MRF Ltd

MRF

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Market Cap

₹ 64,917 Cr

P/E

35.02

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Overview

Detailed Summary

MRF Ltd is India's largest tyre manufacturer, supplying OEM tyres across multiple segments, including two-wheelers and fighter aircraft.

MRF has significantly expanded its manufacturing capacity with several facilities across India, enhancing its production capabilities.

The company has a history of collaborations and innovation, such as partnerships with international brands like B.F. Goodrich and Hasbro.

MRF's strategic investments include initiatives like the planned manufacturing facility in Gujarat, aiming for diversification across India.

Continued excellence in export performance, notable industry awards, and high credit ratings underline MRF’s robust market position.

Sector

Tyres

Industry

Tyres - Large

Market Cap

64,917 Cr

Volatility

Low Risk

P/E Ratio

35.0

Industry P/E

30.9

PEG Ratio

2.0

P/B Ratio

3.3

52W High

1,63,500.00

52W Low

1,00,500.00

Sales CAGR

11.86%

13.36%

11.59%

10Y

2.50%

Profit CAGR

-10.18%

41.20%

5.49%

10Y

-3.34%

ROE

TTM

9.53%

9.46%

8.62%

10Y

11.30%

ROCE

TTM

12.17%

13.01%

11.97%

10Y

15.08%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

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Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MRF	152153.50	64,673 Cr	34.89	3.33	0.15	9.53	12.17	6.11
BALKRISIND	2348.00	45,392 Cr	32.90	4.35	0.68	13.21	13.48	8.36
APOLLOTYRE	509.05	32,438 Cr	24.70	2.09	0.98	8.46	10.87	2.73
CEATLTD	3732.10	15,096 Cr	28.80	3.30	0.80	10.83	12.68	3.64
JKTYRE	455.50	12,476 Cr	22.84	2.38	0.66	10.22	10.92	3.56
TVSSRICHAK	4265.35	3,273 Cr	134.02	2.83	0.40	2.39	4.98	0.94
GOODYEAR	852.90	1,968 Cr	47.40	3.44	2.80	7.23	10.26	3.58

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	6,440	6,217	6,162	6,349	7,196	6,881	7,001	7,075	7,676	7,379
Expenses	5,310	5,060	5,108	5,437	6,037	5,870	6,166	5,996	6,604	6,253
Operating Profit	1,130	1,157	1,055	912	1,160	1,011	835	1,079	1,071	1,126
OPM %	17.54	18.61	17.12	14.36	16.11	14.70	11.92	15.25	13.96	15.26
Other Income	75	71	78	94	84	113	98	113	126	108
Interest	84	86	90	93	85	84	94	98	98	90
Depreciation	333	351	360	385	396	410	415	433	429	445
Profit Before Tax	787	791	682	527	763	631	424	661	670	699
Tax %	25.20	25.80	25.31	24.89	25.15	25.43	25.63	22.49	25.36	24.76
Net Profit	589	587	510	396	571	471	315	512	500	526
EPS in Rs	1,388.19	1,383.26	1,201.81	933.97	1,346.38	1,109.85	743.80	1,207.48	1,180.04	1,239.38

