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MRF Ltd (MRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500290 NSE: MRF Tyres & Allied | Mid Cap | MRF Share Price

₹1,30,754.45 -1121.25 (-0.85%)

As on 24-Jul'26 16:59

MRF Ltd (MRF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500290 NSE: MRF Tyres & Allied | Mid Cap | MRF Share Price

₹1,30,754.45 -1121.25 (-0.85%)

As on 24-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹55,455 Cr.
Current Price
₹1,30,754.5
52-Week Low / High
₹1,22,000 / 1,63,500
TTM EPS
₹5,553.7
TTM Sales
₹30,652 Cr.
Book Value per Share
₹48,222.7
P/E Ratio
23.54
Lower than its 5-year historical median
Industry PE
21.3
Price to Book (P/B)
2.71
Lower than its 5-year historical median
Price to Sales (P/S)
1.81
Lower than its 5-year historical median
EV/EBITDA
10.35
Lower than its 5-year historical median
Dividend Yield
0.18%
Profitability Efficiency
Return on Equity (ROE)
12.20%
Underperforms industry median
Return on Capital Employed (ROCE)
16.74%
In line with industry median
Return on Assets (ROA)
7.80%
Operating Profit Margin
15.6%
Net Profit Margin
7.68%
Gross Profit Margin
15.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
10.8%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.1%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
29.24%
Asset Quality
Promoter Holding
27.77%
Pledged shares (%) of Promoter's holding (%)
0.09%
Reserves
₹20,448 Cr.
Equity
₹4.2 Cr.
Face Value
₹10
All Time Low / High
₹11.00 / 163500.00

MRF stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is MRF Ltd a good quality company?
MRF Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does MRF Ltd performance compare with that of its Peers?
Q.1 Revenue growth of MRF Ltd vs industry peers?
MRF Ltd revenue CAGR is 14.00%, compared to the industry median CAGR of 13.73%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of MRF Ltd?
Promoters hold 27.77% of the MRF Ltd, with 0.09% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of MRF Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.2% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
MRF Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 23.3%16.9%15.6%13%14.3%7.5%8.8%17.7%14.4%16.7%-
Value Creation
Index
1.10.50.40.20.3-0.3-0.20.60.30.5-

Growth Parameters

Sales 13,25214,77615,83715,99115,92118,99022,57824,67427,66530,65230,652
Sales YoY Gr.-11.5%7.2%1%-0.4%19.3%18.9%9.3%12.1%10.8%-
Adj EPS 3,4552,618.12,6413,336.23,035.61,606.31,848.94,862.74,351.75,676.15,553.7
YoY Gr.--24.2%0.9%26.3%-9%-47.1%15.1%163%-10.5%30.4%-
BVPS (₹) 20,151.922,651.425,125.728,312.231,082.232,493.634,21938,775.142,867.648,235.748,222.7
Adj Net
Profit
1,4651,1101,1201,4151,2876817842,0621,8462,4072,355
Cash Flow from Ops. 1,7902,5291,3802,0784,687-6572,4173,2302,6394,639-
Debt/CF from Ops. 1.20.71.40.70.2-30.80.50.60.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.8%14%10.7%10.8%
Adj EPS 5.7%13.3%45.3%30.4%
BVPS10.2%9.2%12.1%12.5%
Share Price 14.2% 10% 8.5% -12.3%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
18.712.211.112.510.25.15.513.310.712.511.5
Op. Profit
Mgn %
19.815.314.514.818.610.910.51714.415.715.5
Net Profit
Mgn %
11.17.57.18.98.13.63.58.46.77.97.7
Debt to
Equity
0.20.20.20.10.10.10.10.10.100
Working Cap
Days
11411812713813213312611711912984
Cash Conv.
Cycle
6972798472767265727031

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales13,25214,77615,83715,99115,92118,99022,57824,67427,66530,652
Operating Expenses + 10,65512,54813,58713,66113,02116,96920,23520,50023,70425,895
Manufacturing Costs1,2151,3291,5841,5521,3711,8392,0812,2352,4662,697
Material Costs7,4999,0689,6429,5099,22912,42715,22314,89117,77619,377
Employee Cost 9831,0751,1441,3211,3881,4721,5591,7501,8321,992
Other Costs 9581,0761,2161,2791,0331,2321,3721,6241,6311,829
Operating Profit 2,5972,2282,2502,3302,9012,0202,3434,1743,9614,758
Operating Profit Margin (%) 19.6%15.1%14.2%14.6%18.2%10.6%10.4%16.9%14.3%15.5%
Other Income + 329329417331207315248312403488
Exceptional Items 0000008000-62
Interest 250250253281271255304323297303
Depreciation 6097058069811,1371,2011,2491,4251,6471,747
Profit Before Tax 2,0661,6021,6091,3991,7008791,1192,7392,4203,133
Tax 6155105124451232303698597778
Profit After Tax 1,4511,0921,0971,3951,2496478162,0411,8232,355
PAT Margin (%) 11.0%7.4%6.9%8.7%7.9%3.4%3.6%8.3%6.6%7.7%
Adjusted EPS (₹)3,422.42,576.12,587.03,290.12,945.91,526.81,925.14,813.64,298.55,555.2
Dividend Payout Ratio (%)1.80%2.30%2.30%3%5.10%9.80%9.10%4.20%5.50%4.20%

