NSE: MRF · BSE: 500290
MRF LTD
Manufactures tyres and related rubber products from 10 manufacturing plants in India, selling them under the MRF brand. Revenue is split between the Original Equipment (OE) segment, which supplies tyres to vehicle manufacturers, and the Replacement market, which serves existing vehicles through dealers and service networks. The company crossed Rs 30,000 crore in sales for FY26, with both the Replacement and OE segments growing, and it positions itself as a preferred tyre supplier for electric vehicles in India. It exports to over 60 countries, with exports at 7.58 percent of turnover. The largest cost line is raw materials at 60.6 percent of revenue, making earnings sensitive to commodity prices and supply chain conditions such as the Middle East tensions flagged by management. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Replacement (aftermarket) tyres, Original Equipment (OE) tyres, Exports (8%). Cyclical, asset-heavy tyre manufacturing exposed to raw material prices, vehicle demand, and weather-driven replacement cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 19,317 | 23,009 | 25,169 | 28,153 | 31,149 |
| EBITDA (ex other income) | 2,050 | 2,389 | 4,254 | 4,084 | 4,837 |
| margin % | 10.6 | 10.4 | 16.9 | 14.5 | 15.5 |
| Owners' profit | 669 | 740 | 2,081 | 1,869 | 0 |
| EPS, as reported (₹) | 1577.97 | 1813.10 | 4907.24 | 4407.51 | 5720.39 |
| ROE % · ROCE % | 4.8 · 7.2 | 5.2 · 8.2 | 12.5 · 16.4 | 10.1 · 13.8 | 11.6 · 15.6 |
| Debt / equity (x) | 0.20 | 0.17 | 0.12 | 0.16 | 0.11 |
| Cash from operations | (578) | 2,755 | 3,301 | 1,868 | 4,590 |
| Capex | (1,707) | (3,291) | (2,155) | (1,308) | (1,434) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 | 8,416 |
| Profit before tax | 631 | 424 | 661 | 670 | 699 | 917 | 930 | 650 |
| Net profit | 471 | 315 | 512 | 500 | 526 | 692 | 702 | 495 |
| EPS (₹) | 1109.85 | 743.80 | 1207.48 | 1180.04 | 1239.38 | 1631.23 | 1655.80 | 1167.97 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD ◆ | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.7 | 25.6 | 5 of 13 | 67% |
| P/B | 2.4 | 2.4 | 8 of 16 | 53% |
| ROCE | 14.0 | 9.9 | 3 of 17 | 88% |
| ROE | 11.6 | 9.0 | 5 of 16 | 73% |
| Debt / Equity | 0.1 | 0.4 | 6 of 16 | 67% |
| EBITDA margin | 14.1 | 7.6 | 2 of 16 | 93% |
| Revenue growth | 9.6 | 10.1 | 9 of 15 | 43% |
| Profit growth | (1.0) | (5.8) | 8 of 16 | 53% |
| Market cap | 50055 | 326 | 1 of 17 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · MRF tax demand reduced from Rs 91.53 cr to Rs 36.19 cr | regulatory legal | high | — | — |
| 7 Oct 2026 · MRF files quarterly demat remat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 17 Aug 2026 · MRF notifies special window for physical share dematerialisation | compliance | minimal | — | — |
| 11 Aug 2026 · MRF Q1 FY27: Revenue up 10%, Net Profit nearly flat at Rs 495 Cr | compliance | low | — | — |
| 11 Aug 2026 · MRF Q1 FY27 results: revenue up 10% YoY; appoints 2 Sr Mgmt Personnel | management changes | medium | — | — |
| 11 Aug 2026 · MRF Q1 FY27 Results: Revenue Up 10% YoY, PAT Flat; 2 Senior Management Appointments | management changes | medium | — | — |
| 11 Aug 2026 · MRF Q1 FY27: Revenue up 10%, PAT dips 2%; new senior management hires | results | high | — | — |
| 7 Aug 2026 · MRF AGM results: all 6 resolutions pass, Rs 229 dividend approved | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.