ICICI Direct has given Buy recommendation for Mangalore Refinery and Petrochem with a target price of Rs. 90 in its research report issued on May 17, 2022

ICICI Direct’s research report on Mangalore Refinery and Petrochem

Mangalore Refinery & Petrochem (MRPL), a subsidiary of ONGC, is a refining company. The company has total refining capacity of 15 MMTPA • ONGC Mangalore Petrochemicals (OMPL), a subsidiary of MRPL, has been amalgamated with the company.

Outlook

We revise our rating on the stock from SELL to BUY. We roll over valuations to FY24E and value MRPL at Rs 90/share i.e. ~1x FY24E BV).

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