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MRF Ltd

MRF NSE

Key Fundamentals

MidcapTyresAutomobiles
Market Cap
₹56,579 Cr
Volatility
Moderate
P/E Ratio
23.42
EBITDA
₹5,405 Cr
Return on Equity
11.57%
Debt to Equity
0.15
Book Value
₹49,454.97
EPS
₹4,866.72
52W High
₹1,63,600
52W Low
₹1,22,000

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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29 extracted metrics + investor summaries across FY16–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Weaknesses

1
  • Company has a low return on equity of 12.1% over last 3 years.

Growth Rate

Revenue Growth
10.79% ↗
Net Income Growth
29.51% ↗
Cash Flow Change
146.16% ↗
ROE
14.90% ↗
ROCE
13.99% ↗
EBITDA Margin (Avg.)
8.51% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

MRF Ltd is India's largest tyre manufacturer with ~24% domestic market share and a market cap of ₹55,550 crore. The company trades at a PE of 22.9x with TTM profit growth of 37% and revenue growth of 11%, though its 3-year average ROE of 12% remains modest for its scale. A ₹5,300 crore greenfield expansion signals long-term capacity ambitions, while near-term stock returns have been negative at -6% over one year.

Bull Case 8
  • TTM profit growth of 37% demonstrates strong earnings momentum, with FY25 Q4 PAT jumping 31% YoY to ₹498 crore
  • Dominant market position with ~24% share of India's tyre market and recognition as the third strongest tyre brand globally with brand value of USD 699 million (up 15% YoY)
  • Revenue growth consistent at 11% CAGR over 3 years with total income rising to ₹28,561 crore in FY25
  • ₹5,300 crore greenfield plant investment at Sivaganga, Tamil Nadu signals long-term capacity growth and confidence in domestic demand
  • Comfortable balance sheet with debt-to-equity of approximately 0.08x (debt of ₹1,690 crore against net worth of ₹20,452 crore as of FY25)
  • 10-year stock CAGR of 14% reflects sustained long-term wealth creation track record
  • EBITDA margins improved to 15% in Q4 FY25, up from prior periods, showing operational efficiency gains
  • India tyre market recorded 203 million units in 2025 with structural growth from rising vehicle penetration and EV adoption creating new product segments
Bear Case 8
  • Return on equity of 12.1% over last 3 years is low for a market leader of this scale, indicating suboptimal capital efficiency
  • Stock has delivered -6% return over one year, underperforming broader market indices
  • 10-year compounded profit growth of 0% indicates earnings stagnated over a full business cycle before recent recovery
  • Dividend yield of only 0.18% (₹235 per share in FY25) provides negligible income return relative to share price
  • Elevated input costs (natural rubber, crude derivatives) remain a persistent margin risk, as noted in FY25 annual report
  • ₹5,300 crore capex over 12 years will pressure free cash flows and may dilute near-term return ratios before revenue contribution materializes
  • PE of 22.9x is not inexpensive for a cyclical manufacturing business with 12% ROE, suggesting limited margin of safety
  • 5-year compounded profit growth of 14% lags the recent TTM spike of 37%, suggesting current earnings momentum may not be sustainable

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Headwinds 1
  • Net profit dips despite revenue growth Aug 11

    Q1FY27 standalone net profit fell to ₹474.37 crore from ₹484.23 crore YoY, and consolidated net profit slipped to ₹495.35 crore, indicating margin contraction from higher input costs despite 9.7% revenue growth to ₹8,291.56 crore.

Positives 2
  • ₹229 per share final dividend Aug 6

    MRF shareholders approved a 2290% final dividend of ₹229 per share for FY26 at the 65th AGM, reflecting strong cash generation and shareholder return commitment.

  • Revenue grows ~10% YoY in Q1 Aug 11

    Consolidated total income rose 10.3% YoY to ₹8,610.56 crore in Q1FY26, showing healthy top-line momentum in the tyre business.

Neutral 1
  • Board appoints senior management Aug 11

    The Board approved Q1FY27 results on August 11, 2026 and ratified the appointment of two senior management personnel alongside re-appointment of directors and joint statutory auditors at the AGM.

