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MRF

₹132220.3 1646.8 | 1.3%

Market Cap ₹56076 Cr.

Stock P/E 26.9

P/B 3.2

Current Price ₹132220.3

Book Value ₹ 41658.6

Face Value 10

52W High ₹151283.4

Dividend Yield 0.15%

52W Low ₹ 113844

MRF Research see more...

Overview Inc. Year: 1960Industry: Tyres & Allied

MRF Ltd is a holding enterprise. The Company is engaged in the manufacturing and sale of tire, tread rubber, rubber chemicals, tubes, and flaps. It gives numerous classes of merchandise, which include truck tires, such as SUPER MILLER, SAND GRIP, STEEL MUSCLE, SUPER LUG, and M-77; tractor tires, which include TRACTOR TRAILOR-707, SHAKTI SUPER, KRISHI, FARM MUSCLE, SHAKTI LIFE, and PAHALWAN; light commercial automobile tires, such as SUPER LUG 505, SUPER MILER 99 and SUPER LUG FIFTY; small commercial car tires, inclusive of SAVARI, SAVARI LUG and ZIGMA CTP; pick up vehicle tire, such as SM 12; two/three wheeler tires, inclusive of AUTOMILER 82, SAVARI TREK, TRIPLE PLUS, REVZ FH, MOTO D, ZAPPER FM, RIB PLUS and ZAPPER FN, and off the road tires, such as MUSCLE-LIFT, MUSCLEROK-EARTH MOVERS, MUSCLEROK-GRADERS, MUSCLEROK-SMOOTH, MUSCLEROK-ROADTRACK and SANDGRIP. It also gives paints and coats, and various services, which includes TireTok, Tyredrome, MRF FASST and the MRF Institute of Driver Development (MIDD).

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MRF Share Price

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Quarterly Price

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MRF Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 5696 5826 5645 5842 6440 6217 6162 6349 7196 6881
Other Income 34 77 71 70 75 71 78 94 84 113
Total Income 5730 5903 5716 5912 6515 6288 6240 6443 7280 6994
Total Expenditure 5203 5346 5083 4988 5310 5060 5108 5437 6037 5870
Operating Profit 528 558 633 923 1205 1228 1132 1006 1244 1125
Interest 66 75 86 92 84 86 90 93 85 84
Depreciation 298 309 316 330 333 351 360 385 396 410
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 164 174 231 501 787 791 682 527 763 631
Provision for Tax 40 44 56 161 198 204 173 131 192 160
Profit After Tax 124 130 175 341 589 587 510 396 571 471
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 124 130 175 341 589 587 510 396 571 471
Adjusted Earnings Per Share 291.5 306.3 412.3 803.4 1388.6 1383.6 1202.1 934.2 1346.7 1110.1

MRF Profit & Loss

#(Fig in Cr.) Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 12248 13330 20180 13412 14954 16062 16239 16163 19317 23009 25169 26588
Other Income 25 66 324 331 331 422 335 210 317 253 317 369
Total Income 12273 13396 20504 13743 15285 16484 16575 16373 19634 23261 25486 26957
Total Expenditure 10468 11388 15750 10767 12667 13751 13857 13214 17258 20612 20908 22452
Operating Profit 1805 2009 4754 2977 2618 2733 2717 3159 2376 2649 4578 4507
Interest 196 232 361 257 259 273 301 282 263 326 361 352
Depreciation 374 424 737 611 707 808 982 1141 1205 1253 1430 1551
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1235 1353 3656 2109 1653 1652 1434 1737 908 1070 2787 2603
Provision for Tax 427 445 1146 623 521 522 12 460 239 301 706 656
Profit After Tax 809 908 2509 1486 1132 1131 1423 1277 669 769 2081 1948
Adjustments -0 -0 -0 0 0 0 -0 -0 -0 -0 -0 0
Profit After Adjustments 809 908 2509 1486 1132 1131 1423 1277 669 769 2081 1948
Adjusted Earnings Per Share 1907.1 2142.3 5918.4 3505.2 2668.9 2666.5 3355.1 3011.9 1578.4 1813.5 4908.5 4593.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 9% 16% 9% 7%
Operating Profit CAGR 73% 13% 11% 10%
PAT CAGR 171% 18% 13% 10%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 11% 21% 16% 14%
ROE Average 13% 8% 9% 16%
ROCE Average 18% 11% 12% 20%

MRF Balance Sheet

#(Fig in Cr.) Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 3655 4540 7224 8641 9738 10837 12215 13414 14032 14708 16703
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 952 1199 1486 1238 1319 1055 779 812 817 824 724
Other Non-Current Liabilities 1340 1471 514 667 831 1085 1196 1089 1254 1343 1712
Total Current Liabilities 2330 2623 4029 4502 4590 5464 5252 7268 6957 7495 7710
Total Liabilities 8278 9833 13254 15048 16478 18441 19442 22582 23060 24369 26849
Fixed Assets 2974 3436 4608 5502 6092 6786 8870 9441 9522 10118 12046
Other Non-Current Assets 594 1018 2327 2232 2512 3191 2422 2778 3274 5010 4254
Total Current Assets 4710 5379 6319 7314 7875 8464 8151 10363 10264 9241 10550
Total Assets 8278 9833 13254 15048 16478 18441 19442 22582 23060 24369 26849

