MRPL vs Gujarat Narmada Valley Fertilizers: Share Price, PE, ROE Compared

August 12, 2026
Posted by: Ankit Jaiswal
Category: News

MRPL MCap Rs 28,620 Cr, PE 9.11x, ROE 13.56%, Div 2.45%. GNFC MCap Rs 7,994 Cr, PE 7.71x, ROE 8.86%, Div 3.86%.

MRPL vs Gujarat Narmada Valley Fertilizers (GNFC) is a comparison PSU industrial investors look up when evaluating two affordable, dividend-paying government-linked Indian companies. MRPL (Mangalore Refinery and Petrochemicals Limited), an ONGC subsidiary based in Mangalore, is India’s largest petroleum refinery by complexity. GNFC (Gujarat Narmada Valley Fertilizers and Chemicals), a Gujarat state government enterprise based in Bharuch, manufactures fertilizers (urea, ammonium nitrate) and industrial chemicals (toluene di-isocyanate/TDI, methanol). In the MRPL versus GNFC comparison, both trade at cheap PE ratios and pay meaningful dividends.

This MRPL vs Gujarat Narmada Valley Fertilizers article covers reach and market position, key products, latest declared results and stock valuation. All data is sourced from Groww and public company filings.

Table of Contents

Reach and Market Position

In this MRPL vs Gujarat Narmada Valley Fertilizers comparison, MRPL refines crude oil at its Mangalore refinery processing 21+ MTPA capacity, selling petroleum products (petrol, diesel, ATF, LPG) to PSU oil companies and through retail. Market capitalisation is Rs 28,620 Cr.

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GNFC produces urea, ammonium nitrate fertilizers and specialty chemicals (TDI, methanol, acetic acid) at its Bharuch plant, serving farmers and industrial companies across India. Market capitalisation is Rs 7,994 Cr.

Key Products and Business Mix

For the MRPL vs Gujarat Narmada Valley Fertilizers product breakdown, MRPL: MRPL earns from petroleum product refining with GRM (gross refining margin). EPS is Rs 17.92. PE is 9.11x (very affordable), ROE 13.56 percent, D/E 1.08, Div 2.45 percent.

Gujarat Narmada Valley Fertilizers: GNFC earns from fertilizer and specialty chemical sales. EPS is Rs 70.57. PE is 7.71x (extremely affordable!), ROE 8.86 percent, zero debt, Div 3.86 percent (excellent dividend yield!).

Latest Results and Financial Data

On the MRPL vs Gujarat Narmada Valley Fertilizers results front: MRPL has a market cap of Rs 28,620 Cr and PE of 9.11x. ROE is 13.56 percent. Comparing MRPL and GNFC, MRPL is 3.6 times larger with a higher ROE.

GNFC has a market cap of Rs 7,994 Cr and PE of 7.71x. ROE is 8.86 percent. GNFC has zero debt and a higher dividend yield at 3.86 percent – one of the highest in this B28 batch.

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Stock Performance and Valuation

Investors tracking the MRPL vs Gujarat Narmada Valley Fertilizers comparison should verify current prices on NSE or BSE before trading. The MRPL vs Gujarat Narmada Valley Fertilizers stock data below reflects the latest available figures from Groww and public company filings.

MRPL vs GNFC valuation: MRPL at PE 9.11x and GNFC at PE 7.71x are both extremely affordable by Indian market standards. GNFC has zero debt versus MRPL’s D/E 1.08. GNFC pays a higher dividend (3.86%) while MRPL’s dividend (2.45%) is also solid for income investors.

MRPL vs Gujarat Narmada Valley Fertilizers: Quick Comparison Table

The comparison table below summarises the key metrics side by side.

Parameter	MRPL	Gujarat Narmada Valley Fertilizers
Sector	Petroleum refining: 21+ MTPA crude (ONGC subsidiary, Mangalore)	Fertilizers + chemicals: urea, TDI, methanol (Gujarat state PSU, Bharuch)
Market Cap	Rs 28,620 Cr	Rs 7,994 Cr
P/E Ratio	9.11x (very affordable)	7.71x (extremely affordable!)
ROE	13.56%	8.86%
Debt to Equity	1.08	0.00 (zero debt!)
Dividend Yield	2.45%	3.86% (high)
Ownership	ONGC (majority PSU subsidiary)	Gujarat state government (PSU)

Conclusion

The MRPL vs Gujarat Narmada Valley Fertilizers comparison above covers reach, products, results and valuation. The MRPL versus GNFC comparison shows two affordable PSU-linked companies in completely different industries. MRPL is a petroleum refinery whose earnings depend on refining margins (crude oil spread). GNFC is a fertilizer and specialty chemical company. In the MRPL and GNFC comparison, GNFC offers a zero-debt balance sheet and higher dividend yield; MRPL offers a larger scale and higher ROE. Both are valued below their sector peers on PE. Consult a SEBI-registered advisor for personalised guidance.

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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What does MRPL do?

Ans. MRPL (Mangalore Refinery and Petrochemicals Limited) is a petroleum refinery processing crude oil into petrol, diesel, aviation turbine fuel (ATF), LPG and other petroleum products. MRPL is a subsidiary of ONGC.

What does GNFC do?

Ans. GNFC (Gujarat Narmada Valley Fertilizers and Chemicals) manufactures urea and ammonium nitrate fertilizers for Indian farmers, and specialty chemicals including toluene di-isocyanate (TDI) and methanol for industrial customers.

What is MRPL’s PE ratio?

Ans. MRPL trades at a PE of 9.11x – a very low valuation compared to most Indian listed companies.

Which is larger, MRPL or GNFC?

Ans. MRPL at Rs 28,620 Cr is approximately 3.6 times larger than GNFC at Rs 7,994 Cr.

Does GNFC pay dividends?

Ans. Yes. GNFC pays a dividend yield of approximately 3.86 percent – significantly higher than MRPL’s 2.45 percent dividend yield.

Is MRPL owned by ONGC?

Ans. Yes. ONGC (Oil and Natural Gas Corporation) holds a majority stake in MRPL. GNFC is owned by the Government of Gujarat (Gujarat state PSU).

What is GRM in refining?

Ans. GRM (Gross Refining Margin) is the difference between the value of petroleum products produced and the cost of crude oil processed. Higher GRM means more profit for MRPL per barrel refined.

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Author: Ankit Jaiswal

Ankit Jaiswal is the Senior Research Analyst at Univest, leading the platform's in-house equity research desk and serving as the editorial reviewer for all research and blog content published at univest.in. With 11+ years of experience in Indian equity markets, he oversees stock recommendations, earnings analysis, sector coverage, and ensures every published article meets SEBI Research Analyst Regulations. He holds a Bachelor of Commerce (B.Com) from St. Xavier's College, Kolkata — one of India's most prestigious commerce institutions — and has cleared CMT Level 2 from the CMT Association, a globally recognised certification in technical analysis and market research. His research methodology combines fundamental analysis (earnings quality, balance sheet strength, management commentary) with advanced technical analysis (chart patterns, momentum indicators, market structure) — giving Univest's retail investors a dual-lens approach that most Indian research platforms lack. Ankit is among the most comprehensively certified analysts in Indian financial media, holding five NISM certifications: Series-XV (Research Analyst), Series-VIII (Equity Derivatives), Series-VII (SORM), Series-VI (Depository Operations), and Series-V-A (Mutual Fund Distributors). At Univest — India's SEBI-registered research and advisory platform — Ankit's responsibilities include leading the research team, finalising stock recommendations published across Pro Lite, Pro Super, and Pro Gold advisory services, and maintaining editorial oversight of all YMYL financial content published on the blog.