MRF share price & results
- Jun 2026
- Sept 2026
India's largest tyre maker, spanning two-wheelers to heavy vehicles, plus paints and motorsports tyres.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,416 | +9.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 495 | −1.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.45 | +1.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 10.16 | +8.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 11.37 | −1.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −26.3% 1Y
1Y: ₹1,60,190 on 24 Oct 2025 → ₹1,18,030. High ₹1,60,190 (24 Oct 2025), low ₹1,17,380 (26 Oct 2026).
- Previous close
- ₹1,17,380
- Market cap
- ₹50.0k Cr
- 52-week range
- ₹1,17,380 – ₹1,59,900
- One year
- −25.92%
- Price to earnings (TTM to Jun 2026)
- 20.31×
- Return on equity (TTM to Jun 2026)
- 12.45%
Overview
- Symbol
- NSE:MRF
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What MRF Limited does
Based on the company's own presentations, annual report and earnings calls.
MRF Limited is India's largest tyre manufacturer, making tyres across the full vehicle spectrum — two-wheelers, passenger cars, commercial vehicles (SCV/pickup/HCV) and farm and off-the-road (OTR) equipment — sold through OEM, replacement and export channels. It operates multiple manufacturing plants across India, including facilities in Puducherry and Goa. Beyond tyres, the group runs MRF Corp, a retail paints division, and MRF Tyredrome, a tyre-and-wheel-care service network, and fields its own motorsports program competing in rally, circuit racing, kart-cross, student formula, go-kart and motocross events. It has four subsidiaries — MRF Corp Limited, MRF International Limited, MRF Lanka (P) Ltd. and MRF SG PTE. LTD. — supporting its India and export operations.
Segments
- Tyres
- MRF Corp (Paints)
- Market position
- India's largest tyre manufacturer (undisputed market leader)
- Manufacturing plants
- Multiple plants across India, including Puducherry and Goa
- Vehicle segments covered
- Two-wheeler, passenger car, commercial vehicle (SCV/pickup/HCV), farm and off-the-road (OTR) tyres
- Sales channels
- OEM, replacement and export markets
- OEM relationships
- Leading supplier to most OEMs across passenger, commercial and two/three-wheeler segments, including EV manufacturers
- Subsidiaries
- 4 — MRF Corp Limited, MRF International Limited, MRF Lanka (P) Ltd. and MRF SG PTE. LTD.
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −1% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 | 8,416 |
| Expenses | 5,870 | 6,166 | 6,000 | 6,605 | 6,253 | 6,651 | 6,739 | 7,425 |
| Operating profit | 1,011 | 835 | 1,074 | 1,070 | 1,126 | 1,400 | 1,305 | 991 |
| Operating margin | 15.0% | 12.0% | 15.0% | 14.0% | 15.0% | 17.0% | 16.0% | 12.0% |
| Other income | 113 | 98 | 115 | 129 | 108 | 50 | 153 | 195 |
| Interest | 84 | 94 | 98 | 98 | 90 | 91 | 86 | 88 |
| Depreciation | 410 | 415 | 433 | 429 | 445 | 438 | 442 | 448 |
| Profit before tax | 631 | 424 | 659 | 672 | 699 | 920 | 930 | 650 |
| Tax rate | 25.0% | 26.0% | 23.0% | 25.0% | 25.0% | 25.0% | 24.0% | 24.0% |
| Net profit | 471 | 315 | 510 | 502 | 526 | 695 | 702 | 495 |
| EPS (₹ per share) | 1109.85 | 743.79 | 1203.70 | 1183.23 | 1239.40 | 1637.78 | 1655.82 | 1167.98 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 23,009 | 25,168 | 28,153 | 31,149 |
| Expenses | 20,620 | 20,915 | 24,073 | 26,248 |
| Operating profit | 2,390 | 4,254 | 4,080 | 4,901 |
| Other income | 252 | 318 | 410 | 440 |
| Interest | 319 | 353 | 361 | 365 |
| Depreciation | 1,253 | 1,429 | 1,654 | 1,754 |
| Profit before tax | 1,070 | 2,787 | 2,477 | 3,221 |
| Net profit | 770 | 2,082 | 1,867 | 2,425 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 14,028 | 14,703 | 16,699 | 18,606 | 19,437 | 20,970 |
| Borrowings | 3,229 | 3,014 | 2,822 | 3,771 | 3,631 | 3,207 |
