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Swing Capital

MRF Ltd

NSE: MRF BSE: 500290

Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The Co is engaged in the business of manufacturing tyres[1]

₹1,29,110
52W: ₹123430 — ₹163600
PE 22.8 · Book ₹48223 · +168% vs book
Market Cap₹54,757 Cr
Stock P/E22.8Price to Earnings
ROCE16.3%Return on Capital
ROE12.4%Return on Equity
Div. Yield0.18%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.

Weaknesses

  • −Company has a low return on equity of 12.0% over last 3 years.

Shareholding Pattern

Promoters27.77%
FIIs17.98%
DIIs12.25%
Public41.98%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters27.77%27.76%▼0.027.8%▲0.027.78%▼0.027.78%27.75%▼0.027.73%▼0.027.77%▲0.0
FIIs19.08%18.68%▼0.418.2%▼0.517.54%▼0.718.67%▲1.118.27%▼0.418.18%▼0.117.98%▼0.2
DIIs10.74%11.68%▲0.912%▲0.312.22%▲0.211.66%▼0.612.38%▲0.712.5%▲0.112.25%▼0.3
Public42.41%41.88%▼0.542.02%▲0.142.46%▲0.441.88%▼0.641.6%▼0.341.58%▼0.041.98%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6,0486,2157,0786,7606,8836,9447,5607,2507,9347,908
Expenses5,0085,3305,9405,7876,0815,9016,5266,1606,5696,645
Operating Profit1,0398861,1389738021,0431,0341,0901,3641,263
OPM %17%14%16%14%12%15%14%15%17%16%
Net Profit508380563455307498484512679680
EPS ₹1197.85894.931326.421073.85723.211173.871141.761206.271601.331604.4

AI Insights

Revenue Trend

Mar 2026 revenue at ₹30,652Cr, up 10.8% YoY. OPM at 16%.

Debt Position

Borrowings at ₹1,690Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,033Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.25% (+0.54pp change). FIIs: 17.98% (-0.79pp change). Promoters hold 27.77%.

Margin & Efficiency

ROCE declining from 27% (Sep 2014) to 16% (Mar 2026). Working capital days: 41.

Valuation

PE 22.8x with 16.3% ROCE. Price is 168% above book value of ₹48,223. Dividend yield: 0.18%.

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