MRF Ltd (MRF)
🎯 Key Takeaways
- MRF Ltd is in a mature growth phase with stable profitability and modest top-line expansion, characterized by consistent revenue growth and disciplined capital allocation. Management has demonstrated operational continuity through leadership appointments and strong governance practices, while maintaining a conservative balance sheet and returning capital via high dividend payouts.
- Revenue grew 4.6% QoQ to ₹8,416 in Q1FY27.
- ⚠️ Rising input costs are pressuring operating margins, as seen in the decline from 11.9% in December 2025 to 6.5% in June 2026, despite revenue growth.
📖 The Story
MRF Ltd is in a mature growth phase with stable profitability and modest top-line expansion, characterized by consistent revenue growth and disciplined capital allocation. Management has demonstrated operational continuity through leadership appointments and strong governance practices, while maintaining a conservative balance sheet and returning capital via high dividend payouts.
📰 What's Happening
In the latest quarter ended June 2026, MRF reported standalone revenue of ₹8,483.04 crores and consolidated revenue of ₹8,610.56 crores, up from ₹7,560.28 crores YoY, driven by operational improvements. The board approved unaudited financial results and appointed Prasanth Puliakottu as Senior GM-IT and Santhosh Mathew as Senior GM-HRS effective August 11, 2026, reinforcing governance continuity. The 65th AGM is scheduled for August 6, 2026, where shareholders will vote on a proposed final dividend of ₹229 per share (2290% of face value), with e-voting opening on August 1 and dividend payout expected by August 17.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 7,379 | 8,050 | 8,044 | 8,416 |
| Operating Profit | 681 | 962 | 863 | 543 |
| OPM % | 9.2% | 11.9% | 10.7% | 6.5% |
| Net Profit | 526 | 695 | 702 | 495 |
| EPS | ₹1239.38 | ₹1631.23 | ₹1655.80 | ₹1167.97 |
Revenue has grown steadily from ₹7,379 crores in September 2025 to ₹8,416 crores in June 2026, reflecting sequential and YoY expansion. Operating margins have moderated slightly to 6.5% in June 2026 from 11.9% in December 2025, indicating rising input costs or pricing pressures despite volume growth. Net profit rose to ₹495 crores in June 2026 from ₹526 crores in September 2025, but declined from the peak of ₹702 crores in March 2026, suggesting earnings normalization post a high-margin quarter.
🔮 Management Outlook & What's Next
Management has not provided forward guidance on revenue or margin expectations in the latest filings, but highlighted operational continuity through new senior appointments and a shareholder-friendly dividend policy. The proposed ₹229 per share final dividend underscores confidence in cash generation, with management emphasizing timely payouts and compliance with regulatory timelines for dividend distribution.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 |
| Reserves | 17,664 | 18,606 | 19,437 | 20,970 |
| Borrowings | 3,138 | 3,771 | 3,631 | 2,367 |
| Total Liabilities | 28,423 | 29,689 | 30,320 | 31,954 |
| Fixed Assets | 12,651 | 13,201 | 13,093 | 12,966 |
| Investments | 3,967 | 4,548 | 4,597 | 3,398 |
| Total Assets | 28,423 | 29,689 | 30,320 | 31,954 |
The balance sheet shows a stable capital structure with equity of ₹4 crores and reserves growing from ₹18,606 crores in March 2025 to ₹20,970 crores in March 2026, indicating strong retained earnings. Borrowings have declined from ₹3,771 crores to ₹2,367 crores over the same period, reflecting deliberate deleveraging. Total assets increased to ₹31,954 crores, supporting growth without aggressive capital structure expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +4,590 |
| Investing | -3,536 |
| Financing | -1,120 |
| Net Cash Flow | -66 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 27.7% | 27.7% | 27.8% | 27.8% |
| FII | 18.3% | 18.2% | 18.0% | 17.4% |
| DII | 12.4% | 12.5% | 12.3% | 12.1% |
| Public | 12.1% | 12.1% | 12.5% | 13.2% |
| # Shareholders | 48,074 | 49,218 | 58,110 | 68,876 |
Institutional investor interest is rising, with FII holdings increasing from 17.42% in Q1FY27 to 18.27% in Q2FY26, while DII holdings have slightly declined from 12.5% to 12.1%. Promoter holding remains stable at 27.77%. The growing number of shareholders (68,876 in Q1FY27 from 48,074 in Q2FY26) suggests rising retail participation and potential inclusion in broader indices.
