MRF Limited (IN:MRF)
:MRF
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MRF Limited
(MRF)
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Rating:63Neutral
Price Target:
₹139,045
▼(-7.59% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by healthy financial fundamentals—especially conservative leverage and improved profitability versus the FY2022–FY2023 trough—while being held back by sharp FY2026 margin compression and uneven cash conversion. Technically, the stock shows clear bearish momentum (below major moving averages with negative MACD), which materially pressures the overall score. Valuation is middling (P/E ~22.5) with minimal dividend support.
Positive Factors
Conservative leverage & improving ROE
Low leverage and a rising return on equity provide durable financial flexibility. With debt near 0.15x equity and improving ROE versus the 2022–23 trough, the company can fund capex, withstand cyclicality, and pursue strategic investments without large refinancing risk over the medium term.
Negative Factors
Material margin compression
A large drop in gross margin signals persistent pressure from input costs or pricing erosion. Such structural margin compression reduces operating leverage, curbs EBITDA generation and free cash flow potential, and can limit reinvestment or dividend capacity unless pricing or cost structure improves.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage & improving ROE
Low leverage and a rising return on equity provide durable financial flexibility. With debt near 0.15x equity and improving ROE versus the 2022–23 trough, the company can fund capex, withstand cyclicality, and pursue strategic investments without large refinancing risk over the medium term.
Read all positive factors
MRF Limited (MRF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹538.97B
Dividend Yield0.15%
Average Volume (3M)353.00
Price to Earnings (P/E)19.4
Beta (1Y)1.06
Revenue Growth10.64%
EPS Growth29.47%
CountryIN
Employees19,209
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)4370.68
Shares Outstanding4,241,143
10 Day Avg. Volume287
30 Day Avg. Volume353
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5,823.3
Revenue Forecast (FY)₹343.27B
MRF Limited Business Overview & Revenue Model
Company Description
MRF Limited, together with its subsidiaries, manufactures, sells, and trades in rubber products in India and internationally. The company provides rubber products, such as tires, tubes, flaps, and tread rubber; tires for trucks, farm vehicles, LCV...
How the Company Makes Money
MRF primarily makes money by manufacturing and selling tires, with revenue coming from two main channels: (1) sales to vehicle manufacturers (OEM supply) where tires are supplied for fitment on new vehicles, and (2) sales into the replacement mark...
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 | 291.48B | 311.49B | 281.71B | 251.74B | 230.15B | 193.32B |
| Gross Profit | 100.62B | 78.27B | 99.20B | 97.91B | 72.98B | 64.95B |
| EBITDA | 42.81B | 49.01B | 40.17B | 41.95B | 23.48B | 20.70B |
| Net Income | 18.54B | 24.26B | 18.69B | 20.81B | 7.69B | 6.69B |
Balance Sheet | ||||||
| Total Assets | 303.20B | 319.54B | 295.67B | 268.49B | 243.69B | 230.60B |
| Cash, Cash Equivalents and Short-Term Investments | 47.54B | 52.40B | 39.28B | 27.47B | 22.23B | 34.05B |
| Total Debt | 36.31B | 32.07B | 37.71B | 28.21B | 30.14B | 32.29B |
| Total Liabilities | 108.79B | 109.79B | 110.78B | 101.46B | 96.62B | 90.28B |
| Stockholders Equity | 194.41B | 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
131915.68
Negative
138536.43
Negative
145060.22
Negative
Market Momentum
-1759.37
Positive
40.26
Neutral
32.11
Neutral
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 129751.84, above the 50-day MA of 131915.68, and above the 200-day MA of 145060.22, indicating a bearish trend. The MACD of -1759.37 indicates Positive momentum. The RSI at 40.26 is Neutral, neither overbought nor oversold. The STOCH value of 32.11 is Neutral, 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹538.97B | 19.40 | ― | 0.15% | 10.64% | 29.47% | |
62 Neutral | ₹238.80B | 19.04 | ― | 0.98% | 8.98% | 22.59% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | ₹416.32B | 32.39 | ― | 0.68% | 3.60% | -24.89% | |
60 Neutral | ₹128.06B | 14.02 | ― | 0.77% | 18.61% | 47.83% | |
56 Neutral | ₹104.03B | 17.24 | ― | 0.59% | 8.40% | 16.49% | |
53 Neutral | ₹27.46B | 72.23 | ― | 0.40% | 8.75% | 28.53% |
* Consumer Cyclical Sector Average
IN:MRF
MRF Limited
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-10.58%
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MRF Limited Corporate Events
MRF Seeks Shareholder Nod via Postal Ballot for Revision in Top Executives’ Pay
Feb 26, 2026
MRF Limited has initiated a postal ballot process to seek shareholder approval for revisions in the remuneration packages of its top leadership, including the Chairman and Managing Director, Vice Chairman and Managing Director, Managing Director, ...
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.