MRPL shares experienced a remarkable 13% surge to ₹182 during Monday's trading session, demonstrating exceptional investor demand even as broader markets remained subdued. According to reports from Business Standard, the stock opened flat and quickly reversed course to trade higher, reaching an intraday high of ₹182. As of 1:15 PM, the stock maintained its strong performance near the day's high on the National Stock Exchange (NSE).
MRPL emerged as one of the most active equities on NSE by both volume and value during the afternoon session, as reported by Business Standard. Exchange data revealed that nearly 80 million shares worth ₹1,387.19 crore changed hands, highlighting the intense trading interest in the stock. This high trading volume and value demonstrates the significant investor participation in the counter.
For the July-September quarter (Q2FY27), MRPL delivered impressive financial performance with revenue growth of 43.6% year-on-year to ₹32,500 crore, as reported by Business Standard. The company's adjusted PAT increased significantly to ₹2,019.5 crore from ₹627.4 crore in Q2FY26. According to Choice Institutional Equities, the strong performance was driven by higher product realisations and sustained strength in middle-distillate cracks, with Ebitda margin expanding by 351 basis points Y-o-Y to 10.1%, supported by inventory gains and operational flexibility remaining intact. The brokerage projects MRPL's EBITDA and PAT to increase by 122% and 349% YoY, respectively, in FY27, with return on equity (RoE) rising to 47.6% in FY27 from 14.2% in FY26.
Sudeep Shah from SBI Securities noted that MRPL has witnessed a sharp recovery from lower levels, indicating renewed buying interest, as reported by Business Standard. However, the stock is approaching a crucial resistance zone at ₹184–185, which has acted as a significant hurdle in recent sessions. Shah expects a sustained breakout above this zone, supported by strong volumes, could extend the recovery towards ₹190 and ₹200, while the immediate support zone is identified at ₹175–177. On the downside, ₹170 represents the next support level, with the near-term outlook remaining cautiously positive requiring a decisive breakout above ₹185 to strengthen bullish momentum.
According to Choice Institutional Equities, the brokerage expects diesel prices to remain elevated through FY27, supporting strong earnings growth for standalone refiners in the second half of FY27. The firm maintains a 'Buy' rating on MRPL stock with an unchanged target price of ₹215, citing expectations of elevated crack spreads to sustain through 2HFY27, supported by seasonally higher petroleum product demand during October–December coupled with relatively softer crude oil demand. Following the quarterly results, Choice revised its FY27 revenue, EBITDA and PAT estimates upwards by 1%, 1% and 5% respectively, while noting that MRPL provisionally recognised an exceptional loss of ₹118.76 crore in Q2 FY27 following a fire at its Coker Hydrotreater (CHT) unit.
