Mangalore Refinery and Petrochemicals Ltd

Fire incident update

• Fire incident at MRPL around 12:20 LT extinguished by 14:47 LT.
• One deceased found; another burn-injured person hospitalised.
• Cause: rupture of a Cold Separator at high pressure in Coker Hydrotreater; battery limits isolated.
• Further verified information will be shared as available.

Appointment of Govt. Nominee Director

• Appointment of Government Nominee Director on MRPL Board.
• Name and designation: Shri Mohit Kumar Aggarwal, Deputy Secretary, MoPNG.
• Effective date and tenure: 29.09.2026 for three years or co-terminus, whichever earlier.
• Reason: Competent Authority approval for nomination by MoPNG.
• Profile: Shri Mohit Kumar Aggarwal – ITS 2015; senior DoT/telecom official, Deputy Secretary MoPNG.
• Relationship: Not related to any MRPL directors.
• Declaration: Not debarred/disqualified by SEBI or other authorities.
• Eligibility: Eligible for appointment per Companies Act Section 164.

Incident details

• Rupture of a high-pressure Cold Separator in the Coker Hydrotreater Unit triggered the fire.
• Battery limits of the affected unit isolated; firefighting ongoing.
• Fire brought under control; safety of personnel prioritized.
• One minor injury reported; patient hospitalized and stable.
• Situation monitored; further verified information to be shared.

Rating Action & Ratings

• Fitch assigns MRPL first-time Long-Term IDR BBB- with Stable Outlook and senior unsecured BBB-.
• Instruments Rated: Long-Term IDR BBB-; Senior unsecured BBB-; Outlook Stable.

Rationale

• Equalized with ONGC due to high operational incentives to support MRPL.
• MRPL SCP assessed at 'bb+'; single-asset refinery concentrates risk.
• High refinery complexity; GRM forecast remains robust; margins supported by aromatics.
• Leverage: projected EBITDA net leverage around 1.9x FY27; 1.8x FY28.
• Liquidity: INR6b cash; undrawn INR122b; positive FCF expected FY27.
• Business risk: single asset; exposure to refining cycle; diversification plans via fuel retail.

Outlook & Sensitivities

• Outlook: Stable.
• Downgrade risk if EBITDA net leverage sustains above 2.0x.
• Upgrade possible if ONGC IDR rises and incentives strengthen.

Material Change

• First-time rating; no prior MRPL rating by Fitch.

Mangalore Refinery and Petrochemicals Limited – Trading window closure

Share volume clarification

• No unpublished price sensitive information; share volume movement deemed market-driven per SEBI LODR.