MRF Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automobile Tyres: 93.0% • Automobile Tubes: 5.6% • Others: 1.5%
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 is almost debt free
- Operating margins have improved to 15.2% from 11.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.69x)
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (11.3x coverage)
- Company generates healthy free cash flow
CONS
- Though reporting repeated profits, the company pays out little dividend (4.2%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MRF | 128210.50 | 22.52 | 54375.91 | 0.18 | 495.35 | -1.02 | 8415.50 | 9.64 | 16.04 | 11.77 |
| BALKRISIND | 2194.50 | 30.18 | 42423.46 | 0.73 | 450.77 | 56.35 | 3455.27 | 25.19 | 12.38 | 21.54 |
| APOLLOTYRE | 419.40 | 15.59 | 26636.13 | 1.43 | 348.87 | 2609.05 | 7397.79 | 12.76 | 9.22 | 11.73 |
| CEATLTD | 3294.20 | 22.60 | 13325.07 | 1.06 | 4.00 | -96.44 | 4318.00 | 22.34 | 18.60 | 8.57 |
| JKTYRE | 357.60 | 15.83 | 10309.23 | 1.12 | 44.09 | -73.01 | 3946.24 | 2.00 | 14.30 | 6.58 |
| TVSSRICHAK | 5221.35 | 43.28 | 3998.01 | 0.72 | 34.02 | 165.16 | 1067.61 | 30.29 | 4.80 | 7.57 |
| GOODYEAR | 724.95 | 31.02 | 1672.21 | 3.66 | 6.51 | -53.86 | 774.35 | 18.00 | 14.67 | 1.30 |
| TOLINS | 91.05 | 11.04 | 359.73 | 0.00 | 6.19 | -33.46 | 79.27 | -11.67 | 21.30 | 11.24 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,323 | 6,088 | 6,048 | 6,215 | 7,078 | 6,760 | 6,883 | 6,944 | 7,560 | 7,250 | 7,934 | 7,908 | 8,292 | |
| 5,209 | 4,959 | 5,008 | 5,330 | 5,940 | 5,787 | 6,081 | 5,901 | 6,526 | 6,160 | 6,569 | 6,645 | 7,858 | |
| Operating Profit | 1,114 | 1,129 | 1,039 | 886 | 1,138 | 973 | 802 | 1,043 | 1,034 | 1,090 | 1,364 | 1,263 | 433 |
| OPM % | 17.62% | 18.54% | 17.19% | 14.25% | 16.08% | 14.40% | 11.65% | 15.02% | 13.68% | 15.03% | 17.20% | 15.97% | 5.22% |
| 74 | 70 | 77 | 92 | 83 | 112 | 97 | 111 | 125 | 107 | 46 | 148 | 191 | |
| Interest | 78 | 75 | 78 | 86 | 75 | 67 | 71 | 78 | 82 | 71 | 74 | 71 | 70 |
| Depreciation | 332 | 350 | 359 | 384 | 394 | 408 | 414 | 431 | 427 | 443 | 436 | 441 | 446 |
| Profit before Tax | 778 | 773 | 679 | 508 | 751 | 611 | 413 | 645 | 651 | 682 | 901 | 900 | 625 |
| Tax % | 25.30% | 26.06% | 25.21% | 25.27% | 25.08% | 25.45% | 25.74% | 22.82% | 25.59% | 25.03% | 24.58% | 24.38% | 24.04% |
| Net Profit | 581 | 572 | 508 | 380 | 563 | 455 | 307 | 498 | 484 | 512 | 679 | 680 | 474 |
| 1370.98 | 1348.53 | 1197.83 | 894.93 | 1326.41 | 1073.84 | 723.20 | 1173.86 | 1141.74 | 1206.26 | 1601.33 | 1604.37 | 1118.51 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,252 | 14,776 | 15,837 | 15,991 | 15,921 | 18,990 | 22,578 | 24,674 | 27,665 | 30,652 | 31,383 | |
| 10,655 | 12,548 | 13,587 | 13,661 | 13,021 | 16,969 | 20,235 | 20,500 | 23,704 | 25,895 | 27,233 | |
| Operating Profit | 2,597 | 2,228 | 2,250 | 2,330 | 2,901 | 2,020 | 2,343 | 4,174 | 3,961 | 4,758 | 4,150 |
