MRF

MRF share price & financials

Price
₹1,30,695
Market cap
₹54.4k Cr
Sector
Automobile and Auto Components

What MRF Limited does

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.
Founded 1960Headquarters Chennai, Tamil Nadu, India Company website

Quarterly results

Q1 FY27: revenue up 9.6%, net profit down 1.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue6,881 7,001 7,075 7,676 7,379 +7%8,050 +15%8,044 +14%8,416 +10%
EBITDA1,011 835 1,074 1,070 1,126 +11%1,400 +68%1,305 +22%991 −7%
Net profit471 315 510 502 526 +12%695 +121%702 +38%495 −1%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −11.7% 1Y

₹120k₹130k₹140k₹150k₹160kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹1,45,255 on 10 Sept 2025 → ₹1,28,290. High ₹1,62,295 (23 Oct 2025), low ₹1,22,595 (10 Jun 2026).

Financials, as filed

Revenue grew 10.6% a year over 3 years, FY23 to FY26. Operating margin widened to 15.7%.

Year endingFY23FY24FY25FY26
Revenue₹23.0k Cr₹25.2k Cr₹28.2k Cr₹31.1k Cr
Operating profit₹2.4k Cr₹4.3k Cr₹4.1k Cr₹4.9k Cr
Operating margin10.4%16.9%14.5%15.7%
Interest₹319 Cr₹353 Cr₹361 Cr₹365 Cr
Depreciation₹1.3k Cr₹1.4k Cr₹1.7k Cr₹1.8k Cr
Net profit₹770 Cr₹2.1k Cr₹1.9k Cr₹2.4k Cr
Net margin3.3%8.3%6.6%7.8%
Cash from operations₹2.8k Cr₹3.3k Cr₹1.9k Cr₹4.6k Cr
Free cash flow₹-535 Cr₹1.1k Cr₹569 Cr₹3.2k Cr
ROCE7.0%17.0%14.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Reserves₹13.4k Cr₹14.0k Cr₹14.7k Cr₹16.7k Cr₹19.4k Cr₹21.0k Cr
Borrowings₹2.4k Cr₹3.2k Cr₹3.0k Cr₹2.8k Cr₹3.6k Cr₹3.2k Cr
Other liabilities₹6.8k Cr₹5.8k Cr₹6.6k Cr₹7.3k Cr₹7.2k Cr₹7.8k Cr
Total liabilities₹22.6k Cr₹23.1k Cr₹24.4k Cr₹26.8k Cr₹30.3k Cr₹32.0k Cr
Fixed assets₹9.4k Cr₹9.5k Cr₹10.1k Cr₹12.0k Cr₹13.1k Cr₹13.0k Cr
Capital work in progress₹1.0k Cr₹1.2k Cr₹3.0k Cr₹2.4k Cr₹949 Cr₹1.0k Cr
Investments₹5.9k Cr₹3.7k Cr₹3.1k Cr₹3.4k Cr₹4.6k Cr₹3.4k Cr
Other assets₹6.3k Cr₹8.6k Cr₹8.1k Cr₹9.0k Cr₹11.7k Cr₹14.6k Cr
Total assets₹22.6k Cr₹23.1k Cr₹24.4k Cr₹26.8k Cr₹30.3k Cr₹32.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −1.24 pp while the public added +0.83 pp. The shareholder count grew 37% to 68,876.

Promoters
27.8%
FIIs
17.4%
DIIs
12.1%
Public
42.7%

Since Jun 2025

  • FIIs −1.24 pp
  • Public +0.83 pp
  • DIIs +0.45 pp

How it drifted, 12 quarters

Over this window FIIs fell from 19.6% to 17.4% — −2.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 27.8%, FIIs 19.6%, DIIs 11.2%, Public 41.5%.Dec '23: Promoters 27.8%, FIIs 19.4%, DIIs 11.4%, Public 41.4%.Mar '24: Promoters 27.8%, FIIs 19.8%, DIIs 10.6%, Public 41.9%.Jun '24: Promoters 27.8%, FIIs 19.1%, DIIs 10.7%, Public 42.4%.Sep '24: Promoters 27.8%, FIIs 18.7%, DIIs 11.7%, Public 41.9%.Dec '24: Promoters 27.8%, FIIs 18.2%, DIIs 12.0%, Public 42.0%.Mar '25: Promoters 27.8%, FIIs 17.5%, DIIs 12.2%, Public 42.5%.Jun '25: Promoters 27.8%, FIIs 18.7%, DIIs 11.7%, Public 41.9%.Sep '25: Promoters 27.8%, FIIs 18.3%, DIIs 12.4%, Public 41.6%.Dec '25: Promoters 27.7%, FIIs 18.2%, DIIs 12.5%, Public 41.6%.Mar '26: Promoters 27.8%, FIIs 18.0%, DIIs 12.3%, Public 42.0%.Jun '26: Promoters 27.8%, FIIs 17.4%, DIIs 12.1%, Public 42.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of MRF Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
MOWI Foundation 11.98%unchanged
Comprehensive Investment And Finance Company Pvt. Ltd. 10.42%unchanged
Nalanda India Equity Fund Limited FPI fund4.13%unchanged
SBI Mutual Fund through its various accounts Mutual fund4.02%unchanged
Evertrue Charitable & Educational Foundation 2.99%unchanged
Peninsular Investments Private Limited 2.93%unchanged
Enam Securities Pvt Ltd 2.59%unchanged
KOTAK MAHINDRA through its various accounts Unclassified2.16%−0.09 pp
The New India Assurance Company Limited Insurer1.52%unchanged
K M Mammen [Singly] & K M Mammen [Jointly With Arun Mammen] 1.26%unchanged
Iepf 1.02%unchanged
Jacob Mammen 0.83%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 Aug 2026

0 new, 6 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.2%).

Held by funds
₹2.4k Cr
11 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹2.3k Cr · 2.6% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹2.3k Crheld
HDFC Transportation and Logistics Fund HDFC Mutual Fund₹58 Cr+0.00 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹26 Cr+0.00 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹18 Cr+0.00 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹8 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Crheld
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Crheld
Nippon India Nifty India Manufacturing Index Fund Nippon India Mutual Fund₹0 Cr+0.00 L

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 Aug 2026

6 added, 0 trimmed — net +296 shares (+0.2%)

Funds are sitting on
+68%
vs est. average cost
Held by funds
₹2.4k Cr
11 schemes · ≈ 4.3% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹2.3k Cr · 2.6% of that fund

Shares held by these funds −19%

Aug '23 1.78 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹128290, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~47%. At that growth it is worth ₹592109 — upside of 362%.

Growth the price implies
15.2% 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
362% downside if it only repeats history
Price today ₹1,28,290 Value at the reference growth ₹5,92,108.84

Change the assumptions yourself →

Learn to analyse MRF Limited

Guides on how to read this kind of business and the numbers that matter.