MRF Ltd

₹ 1,29,633 0.86%

25 Apr - 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
Products: The Co manufactures tyres (flagship) for Passenger cars, Two-wheelers, Three Wheelers, OTR, Trucks, Farm tractors, LCVs, Tubes & flaps, SCV, Pick up cars, MCV and ICV.
It also manufactures Sports goods, Paints & Coats and Pretreads. It also manufactures Puzzles, games, and toys for kids through its brand Funskool.
Services: T&S, Tiretok, Tyredrome, MRF Fasst, Muscle Zone, and Midd. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 54,964 Cr.
Current Price ₹ 1,29,633
High / Low ₹ 1,51,445 / 87,200
Stock P/E 27.3
Book Value ₹ 36,754
Dividend Yield 0.13 %
ROCE 7.49 %
ROE 4.86 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 3.53 times its book value
The company has delivered a poor sales growth of 8.85% over past five years.
Company has a low return on equity of 6.15% over last 3 years.
Dividend payout has been low at 8.00% of profits 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

Sector: Tyres Industry: Tyres

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	4,567	4,738	4,128	4,832	4,830	5,200	5,599	5,719	5,535	5,725	6,323	6,088	6,048
	3,604	3,992	3,640	4,319	4,344	4,673	5,121	5,252	4,986	4,882	5,209	4,959	5,008
Operating Profit	963	746	487	512	486	528	478	467	549	843	1,114	1,129	1,039
OPM %	21%	16%	12%	11%	10%	10%	9%	8%	10%	15%	18%	19%	17%
	63	57	92	89	69	65	34	76	70	148	74	70	77
Interest	64	75	62	57	63	66	64	70	80	84	78	75	78
Depreciation	283	297	301	296	295	310	297	308	315	328	332	350	359
Profit before tax	680	431	217	249	197	217	152	165	224	579	778	773	679
Tax %	25%	26%	26%	26%	26%	28%	26%	25%	24%	29%	25%	26%	25%
	512	317	161	183	146	157	112	124	169	411	581	572	508
EPS in Rs	1,206.57	748.06	380.40	432.39	343.90	369.67	264.93	292.35	399.00	968.29	1,370.99	1,348.54	1,197.85
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Upcoming result date: 3 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	9,743	11,867	12,131	13,197	19,887	13,252	14,775	15,836	15,989	15,921	18,989	22,578	24,184
	8,934	10,606	10,364	11,266	15,509	10,652	12,546	13,580	13,659	13,015	16,967	20,227	20,059
Operating Profit	809	1,261	1,767	1,931	4,378	2,600	2,229	2,256	2,330	2,906	2,022	2,351	4,125
OPM %	8%	11%	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%
	430	32	29	63	315	325	327	412	330	202	313	321	368
Interest	98	159	196	232	352	250	250	253	281	271	255	304	314
Depreciation	248	301	373	423	735	609	705	806	981	1,137	1,201	1,249	1,369
Profit before tax	894	833	1,227	1,339	3,606	2,066	1,602	1,609	1,399	1,700	879	1,119	2,810
Tax %	31%	31%	35%	33%	31%	30%	32%	32%	0%	27%	26%	27%
	619	572	802	898	2,474	1,451	1,092	1,097	1,395	1,249	647	816	2,072
EPS in Rs	1,460.52	1,349.56	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	4,885.67
Dividend Payout %	2%	2%	2%	2%	2%	2%	2%	2%	3%	5%	10%	9%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	12%
TTM:	10%

Compounded Profit Growth
10 Years:	2%
5 Years:	-9%
3 Years:	-21%
TTM:	258%

Stock Price CAGR
10 Years:	20%
5 Years:	19%
3 Years:	18%
1 Year:	48%

Return on Equity
10 Years:	13%
5 Years:	8%
3 Years:	6%
Last Year:	5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	4	4
Reserves	2,294	2,854	3,641	4,513	7,157	8,540	9,600	10,649	12,000	13,175	13,773	14,505	15,584
	1,600	1,708	1,599	1,903	2,067	2,072	1,701	1,868	1,365	1,120	2,415	2,561	2,288
	2,438	2,647	3,013	3,377	3,942	4,309	4,997	5,707	5,785	7,961	6,501	6,954	7,494
Total Liabilities	6,336	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	25,370
	1,971	2,914	2,970	3,429	4,594	5,488	6,075	6,768	8,849	9,391	9,466	10,050	10,915
CWIP	1,042	415	359	627	1,058	847	1,079	1,403	1,735	1,001	1,226	3,045	3,159
Investments	73	425	906	1,088	3,147	3,394	4,146	3,848	1,540	5,876	3,665	3,106	3,229
	3,250	3,459	4,023	4,654	4,370	5,196	5,001	6,209	7,030	5,991	8,336	7,823	8,067
Total Assets	6,336	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	25,370

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	634	1,023	1,476	1,687	3,407	1,790	2,529	1,380	2,079	4,687	-657	2,417
	-1,111	-966	-937	-1,785	-3,406	-1,394	-1,970	-1,310	-168	-5,063	177	-1,927
	486	-51	-313	67	-179	-295	-639	-112	-864	-625	491	-457
Net Cash Flow	9	5	226	-31	-178	101	-80	-41	1,047	-1,001	10	33

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	49	45	47	47	34	54	53	54	52	51	44	39
Inventory Days	78	72	83	78	61	116	87	112	110	114	119	97
Days Payable	52	41	47	50	50	82	80	88	90	168	81	66
Cash Conversion Cycle	75	76	83	76	45	89	60	78	71	-3	82	70
Working Capital Days	50	54	50	47	10	19	5	11	9	-42	33	11
ROCE %	17%	23%	29%	27%	50%	23%	17%	16%	13%	14%	6%	7%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	27.82%	27.84%	27.90%	27.95%	27.94%	27.87%	27.88%	27.85%	27.77%	27.75%	27.76%	27.78%
	14.07%	14.77%	14.58%	15.54%	16.05%	16.46%	18.22%	18.05%	18.77%	19.58%	19.41%	19.75%
	13.65%	12.96%	12.91%	11.73%	12.46%	12.49%	11.37%	11.65%	11.71%	11.19%	11.45%	10.57%
	44.46%	44.43%	44.61%	44.79%	43.55%	43.18%	42.53%	42.45%	41.75%	41.48%	41.39%	41.92%
No. of Shareholders	55,803	54,446	62,406	66,786	56,544	48,377	41,881	43,500	37,938	37,504	37,584	47,663

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

* 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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