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	14,929	15,365	16,062	16,239	16,163	19,317	23,009	25,169	28,153	28,632
Expenses	10,772	12,673	13,757	13,865	13,221	17,267	20,619	20,916	24,069	24,636
Operating Profit	4,157	2,692	2,305	2,374	2,942	2,050	2,389	4,254	4,084	3,996
OPM %	27.85	17.52	14.35	14.62	18.20	10.61	10.38	16.90	14.51	13.96
Other Income	331	331	422	335	210	317	253	317	408	451
Interest	251	253	267	293	275	254	319	353	360	374
Depreciation	611	707	808	982	1,141	1,205	1,253	1,430	1,654	1,686
Profit Before Tax	2,109	1,653	1,652	1,434	1,737	908	1,070	2,787	2,479	2,387
Tax %	29.54	31.53	31.57	0.81	26.47	26.29	28.12	25.33	24.59	24.63
Net Profit	1,486	1,132	1,131	1,423	1,277	669	769	2,081	1,869	1,799
EPS in Rs	—	—	2,665.82	3,354.21	3,011.14	1,577.97	1,813.10	4,907.23	4,407.51	4,370.70
Dividend Payout %	1.71	2.25	2.25	2.98	4.98	9.51	9.65	4.08	5.33	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
Reserves	6,852	8,637	9,734	10,833	12,210	13,409	14,028	14,703	16,699	18,484
Borrowings	2,371	2,072	2,011	2,102	1,510	2,388	3,229	3,014	2,822	3,771
Other Liabilities	3,665	4,335	4,730	5,502	5,718	6,780	5,799	6,648	7,325	7,307
Total Liabilities	12,891	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567
Fixed Assets	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	12,046	13,221
CWIP	1,059	848	1,079	1,403	1,741	1,002	1,233	3,046	2,385	1,169
Investments	2,778	3,382	4,145	3,855	1,519	5,874	3,656	3,085	3,383	4,548
Other Assets	4,445	5,316	5,162	6,397	7,312	6,265	8,648	8,120	9,036	10,629
Total Assets	12,891	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,042	1,956	2,413	1,253	2,271	4,325	-578	2,755	3,301	1,868
Cash from Investing Activity	-3,413	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922	-2,378	-2,082
Cash from Financing Activity	215	-438	-453	42	-1,032	-250	424	-840	-868	282
Net Cash Flow	-156	125	-53	-91	1,077	-1,012	14	-5.88	55	68

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	27.87%	27.84%	27.77%	27.75%	27.75%	27.78%	27.78%	27.77%	27.80%	27.78%	27.78%	27.75%
FIIs	18.22%	18.05%	18.77%	19.59%	19.41%	19.74%	19.08%	18.68%	18.19%	17.54%	18.67%	18.27%
DIIs	11.37%	11.66%	11.72%	11.19%	11.46%	10.57%	10.74%	11.68%	12.00%	12.22%	11.67%	12.38%
Public	42.53%	42.45%	41.74%	41.48%	41.38%	41.91%	42.41%	41.88%	42.01%	42.46%	41.88%	41.61%
Total Shareholders	41,881	43,500	37,938	37,504	37,584	47,663	57,325	48,576	52,964	61,320	50,253	48,074

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MRF	152153.50	64,673 Cr	34.89	3.33	0.15	9.53	12.17	6.11
BALKRISIND	2348.00	45,392 Cr	32.90	4.35	0.68	13.21	13.48	8.36
APOLLOTYRE	509.05	32,438 Cr	24.70	2.09	0.98	8.46	10.87	2.73
CEATLTD	3732.10	15,096 Cr	28.80	3.30	0.80	10.83	12.68	3.64
JKTYRE	455.50	12,476 Cr	22.84	2.38	0.66	10.22	10.92	3.56
TVSSRICHAK	4265.35	3,273 Cr	134.02	2.83	0.40	2.39	4.98	0.94
GOODYEAR	852.90	1,968 Cr	47.40	3.44	2.80	7.23	10.26	3.58

Oscillators

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Neutral

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Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

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Bullish

Moving Averages

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Bullish

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	6,440	6,217	6,162	6,349	7,196	6,881	7,001	7,075	7,676	7,379
Expenses	5,310	5,060	5,108	5,437	6,037	5,870	6,166	5,996	6,604	6,253
Operating Profit	1,130	1,157	1,055	912	1,160	1,011	835	1,079	1,071	1,126
OPM %	17.54	18.61	17.12	14.36	16.11	14.70	11.92	15.25	13.96	15.26
Other Income	75	71	78	94	84	113	98	113	126	108
Interest	84	86	90	93	85	84	94	98	98	90
Depreciation	333	351	360	385	396	410	415	433	429	445
Profit Before Tax	787	791	682	527	763	631	424	661	670	699
Tax %	25.20	25.80	25.31	24.89	25.15	25.43	25.63	22.49	25.36	24.76
Net Profit	589	587	510	396	571	471	315	512	500	526
EPS in Rs	1,388.19	1,383.26	1,201.81	933.97	1,346.38	1,109.85	743.80	1,207.48	1,180.04	1,239.38

