Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
MRF Ltd.
NSE: MRFConsumer CyclicalAuto Parts
- Last close
- ₹1,17,915.00
- Day change
- −₹945.00 (−0.80%)vs
- Market cap
- ₹51,958 crIndian rupees
- Research updated
- 1 report
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About MRF
MRF Ltd. is a leading Indian multinational tire manufacturer, renowned for its comprehensive range of products for diverse vehicle categories. As one of the largest players in the tire industry, MRF Ltd. is pivotal in catering to the automotive sector, providing high-quality tires for cars, trucks, buses, two-wheelers, and even off-road vehicles. The company's expertise extends beyond tire manufacturing to include other products like treads, tubes, and conveyor belts, further cementing its role in various industrial applications. Headquartered in Chennai, India, MRF Ltd. has a widespread presence with numerous manufacturing facilities across the country, contributing significantly to both domestic and international markets. The company also engages in sports and community services, demonstrating its commitment to corporate social responsibility. With a strong emphasis on research and development, MRF Ltd. continues to drive innovation in tire technology, supporting the evolving needs of the automotive industry and maintaining its competitive edge. Its robust distribution network and dedication to quality and performance make MRF Ltd. a significant contributor to the automotive manufacturing and infrastructure sectors.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: MRF
- Employees
- 16,283
- Headquarters
- Chennai, India
- ISIN
- INE883A01011
- Website
- mrftyres.com
Public research · Report of
Business model & financial foundation
MRF (NSE: MRF), Tyres and rubber products: revenue of ₹31,149 crore in FY26 (+10.6% on FY25), an EBITDA margin of 15.7%, net profit of ₹2,426 crore and net cash of ₹4,357 crore.
- Revenue, FY26 (₹ crore)
- 31,149
- consolidated
- Revenue growth, FY26
- +10.6%
- on FY25
- EBITDA margin, FY26
- 15.7%
- EBITDA (revenue less cogs, employee and other expenses; before other income) / revenue
- Net profit, FY26 (₹ crore)
- 2,426
- to owners
- Return on equity, FY26
- 12.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,357
- Net debt including leases (negative = net cash)
- Market capitalisation (₹ crore)
- 52,836
- at the close of 14 Oct 2026
Company profile
MRF manufactures tyres, tubes, tread rubber and related rubber products, with smaller coatings and other goods businesses. Domestic replacement distribution and OEM relationships support demand, while natural rubber, oil-linked inputs and freight drive cyclical margins. The group reports a single operating segment; separate tyre sales volumes and realisations are unavailable.
| Item | Value |
|---|---|
| Legal name | MRF Limited |
| Exchange and ticker | NSE: MRF; BSE: 500290 |
| ISIN | INE883A01011 |
| CIN | L25111TN1960PLC004306 |
| Sector | Automobile and Auto Components |
| Industry | Tyres and rubber products |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M M Nissim & Co LLP and Sastri & Shah |
| Market capitalisation | ₹52,836 crore (14 Oct 2026) |
| Shares outstanding | 0.42 crore shares (FY26) |
| Price | ₹1,22,410 (close, 14 Oct 2026) |
| 52-week range | ₹1,21,870 - ₹1,63,600 (to 14 Oct 2026) |
| Website | https://www.mrftyres.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| MRF Corp Limited | 100% | Specialty coatings |
| MRF International Limited | 94.66% | International operations |
| MRF Lanka (P) Ltd | 100% | Sri Lanka rubber operations |
| MRF SG PTE LTD | 100% | Raw-material procurement and trading |
| MRF DB-FZCO | 100% | UAE step-down through MRF SG |
MRF Foundation charitable trust also consolidated; not an ordinary equity subsidiary. FY25 comparatives regrouped.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 27.74% | 27.73% | 27.77% | 27.77% |
| Promoter holding pledged | 0.00% | 0.00% | 0.09% | 0.09% |
| Foreign institutions | 18.27% | 18.17% | 17.98% | 17.42% |
| Domestic institutions | 12.38% | 12.51% | 12.25% | 12.10% |
| of which mutual funds | 8.27% | 8.04% | 7.74% | 7.08% |
| Retail | 12.11% | 12.52% | 13.22% | |
