MRPL soars 13% on strong Q1 result; analyst suggests buying on breakout

As per NSE data, MRPL shares have outperformed the Nifty 50 index over the past year, having gained 19.24 per cent.

MRPL share price: Shares of Mangalore Refinery and Petrochemicals Limited (MRPL) jumped 13 per cent on Thursday, July 16, after the company swung to profit in the June quarter (Q1FY27).

 

MRPL share price hit the day's high of ₹178.40 on the NSE, up 13 per cent against its last closing price of ₹157.47. As of 10:00 AM, the stock was trading 11 per cent higher. Meanwhile, the benchmark Nifty50 was at 24,124.25, up 45.75 points or 0.19 per cent.

 

According to NSE data, the stock has outperformed the Nifty 50 index over the past year. MRPL shares have gained 19.24 per cent during this period, compared with a 4.27 per cent decline seen in the benchmark index.

 

 

MRPL Q1 Results

  The company reported a net profit of ₹946 crore in Q1FY27, marking a reversal from the losses of ₹271 crore in the corresponding quarter of last year.

 

Its revenue from operations soared 98.24 per cent to ₹41,609 crore as against ₹20,989 crore in the year-ago period.

 

Meanwhile, MRPL's earnings before interest, depreciation, tax and amortisation (Ebitda) also jumped 753 per cent Y-o-Y to ₹1860 crore in Q1FY27 compared with ₹218 crore in Q1FY26.

 

MRPL stock: How to trade?

  Hitesh Rathi, Technical Analyst (Equity & Derivatives), Angel One, said that the technical structure of MRPL appears to be turning constructive after the stock corrected to the 38.2 per cent and 50 per cent Fibonacci retracement levels of its prior upmove from the 2025 lows on the daily 3 per cent × 3 and 1 per cent × 3 Point & Figure charts, respectively.

 

"The stock has found strong support in the 150–145 band and has subsequently delivered a Triangle breakout above the 165 mark on the daily 1 per cent × 3 Point & Figure chart, providing an early indication of a potential trend reversal," Rathi said.

 

"If the stock continues to face a formidable overhead resistance in the 173–175 zone, which coincides with a 45-degree objective trendline as well as a prior swing high. A decisive breakout above this crucial hurdle would convincingly shift control in favour of the bulls and provide further confirmation of a primary trend reversal," he said.

 

Upon a successful breakout above the 173–175 resistance band, the analyst expects the stock to initially move towards the 180 mark, with the potential to extend the rally towards the 200–205 zone over the short to medium term.  PL Capital on Mangalore Refinery  On the fundamental front, PL Capital maintained its 'hold' rating on MRPL stock with an increased target price of ₹150 (from ₹142 earlier) based on 6.0x FY28E EV/EBITDA, as near-term earnings remain exposed to Special Additional Excise Duty (SAED).  

"We continue to assign an option value of ₹23/share to the chemicals project, which remains a few years away from commercialization," said PL Capital.

 

It added that Mangalore Refinery's throughput for the quarter increased due to refining runs as refiners sought to capitalize on elevated crack spreads amid the West Asia conflict. However, Ebitda missed expectations due to higher cost of sales.

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