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	14,929	15,365	16,062	16,239	16,163	19,317	23,009	25,169	28,153	28,632
Expenses	10,772	12,673	13,757	13,865	13,221	17,267	20,619	20,916	24,069	24,636
Operating Profit	4,157	2,692	2,305	2,374	2,942	2,050	2,389	4,254	4,084	3,996
OPM %	27.85	17.52	14.35	14.62	18.20	10.61	10.38	16.90	14.51	13.96
Other Income	331	331	422	335	210	317	253	317	408	451
Interest	251	253	267	293	275	254	319	353	360	374
Depreciation	611	707	808	982	1,141	1,205	1,253	1,430	1,654	1,686
Profit Before Tax	2,109	1,653	1,652	1,434	1,737	908	1,070	2,787	2,479	2,387
Tax %	29.54	31.53	31.57	0.81	26.47	26.29	28.12	25.33	24.59	24.63
Net Profit	1,486	1,132	1,131	1,423	1,277	669	769	2,081	1,869	1,799
EPS in Rs	—	—	2,665.82	3,354.21	3,011.14	1,577.97	1,813.10	4,907.23	4,407.51	4,370.70
Dividend Payout %	1.71	2.25	2.25	2.98	4.98	9.51	9.65	4.08	5.33	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
Reserves	6,852	8,637	9,734	10,833	12,210	13,409	14,028	14,703	16,699	18,484
Borrowings	2,371	2,072	2,011	2,102	1,510	2,388	3,229	3,014	2,822	3,771
Other Liabilities	3,665	4,335	4,730	5,502	5,718	6,780	5,799	6,648	7,325	7,307
Total Liabilities	12,891	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567
Fixed Assets	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	12,046	13,221
CWIP	1,059	848	1,079	1,403	1,741	1,002	1,233	3,046	2,385	1,169
Investments	2,778	3,382	4,145	3,855	1,519	5,874	3,656	3,085	3,383	4,548
Other Assets	4,445	5,316	5,162	6,397	7,312	6,265	8,648	8,120	9,036	10,629
Total Assets	12,891	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	29,567

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,042	1,956	2,413	1,253	2,271	4,325	-578	2,755	3,301	1,868
Cash from Investing Activity	-3,413	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922	-2,378	-2,082
Cash from Financing Activity	215	-438	-453	42	-1,032	-250	424	-840	-868	282
Net Cash Flow	-156	125	-53	-91	1,077	-1,012	14	-5.88	55	68

Overview

Detailed Summary

MRF Ltd is India's largest tyre manufacturer, supplying OEM tyres across multiple segments, including two-wheelers and fighter aircraft.

MRF has significantly expanded its manufacturing capacity with several facilities across India, enhancing its production capabilities.

The company has a history of collaborations and innovation, such as partnerships with international brands like B.F. Goodrich and Hasbro.

MRF's strategic investments include initiatives like the planned manufacturing facility in Gujarat, aiming for diversification across India.

Continued excellence in export performance, notable industry awards, and high credit ratings underline MRF’s robust market position.

Sector

Tyres

Industry

Tyres - Large

Market Cap

64,917 Cr

Volatility

Low Risk

P/E Ratio

35.0

Industry P/E

30.9

PEG Ratio

2.0

P/B Ratio

3.3

52W High

1,63,500.00

52W Low

1,00,500.00

Sales CAGR

11.86%

13.36%

11.59%

10Y

2.50%

Profit CAGR

-10.18%

41.20%

5.49%

10Y

-3.34%

ROE

TTM

9.53%

9.46%

8.62%

10Y

11.30%

ROCE

TTM

12.17%

13.01%

11.97%

10Y

15.08%

Mrf Ltd

MRF Ltd

MRF

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

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Strong Sell

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

MRF Ltd

MRF

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