Mangalore Refinery and Petrochemicals Future Growth
Future criteria checks 4/6
Mangalore Refinery and Petrochemicals is forecast to grow earnings and revenue by 52.6% and 7.7% per annum respectively. EPS is expected to grow by 63.4% per annum. Return on equity is forecast to be 35.8% in 3 years.
Key information
52.6%
Earnings growth rate
63.38%
EPS growth rate
| Oil and Gas earnings growth | 5.5% |
| Revenue growth rate | 7.7% |
| Future return on equity | 35.80% |
| Analyst coverage | Low |
| Last updated | 22 May 2026 |
Recent future growth updates
Recent updates
Narrative Update • Jun 07
500109: Future Joint Venture Synergies Will Likely Support Margin Upside
Analysts have lifted their price target on Mangalore Refinery and Petrochemicals from ₹162 to ₹215, pointing to updated assumptions for higher revenue growth, stronger profit margins, a lower future P/E and a slightly reduced discount rate. What's in the News Mangalore Refinery and Petrochemicals received a communication from its holding company, Oil and Natural Gas Corporation, that the ONGC board approved forming a joint venture company with a 50:25:25 shareholding split between Oil and Natural Gas Corporation, Mangalore Refinery and Petrochemicals, and ONGC Petro Additions.
Narrative Update • May 23
500109: Joint Venture Plans And Revised Assumptions Will Shape Fair Outlook
Analysts have lifted their price target for Mangalore Refinery and Petrochemicals from ₹100 to ₹143, citing revised assumptions around revenue growth, profit margins and a higher future P/E multiple as the key drivers of the change. What's in the News ONGC has approved forming a joint venture company with Mangalore Refinery and Petrochemicals and ONGC Petro Additions, with planned shareholding of 50:25:25 and an intended equity contribution of ₹125 million from Mangalore Refinery and Petrochemicals, subject to government approvals (company filing).
Narrative Update • Apr 22
500109: Higher Revenue Assumptions And Board Actions Will Likely Keep Shares Fairly Valued
Analysts have lifted their price target on Mangalore Refinery and Petrochemicals from ₹162 to ₹192, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple. What's in the News Board meeting scheduled on Apr 24, 2026 to consider and approve standalone and consolidated audited financial results for the quarter and year ended Mar 31, 2026, along with other matters (Key Developments).Narrative Update • Apr 08
500109: Steady Assumptions And Interim Dividend Decision Will Likely Limit Share Price Upside
Analysts have kept their fair value estimate for Mangalore Refinery and Petrochemicals steady at ₹162. This reflects unchanged assumptions around the discount rate, revenue growth, profit margin and future P/E in their latest price target update.Narrative Update • Mar 25
500109: Unchanged Dividend And Earnings Assumptions Will Likely Cap Share Price Upside
Analysts have kept their price target for Mangalore Refinery and Petrochemicals steady at ₹162, citing unchanged assumptions on the discount rate, revenue growth, profit margin and future P/E as the basis for reaffirming their view. What's in the News The board meeting is scheduled for March 3, 2026 at 16:00 IST to consider the declaration of an interim dividend for the 2025-26 financial year, along with the appointment of a Secretarial Auditor (Key Developments).Narrative Update • Mar 06
500109: Higher Future P E Will Likely Restrain Share Price Returns
Analysts have raised their fair value estimate for Mangalore Refinery and Petrochemicals from ₹131 to ₹162, reflecting updated views on revenue trends, profit margins and an adjusted future P/E assumption. What's in the News Board meeting scheduled for March 3, 2026, at 16:00 IST to consider the declaration of an interim dividend for the 2025-26 financial year and the appointment of a Secretarial Auditor (Board Meeting agenda).Narrative Update • Feb 20
500109: Steady Fair Value And Higher Future P E Will Limit Upside Potential
Analysts have kept their fair value estimate for Mangalore Refinery and Petrochemicals steady at ₹131, with only small tweaks to the discount rate, profit margin, revenue growth assumptions and future P/E that fine tune rather than rethink their overall view. What's in the News Board meeting scheduled for January 14, 2026, to review and approve standalone unaudited financial results for the quarter ended December 31, 2025, along with consolidated results.Narrative Update • Feb 05