Valuation of MRF - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 8,5449,60410,65312,00413,17913,77714,50916,44118,17620,452
Share Capital 4444444444
Reserves 8,5409,60010,64912,00013,17513,77314,50516,43618,17220,448
Debt +1,8121,5481,4641,0218531,7041,8221,5261,232649
Long Term Debt1,2381,3191,055779812817824724374176
Short Term Debt57322940924241886998801858473
Minority Interest0000000000
Trade Payables1,6771,9992,3282,3404,1102,7742,7572,9444,0074,622
Others Liabilities 2,8923,1503,7833,7894,1194,4384,9355,5045,6825,573
Total Liabilities 14,92516,30218,22819,15422,26022,69324,02426,41529,09631,296

Fixed Assets

Net Fixed Assets +5,4886,0756,7688,8499,3919,46610,05011,97713,12912,871
Gross Block6,7137,9499,37312,39814,01715,21616,88520,13322,80124,106
Accumulated Depreciation1,2261,8742,6053,5494,6265,7506,8358,1569,67211,235
CWIP 8471,0791,4031,7351,0011,2263,0452,3631,1661,033
Investments 3,3944,1463,8481,5405,8763,6653,1063,4044,5593,347
Inventories2,3932,1722,9512,8532,8804,0624,0434,3615,5395,338
Trade Receivables1,9602,1362,3622,2572,1122,2832,4422,8423,3023,477
Cash Equivalents 274139601,1071051151562402492,025
Others Assets 5695558368148931,8761,1811,2291,1513,206
Total Assets 14,92516,30218,22819,15422,26022,69324,02426,41529,09631,296

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1,7902,5291,3802,0784,687-6572,4173,2302,6394,639
PBT 2,0661,6021,6091,3991,7008791,1192,7392,4203,133
Adjustment 5517177891,0381,2751,2301,3651,5011,6161,723
Changes in Working Capital -427675-613752222-2559263-305-814446
Tax Paid -400-465-405-434-510-207-331-705-584-664
Cash Flow From Investing Activity + -1,394-1,970-1,310-168-5,063176-1,928-2,319-2,107-3,369
Capex -1,364-1,527-1,960-2,730-842-1,688-3,279-2,135-1,285-1,420
Net Investments -61-4676402,562-4,3151,7761,239-274-916-2,069
Others 302410-094881128994120
Cash Flow From Financing Activity + -295-639-112-864-625491-457-823-523-1,250
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -242-241-246-259-245-228-254-250-216-220
Dividend Paid -42-25-25-25-42-64-64-74-85-100
Others -11-372160-579-338783-139-499-223-930
Net Cash Flow 101-80-411,045-1,00193288820

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)18.4812.0410.8312.319.924.85.7713.1910.5312.2
ROCE (%)23.3416.8915.6312.9814.257.548.8317.7214.3616.74
Asset Turnover Ratio1.050.970.920.860.790.860.9911.021.03
PAT to CFO Conversion(x)1.232.321.261.493.75-1.022.961.581.451.97
Working Capital Days
Receivable Days46.9049.2051.8052.7048.9041.4037.5038.3039.8039.60
Inventory Days52.9054.905966.2064.2065.3064.206164.1063.60
Payable Days46.4045.5048.5052.906046.5041.3049.6045.5044.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.090.000.000.000.000.000.000.000.090.09
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

MRF Ltd FAQs

The current trading price of MRF on 24-Jul-2026 16:59 is ₹1,30,754.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jul-2026 the market cap of MRF stood at ₹55,454.8 Cr

The latest P/E ratio of MRF as of 23-Jul-2026 is 23.54.

The latest P/B ratio of MRF as of 23-Jul-2026 is 2.71.

The 52-week high of MRF is ₹1,63,500 and the 52-week low is ₹1,22,000.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of MRF is ₹30,652 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that MRF Ltd is a good quality company.

The key valuation ratios of MRF Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of MRF Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About MRF Ltd

MRF is a limited company, incorporated on November 05, 1960 in India, whose shares are publicly traded. MRF’s origin traces back to the humble shack in Madras that housed its first makeshift toy balloon manufacturing unit set up by KM Mammen Mappillai in 1946. It was not until 1952 when it changed course and turned to tread rubber manufacturing. Thus began its glorious reign as the undisputed leader in the tyre making industry.

By the early 60’s, MRF was exporting its quality tyres to offices overseas in multiple countries and soon its presence was known globally in different countries - with tyres rolling out of various facilities built across large acres, many strong dealer networks and in many different offices.

MRF’s passion for motorsports is seen through its involvement in racing, karting, rallying and various other motorsport events. Its rallying team has won the prestigious FIA Asia Pacific Rally Championship twice and even in international championships, MRF karting tyres homologated by FIA, is the preferred choice. The company is India’s largest tyre manufacturer and ranked amongst the Top 20 Global Manufacturers, with 10 state-of-the-art factories across India.

Business area of the company

The company is engaged in the manufacturing, distribution and sale of tyres for various kinds of vehicles. The company offers tyre shopping, tyredrome and tyre maintenance services. It provides an institute for driver development. It is also India’s largest Original Equipment Manufacturer (OEM) tyre supplier with an expansive tyre range from two-wheelers to fighter aircrafts. MRF Limited and its Subsidiaries (collectively, the Group) is engaged in the manufacture of Rubber Products such as Tyres, Tubes, Flaps, Tread Rubber and dealing and or Trading in Rubber and Rubber Chemicals.  MRF Corp, a subsidiary company, is engaged in the manufacture of specialty coatings.

Services of company 

  • T&S
  • TireTok
  • Tyredrome
  • MRF FASST
  • Muscle Zone
  • MIDD
  • Dealer Locator

Awards & Achievements

  • CAPEXIL: MRF won the award for exports.
  • TNS: MRF voted the ‘Most Trusted’ Tyre company in India by TNS 2006 global CSR study.
  • J D Power Asia Pacific: MRF won the award for customer satisfaction not once but 12 times till date.
  • Ford World Excellence Awards: MRF won the silver award and is the only Indian company to win this excellence award.
  • Car India Awards 2018: Perfinza by MRF won the Product of the Year award.
  • J D Power India 2018: MRF Brand of Car/SUV tyres ranked Highest in Customer Satisfaction. The 13th win for MRF.
  • J D Power India 2018: MRF Tractor Tyre rated no.1 on J.D. Power customer satisfaction index.
  • 2010: MRF won the award for exports.
  • 2012: MRF won the award for customer satisfaction not once but 12 times till date.
  • 2013 MRF won the silver award and is the only Indian company to win this excellence award.
  • 2018: MRF Tractor Tyre rated no.1 on J.D. Power customer satisfaction index.
  • 2018: MRF Brand of Car/SUV tyres ranked Highest in Customer Satisfaction. The 13th win for MRF.
  • 2021-22: MRF was ranked No.3 in the non-FMCG category.
  • 2022-23: MRF was recognized for Overall Performance for the year 2022-23.
  • 2022-23: MRF received the Supplier Quality Award 2023 for Best Quality Performance for the year 2022-23.
  • 2024-25: MRF is the leading supplier to most OEMs and has received awards and recognition for excellence in quality and reliability from OEMs across all segments. MRF is the preferred source for most vehicles, including the new generation, eco-friendly electric vehicles.