TL;DR: MRF is delivering solid top-line growth of ~10% YoY and rewarding shareholders with a generous ₹229 per share dividend, but margin pressure from higher input costs is squeezing profitability. Net profit has declined marginally despite revenue expansion, signaling cost headwinds in raw materials. The trend is mixed — revenue momentum is intact but margins need watching in coming quarters as input cost trajectory will determine earnings recovery.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
6,440
6,217
6,162
6,349
7,196
6,881
7,001
7,075
7,676
7,379
8,050
8,044
8,416
Expenses
5,310
5,060
5,108
5,437
6,037
5,870
6,166
6,000
6,605
6,253
6,651
6,739
7,425
Operating Profit
1,130
1,157
1,055
912
1,160
1,011
835
1,074
1,070
1,126
1,400
1,305
991
OPM %
18%
19%
17%
14%
16%
15%
12%
15%
14%
15%
17%
16%
12%
Other Income
75
71
78
94
84
113
98
115
129
108
50
153
195
Interest
84
86
90
93
85
84
94
98
98
90
91
86
88
Depreciation
333
351
360
385
396
410
415
433
429
445
438
442
448
PBT
787
791
682
527
763
631
424
659
672
699
920
930
650
Tax %
25%
26%
25%
25%
25%
25%
26%
23%
25%
25%
25%
24%
24%
Net Profit
589
587
510
396
571
471
315
510
502
526
695
702
495
EPS in Rs
1,388
1,383
1,202
934
1,346
1,110
744
1,204
1,183
1,239
1,638
1,656
1,168
Figures in ₹ Crores

Profit & Loss

  Sep 2014Mar 2016 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
13,329
20,179
13,412
14,954
16,062
16,237
16,162
19,317
23,008
25,169
28,152
31,149
31,889
Expenses
11,384
15,743
10,763
12,665
13,744
13,855
13,208
17,256
20,604
20,896
24,062
26,238
27,068
Operating Profit
1,945
4,437
2,649
2,288
2,317
2,382
2,954
2,061
2,404
4,272
4,090
4,910
4,821
OPM %
15%
22%
20%
15%
14%
15%
18%
11%
10%
17%
15%
16%
15%
Other Income
63
317
327
330
416
335
205
315
245
306
414
440
506
Interest
232
361
257
259
273
301
282
263
326
361
368
374
356
Depreciation
424
737
611
707
808
982
1,141
1,205
1,253
1,430
1,654
1,754
1,773
PBT
1,353
3,656
2,109
1,653
1,652
1,434
1,737
908
1,070
2,787
2,483
3,222
3,198
Tax %
33%
31%
30%
32%
32%
1%
26%
26%
28%
25%
25%
25%
—
Net Profit
908
2,509
1,486
1,132
1,131
1,423
1,277
669
769
2,081
1,873
2,426
2,418
EPS in Rs
2,142
5,917
3,504
2,668
2,666
3,354
3,011
1,578
1,813
4,907
4,417
5,720
5,701
Div. Payout %
2%
2%
2%
2%
2%
3%
5%
10%
10%
4%
5%
4%
—
Figures in ₹ Crores

Balance Sheet

  Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4
4
4
4
4
4
4
4
4
4
4
4
Reserves
4,535
7,220
8,637
9,734
10,833
12,210
13,409
14,028
14,703
16,699
18,606
20,970
Borrowings
1,903
2,464
2,333
2,163
2,506
1,854
2,388
3,229
3,014
2,822
3,771
3,207
Other Liabilities
3,391
3,566
4,075
4,577
5,098
5,373
6,780
5,799
6,648
7,325
7,308
7,772
Total Liabilities
9,833
13,254
15,048
16,478
18,441
19,442
22,582
23,060
24,369
26,849
29,689
31,954
Fixed Assets
3,436
4,608
5,502
6,092
6,786
8,870
9,441
9,522
10,118
12,046
13,223
12,966
CWIP
628
1,059
848
1,079
1,403
1,741
1,002
1,233
3,046
2,385
1,169
1,034
Investments
1,081
3,138
3,382
4,145
3,855
1,519
5,874
3,656
3,085
3,383
4,548
3,398
Other Assets
4,688
4,448
5,316
5,162
6,397
7,312
6,265
8,648
8,120
9,036
10,750
14,555
Total Assets
9,833
13,254
15,048
16,478
18,441
19,442
22,582
23,060
24,369
26,849
29,689
31,954
Figures in ₹ Crores