500109: Future Margins And Earnings Review Will Likely Expose Overvaluation
Analysts have raised their fair value estimate for Mangalore Refinery and Petrochemicals from ₹159 to ₹162, citing updated assumptions on revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for Jan 14, 2026 to review standalone and consolidated unaudited financial results for the quarter ended Dec 31, 2025 (company filing).Narrative Update • Jan 21
500109: Higher Future P E Assumptions Will Likely Restrain Share Upside
Analysts have adjusted their price target on Mangalore Refinery and Petrochemicals from ₹129.50 to ₹131.00, reflecting updated assumptions around growth, margins and a higher future P/E multiple in their models. What's in the News A board meeting is scheduled for January 14, 2026 to review and approve standalone unaudited financial results for the quarter ended December 31, 2025 (Key Developments).Narrative Update • Jan 07
500109: Steady Fair Value Will Rely On Margins And Upcoming Results
Analysts have kept their fair value estimate for Mangalore Refinery and Petrochemicals steady at ₹159.00, citing slightly adjusted assumptions for revenue growth, profit margins and future P/E as the basis for the unchanged target. What's in the News Board meeting scheduled on January 15, 2026, to review and approve standalone and consolidated unaudited financial results for the quarter ended December 31, 2025, and to consider other business matters (company filing).Narrative Update • Dec 24
500109: Revenue Outlook And Margin Reset Will Shape Fair Future Prospects
Analysts have raised their price target on Mangalore Refinery and Petrochemicals from ₹152 to ₹159, citing expectations of faster revenue growth, a lower discount rate, and a higher future earnings multiple, despite more conservative profit margin assumptions. What's in the News Mangalore Refinery and Petrochemicals reported throughput of 4.43 MMT for the second quarter ended September 30, 2025, reflecting combined crude and other inputs processed during the period (company announcement).Narrative Update • Dec 10
500109: Elevated Throughput And Thin Margins Will Likely Cap Future Upside
Analysts have inched up their price target for Mangalore Refinery and Petrochemicals to ₹129.50, reflecting steady assumptions on revenue growth, profit margins and valuation multiples that support a marginally more constructive outlook on the stock. What's in the News Mangalore Refinery and Petrochemicals reported throughput of 4.43 MMT for the second quarter ended September 30, 2025, signaling continued operational scale despite market volatility (company announcement).Narrative Update • Nov 26
500109: Higher Discount Rate And Weaker P/E Will Keep Shares Under Pressure
Narrative Update: Mangalore Refinery and Petrochemicals Price Target Revision Analysts have maintained their fair value estimate for Mangalore Refinery and Petrochemicals at ₹129.5 per share. This reflects consistent underlying assumptions, despite minor adjustments in the discount rate and valuation multiples.Narrative Update • Nov 05
500109: Discount Rate Decline And Modest P/E Will Limit Upside Ahead
Analysts have maintained their price target for Mangalore Refinery and Petrochemicals at ₹129.50. They note that improved discount rates and stable growth forecasts support this continued valuation.Narrative Update • Oct 22
Analysts Raise Valuation Estimates for Mangalore Refinery and Petrochemicals After Q2 Results Update
Narrative Update on Mangalore Refinery and Petrochemicals Analysts have raised the fair value estimate for Mangalore Refinery and Petrochemicals from ₹122 to ₹129.5, reflecting adjustments to growth projections and discount rates in their updated forecasts. What's in the News Mangalore Refinery and Petrochemicals announced operating results for the second quarter and first half ended September 30, 2025, reporting a throughput (Crude + Others) of 4.43 MMT (Company Announcement).Narrative Update • Oct 08
Fossil Demand Fears And Retail Expansion Will Shape Future Performance
Analysts have revised their price target for Mangalore Refinery and Petrochemicals to ₹122 from ₹126. They cite changes in revenue growth expectations along with adjusted forecasts for profit margins and discount rates.
