StrengthTalking point
Profit outpacing revenue
Profit grew 29.2% while revenue grew 10.8%, so the company kept more of each rupee of revenue as profit.
Importance 64 / 95 · growth
M.R.F. · Research view
M.R.F. Ltd.
NSE: MRFBSE: 500290ISIN INE883A01011Face value ₹10consolidated
₹1,23,045
−1.80% · 2026-10-01 · 52-wk ₹1,22,595–₹1,62,295
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Higher returns, lower valuation
ROE of 12.2% beats the auto components median (9.9%) while P/B (2.49×) sits below it (3.50×).
Importance 62 / 95 · valuation
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹647 to ₹2,355) — one year is a weak guide to the earnings power.
Importance 57 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Auto Components › Tyres & Rubber Products.
- Market cap
- ₹52,171 cr
- FY2026 revenue
- ₹31,149 cr
- FY2026 net profit
- ₹2,426 cr
- Net worth
- ₹20,975 cr
- Total debt
- ₹2,367 cr
- EPS (basic)
- ₹5,720.39
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 6 auto components.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 29.2% while revenue grew 10.8%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +11.5%over 6 years
- Revenue growth
- +10.6%vs last year
- Net profit growth
- +29.8%vs last year
- Change in net profit since FY20
- +71%
Profit has swung sharply over 7 years (from ₹647 to ₹2,355) — one year is a weak guide to the earnings power.
Net profit grew 29.2% year on year (FY2025 → FY2026).
Revenue has compounded at 9.9% a year over 7 years (₹15,837 → ₹30,652) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue of ₹8,416 cr is the highest of the 15 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
Concern
Q1 FY27 EBITDA margin was 14.1%, down 1.51 percentage points from 15.6% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Watch
Q1 FY27 net profit was ₹495 cr, down 29.5% from ₹702 cr in the previous quarter (Q4 FY26).
Rule QTR_PROFIT_SEQUENTIAL_CHANGE
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,881 | — | 471 | — | 6.8% |
| Q3 FY25 | 7,001 | +13.6% | 315 | −38.1% | 4.5% |
| Q4 FY25 | 7,075 | +11.4% | 512 | +29.3% | 7.2% |
| Q1 FY26 | 7,676 | +6.7% | 500 | −12.4% | 6.5% |
| Q2 FY26 | 7,379 | +7.2% | 526 | +11.7% | 7.1% |
| Q3 FY26 | 8,050 | +15.0% | 692 | +119.3% | 8.6% |
| Q4 FY26 | 8,044 | +13.7% | 702 | +37.1% | 8.7% |
| Q1 FY27 | 8,416 | +9.6% | 495 | −1.0% | 5.9% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹31,889 crTTM
- EBITDA
- ₹5,387 crTTM
- EBIT
- ₹3,615 crTTM
- PBT
- ₹3,195 crTTM
- Net profit
- ₹2,415 crTTM
C. Corporate actions
17 Jul 2026DividendFinal Dividend - Rs. - 229.0000 — ₹229.00/share
13 Feb 2026DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
21 Nov 2025DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
18 Jul 2025DividendFinal Dividend - Rs. - 229.0000 — ₹229.00/share
14 Feb 2025DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
19 Nov 2024DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
25 Jul 2024DividendFinal Dividend - Rs. - 194.0000 — ₹194.00/share
21 Feb 2024DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
17 Nov 2023DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
20 Jul 2023DividendFinal Dividend - Rs. - 169.0000 — ₹169.00/share
21 Feb 2023DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
17 Nov 2022DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
27 Jul 2022DividendFinal Dividend - Rs. - 144.0000 — ₹144.00/share
17 Feb 2022DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
17 Nov 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
4 Aug 2021DividendFinal Dividend - Rs. - 94.0000 — ₹94.00/share
4 Aug 2021DividendSpecial Dividend - Rs. - 50.0000 — ₹50.00/share
17 Feb 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
18 Nov 2020DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
14 Sept 2020DividendFinal Dividend - Rs. - 94.0000 — ₹94.00/share
18 Feb 2020DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
21 Nov 2019DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
1 Aug 2019DividendFinal Dividend - Rs. - 54.0000 — ₹54.00/share
15 Feb 2019DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
19 Nov 2018DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 10.5% to 12.2% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 17.4%
- 7-year range
- 11.5–19.5%
- ROE FY2026
- 12.3%
- ROCE FY2026
- 16.3%
EBITDA margin has ranged from 11.5% to 19.5% over 7 years and sits at 17.1% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 1.97×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹2,367 cr
- Operating cash flow ÷ net profit
- 1.89×FY2026
- Free cash flow
- ₹3,164 cr
- Current ratio
- 1.65×
Section 08 · Relative position
How does it compare with peers?
