MRF Ltd
MRF NSE
MRF Ltd
AutomobilesNSE: MRF BSE: 500290 Tyres
Key Fundamentals
MidcapTyresAutomobilesMarket Cap
₹56,925 Cr
Volatility
Moderate
P/E Ratio
23.49
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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view MRF Ltd insights
29 extracted metrics + investor summaries across FY16–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk medium
MRF Ltd is India's largest tyre manufacturer with ~24% domestic market share, trading at a market cap of ₹57,020 Cr with a PE of 23.2x. The company delivered 11% TTM sales growth and 32% TTM profit growth, but carries a modest 3-year ROE of only 12% and faces cyclical raw material cost volatility from natural rubber prices.
Bull Case 8
- Strong profit growth trajectory with TTM compounded profit growth of 32% and 3-year CAGR of 52%, indicating significant earnings momentum
- Dominant market position as India's largest tyre manufacturer with approximately 24% domestic market share, providing pricing power and distribution advantages
- Consistent revenue growth with 11% TTM sales growth and 14% compounded sales CAGR over 5 years, outpacing broader GDP growth
- Comfortable balance sheet with debt-to-equity ratio of approximately 11.3%, giving financial flexibility for capex and expansion
- Long-term wealth creation track record with 10-year stock CAGR of 14% and 5-year stock CAGR of 11%
- Improving ROE from 10% over 5 years to 13% in the last year, suggesting better capital efficiency and margin management
- Brand value up 15% to USD 699 million in 2025, ranked among top 3 strongest tyre brands globally by Brand Finance
- Q4 FY25 net profit jumped 31% YoY to ₹498 Cr with revenue rising 12% to ₹6,944 Cr and EBITDA margins at 15%
Bear Case 8
- Low return on equity of 12.1% over 3 years and only 10% over 5 years, indicating suboptimal capital deployment for a market leader
- Stock has declined 8% over the past 1 year, underperforming the broader market despite strong profit growth
- High vulnerability to rubber price volatility — Q3 FY25 saw raw material costs surge 23.8% to ₹4,634 Cr, causing profit to plunge
- Negligible dividend yield of just 0.18% despite strong cash flows, offering minimal income return to shareholders
- 10-year compounded profit CAGR is 0%, indicating extreme cyclicality in earnings over longer periods
- Elevated input costs and muted automobile production noted as challenges in FY25 annual report, with total income at ₹28,561 Cr under mixed conditions
- Price-to-book ratio of 2.69x despite modest ROE of 12-13% suggests valuation already prices in growth without commensurate capital efficiency
- Limited international diversification with primary revenue concentration in the Indian market, exposing the company to domestic auto cycle risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Positives 1
- ₹229 final dividend for FY26 Jul 10
Board recommended ₹229 per share final dividend for FY26, payable on or after August 17, 2026, with record date of July 17, 2026.
Neutral 2
- 65th AGM approvals and reappointments Aug 7
Shareholders approved ₹229 dividend, reappointed Varun Mammen and Dr. Cibi Mammen as directors, and extended M M Nissim & Co LLP as auditors for five years at the August 6 AGM.
- FY26 Annual Report shared Jul 15
MRF provided web-link for the FY26 Annual Report ahead of the 65th AGM scheduled for August 6, 2026.
TL;DR: MRF's recent news flow is routine and governance-focused, centered on a ₹229 per share final dividend and standard AGM resolutions. There are no visible headwinds or operational concerns in the current cycle. The company appears stable with consistent shareholder returns, though no growth catalysts or strategic updates have emerged in this period.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,842 | 6,440 | 6,217 | 6,162 | 6,349 | 7,196 | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 |
| Expenses | 4,988 | 5,310 | 5,060 | 5,108 | 5,437 | 6,037 | 5,870 | 6,166 | 6,000 | 6,604 | 6,253 | 6,651 | 6,739 |
| Operating Profit | 854 | 1,130 | 1,157 | 1,055 | 912 | 1,160 | 1,011 | 835 | 1,074 | 1,071 | 1,126 | 1,400 | 1,305 |
| OPM % | 15% | 18% | 19% | 17% | 14% | 16% | 15% | 12% | 15% | 14% | 15% | 17% | 16% |
| Other Income | 70 | 75 | 71 | 78 | 94 | 84 | 113 | 98 | 115 | 126 | 108 | 50 | 153 |
| Interest | 92 | 84 | 86 | 90 | 93 | 85 | 84 | 94 | 98 | 98 | 90 | 91 | 86 |
| Depreciation | 330 | 333 | 351 | 360 | 385 | 396 | 410 | 415 | 433 | 429 | 445 | 438 | 442 |
| PBT | 501 | 787 | 791 | 682 | 527 | 763 | 631 | 424 | 659 | 670 | 699 | 920 | 930 |
| Tax % | 32% | 25% | 26% | 25% | 25% | 25% | 25% | 26% | 23% | 25% | 25% | 25% | 24% |
| Net Profit | 341 | 589 | 587 | 510 | 396 | 571 | 471 | 315 | 510 | 500 | 526 | 695 | 702 |
| EPS in Rs | 803 | 1,388 | 1,383 | 1,202 | 934 | 1,346 | 1,110 | 744 | 1,204 | 1,180 | 1,239 | 1,638 | 1,656 |
Profit & Loss
| Sep 2014 | Mar 2016 18m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| OPM % | 15% | 22% | 20% | 15% | 14% | 15% | 18% | 11% | 10% | 17% | 15% | 16% |
| Other Income | 63 | 317 | 327 | 330 | 416 | 335 | 205 | 315 | 245 | 306 | 414 | 440 |
| Interest | 232 | 361 | 257 | 259 | 273 | 301 | 282 | 263 | 326 | 361 | 368 | 374 |
| Depreciation | 424 | 737 | 611 | 707 | 808 | 982 | 1,141 | 1,205 | 1,253 | 1,430 | 1,654 | 1,754 |
| PBT | 1,353 | 3,656 | 2,109 | 1,653 | 1,652 | 1,434 | 1,737 | 908 | 1,070 | 2,787 | 2,483 | 3,222 |
| 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 |
| 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 |
| Div. Payout % | 2% | 2% | 2% | 2% | 2% | 3% | 5% | 10% | 10% | 4% | 5% | 4% |
Balance Sheet
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
2
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
10h - ITAT allowed MRF appeals for AY 2015-16 and 2016-17; Rs.89.62 crore and Rs.92.46 crore demands reduced to nil. 10h - ITAT allowed MRF appeals for AY 2015-16 and 2016-17; Rs.89.62 crore and Rs.92.46 crore demands reduced to nil.
4
Announcement under Regulation 30 (LODR)-Cessation
7 May - MRF approved FY26 audited results, recommended Rs229 final dividend, accepted CS resignation, appointed new CS. 7 May - MRF approved FY26 audited results, recommended Rs229 final dividend, accepted CS resignation, appointed new CS.
5
Appointment of Company Secretary and Compliance Officer
7 May - MRF approved FY26 audited results, recommended Rs229 final dividend, and changed Company Secretary on 7 May 2026. 7 May - MRF approved FY26 audited results, recommended Rs229 final dividend, and changed Company Secretary on 7 May 2026.
2
Board Meeting Intimation for Declaration Of Unaudited Financial Results For The Quarter Ended 30Th June 2026 30 Jul 2026
Intimation
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 ₹56924.62 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 23.49. 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