New Narrative • May 04
New Retail Outlets And Refining Projects Will Shape Future Success
Operational focus on value-added products and increased retail outlets may enhance revenue growth and market penetration.Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 3/31/2029 | 1,162,836 | 144,090 | N/A | 169,309 | 1 |
| 3/31/2028 | 1,091,434 | 82,877 | 36,000 | 115,600 | 2 |
| 3/31/2027 | 1,153,027 | 48,667 | 22,000 | 41,094 | 2 |
| 3/31/2026 | 886,675 | 19,246 | 11,189 | 25,312 | N/A |
| 12/31/2025 | 895,193 | 21,782 | N/A | N/A | N/A |
| 9/30/2025 | 866,785 | 10,366 | 46,320 | 59,886 | N/A |
| 6/30/2025 | 887,908 | -2,813 | N/A | N/A | N/A |
| 3/31/2025 | 948,886 | 562 | 8,876 | 18,779 | N/A |
| 12/31/2024 | 954,144 | 8,241 | N/A | N/A | N/A |
| 9/30/2024 | 982,106 | 9,069 | 21,456 | 34,839 | N/A |
| 6/30/2024 | 925,961 | 26,555 | N/A | N/A | N/A |
| 3/31/2024 | 903,340 | 35,971 | 54,947 | 70,508 | N/A |
| 12/31/2023 | 904,806 | 43,719 | N/A | N/A | N/A |
| 9/30/2023 | 923,611 | 37,849 | 50,239 | 60,486 | N/A |
| 6/30/2023 | 977,395 | 9,539 | N/A | N/A | N/A |
| 3/31/2023 | 1,090,260 | 26,554 | 56,616 | 63,644 | N/A |
| 12/31/2022 | 1,082,398 | 37,505 | N/A | N/A | N/A |
| 9/30/2022 | 1,021,019 | 45,345 | 80,053 | 85,981 | N/A |
| 6/30/2022 | 907,982 | 59,036 | N/A | N/A | N/A |
| 3/31/2022 | 697,578 | 29,583 | 38,850 | 44,963 | N/A |
| 12/31/2021 | 585,480 | 2,217 | N/A | N/A | N/A |
| 9/30/2021 | 459,324 | -6,939 | N/A | N/A | N/A |
| 6/30/2021 | 389,209 | -712 | N/A | N/A | N/A |
| 3/31/2021 | 319,590 | -7,650 | -37,160 | -28,182 | N/A |
| 12/31/2020 | 323,133 | -27,092 | N/A | N/A | N/A |
| 9/30/2020 | 345,755 | -27,485 | N/A | N/A | N/A |
| 6/30/2020 | 453,308 | -36,222 | N/A | N/A | N/A |
| 3/31/2020 | 502,304 | -33,546 | -12,067 | 2,871 | N/A |
| 12/31/2019 | 559,322 | -11,900 | N/A | N/A | N/A |
| 9/30/2019 | 546,500 | -10,698 | N/A | -6,019 | N/A |
| 6/30/2019 | 575,706 | -3,480 | N/A | N/A | N/A |
| 3/31/2019 | 634,461 | 3,400 | N/A | 16,341 | N/A |
| 3/31/2018 | 490,550 | 19,926 | N/A | 39,660 | N/A |
| 3/31/2017 | 437,665 | 34,726 | N/A | -11,499 | N/A |
| 3/31/2016 | 397,302 | 8,237 | N/A | 14,285 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: 500109's forecast earnings growth (52.6% per year) is above the savings rate (6.9%).
Earnings vs Market: 500109's earnings (52.6% per year) are forecast to grow faster than the Indian market (16.1% per year).
High Growth Earnings: 500109's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: 500109's revenue (7.7% per year) is forecast to grow slower than the Indian market (10.8% per year).
High Growth Revenue: 500109's revenue (7.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: 500109's Return on Equity is forecast to be high in 3 years time (35.8%)
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 00:22 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
Mangalore Refinery and Petrochemicals Limited is covered by 13 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | 360 ONE Capital Market Private Limited |
| Arindam Pal | Asian Markets Securities Private Limited |
| Sachin Mehta | Centrum Broking Limited |