MRF Ltd

₹ 1,29,965 -0.28%

07 May - close price

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 ₹ 55,107 Cr.
Current Price ₹ 1,29,965
High / Low ₹ 1,63,600 / 1,23,430
Stock P/E 22.9
Book Value ₹ 48,223
Dividend Yield 0.18 %
ROCE 16.3 %
ROE 12.4 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Company has a low return on equity of 12.0% over last 3 years.

* 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

Consumer Discretionary Automobile and Auto Components Auto Components Tyres & Rubber Products

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE Auto Nifty Midcap 100 Nifty 200 Nifty Low Volatility 50 BSE Consumer Discretionary BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty India Manufacturing Nifty Total Market Nifty500 Shariah Nifty Midcap150 Momentum 50 BSE 200 Equal Weight Nifty Midsmallcap400 Momentum Quality 100 NIFTY Mobility Nifty Transportation & Logistics Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multifactor MQVLv50 BSE India 150 Nifty500 Low Volatility 50 BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	5,725	6,323	6,088	6,048	6,215	7,078	6,760	6,883	6,944	7,560	7,250	7,934	7,908
	4,882	5,209	4,959	5,008	5,330	5,940	5,787	6,081	5,901	6,526	6,160	6,569	6,645
Operating Profit	843	1,114	1,129	1,039	886	1,138	973	802	1,043	1,034	1,090	1,364	1,263
OPM %	15%	18%	19%	17%	14%	16%	14%	12%	15%	14%	15%	17%	16%
	148	74	70	77	92	83	112	97	111	125	107	46	148
Interest	84	78	75	78	86	75	67	71	78	82	71	74	71
Depreciation	328	332	350	359	384	394	408	414	431	427	443	436	441
Profit before tax	579	778	773	679	508	751	611	413	645	651	682	901	900
Tax %	29%	25%	26%	25%	25%	25%	25%	26%	23%	26%	25%	25%	24%
	411	581	572	508	380	563	455	307	498	484	512	679	680
EPS in Rs	968.29	1,370.99	1,348.54	1,197.85	894.93	1,326.42	1,073.85	723.21	1,173.87	1,141.76	1,206.27	1,601.33	1,604.40
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	13,197	19,887	13,252	14,775	15,836	15,989	15,921	18,989	22,578	24,673	27,665	30,652
	11,266	15,509	10,652	12,546	13,580	13,659	13,015	16,967	20,227	20,489	23,702	25,900
Operating Profit	1,931	4,378	2,600	2,229	2,256	2,330	2,906	2,022	2,351	4,185	3,963	4,752
OPM %	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	14%	16%
	63	315	325	327	412	330	202	313	321	302	401	426
Interest	232	352	250	250	253	281	271	255	304	323	297	297
Depreciation	423	735	609	705	806	981	1,137	1,201	1,249	1,425	1,647	1,747
Profit before tax	1,339	3,606	2,066	1,602	1,609	1,399	1,700	879	1,119	2,739	2,420	3,133
Tax %	33%	31%	30%	32%	32%	0%	27%	26%	27%	25%	25%	25%
	898	2,474	1,451	1,092	1,097	1,395	1,249	647	816	2,041	1,823	2,355
EPS in Rs	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	5,553.75
Dividend Payout %	2%	2%	2%	2%	2%	3%	5%	10%	9%	4%	5%	4%

Compounded Sales Growth
10 Years:	4%
5 Years:	14%
3 Years:	11%
TTM:	11%

Compounded Profit Growth
10 Years:	0%
5 Years:	14%
3 Years:	52%
TTM:	32%

Stock Price CAGR
10 Years:	14%
5 Years:	11%
3 Years:	10%
1 Year:	-7%

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	4,513	7,157	8,540	9,600	10,649	12,000	13,175	13,773	14,505	16,436	18,172	20,448
	1,903	2,067	2,072	1,701	1,868	1,365	1,120	2,415	2,561	2,377	2,453	1,690
	3,377	3,942	4,309	4,997	5,707	5,785	7,961	6,501	6,954	7,597	8,468	9,155
Total Liabilities	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	29,096	31,296
	3,429	4,594	5,488	6,075	6,768	8,849	9,391	9,466	10,050	11,977	13,129	12,871
CWIP	627	1,058	847	1,079	1,403	1,735	1,001	1,226	3,045	2,363	1,166	1,033
Investments	1,088	3,147	3,394	4,146	3,848	1,540	5,876	3,665	3,106	3,404	4,559	3,347
	4,654	4,370	5,196	5,001	6,209	7,030	5,991	8,336	7,823	8,671	10,242	14,045
Total Assets	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	29,096	31,296

