Mangalore Refinery & Petrochemicals Moat Analysis: Score & Risks
Mangalore Refinery & Petrochemicals Ltd.
A first-pass moat teardown of Mangalore Refinery & Petrochemicals Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Efficient Scale. Provisional, single-pass evidence.
Mangalore Refinery & Petrochemicals Ltd. scores 5.49 on MoatSCORE 6.0 — a narrow moat in Oil & Gas. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“The terminal would receive finished petroleum products (MS, HSD and ATF) through the existing PMHBL pipeline from MRPL.”
“Your company achieved the highest ever NRGF (Nelson's Refinery Grading Factor) of 7.35. This is an index that is used to assess the efficiency of the asset utilization.”
“Your company opened one new retail outlet at Gubbi in Tumakuru District, Karnataka in the FY 2018-19. With this total number of retail outlets have reached 7.”
“Term contract for ATF & HSD with SHELL & VITOL to lock premiums;”
“CCR 3 platformer catalyst R 264 was replaced with R 364. Packinox decoking carried out in presence of Alfa Laval.”
“For the financial year, our GRM was $4.45 per barrel and PBT was INR113 crores.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
Member discussion