPL reported a **profit after tax (PAT) of ₹66 Crore in Q1 FY25**, a staggering decline of **93.53%** compared to ₹1,012.74 Crore in the same quarter of the previous year. However, revenue from operations rose by **9.89%**, reaching **₹27,289 Crore** from ₹24,825 Crore in Q1 FY24.
The gross refining margin (GRM) stood at **$4.70 per barrel in Q1 FY25**, significantly lower than the $9.81 per barrel in Q1 FY24. However, the company showed improvement in Q4 FY25, with a gross refining margin of **$6.23 per barrel** and a profit before tax of INR 584 crores.
The company achieved its **highest-ever crude processing volume in May 2024, with 1,593.2 thousand metric tonnes (TMT)**, surpassing the previous record of 1,557.3 TMT set in January 2016. Additionally, June 2024 saw the **highest monthly crude processing volume of 1,474.34 TMT**, exceeding the previous high of 1,463.3 TMT in June 2015.
MRPL's exports showed growth, standing at **₹7,564 Crore in Q1 FY25** compared to ₹6,907 Crore in Q1 FY24. This growth reflects the company's strategic focus on expanding its international market presence.
MRPL possesses comprehensive infrastructure and facilities, including:
* Two Captive Jetties in New Mangalore Port Trust (NMPT)
* A Single Point Mooring Facility
* An Oil Loading Facility
* A Rail Wagon Loading Silo for Petcoke
* Truck Loading Silos for Petcoke
This infrastructure supports efficient crude oil imports and product distribution across domestic and international markets.
The State Oil Company of the Azerbaijan Republic (SOCAR), Oil & Natural Gas Corporation (ONGC), and Mangalore Refinery & Petrochemicals (MRPL) have signed a **Tripartite Memorandum of Understanding (MoU)** during India Energy Week (IEW) 2025 at Yashobhoomi, Dwarka, New Delhi. This strategic MoU aims to enhance energy cooperation through the mutual supply and trade of crude oil, LNG, and petroleum products between SOCAR and ONGC Group entities.
With a stable net debt-to-equity ratio and a capital expenditure plan of INR 1,000 crores annually, the company is strategically positioned to capitalize on domestic demand growth for motor spirit and diesel, while also exploring innovative projects like green hydrogen.
MRPL continues to play a crucial role in India's energy security, leveraging its strategic coastal location, advanced refining capabilities, and strong parent company support to navigate the evolving energy landscape while maintaining its position as one of India's leading oil refiners and petrochemical producers.