Ranked against 6 auto components (FY2026, consolidated).
Revenue growth
MRF · 5th of 6 · set median 10.9%
EBITDA margin
MRF · 3rd of 6 · set median 14.5%
Return on equity
MRF · 2nd of 6 · set median 10.9%
P/E ratio
MRF · 1st of 6 · set median 39.0×
Context
ROE of 12.2% beats the auto components median (9.9%) while P/B (2.49×) sits below it (3.50×).
Rule STRONG_RETURNS_AT_DISCOUNT
- P / E
- 21.6×TTM to Jun 26
- P / B
- 2.5×latest book
- P / S
- 1.6×TTM sales
- Earnings yield
- 4.6%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 21.5× · P/S 1.6× · ROE 12.3%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −17.3%
- 3-year return
- +14.7%
- 5-year return
- +55.8%
- From 52-wk high
- −24.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,30,200
- vs 200-day avg
- Below₹1,34,870
- RSI (14)
- 33.5neutral
- MACD histogram
- -41.8
- From 52-wk high
- −24.2%
- From 52-wk low
- +0.4%
- 30-day volatility
- 13.7%ann.
- 6-month return
- −4.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹647 to ₹2,355) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 16,239 | 16,163 | 19,317 | 23,009 | 25,169 | 28,153 | 31,149 |
| Total income | 16,575 | 16,373 | 19,634 | 23,261 | 25,486 | 28,561 | 31,654 |
| EBITDA | 2,709 | 3,152 | 2,367 | 2,642 | 4,570 | 4,493 | 5,405 |
| Profit before tax | 1,434 | 1,737 | 908 | 1,070 | 2,787 | 2,479 | 3,222 |
| Net profit | 1,423 | 1,277 | 669 | 769 | 2,081 | 1,869 | 2,426 |
| EPS (₹) | 3,354.2 | 3,011.1 | 1,578.0 | 1,813.1 | 4,907.2 | 4,407.5 | 5,720.4 |
| Net worth | 12,215 | 13,414 | 14,032 | 14,708 | 16,703 | 18,489 | 20,975 |
| Total debt | 1,510 | 1,727 | 2,818 | 2,430 | 2,075 | 2,905 | 2,367 |
| Operating cash flow | — | 4,325 | −578 | 2,755 | 3,301 | 1,868 | 4,590 |
| Free cash flow | — | 3,472 | −2,283 | −535 | 1,138 | 573 | 3,164 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Revenue growth YoY | — | -0.5 | 19.5 | 19.1 | 9.4 | 11.9 | 10.6 |
| Profit growth YoY | — | -10.2 | -47.6 | 14.9 | 170.7 | -10.2 | 29.8 |
| Profitability | |||||||
| EBITDA margin % | 16.7 | 19.5 | 12.3 | 11.5 | 18.2 | 16.0 | 17.4 |
| Net margin % | 8.6 | 7.8 | 3.4 | 3.3 | 8.2 | 6.5 | 7.7 |
| Return on equity % | 11.6 | 10.0 | 4.9 | 5.4 | 13.3 | 10.6 | 12.3 |
| Return on capital % | 12.6 | 13.9 | 7.3 | 8.2 | 17.5 | 14.1 | 16.3 |
| Leverage & cash | |||||||
| Debt to equity | 0.12 | 0.13 | 0.20 | 0.17 | 0.12 | 0.16 | 0.11 |
| Cash flow ÷ profit | — | 3.39 | -0.86 | 3.58 | 1.59 | 1.00 | 1.89 |
| Current ratio | 1.55 | 1.43 | 1.46 | 1.23 | 1.37 | 1.50 | 1.65 |