⚖️ Peer Comparison — Tyres
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MRF | 56,133 | 23.2 | 15.2% | 11.5% | 0.11 |
| BALKRISIND | 45,075 | 32.1 | 13.2% | 12.8% | 0.37 |
| APOLLOTYRE | 28,113 | 16.4 | 10.9% | 10.2% | 0.16 |
| CEATLTD | 13,748 | 23.3 | 15.6% | 11.2% | 0.59 |
| JKTYRE | 10,783 | 16.1 | 12.0% | 10.9% | 0.78 |
| TVSSRICHAK | 4,235 | 45.9 | 8.5% | 7.8% | 0.74 |
| GOODYEAR | 1,703 | 31.6 | 13.1% | 8.9% | 0.00 |
| TOLINS | 372 | 11.5 | 12.2% | 10.0% | 0.05 |
| 542013 | 168 | 27.1 | 17.1% | 18.6% | 0.54 |
| 539040 | 15 | 312.5 | 1.5% | 1.2% | 0.08 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Rising input costs are pressuring operating margins, as seen in the decline from 11.9% in December 2025 to 6.5% in June 2026, despite revenue growth. The company faces execution risks in maintaining margin discipline amid inflationary pressures. Additionally, the high final dividend payout may limit reinvestment capacity if cash flows weaken unexpectedly.
📋 Recent Filings
-
🟡 Board Meeting 11 August 2026MRF Limited announced the outcome of its August 11, 2026 board meeting, approving unaudited standalone and consolidated financial results for the quar...
-
🔴 Financial Results 11 August 2026MRF Limited announced the appointment of two senior management personnel, Prasanth Puliakottu as Senior General Manager-IT and Santhosh Mathew as Seni...
-
Announcement 11 August 2026MRF Limited reported consolidated total income of **[amount context mismatch] crores** for Q1 FY2026, up from **₹7804.23 crores** a year earlier, thou...
-
Announcement 7 August 2026MRF Limited held its 65th Annual General Meeting on 6 August 2026 via video conferencing, where all proposed resolutions were passed with requisite ma...
-
🟡 Board Meeting 14 July 2026MRF Limited announced its 65th AGM on 6 August 2026 via video conferencing, scheduled for 11:00 A.M, with shareholders to vote on key resolutions incl...
-
🟡 Board Meeting 29 June 2026MRF Limited announced its 65th Annual General Meeting scheduled for 6 August 2026 via video conference, with a record date of 17 July 2026 to determin...
-
Announcement 29 June 2026MRF Limited announced that its trading window will close from 1st July 2026 until 48 hours after the release of unaudited quarterly results for the qu...
-
🔴 Corporate Action 29 June 2026MRF Limited announced a record date of 17th July 2026 for final dividend payment following its 65th Annual General Meeting on 6th August 2026, with pa...
-
regulation 31 19 June 2026MRF Limited disclosed on April 2, 2026, that no new encumbrances were placed on its shares during the financial year ending March 31, 2026, in complia...
-
Announcement 9 June 2026MRF Limited announced a special share transfer window from 5 February 2026 to 4 February 2027 for resolving previously rejected physical share transfe...
🧠 Analyst's Read
MRF is demonstrating resilient top-line growth and strong governance, with a focus on shareholder returns and leadership continuity. Investors should monitor margin trends and input cost dynamics in upcoming quarters, as well as the outcome of the upcoming AGM and dividend payout, which remain central to near-term sentiment.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when MRF files new disclosures
Track MRF filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track MRF — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd