MRF Ltd

₹ 1,41,800 1.11%

21 May 2:29 p.m.

About

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

Key Points

Products & Services
1) Products: The company manufactures tyres for passenger cars, 2W, 3W, OTRs, trucks, farm tractors, LCVs, tubes & flaps, SCVs, pickup cars, MCVs and ICVs. It also manufactures sports goods, paints & coats and pretreads, etc and supplies puzzles, games, and toys for kids through its brand Funskool. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 60,139 Cr.
Current Price ₹ 1,41,800
High / Low ₹ 1,43,850 / 1,00,500
Stock P/E 33.0
Book Value ₹ 42,856
Dividend Yield 0.14 %
ROCE 13.8 %
ROE 10.5 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 3.31 times its book value
The company has delivered a poor sales growth of 11.6% over past five years.
Company has a low return on equity of 9.47% over last 3 years.
Working capital days have increased from 32.7 days to 69.7 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tyres Industry: Tyres

Part of BSE 500 BSE 200 Nifty 500 BSE Auto BSE MidCap Nifty Midcap 100 Nifty Midcap 50 Nifty Auto Nifty 200 BSE Allcap BSE Consumer Discretionary BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE Low Volatility Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty India Manufacturing Nifty Total Market Nifty Alpha Low-Volatility 30 Nifty500 Multicap India Manufacturing 50:30:20 Nifty500 Multicap Infrastructure 50:30:20

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	5,200	5,599	5,719	5,535	5,725	6,323	6,088	6,048	6,215	7,078	6,760	6,883	6,944
	4,673	5,121	5,252	4,986	4,882	5,209	4,959	5,008	5,330	5,940	5,787	6,081	5,901
Operating Profit	528	478	467	549	843	1,114	1,129	1,039	886	1,138	973	802	1,043
OPM %	10%	9%	8%	10%	15%	18%	19%	17%	14%	16%	14%	12%	15%
	65	34	76	70	148	74	70	77	92	83	112	97	111
Interest	66	64	70	80	84	78	75	78	86	75	67	71	78
Depreciation	310	297	308	315	328	332	350	359	384	394	408	414	431
Profit before tax	217	152	165	224	579	778	773	679	508	751	611	413	645
Tax %	28%	26%	25%	24%	29%	25%	26%	25%	25%	25%	25%	26%	23%
	157	112	124	169	411	581	572	508	380	563	455	307	498
EPS in Rs	369.67	264.93	292.35	399.00	968.29	1,370.99	1,348.54	1,197.85	894.93	1,326.42	1,073.85	723.21	1,173.87
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016 18m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	12,131	13,197	19,887	13,252	14,775	15,836	15,989	15,921	18,989	22,578	24,673	27,665
	10,364	11,266	15,509	10,652	12,546	13,580	13,659	13,015	16,967	20,227	20,489	23,709
Operating Profit	1,767	1,931	4,378	2,600	2,229	2,256	2,330	2,906	2,022	2,351	4,185	3,956
OPM %	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	14%
	29	63	315	325	327	412	330	202	313	321	302	403
Interest	196	232	352	250	250	253	281	271	255	304	323	291
Depreciation	373	423	735	609	705	806	981	1,137	1,201	1,249	1,425	1,647
Profit before tax	1,227	1,339	3,606	2,066	1,602	1,609	1,399	1,700	879	1,119	2,739	2,420
Tax %	35%	33%	31%	30%	32%	32%	0%	27%	26%	27%	25%	25%
	802	898	2,474	1,451	1,092	1,097	1,395	1,249	647	816	2,041	1,823
EPS in Rs	1,891.51	2,117.12	5,833.16	3,421.47	2,575.46	2,586.29	3,289.19	2,945.13	1,526.35	1,924.57	4,812.31	4,297.35
Dividend Payout %	2%	2%	2%	2%	2%	2%	3%	5%	10%	9%	4%	5%

Compounded Sales Growth
10 Years:	8%
5 Years:	12%
3 Years:	13%
TTM:	12%

Compounded Profit Growth
10 Years:	7%
5 Years:	6%
3 Years:	51%
TTM:	-6%

Stock Price CAGR
10 Years:	15%
5 Years:	20%
3 Years:	24%
1 Year:	8%

Return on Equity
10 Years:	12%
5 Years:	9%
3 Years:	9%
Last Year:	11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	4
Reserves	3,641	4,513	7,157	8,540	9,600	10,649	12,000	13,175	13,773	14,505	16,436	18,172
	1,599	1,903	2,067	2,072	1,701	1,868	1,365	1,120	2,415	2,561	2,377	2,453
	3,013	3,377	3,942	4,309	4,997	5,707	5,785	7,961	6,501	6,954	7,597	8,468
Total Liabilities	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	29,096
	2,970	3,429	4,594	5,488	6,075	6,768	8,849	9,391	9,466	10,050	11,977	13,129
CWIP	359	627	1,058	847	1,079	1,403	1,735	1,001	1,226	3,045	2,363	1,166
Investments	906	1,088	3,147	3,394	4,146	3,848	1,540	5,876	3,665	3,106	3,404	4,559
	4,023	4,654	4,370	5,196	5,001	6,209	7,030	5,991	8,336	7,823	8,671	10,242
Total Assets	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	29,096

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,476	1,687	3,407	1,790	2,529	1,380	2,079	4,687	-657	2,417	3,227	2,639
	-937	-1,785	-3,406	-1,394	-1,970	-1,310	-168	-5,063	177	-1,927	-2,315	-2,107
	-313	67	-179	-295	-639	-112	-864	-625	491	-457	-823	-523
Net Cash Flow	226	-31	-178	101	-80	-41	1,047	-1,001	10	33	89	8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	47	47	34	54	53	54	52	51	44	39	42	44
Inventory Days	83	78	61	116	87	112	110	114	119	97	107	114
Days Payable	47	50	50	82	80	88	90	168	81	66	72	82
Cash Conversion Cycle	83	76	45	89	60	78	71	-3	82	70	77	75
Working Capital Days	50	47	10	19	5	11	9	-42	33	11	17	70
ROCE %	29%	27%	50%	23%	17%	16%	13%	14%	6%	7%	16%	14%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	27.94%	27.87%	27.88%	27.85%	27.77%	27.75%	27.76%	27.78%	27.77%	27.76%	27.80%	27.78%
	16.05%	16.46%	18.22%	18.05%	18.77%	19.58%	19.41%	19.75%	19.08%	18.68%	18.20%	17.54%
	12.46%	12.49%	11.37%	11.65%	11.71%	11.19%	11.45%	10.57%	10.74%	11.68%	12.00%	12.22%
	43.55%	43.18%	42.53%	42.45%	41.75%	41.48%	41.39%	41.92%	42.41%	41.88%	42.02%	42.46%
No. of Shareholders	56,544	48,377	41,881	43,500	37,938	37,504	37,584	47,663	57,325	48,576	52,964	61,320

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	27.37%	27.54%	27.74%	27.88%	27.84%	27.95%	27.85%	27.78%	27.78%
	10.07%	7.99%	6.11%	5.24%	13.48%	15.54%	18.05%	19.75%	17.54%
	10.52%	13.46%	15.37%	17.77%	14.28%	11.73%	11.65%	10.57%	12.22%
	52.04%	51.01%	50.79%	49.11%	44.40%	44.79%	42.45%	41.92%	42.46%
No. of Shareholders	38,782	46,283	61,429	63,243	50,630	66,786	43,500	47,663	61,320

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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MRF Ltd

MRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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