MRF Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automobile Tyres: 91.5% • Automobile Tubes: 5.5% • Speciality Coating: 1.6%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has consistently been profitable over the last 5 years
- Operating margins have improved to 15.5% from 11.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.53x)
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (9.6x coverage)
- Company generates healthy free cash flow
CONS
- Though reporting repeated profits, the company pays out little dividend (4.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MRF | 128442.20 | 22.56 | 54474.17 | 0.18 | 495.35 | -1.02 | 8415.50 | 9.64 | 16.04 | 11.77 |
| BALKRISIND | 2165.45 | 29.78 | 41861.87 | 0.74 | 450.77 | 56.35 | 3455.27 | 25.19 | 12.38 | 21.54 |
| APOLLOTYRE | 417.55 | 15.52 | 26518.64 | 1.44 | 348.87 | 2609.05 | 7397.79 | 12.76 | 9.22 | 11.73 |
| CEATLTD | 3280.45 | 22.51 | 13269.45 | 1.07 | 4.00 | -96.44 | 4318.00 | 22.34 | 18.60 | 8.57 |
| JKTYRE | 354.25 | 15.68 | 10212.66 | 1.13 | 44.09 | -73.01 | 3946.24 | 2.00 | 14.30 | 6.58 |
| TVSSRICHAK | 5144.15 | 42.64 | 3938.90 | 0.73 | 34.02 | 165.16 | 1067.61 | 30.29 | 4.80 | 7.57 |
| GOODYEAR | 725.45 | 31.05 | 1673.36 | 3.65 | 6.51 | -53.86 | 774.35 | 18.00 | 14.67 | 1.30 |
| TOLINS | 89.49 | 10.86 | 353.56 | 0.00 | 6.19 | -33.46 | 79.27 | -11.67 | 21.30 | 11.24 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,440 | 6,217 | 6,162 | 6,349 | 7,196 | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 | 8,416 | |
| 5,310 | 5,060 | 5,108 | 5,437 | 6,037 | 5,870 | 6,166 | 6,000 | 6,604 | 6,253 | 6,651 | 6,739 | 7,961 | |
| Operating Profit | 1,130 | 1,157 | 1,055 | 912 | 1,160 | 1,011 | 835 | 1,074 | 1,071 | 1,126 | 1,399 | 1,305 | 455 |
| OPM % | 17.54% | 18.61% | 17.12% | 14.36% | 16.11% | 14.70% | 11.92% | 15.19% | 13.96% | 15.26% | 17.38% | 16.22% | 5.40% |
| 75 | 71 | 78 | 94 | 84 | 113 | 98 | 115 | 126 | 108 | 47 | 153 | 195 | |
| Interest | 84 | 86 | 90 | 93 | 85 | 84 | 94 | 98 | 98 | 90 | 91 | 86 | 88 |
| Depreciation | 333 | 351 | 360 | 385 | 396 | 410 | 415 | 433 | 429 | 445 | 438 | 442 | 448 |
| Profit before Tax | 787 | 791 | 682 | 527 | 763 | 631 | 424 | 659 | 670 | 699 | 917 | 930 | 650 |
| Tax % | 25.20% | 25.80% | 25.31% | 24.89% | 25.15% | 25.43% | 25.63% | 22.55% | 25.36% | 24.76% | 24.58% | 24.47% | 23.76% |
| Net Profit | 0 | 0 | 0 | 0 | 571 | 471 | 315 | 512 | 500 | 526 | 692 | 702 | 495 |
| 1388.19 | 1383.26 | 1201.81 | 933.97 | 1346.38 | 1109.85 | 743.80 | 1203.68 | 1180.04 | 1239.38 | 1631.23 | 1655.80 | 1167.97 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,412 | 14,954 | 16,062 | 16,239 | 16,163 | 19,317 | 23,008 | 25,169 | 28,153 | 31,149 | 31,889 | |
| 10,767 | 12,667 | 13,751 | 13,857 | 13,214 | 17,258 | 20,612 | 20,908 | 24,065 | 26,240 | 27,604 | |
| Operating Profit | 2,646 | 2,287 | 2,311 | 2,382 | 2,949 | 2,059 | 2,397 | 4,262 | 4,088 | 4,909 | 4,285 |
| OPM % | 19.72% | 15.30% | 14.39% | 14.67% | 18.25% | 10.66% | 10.42% | 16.93% | 14.52% | 15.76% | 13.44% |
| 331 | 331 | 422 | 335 | 210 | 317 | 253 | 317 | 417 | 441 | 504 | |
| Interest | 257 | 259 | 273 | 301 | 282 | 263 | 326 | 361 | 368 | 374 | 356 |
| Depreciation | 611 | 707 | 808 | 982 | 1,141 | 1,205 | 1,253 | 1,430 | 1,654 | 1,754 | 1,773 |
| Profit before Tax | 2,109 | 1,653 | 1,652 | 1,434 | 1,737 | 908 | 1,070 | 2,787 | 2,483 | 3,222 | 3,195 |
| Tax % | 29.54% | 31.53% | 31.57% | 0.81% | 26.47% | 26.29% | 28.12% | 25.33% | 24.56% | 24.71% | 24.42% |