Cash Flow

  Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,699
3,043
1,956
2,413
1,253
2,271
4,325
-578
2,755
3,303
1,865
4,590
Investing
-1,791
-3,408
-1,393
-2,014
-1,386
-162
-5,087
166
-1,922
-2,381
-2,077
-3,539
Financing
67
212
-438
-453
42
-1,032
-250
424
-840
-868
282
-1,120
Net Cash Flow
-24
-152
125
-53
-91
1,077
-1,012
12
-6
55
70
-69
Free Cash Flow
454
737
590
849
-710
-479
3,473
-2,283
-535
1,141
569
3,164
CFO/OP
109
95
89
126
72
114
164
-18
128
94
60
107
Figures in ₹ Crores

Ratios

  Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
47
33
54
52
54
52
48
44
40
42
44
42
Inventory Days
79
62
118
88
113
110
115
120
98
108
115
101
Days Payable
50
36
69
63
64
72
129
60
58
64
57
60
Cash Conversion Cycle
76
58
103
78
102
90
34
104
80
86
101
83
Working Capital Days
30
1
4
-1
2
5
-41
10
-8
3
8
7
ROCE %
27%
49%
23%
17%
15%
13%
14%
7%
7%
17%
14%
16%

Shareholding Pattern

As of Jun 2026
Others 29.49%
Promoters 27.77%
FIIs 17.42%
Public 13.22%
DIIs 12.10%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
27.84%
27.82%
27.84%
27.90%
27.95%
27.94%
27.87%
27.87%
27.84%
27.77%
27.75%
27.75%
27.78%
27.78%
27.77%
27.80%
27.78%
27.78%
27.75%
27.73%
27.77%
27.77%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.59%
0.00%
19.74%
19.08%
18.68%
18.19%
17.54%
18.67%
18.27%
18.17%
17.98%
17.42%
DIIs
8.84%
8.69%
8.17%
8.21%
7.32%
6.57%
7.33%
11.37%
11.66%
11.72%
11.19%
11.30%
10.57%
10.74%
11.68%
12.00%
12.22%
11.67%
12.38%
12.51%
12.25%
12.10%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
15.64%
15.79%
15.83%
16.01%
16.16%
15.07%
13.08%
12.75%
12.73%
12.36%
12.15%
12.06%
12.35%
12.84%
12.37%
12.51%
12.93%
12.29%
12.07%
12.11%
12.52%
13.22%
Others
47.68%
47.70%
48.16%
47.87%
48.56%
50.42%
51.71%
48.00%
47.76%
48.16%
29.32%
48.89%
29.57%
29.57%
29.51%
29.50%
29.53%
29.60%
29.54%
29.48%
29.47%
29.49%
No. of Shareholders
0
50,630
55,803
54,446
62,406
66,786
56,544
48,377
43,500
37,938
37,504
37,584
47,663
57,325
48,576
52,964
61,320
50,253
48,074
49,218
58,110
68,876

Documents

Frequently Asked Questions about MRF Ltd

What does MRF Ltd do?
Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The Co is engaged in the business of manufacturing tyres[1]
Where is MRF Ltd (MRF) listed?
MRF Ltd is listed on the Indian stock exchanges. It is listed on NSE: MRF and BSE: 500290. You can view its live share price, financials, and ratios on Tapetide.
Which sector does MRF Ltd belong to?
MRF Ltd operates in the Automobiles sector within the Tyres industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of MRF Ltd?
MRF Ltd has a market capitalisation of approximately ₹56578.97 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of MRF Ltd?
The Price-to-Earnings (PE) ratio of MRF Ltd is 23.42. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of MRF Ltd?
Over the past 52 weeks, MRF Ltd has traded between a low of ₹1,22,000 and a high of ₹1,63,600. This range helps investors understand the stock's price volatility and recent trading levels.
Does MRF Ltd pay dividends?
Yes, MRF Ltd has a dividend yield of 0.18%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of MRF Ltd?
MRF Ltd has a Return on Equity (ROE) of 11.57%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research MRF Ltd on Tapetide?
On Tapetide, you can view MRF Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The Co is engaged in the business of manufacturing tyres[1]

Website mrftyres.com
CEO Mr. K. M. Vinoo Mammen B.A.
Employees 17,850
Listed 1996-09-18
Face Value ₹ 10
Issued Size 42,41,143

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