| Other | 29.48% | 29.47% | 29.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MRF manufactures tyres and other rubber products, with smaller coatings operations; replacement distribution, OEM fitment and exports earn the revenue. CARE FY26 mix estimates69.1% replacement,23.3% OEM/defence,8% exports are agency estimates, not disclosed channel segment accounts. The group has a single operating segment; product/geography revenue disaggregation does not imply separate product EBIT. Procurement through SG eliminates in consolidation; Foundation inclusion changes FY25 comparatives.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Tyres (APOLLOTYRE) | Domestic replacement/OEM tyre mix; overseas exposure differs |
| CEAT (CEATLTD) | Domestic multi-category tyre manufacturing |
| JK Tyre & Industries (JKTYRE) | Truck and passenger tyre competitor |
| Balkrishna Industries (BALKRISIND) | Export off-highway tyre economics; mix differs |
| TVS Srichakra (TVSSRICHAK) | Two-wheeler tyre competitor |
| Goodyear India | Domestic farm tyre comparison; narrower product mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 19,027 | 22,851 | 25,169 | 28,153 | 31,149 |
| Cost of revenue (vendor classification) * | 12,968 | 15,857 | 15,547 | 18,446 | 20,155 |
| Other operating costs (vendor classification) * | 2,687 | 3,084 | 3,482 | 3,655 | 3,970 |
| EBITDA (vendor classification) * | 2,209 | 2,538 | 4,422 | 4,266 | 5,149 |
| Operating EBIT (excluding other income) | n.r. | n.r. | 2,824 | 2,426 | 3,147 |
| Finance costs | 249.4 | 314.3 | 353.0 | 360.0 | 366.2 |
| Profit before tax | 907.9 | 1,070 | 2,787 | 2,483 | 3,222 |
| Total tax expense | 238.7 | 300.8 | 706.2 | 609.7 | 796.0 |
| Profit for the year (before NCI) | 669.2 | 768.9 | 2,081 | 1,873 | 2,426 |
| Diluted EPS (₹) | 1,578 | 1,813 | 4,907 | 4,417 | 5,720 |
| Materials consumed + traded goods purchases + inventory change | 15,081 | 17,926 | 19,523 | ||
| Employee benefits expense | 1,797 | 1,885 | 2,046 | ||
| Other expenses | 4,038 | 4,262 | 4,680 | ||
| EBITDA (revenue less cogs, employee and other expenses; before other income) | 4,254 | 4,080 | 4,901 | ||
| Other income | 316.8 | 416.7 | 504.6 | ||
| Depreciation and amortisation | 1,430 | 1,654 | 1,754 | ||
| Exceptional items (signed) | 0.00 | 0.00 | -63.2 | ||
| Profit attributable to non-controlling interest | 0.01 | 0.01 | 0.01 | ||
| Share of associates/JVs | n.a. | n.a. | n.a. | ||
| Profit attributable to owners | 2,081 | 1,873 | 2,426 | ||
| Cost of materials consumed | 15,243 | 18,488 | 18,883 | ||
| Purchases of stock-in-trade | 22.2 | 28.5 | 34.6 | ||
| Changes in finished goods/traded goods/WIP inventories (signed cost) | -184.3 | -590.3 | 605.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl. NCI | 14,032 | 14,708 | 16,703 | 18,610 | 20,975 |
| Borrowings excl. lease liabilities | n.r. | n.r. | 2,075 | 2,905 | 2,367 |
| Cash and cash equivalents | 254.4 | 248.5 | 303.1 | 373.9 | 304.6 |
| Trade receivables | 2,333 | 2,503 | 2,912 | 3,370 | 3,542 |
| Inventories | 4,130 | 4,141 | 4,469 | 5,625 | 5,417 |
| Trade payables (MSME plus others) | n.r. | n.r. | 2,653 | 2,822 | 3,211 |
| Property, plant and equipment net block | n.r. | 9,482 | 11,262 | 12,351 | 12,136 |
| Capital work in progress | 1,233 | 3,046 | 2,385 | 1,169 | 1,034 |
| Total assets | 23,060 | 24,369 | 26,849 | 29,689 | 31,954 |
| Lease liabilities current plus non-current | 746.4 | 866.3 | 839.6 | ||
| Treasury liquidity outside cash | 3,406 | 4,647 | 7,260 | ||
| Net debt including leases (negative = net cash) | -888.0 | -1,250 | -4,357 | ||
| Current debt/arbitrage mutual-fund investments | 2,262 | 3,413 | 3,057 | ||
| Noncurrent investments | 1,121 | 1,135 | 341.0 | ||
| Noncurrent quoted FVOCI bonds | 1,104 | 1,115 | 322.7 | ||
| Bank deposits original maturity3-12months | 37.5 | 107.1 | 1,867 | ||
| Bank deposits maturity over12months | 2.75 | 12.3 | 2,013 | ||
| Bank balances outside cash equivalents incl earmarked | 42.3 | 112.9 | 1,878 | ||
| Borrowing costs capitalised during year | 9.90 | 5.89 | 2.82 | ||
| Capital account commitments net of advances | 1,334 | 714.1 | 1,514 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -201.0 | 2,755 | 3,301 | 1,865 | 4,590 |
| Free cash flow (vendor definition) * | -2,285 | -535.8 | 1,138 | 559.6 | 3,156 |
| Dividends paid (outflow positive) | 63.6 | 63.6 | 74.2 | 84.8 | 99.7 |
| Purchase of PPE (outflow positive) | 1,705 | 3,290 | 2,155 | 1,309 | 1,434 |