| Net Profit | 1,486 | 1,132 | 1,131 | 1,423 | 1,277 | 669 | 769 | 2,081 | 1,873 | 2,426 | 2,415 |
| EPS | 3504.29 | 2668.17 | 2665.82 | 3354.20 | 3011.14 | 1577.97 | 1813.04 | 4908.54 | 4418.11 | 5721.91 | — |
| Dividend Payout % | 1.71% | 2.25% | 2.25% | 2.98% | 4.98% | 9.50% | 9.65% | 4.07% | 5.32% | 4.11% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 14%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- 14%
- 3 Years:
- 47%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 10%
- 3 Years:
- 6%
- 1 Year:
- -12%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 9%
- 3 Years:
- 12%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 8,637 | 9,734 | 10,833 | 12,210 | 13,409 | 14,028 | 14,703 | 16,699 | 18,606 | 20,970 | |
| 2,100 | 2,069 | 2,179 | 2,088 | 2,224 | 3,157 | 3,017 | 2,960 | 3,547 | 3,099 | |
| Trade Payables | 1,408 | 1,569 | 1,709 | 1,905 | 3,306 | 2,057 | 2,436 | 2,653 | 2,822 | 3,211 |
| 2,899 | 3,103 | 3,716 | 3,234 | 3,638 | 3,814 | 4,209 | 4,533 | 4,710 | 4,669 | |
| Total Liabilities | 15,048 | 16,478 | 18,441 | 19,442 | 22,582 | 23,060 | 24,369 | 26,849 | 29,689 | 31,954 |
| 5,502 | 6,092 | 6,786 | 8,870 | 9,441 | 9,522 | 10,118 | 12,046 | 13,223 | 12,966 | |
| Capital Work in Progress | 848 | 1,079 | 1,403 | 1,741 | 1,002 | 1,233 | 3,046 | 2,385 | 1,169 | 1,034 |
| 3,382 | 4,145 | 3,855 | 1,519 | 5,874 | 3,656 | 3,085 | 3,383 | 4,548 | 3,398 | |
| 2,425 | 2,197 | 2,993 | 2,905 | 2,939 | 4,130 | 4,141 | 4,469 | 5,625 | 5,417 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,912 | 3,370 | 3,542 | |
| Cash & Bank | 343 | 233 | 104 | 1,181 | 169 | 256 | 258 | 345 | 487 | 2,183 |
| 2,548 | 2,732 | 3,299 | 3,226 | 3,157 | 4,263 | 3,721 | 1,310 | 1,268 | 3,414 | |
| Total Assets | 15,048 | 16,478 | 18,441 | 19,442 | 22,582 | 23,060 | 24,369 | 26,849 | 29,689 | 31,954 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,366 | 2,888 | 1,668 | 2,713 | 4,841 | -365 | 3,083 | 3,303 | 1,865 | 4,590 | |
| Cash from Investing | -1,393 | -2,014 | -1,386 | -164 | -5,086 | 168 | -1,923 | -2,382 | -2,077 | -3,536 |
| Cash from Financing | -438 | -453 | 42 | -1,032 | -250 | 424 | -840 | -868 | 282 | -1,120 |
| 125 | -53 | -91 | 1,075 | -1,011 | 13 | -8 | 53 | 69 | -66 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-17 - MRF Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-11 - MRF Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "Press release on Unaudited Financial Results for the quarter ended 30th June, 2026".
2026-08-11 - MRF Limited has informed the Exchange regarding Appointment of Mr. Santhosh Mathew, Senior General Manager - HRS, Head of the Human Resources & Services function as Senior Management Personnel of the Company.
2026-08-11 - MRF Limited has informed the Exchange regarding Appointment of Mr. Prasanth Puliakottu, Senior General Manager - ITS, Head of the Information Technology Services function as as Senior Management Personnel of the Company.
2026-08-11 - MRF Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07 - MRF Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-06 - MRF Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026
2026-07-15 - MRF Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015'.
2026-07-15 - MRF Limited has informed the Exchange about Copy of Newspaper Publication
News
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MRF Ltd.
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