MRF Cash Flow

#(Fig in Cr.) Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 62 290 273 121 247 193 102 1179 240 254 249
Cash Flow from Operating Activities 1499 1699 3043 1956 2413 1253 2271 4325 -578 2755 3301
Cash Flow from Investing Activities -959 -1791 -3408 -1393 -2014 -1386 -164 -5086 168 -1923 -2379
Cash Flow from Financing Activities -313 67 212 -438 -453 42 -1032 -250 424 -840 -868
Net Cash Inflow / Outflow 228 -24 -152 125 -53 -91 1075 -1011 13 -8 53
Closing Cash & Cash Equivalent 290 266 121 247 193 102 1179 167 254 249 303

MRF Ratios

# Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 1907.08 2142.26 5918.44 3505.24 2668.89 2666.53 3355.09 3011.93 1578.37 1813.51 4908.54
CEPS(Rs) 2788.47 3142 7656.96 4945.28 4335.68 4571.25 5671.91 5702.45 4420.5 4768.82 8281.13
DPS(Rs) 30 50 100 60 60 60 100 150 150 175 200
Book NAV/Share(Rs) 8621.32 10706.49 17038.54 20379.15 22967.43 25559.79 28808.28 31636.01 33093.75 34687.88 39393.84
Core EBITDA Margin(%) 13.11 13.13 19.7 17.72 14.89 14.39 14.67 17.82 10.43 10.21 16.59
EBIT Margin(%) 10.54 10.71 17.86 15.85 12.44 11.99 10.68 12.2 5.93 5.95 12.26
Pre Tax Margin(%) 9.1 9.14 16.25 14.13 10.76 10.29 8.83 10.5 4.6 4.56 10.85
PAT Margin (%) 5.95 6.14 11.16 9.96 7.36 7.04 8.76 7.72 3.39 3.28 8.1
Cash Profit Margin (%) 8.7 9 14.43 14.04 11.96 12.07 14.81 14.61 9.5 8.61 13.67
ROA(%) 10.43 10.03 21.74 10.5 7.18 6.48 7.51 6.08 2.93 3.24 8.13
ROE(%) 24.82 22.17 42.66 18.74 12.31 10.99 12.34 9.97 4.88 5.35 13.25
ROCE(%) 29.14 27.1 49.8 22.9 16.71 15.26 12.66 13.7 7.26 8.22 17.54
Receivable days 40.48 40.38 28.84 46.55 48.92 51.5 52.62 49.03 41.43 37.6 38.48
Inventory Days 46.78 44.93 30.23 52.87 54.91 58.97 66.29 64.45 65.38 64.31 61.19
Payable days 30.43 32.78 27.28 47.19 46.56 50.05 54.43 84.84 65.23 43.17 51.83
PER(x) 7 15.23 6.48 17.32 27.09 21.77 17.36 27.3 41.16 46.34 27.16
Price/Book(x) 1.55 3.05 2.25 2.98 3.15 2.27 2.02 2.6 1.96 2.42 3.38
Dividend Yield(%) 0.22 0.15 0.26 0.1 0.08 0.1 0.17 0.18 0.23 0.21 0.15
EV/Net Sales(x) 0.57 1.13 0.92 2.07 2.18 1.68 1.56 2.27 1.56 1.64 2.31
EV/Core EBITDA(x) 3.83 7.47 3.91 9.32 12.45 9.89 9.34 11.61 12.67 14.27 12.72
Net Sales Growth(%) 2.35 8.84 51.39 -33.54 11.5 7.41 1.1 -0.47 19.51 19.11 9.39
EBIT Growth(%) 42.85 10.71 153.44 -41.09 -19.21 0.74 -9.89 16.33 -42 19.26 125.51
PAT Growth(%) 39.56 12.33 176.27 -40.77 -23.86 -0.09 25.82 -10.23 -47.6 14.9 170.66
EPS Growth(%) 39.56 12.33 176.27 -40.77 -23.86 -0.09 25.82 -10.23 -47.6 14.9 170.66
Debt/Equity(x) 0.44 0.42 0.34 0.27 0.22 0.23 0.15 0.15 0.2 0.16 0.12
Current Ratio(x) 2.02 2.05 1.57 1.62 1.72 1.55 1.55 1.43 1.48 1.23 1.37
Quick Ratio(x) 1.24 1.35 1.1 1.09 1.24 1 1 1.02 0.88 0.68 0.79
Interest Cover(x) 7.3 6.84 11.14 9.22 7.39 7.04 5.77 7.17 4.45 4.28 8.72
Total Debt/Mcap(x) 0.28 0.14 0.15 0.09 0.07 0.1 0.08 0.06 0.1 0.07 0.04

MRF Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 27.94 27.87 27.87 27.84 27.77 27.75 27.75 27.78 27.78 27.77
FII 16.05 16.46 18.22 18.05 18.77 19.59 19.41 19.74 19.08 18.68
DII 12.46 12.49 11.37 11.66 11.72 11.19 11.46 10.57 10.74 11.68
Public 43.55 43.17 42.53 42.45 41.74 41.48 41.38 41.91 42.41 41.88
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

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

Cons

  • Promoter holding is low: 27.77%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Debtor days have increased from 43.17 to 51.83days.
  • Stock is trading at 3.2 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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