| Other liabilities | 5,799 | 6,648 | 7,325 | 7,308 | 7,248 | 7,772 |
| Total liabilities | 23,060 | 24,369 | 26,849 | 29,689 | 30,320 | 31,954 |
| Fixed assets | 9,522 | 10,118 | 12,046 | 13,223 | 13,114 | 12,966 |
| Capital work in progress | 1,233 | 3,046 | 2,385 | 1,169 | 949 | 1,034 |
| Investments | 3,656 | 3,085 | 3,383 | 4,548 | 4,597 | 3,398 |
| Other assets | 8,648 | 8,120 | 9,036 | 10,750 | 11,660 | 14,555 |
| Total assets | 23,060 | 24,369 | 26,849 | 29,689 | 30,320 | 31,954 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 4,325 | -578 | 2,755 | 3,303 | 1,865 | 4,590 |
| Cash from investing | -5,087 | 166 | -1,922 | -2,381 | -2,077 | -3,539 |
| Cash from financing | -250 | 424 | -840 | -868 | 282 | -1,120 |
| Net cash flow | -1,012 | 12 | -6 | 55 | 70 | -69 |
| Free cash flow | 3,473 | -2,283 | -535 | 1,141 | 569 | 3,164 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 48 | 44 | 40 | 42 | 44 | 42 |
| Inventory days | 115 | 120 | 98 | 108 | 115 | 101 |
| Days payable | 129 | 60 | 58 | 64 | 57 | 60 |
| Cash conversion cycle | 34 | 104 | 80 | 86 | 101 | 83 |
| Working capital days | -41 | 10 | -8 | 3 | 8 | 7 |
| Return on capital employed | 14.0% | 7.0% | 7.0% | 17.0% | 14.0% | 16.0% |
| Dividend payout | 5.0% | 10.0% | 10.0% | 4.0% | 5.0% | 4.0% |
What the price assumes
AttractiveTo justify its price of ₹118030, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~47%. At that growth it is worth ₹592109 — upside of 402%.
- Growth the price implies
- 13.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 46.6% a year
- net profit, FY23–FY26 · EPS 46.6%
- The gap
- -0.3 pp
- 402% downside if it only repeats history
Ownership
Who owns it
Public hold 42.58% as of Sept 2026; institutions added 0.26 pts since Jun 2026.
- Promoters 27.61%
- Foreign institutions 17.10%
- Domestic institutions 12.70%
- Public 42.58%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 1.10% held
- +0.24 pp 0.59% held
- +0.24 pp 0.53% held
The same filing shows 2 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of MRF Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 10.42% | unchanged | |
| FPI fund | 4.06% | −0.07 pp |
| Mutual fund | 4.02% | unchanged |
| 2.93% | unchanged | |
| Unclassified | 2.14% | unchanged |
| Insurer | 1.54% | unchanged |
| 1.26% | unchanged | |
| 1.10% | newly disclosed | |
| 1.01% | unchanged | |
| 0.83% | unchanged | |
| 0.69% | unchanged | |
| 0.65% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MRF
Filings to Sep 2026
0 new, 4 added, 4 trimmed, 0 sold out — net +0.00 L shares (+0.2%).
- Held by funds
- ₹2.2k Cr
- 11 schemes
- Biggest holder
- SBI Aggressive Hybrid Fund (Erstwhile known as SBI Equity Hybrid Fund)
- ₹2.1k Cr · 2.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Aggressive Hybrid Fund (Erstwhile known as SBI Equity Hybrid Fund) SBI Mutual Fund | ₹2.1k Cr | held | Aug '21 |
| HDFC Transportation and Logistics Fund HDFC Mutual Fund | ₹61 Cr | +0.00 L | May '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹24 Cr | −0.00 L | Sep '21 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹17 Cr | −0.00 L | Sep '21 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹8 Cr | +0.00 L | Oct '22 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| Nippon India Nifty India Manufacturing Index Fund Nippon India Mutual Fund | ₹0 Cr | held | Aug '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
4 added, 4 trimmed — net +375 shares (+0.2%)
- Funds are sitting on
- +52%
- vs est. average cost
- Held by funds
- ₹2.2k Cr
- 11 schemes · ≈ 4.2% of the company
- Biggest holder
- SBI Aggressive Hybrid Fund (Erstwhile known as SBI Equity Hybrid Fund)
- ₹2.1k Cr · 2.5% of that fund
Shares held by these funds −17%
Oct '23 1.79 L shares Sep '26
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