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MRF Limited
(MRF)
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Rating:67Neutral
Price Target:
₹127,386
▼(-15.34% Downside)
Action:Reiterated
Date:08/09/26
The score is primarily driven by healthy financial performance (steady growth, improved earnings, and conservative leverage), tempered by margin compression and uneven cash conversion. Technicals are moderately supportive with positive intermediate-term trend signals but a still-recovering long-term trend. Valuation is a mild headwind due to a mid-to-higher P/E and very low dividend yield.
Positive Factors
Steady Revenue Growth
Sustained revenue expansion indicates continued demand across MRF’s tire portfolio and customer channels. The multi-year growth trend provides a durable base for operating leverage, product investment, and stronger earnings capacity if volumes and mix remain supportive.
Negative Factors
Margin Compression
The substantial decline in gross margin and lower EBIT margin weaken earnings durability by reducing the profit retained from each sale. Persistent pressure would limit operating leverage and could require pricing, mix, or cost improvements to restore prior profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Sustained revenue expansion indicates continued demand across MRF’s tire portfolio and customer channels. The multi-year growth trend provides a durable base for operating leverage, product investment, and stronger earnings capacity if volumes and mix remain supportive.
Read all positive factors
MRF Limited (MRF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹500.56B
Dividend Yield0.2%
Average Volume (3M)226.00
Price to Earnings (P/E)20.7
Beta (1Y)1.01
Revenue Growth11.37%
EPS Growth34.26%
CountryIN
Employees16,283
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)5694.37
Shares Outstanding4,241,143
10 Day Avg. Volume211
30 Day Avg. Volume226
Financial Highlights & Ratios
PEG Ratio0.75
Price to Book (P/B)2.60
Price to Sales (P/S)1.75
P/FCF Ratio18.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹113,936.00Price Target Upside-24.28% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)4,878.2
Revenue Forecast (FY)₹346.53B
MRF Limited Business Overview & Revenue Model
Company Description
MRF Limited, along with its subsidiaries, operates globally and within India as a manufacturer, distributor, and trader of a diverse range of rubber products. Its extensive product portfolio features tires, tubes, flaps, and tread rubber, specific...
How the Company Makes Money
MRF primarily makes money by manufacturing and selling tires to two main customer groups: (1) original equipment manufacturers (OEMs) that fit tires on new vehicles and (2) the replacement market, where consumers and fleet operators buy tires to r...
MRF Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 318.89B | 311.49B | 281.71B | 251.74B | 230.15B | 193.32B |
| Gross Profit | 88.54B | 78.27B | 99.20B | 97.91B | 72.98B | 64.95B |
| EBITDA | 51.29B | 53.42B | 41.66B | 43.20B | 24.48B | 21.54B |
| Net Income | 24.15B | 24.26B | 18.69B | 20.81B | 7.69B | 6.69B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 319.54B | 295.67B | 268.49B | 243.69B | 230.60B |
| Cash, Cash Equivalents and Short-Term Investments | 52.28B | 52.40B | 39.28B | 27.47B | 22.23B | 34.05B |
| Total Debt | 0.00 | 32.07B | 37.71B | 28.21B | 30.14B | 32.29B |
| Total Liabilities | -209.75B | 109.79B | 110.78B | 101.46B | 96.62B | 90.28B |
| Stockholders Equity | 209.75B | 209.75B | 184.88B | 167.03B | 147.08B | 140.32B |
Cash Flow | ||||||
| Free Cash Flow | 12.52B | 29.91B | 5.60B | 11.38B | -5.36B | -22.85B |
| Operating Cash Flow | 18.70B | 44.26B | 18.68B | 33.01B | 27.55B | -5.78B |
| Investing Cash Flow | -15.94B | -36.61B | -20.82B | -23.79B | -19.23B | 1.65B |
| Financing Cash Flow | -4.51B | -8.31B | 2.82B | -8.68B | -8.40B | 4.24B |
MRF Limited Technical Analysis
Negative
150467.60
Price Trends
126543.90
Negative
128576.44
Negative
132263.51
Negative
Market Momentum
-2187.59
Positive
26.56
Positive
17.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MRF, the sentiment is Negative. The current price of 150467.6 is above the 20-day moving average (MA) of 121877.34, above the 50-day MA of 126543.90, and above the 200-day MA of 132263.51, indicating a bearish trend. The MACD of -2187.59 indicates Positive momentum. The RSI at 26.56 is Positive, neither overbought nor oversold. The STOCH value of 17.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MRF.
MRF Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹245.12B | 14.35 | ― | 1.55% | 11.23% | 105.46% | |
67 Neutral | ₹500.56B | 20.73 | ― | 0.20% | 11.37% | 34.26% | |
67 Neutral | ₹406.34B | 28.90 | ― | 0.75% | 9.78% | -3.28% | |
61 Neutral | ₹126.82B | 24.52 | ― | 1.12% | 24.48% | 4.36% | |
58 Neutral | ₹32.17B | 34.78 | ― | 0.90% | 18.56% | 244.54% | |
56 Neutral | ₹87.83B | 17.57 | ― | 1.31% | 12.54% | -11.70% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MRF
MRF Limited
118,024.40
-41,572.08
-26.05%
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IN:JKTYRE
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304.65
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IN:TVSSRICHAK
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3.19%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.