| CFO less PPE purchases | 1,145 | 555.3 | 3,156 | ||
| Scheduled long-term debt repaid | 150.9 | 101.0 | 351.1 | ||
| Payment of lease liability | 152.5 | 180.6 | 195.0 | ||
| Working-capital facility net drawdown (repayment negative) | -202.6 | 919.5 | -186.6 | ||
| Operating cash before working capital | 4,351 | 4,167 | 5,022 | ||
| Direct taxes paid (outflow positive) | 722.2 | 591.2 | 682.0 | ||
| Net investing cash flow (signed) | -2,379 | -2,077 | -3,536 | ||
| Net financing cash flow (signed) | -868.2 | 282.0 | -1,120 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding / EPS denominator | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| Quantified contingent claims excl. CCI | 1,311 | 1,017 | 468.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 | 8,416 |
| Cost of revenue (vendor classification) * | 4,321 | 4,635 | 5,003 | 4,988 | 4,655 | 4,955 | 4,924 | 5,600 |
| Other operating costs (vendor classification) * | 1,070 | 1,062 | -837.2 | 1,139 | 1,103 | 1,173 | 1,264 | 1,326 |
| EBITDA (vendor classification) * | 1,125 | 932.8 | 964.6 | 1,198 | 1,234 | 1,524 | 1,444 | 1,186 |
| Operating EBIT excluding other income and exceptional items | 601.8 | 419.8 | 645.9 | 641.7 | 680.8 | 961.9 | 863.0 | 543.0 |
| Finance costs | 83.8 | 93.7 | 97.9 | 98.4 | 90.2 | 91.2 | 86.3 | 88.3 |
| Profit before tax | 631.2 | 424.2 | 660.7 | 671.8 | 698.7 | 920.1 | 929.7 | 649.7 |
| Tax = current + deferred | 160.5 | 108.7 | 148.6 | 170.0 | 173.0 | 225.5 | 227.5 | 154.3 |
| Profit after tax before NCI | 470.7 | 315.5 | 512.1 | 501.8 | 525.6 | 694.6 | 702.3 | 495.4 |
| Diluted EPS not annualised (₹) | 1,110 | 743.8 | 1,207 | 1,183 | 1,239 | 1,638 | 1,656 | 1,168 |
| Cost of materials consumed | 4,741 | 4,656 | 4,720 | 4,623 | 4,577 | 4,688 | 4,994 | 5,854 |
| Purchase of stock-in-trade | 6.64 | 7.04 | 7.00 | 6.12 | 10.2 | 8.93 | 9.32 | 8.26 |
| Changes in inventories (FG, WIP, stock-in-trade) | -426.0 | -28.5 | -244.1 | 358.9 | 67.5 | 257.9 | -79.2 | -263.0 |
| COGS = materials + purchases + inventory change | 4,321 | 4,635 | 4,483 | 4,988 | 4,655 | 4,955 | 4,924 | 5,600 |
| Employee benefits expense | 477.8 | 479.0 | 470.9 | 477.7 | 495.0 | 523.1 | 550.8 | 499.9 |
| Other expenses | 1,070 | 1,052 | 1,042 | 1,139 | 1,103 | 1,172 | 1,264 | 1,326 |
| Operating EBITDA excluding other income and exceptional items | 1,011 | 834.7 | 1,079 | 1,070 | 1,126 | 1,400 | 1,305 | 990.6 |
| Other income | 113.2 | 98.1 | 112.8 | 128.6 | 108.1 | 126.7 | 139.1 | 195.1 |
| Depreciation and amortisation | 409.7 | 415.0 | 432.8 | 428.8 | 445.1 | 438.0 | 441.7 | 447.7 |
| Exceptional (signed; negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -77.2 | 14.0 | 0.00 |
| NCI share of PAT (not TCI) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Owners PAT (exact quarterly split) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of associates/JVs | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 18.4% | 20.1% | 10.1% | 11.9% | 10.6% |
| EBITDA margin | 16.9% | 14.5% | 15.7% | ||
| Net margin | 8.3% | 6.7% | 7.8% | ||
| Return on equity | 13.3% | 10.6% | 12.3% | ||
| Return on capital employed | 15.0% | 12.0% | 14.0% | ||
| Return on assets | 8.1% | 6.6% | 7.9% | ||
| Net debt (₹ crore) | -888.0 | -1,250 | -4,357 | ||
| Net debt / EBITDA | -0.21x | -0.31x | -0.89x | ||
| Interest cover | 8.00x | 6.74x | 8.59x | ||
| Asset turnover | 0.83x | 0.96x | 0.98x | 1.00x | 1.01x |
| Receivable days | 45 | 40 | 42 | 44 | 41 |
| Inventory days (on revenue) | 79 | 66 | 65 | 73 | 63 |
| Payable days (on revenue) | 38 | 37 | 38 | ||
| Cash conversion | 1.59x | 1.00x | 1.89x | ||
| Capex intensity | 9.0% | 14.4% | 8.6% | 4.7% | 4.6% |
| Free cash flow (₹ crore) | -1,906 | -534.6 | 1,145 | 555.3 | 3,156 |
| Dividend payout | 3.6% | 4.5% | 4.1% | ||
| EPS, diluted (₹) | 1,578 | 1,813 | 4,907 | 4,417 | 5,720 |
| Book value per share (₹) | 33,086 | 34,680 | 39,384 | 43,880 | 49,455 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee and other expenses; before other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee and other expenses; before other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on MRF includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on MRF
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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