| OPM % | 19.59% | 15.08% | 14.21% | 14.57% | 18.22% | 10.64% | 10.38% | 16.92% | 14.32% | 15.52% | 13.22% |
| 329 | 328 | 417 | 330 | 207 | 315 | 329 | 312 | 403 | 426 | 492 | |
| Interest | 250 | 250 | 253 | 281 | 271 | 255 | 304 | 323 | 297 | 303 | 285 |
| Depreciation | 609 | 705 | 806 | 981 | 1,137 | 1,201 | 1,249 | 1,425 | 1,647 | 1,747 | 1,766 |
| Profit before Tax | 2,066 | 1,602 | 1,609 | 1,399 | 1,700 | 879 | 1,119 | 2,739 | 2,420 | 3,133 | 3,107 |
| Tax % | 29.78% | 31.81% | 31.82% | 0.31% | 26.54% | 26.37% | 27.07% | 25.48% | 24.68% | 24.83% | 24.51% |
| Net Profit | 1,451 | 1,092 | 1,097 | 1,395 | 1,249 | 647 | 816 | 2,041 | 1,823 | 2,355 | 2,346 |
| EPS | 3421.43 | 2575.43 | 2586.26 | 3289.16 | 2945.09 | 1526.34 | 1924.56 | 4813.56 | 4298.47 | 5555.19 | — |
| Dividend Payout % | 1.75% | 2.33% | 2.32% | 3.04% | 5.09% | 9.82% | 9.09% | 4.15% | 5.47% | 4.23% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 14%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- 14%
- 3 Years:
- 42%
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
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 8,540 | 9,600 | 10,649 | 12,000 | 13,175 | 13,773 | 14,505 | 16,436 | 18,172 | 20,448 | |
| 1,839 | 1,606 | 1,540 | 1,599 | 1,349 | 2,344 | 2,565 | 2,517 | 2,230 | 1,582 | |
| Trade Payables | 1,677 | 1,999 | 2,328 | 2,340 | 4,110 | 2,774 | 2,757 | 2,944 | 4,007 | 4,622 |
| 2,864 | 3,092 | 3,707 | 3,210 | 3,622 | 3,798 | 4,192 | 4,512 | 4,684 | 4,640 | |
| Total Liabilities | 14,925 | 16,302 | 18,228 | 19,154 | 22,260 | 22,693 | 24,024 | 26,415 | 29,096 | 31,296 |
| 5,488 | 6,075 | 6,768 | 8,849 | 9,391 | 9,466 | 10,050 | 11,977 | 13,129 | 12,871 | |
| Capital Work in Progress | 847 | 1,079 | 1,403 | 1,735 | 1,001 | 1,226 | 3,045 | 2,363 | 1,166 | 1,033 |
| 3,394 | 4,146 | 3,848 | 1,540 | 5,876 | 3,665 | 3,106 | 3,404 | 4,559 | 3,347 | |
| 2,393 | 2,172 | 2,951 | 2,853 | 2,880 | 4,062 | 4,043 | 4,361 | 5,539 | 5,338 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,842 | 3,302 | 3,477 | |
| Cash & Bank | 274 | 139 | 60 | 1,107 | 105 | 115 | 156 | 240 | 249 | 2,025 |
| 2,529 | 2,691 | 3,198 | 3,071 | 3,006 | 4,160 | 3,624 | 1,229 | 1,151 | 3,206 | |
| Total Assets | 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,190 | 2,994 | 1,785 | 2,512 | 5,197 | -450 | 2,747 | 3,230 | 2,639 | 4,639 | |
| Cash from Investing | -1,394 | -1,970 | -1,310 | -168 | -5,063 | 176 | -1,928 | -2,319 | -2,107 | -3,369 |
| Cash from Financing | -295 | -639 | -112 | -864 | -625 | 491 | -457 | -823 | -523 | -1,250 |
| 101 | -80 | -41 | 1,045 | -1,001 | 9 | 32 | 88 | 8 | 20 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
Recent coverage and analyst commentary for MRF
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MRF Ltd.
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