MRF Ltd

₹ 1,39,894 -0.25%

19 May 11:05 a.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 ₹ 59,331 Cr.
Current Price ₹ 1,39,894
High / Low ₹ 1,43,850 / 1,00,500
Stock P/E 31.8
Book Value ₹ 43,594
Dividend Yield 0.14 %
ROCE 13.6 %
ROE 10.6 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 3.20 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 9.52% over last 3 years.
Working capital days have increased from 43.4 days to 86.9 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	5,305	5,696	5,826	5,645	5,842	6,440	6,217	6,162	6,349	7,196	6,881	7,001	7,075
	4,765	5,203	5,346	5,083	4,988	5,310	5,060	5,108	5,437	6,037	5,870	6,166	5,996
Operating Profit	540	493	481	562	854	1,130	1,157	1,055	912	1,160	1,011	835	1,079
OPM %	10%	9%	8%	10%	15%	18%	19%	17%	14%	16%	15%	12%	15%
	66	34	77	71	70	75	71	78	94	84	113	98	113
Interest	67	66	75	86	92	84	86	90	93	85	84	94	98
Depreciation	311	298	309	316	330	333	351	360	385	396	410	415	433
Profit before tax	228	164	174	231	501	787	791	682	527	763	631	424	661
Tax %	28%	25%	25%	24%	32%	25%	26%	25%	25%	25%	25%	26%	22%
	165	124	130	175	341	589	587	510	396	571	471	315	512
EPS in Rs	389.52	291.43	306.19	412.23	803.19	1,388.20	1,383.27	1,201.83	933.96	1,346.40	1,109.85	743.79	1,207.49
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	12,248	13,329	20,179	13,412	14,954	16,062	16,237	16,162	19,317	23,008	25,169	28,153
	10,468	11,384	15,743	10,763	12,665	13,744	13,855	13,208	17,256	20,604	20,896	24,069
Operating Profit	1,780	1,945	4,437	2,649	2,288	2,317	2,382	2,954	2,061	2,404	4,272	4,084
OPM %	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	15%
	25	63	317	327	330	416	335	205	315	245	306	408
Interest	196	232	361	257	259	273	301	282	263	326	361	360
Depreciation	374	424	737	611	707	808	982	1,141	1,205	1,253	1,430	1,654
Profit before tax	1,235	1,353	3,656	2,109	1,653	1,652	1,434	1,737	908	1,070	2,787	2,479
Tax %	35%	33%	31%	30%	32%	32%	1%	26%	26%	28%	25%	25%
	809	908	2,509	1,486	1,132	1,131	1,423	1,277	669	769	2,081	1,869
EPS in Rs	1,906.58	2,141.71	5,916.93	3,504.33	2,668.20	2,665.82	3,354.22	3,011.15	1,577.96	1,813.04	4,907.26	4,407.54
Dividend Payout %	2%	2%	2%	2%	2%	2%	3%	5%	10%	10%	4%	5%

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

Compounded Profit Growth
10 Years:	8%
5 Years:	6%
3 Years:	50%
TTM:	-5%

Stock Price CAGR
10 Years:	15%
5 Years:	20%
3 Years:	24%
1 Year:	9%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	3,651	4,535	7,220	8,637	9,734	10,833	12,210	13,409	14,028	14,703	16,699	18,484
	1,599	1,903	2,464	2,333	2,163	2,506	1,854	2,388	3,229	3,014	2,822	3,771
	3,023	3,391	3,566	4,075	4,577	5,098	5,373	6,780	5,799	6,648	7,325	7,307
Total Liabilities	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567
	2,974	3,436	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	12,046	13,221
CWIP	359	628	1,059	848	1,079	1,403	1,741	1,002	1,233	3,046	2,385	1,169
Investments	904	1,081	3,138	3,382	4,145	3,855	1,519	5,874	3,656	3,085	3,383	4,548
	4,041	4,688	4,448	5,316	5,162	6,397	7,312	6,265	8,648	8,120	9,036	10,629
Total Assets	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,499	1,699	3,043	1,956	2,413	1,253	2,271	4,325	-578	2,755	3,300	1,868
	-959	-1,791	-3,408	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922	-2,378	-2,082
	-313	67	212	-438	-453	42	-1,032	-250	424	-840	-868	282
Net Cash Flow	228	-24	-152	125	-53	-91	1,077	-1,012	14	-6	55	67

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	46	47	33	54	52	54	52	48	44	40	42	44
Inventory Days	83	79	62	118	88	113	110	115	120	98	108	115
Days Payable	47	50	36	69	63	64	72	129	60	58	64	57
Cash Conversion Cycle	83	76	58	103	78	102	90	34	104	80	86	101
Working Capital Days	50	47	17	27	16	26	21	-13	49	19	24	87
ROCE %	29%	27%	49%	23%	17%	15%	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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