Milestones

  • 1946: K. M. Mammen Mappillai started MRF’s journey as a toy balloon manufacturing unit in a shed in Tiruvottiyur in Madras in 1946.
  • 1949: By 1949, the company was making latex cast toys, gloves and contraceptives and established its first office at 334, Thambu Chetty Street, Madras (now Chennai), Tamil Nadu, India.
  • 1952: MRF’s venture into the manufacture of tread rubber in 1952 put them on the road and into the big leagues.
  • 1956: By 1956, within 4 years, MRF was the market leader of tread rubber in India with a 50% share.
  • 1961: 1961 proved to be a fruitful year. MRF became a public company, established a technical collaboration with the Mansfield Tire & Rubber Company based in USA and then the Chief Minister of Tamil Nadu Mr. K. Kamaraj released the first tyre from MRF’s new pilot plant at Tiruvottiyur.
  • 1963: Pandit Nehru laid the foundation stone for the Rubber Research Centre at Tiruvottiyur on June 12, 1963, commemorating the inauguration of the Tiruvottiyur factory.
  • 1964: MRF set up an overseas office at Beirut in 1964, one of India’s first efforts at exporting tyres and to build an identity. The MRF Muscleman was born.
  • 1967: MRF became the first Indian company to export tyres to the very birthplace of tyre technology, the United States.
  • 1970: MRF opened its second plant at Kottayam.
  • 1971: The third plant of MRF is inaugurated in Goa.
  • 1972: MRF’s fourth plant came up in Arakkonam.
  • 1973: In 1973, MRF became one of India’s first companies to manufacture and market Nylon passenger car tyres commercially.
  • 1978: MRF developed the MRF Superlug-78, a sturdy tyre for heavy-duty trucks. The tyre was a significant improvement over its existing products, and went on to become the country's largest selling truck tyre in the later years.
  • 1985: MRF Nylogrip tyres for two-wheeler vehicles were launched.
  • 1988: MRF’s foray into sports began with the setting up of the MRF Pace Foundation in 1988 under the command of Dennis Lillee, developing bowling superstars of the future from India and abroad.
  • 1989: MRF collaborated with Hasbro International USA, the world's largest toy makers, and launched Funskool India.
  • 1989: The Company also entered into collaborations with Vapocure Australia to manufacture polyurethane paint formulations and with Pirelli for MUSCLEFLEX Conveyor & Elevator.
  • 1989: MRF opens its Medak unit.
  • 1989: The company sponsored the MRF World Series Cricket Tournament for the Jawaharlal Nehru Trophy.
  • 1989: MRF grew in recognition, collaborations and offered customers a great new experience by opening the MRF Tyredrome, India’s first tyre company owned wheel care complex at Madras in 1989.
  • 1990: MRF brought the 6th World Cup Boxing Championship to Mumbai - the first of its kind with 39 countries participating.
  • 1993: In 1993, K.M. Mammen Mapillai became the first South Indian industrialist to be awarded the Padmashri.
  • 1996: By MRF’s golden jubilee in 1996, and started a special factory dedicated entirely to the manufacture of radials at Pondicherry.
  • 1997: MRF ventured into F3 cars for the very first time.
  • 1997: 1st T&S store in the country was inaugurated.
  • 2001: Won the JD power award for the 1st time
  • 2001: MRF winning the APRC rally with its rally team
  • 2003: MRF registers its second APRC victory.
  • 2005: MRF wins its third APRC rally.
  • 2007: MRF made a turnover of 1 Billion Dollars.
  • 2007: MRF launches ZSLK tyres - the first eco friendly tyre.
  • 2008: MRF wins the JD Power award again for the 6th time.
  • 2011: MRF commissioned its seventh Plant at Ankanpally (A.P).
  • 2011: MRF made a turnover of 2 Billion Dollars.
  • 2011: MRF commissioned its 8th plant for the production of conventional tyres in Trichy(TN).
  • 2012: MRF commissioned its 9th plant in Trichy (TN) solely for the manufacture of Radial Tyres.
  • 2013: Won the JD power award for the 10th time.
  • 2013: MRF's Aero Muscle becomes the only Indian tyre to be chosen for the legendary fighter jet - Sukhoi 30 MKI.
  • 2013: Team MRF’s Guarav Gill wins his first Asia-Pacific Rally Championship.
  • 2014: Won the JD power award for the 11th time.
  •  2014: MRF wins the APRC Championship for the 6th time.
  • 2015: MRF breaks into Forbes India's Super 50 list of the best companies in India.
  • 2016: MRF wins the JD Power Award for a record 12th time in 16 years.
  • 2017: MRF jumps 5 rankings to garner a spot in the coveted list of Super 30 Companies in India.
  • 2017: MRF climbs higher in the global rankings, to make it to the list of Top 15 Tire Companies.
  • 2017: MRF featured in the esteemed Brandz list of Top 50 Valuable Indian brands.
  • 2017: MRF claims a position in Business World’s list of the Fastest Growing Companies.
  • 2017: Gaurav Gill of Team MRF claims the Coffee Day Rally and with it his 3rd APRC crown.
  • 2018: The JD Power Award comes home for the 13th time.
  • 2019: MRF launches the ‘Nylogrip Ezeeride’, which boasts of making every motorcycle ride an Ezeeride & is one of the most innovative additions to its range of tyres.
  • 2020: MRF has partly commissioned Phase 1 of its Greenfield unit at Dahej Industrial Area, Vagra Taluka, Bharuch district in the state of Gujarat.
  • 2022: MRF enters into power purchase agreements with two companies.
  • 2023: MRF enters into power purchase agreement with First Energy 5.
  • 2023: MRF enters into agreement with First Energy 4 to purchase solar power. 
  • 2024: MRF enters into power purchase agreement with First Energy 8.
  • 2024: MRF made a turnover of 3 billion dollars.
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About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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