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,687	3,407	1,790	2,529	1,380	2,079	4,687	-657	2,417	3,230	2,639	4,639
	-1,785	-3,406	-1,394	-1,970	-1,310	-168	-5,063	177	-1,927	-2,318	-2,107	-3,369
	67	-179	-295	-639	-112	-864	-625	491	-457	-823	-523	-1,250
Net Cash Flow	-31	-178	101	-80	-41	1,047	-1,001	10	33	89	8	20
Free Cash Flow	445	1,107	427	1,002	-580	-651	3,845	-2,346	-863	1,095	1,353	3,219
CFO/OP	108%	104%	84%	134%	79%	108%	179%	-22%	117%	94%	81%	112%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	34	54	53	54	52	51	44	39	42	44	41
Inventory Days	78	61	116	87	112	110	114	119	97	107	114	101
Days Payable	50	50	82	80	88	90	168	81	66	72	82	87
Cash Conversion Cycle	76	45	89	60	78	71	-3	82	70	77	75	55
Working Capital Days	30	1	3	-1	1	4	-43	9	-8	2	7	41
ROCE %	27%	50%	23%	17%	16%	13%	14%	6%	7%	17%	14%	16%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Number of Manufacturing Plants
Number

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Active Dealer Network
Number

National Locations (Offices/Depots)
Number

Estimated Market Share in Domestic Tyre Industry (Total Units Sold)
%

Installed Tubes Manufacturing Capacity
Million Units

Installed Tyre Manufacturing Capacity
Million Units

Channel Mix - Exports
% of Revenue

Channel Mix - OEM
% of Revenue

Channel Mix - Replacement Market
% of Revenue

Average Realization Increase (Tyres and Tubes)
%

Growth in Total Units Sold (Tyres and Tubes)
%

Product Mix - 2-Wheeler and 3-Wheeler
% of Revenue

Product Mix - Passenger Car
% of Revenue

Product Mix - Truck and Bus
% of Revenue

Volume Growth - Export Segment
%

Volume Growth - OEM Segment
%

Volume Growth - Replacement Segment
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	27.77%	27.75%	27.76%	27.78%	27.77%	27.76%	27.80%	27.78%	27.78%	27.75%	27.73%	27.77%
	18.77%	19.58%	19.41%	19.75%	19.08%	18.68%	18.20%	17.54%	18.67%	18.27%	18.18%	17.98%
	11.71%	11.19%	11.45%	10.57%	10.74%	11.68%	12.00%	12.22%	11.66%	12.38%	12.50%	12.25%
	41.75%	41.48%	41.39%	41.92%	42.41%	41.88%	42.02%	42.46%	41.88%	41.60%	41.58%	41.98%
No. of Shareholders	37,938	37,504	37,584	47,663	57,325	48,576	52,964	61,320	50,253	48,074	49,218	58,110

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	27.37%	27.54%	27.74%	27.88%	27.84%	27.95%	27.85%	27.78%	27.78%	27.77%
	10.07%	7.99%	6.11%	5.24%	13.48%	15.54%	18.05%	19.75%	17.54%	17.98%
	10.52%	13.46%	15.37%	17.77%	14.28%	11.73%	11.65%	10.57%	12.22%	12.25%
	52.04%	51.01%	50.79%	49.11%	44.40%	44.79%	42.45%	41.92%	42.46%	41.98%
No. of Shareholders	38,782	46,283	61,429	63,243	50,630	66,786	43,500	47,663	61,320	58,110

* 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

Insights

Shareholding Pattern

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