MRPL Q3 Results Review — PL Capital Downgrades The Stock To 'Hold'; Here's Why

The Board has approved the acquisition of 1,34,80,000 equity shares of Mangalore SEZ Ltd. from IL&FS at a cash consideration of Rs 656.6 million..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .PL Capital Report.Mangalore Refinery and Petrochemicals Ltd. reported better-than-estimated results with an Ebitda of Rs 10.3 billion in Q3 FY25 (versus Ebitda loss of Rs 4.7 billion in Q2, our estimate: Rs 4.1 billion, Bloomberg estimate: Rs 8.1 billion). PAT came in at Rs 3 billion (versus net loss of Rs 6.8 billion in Q2; our estimate Net Loss: Rs 1.1 billion, BBGe PAT: Rs 1.7 billion).Reported gross refining margin stood at $6.2/barrel of oil with an inventory gain of $0.03/bbl. Throughput came in flat QoQ at 4.6 mmt. Average Singapore GRM in Q4 FY25-TD has softened to ~$3/bbl amid decline in product cracks. While near-term weakness persists, we believe GRMs will rebound to $5-7/bbl in the long term. Accordingly, we build in a GRM of $4.1/7.5/7.5/bbl for FY25/26/27E. The stock is currently trading at 10.9x/10.9x FY26/27 EPS and 6.1x/5.7x FY26/27E EV/Ebitda. Factoring in the near-term weakness we downgrade our rating from ‘Accumulate’ to ‘Hold’ with a target price of Rs 137 based on five times FY27 EV/Ebitda and adding the option value of Rs 45 to its chemicals foray..Click on the attachment to read the full report:.Can Fin Homes Q3 Review — Disbursements Soft; Growth Remains A Concern; 'Hold' The Stock Says Nirmal Bang.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

MRPL Q3 Results Review — PL Capital Downgrades The Stock To 'Hold'; Here's Why

While MRPL's near-term weakness persists, the brokerage believes GRMs will rebound to $5-7/bbl in the long term.

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