MRF Ltd

₹ 1,27,160 -1.16%

26 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 ₹ 53,927 Cr.
Current Price ₹ 1,27,160
High / Low ₹ 1,63,600 / 1,23,430
Stock P/E 21.8
Book Value ₹ 49,455
Dividend Yield 0.18 %
ROCE 15.7 %
ROE 12.5 %
Face Value ₹ 10.0

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Pros

Cons

Company has a low return on equity of 12.1% 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	5,842	6,440	6,217	6,162	6,349	7,196	6,881	7,001	7,075	7,676	7,379	8,050	8,044
	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%
	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
Profit before tax	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%
	341	589	587	510	396	571	471	315	510	500	526	695	702
EPS in Rs	803.19	1,388.20	1,383.27	1,201.83	933.96	1,346.40	1,109.85	743.79	1,203.70	1,180.05	1,239.40	1,637.78	1,655.82
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	13,329	20,179	13,412	14,954	16,062	16,237	16,162	19,317	23,008	25,169	28,152	31,149
	11,384	15,743	10,763	12,665	13,744	13,855	13,208	17,256	20,604	20,896	24,058	26,248
Operating Profit	1,945	4,437	2,649	2,288	2,317	2,382	2,954	2,061	2,404	4,272	4,095	4,901
OPM %	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	15%	16%
	63	317	327	330	416	335	205	315	245	306	406	441
Interest	232	361	257	259	273	301	282	263	326	361	368	366
Depreciation	424	737	611	707	808	982	1,141	1,205	1,253	1,430	1,654	1,754
Profit before tax	1,353	3,656	2,109	1,653	1,652	1,434	1,737	908	1,070	2,787	2,479	3,222
Tax %	33%	31%	30%	32%	32%	1%	26%	26%	28%	25%	25%	25%
	908	2,509	1,486	1,132	1,131	1,423	1,277	669	769	2,081	1,869	2,426
EPS in Rs	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	5,720.45
Dividend Payout %	2%	2%	2%	2%	2%	3%	5%	10%	10%	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:	9%
3 Years:	9%
1 Year:	-13%

Return on Equity
10 Years:	11%
5 Years:	9%
3 Years:	12%
Last Year:	13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	18,484	20,970
	1,903	2,464	2,333	2,163	2,506	1,854	2,388	3,229	3,014	2,822	3,771	3,207
	3,391	3,566	4,075	4,577	5,098	5,373	6,780	5,799	6,648	7,325	7,307	7,772
Total Liabilities	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567	31,954
	3,436	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	12,046	13,221	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
	4,688	4,448	5,316	5,162	6,397	7,312	6,265	8,648	8,120	9,036	10,629	14,555
Total Assets	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567	31,954

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,699	3,043	1,956	2,413	1,253	2,271	4,325	-578	2,755	3,303	1,868	4,590
	-1,791	-3,408	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922	-2,381	-2,082	-3,536
	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	14	-6	55	68	-66
Free Cash Flow	454	737	590	849	-710	-479	3,473	-2,283	-535	1,141	573	3,164
CFO/OP	109%	95%	89%	126%	72%	114%	164%	-18%	128%	94%	60%	108%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	43
ROCE %	27%	49%	23%	17%	15%	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 ・Standalone data

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Active Dealer Network
Number ・Standalone data

National Locations (Offices/Depots)
Number ・Standalone data

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

Installed Tubes Manufacturing Capacity
Million Units ・Standalone data

Installed Tyre Manufacturing Capacity
Million Units ・Standalone data

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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