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Last Updated: April 2, 2026, 3:21 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500290 | NSE: MRF

MRF Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹93,072.07Overvalued by 27.90%vs CMP ₹129,095.00

P/E (23.9) × ROE (10.6%) × BV (₹45,840.00) × DY (0.18%)

₹69,316.80Overvalued by 46.31%vs CMP ₹129,095.00
MoS: -86.2% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹93,072.0723%Over (-27.9%)
Graham NumberEarnings₹73,643.0416%Over (-43%)
Earnings PowerEarnings₹25,254.2111%Over (-80.4%)
DCFCash Flow₹49,178.6514%Over (-61.9%)
Net Asset ValueAssets₹45,839.097%Over (-64.5%)
EV/EBITDAEnterprise₹126,991.799%Fair (-1.6%)
Earnings YieldEarnings₹52,581.907%Over (-59.3%)
ROCE CapitalReturns₹59,523.187%Over (-53.9%)
Revenue MultipleRevenue₹66,378.385%Over (-48.6%)
Consensus (9 models)₹69,316.80100%Overvalued
Key Drivers: Wide model spread (₹25,254–₹126,992) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 0.0%

*Investments are subject to market risks

Investment Snapshot

68
MRF Ltd scores 68/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health72/100 · Strong
ROCE 13.6% GoodROE 10.6% AverageD/E 0.12 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.64% (6mo) Slight increasePromoter holding at 27.7% Stable
Earnings Quality65/100 · Strong
OPM expanding (11% → 16%) Improving
Quarterly Momentum90/100 · Strong
Revenue (4Q): +10% YoY GrowingProfit (4Q): +27% YoY StrongOPM: 17.0% (up 5.0% YoY) Margin expansion
Industry Rank40/100 · Moderate
P/E 23.9 vs industry 23.9 In-lineROCE 13.6% vs industry 31.6% Below peers3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:21 am

Market Cap 54,751 Cr.
Current Price 1,29,095
Intrinsic Value₹69,316.80
High / Low 1,63,600/1,07,389
Stock P/E23.9
Book Value 45,840
Dividend Yield0.18 %
ROCE13.6 %
ROE10.6 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for MRF Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
MRF Ltd 54,751 Cr. 1,29,095 1,63,600/1,07,38923.9 45,8400.18 %13.6 %10.6 % 10.0
Innovative Tyres & Tubes Ltd 99.3 Cr. 99.3 152/39.0 16.30.00 %49.5 %% 10.0
Industry Average54,751.00 Cr64,597.1523.9022,928.150.09%31.55%10.60%10.00

All Competitor Stocks of MRF Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 5,6455,8426,4406,2176,1626,3497,1966,8817,0017,0757,6767,3798,050
Expenses 5,0834,9885,3105,0605,1085,4376,0375,8706,1665,9966,6046,2536,651
Operating Profit 5628541,1301,1571,0559121,1601,0118351,0791,0711,1261,399
OPM % 10%15%18%19%17%14%16%15%12%15%14%15%17%
Other Income 717075717894841139811312610847
Interest 86928486909385849498989091
Depreciation 316330333351360385396410415433429445438
Profit before tax 231501787791682527763631424661670699917
Tax % 24%32%25%26%25%25%25%25%26%22%25%25%25%
Net Profit 175341589587510396571471315512500526692
EPS in Rs 412.23803.191,388.201,383.271,201.83933.961,346.401,109.85743.791,207.491,180.051,239.401,631.25

Last Updated: March 3, 2026, 7:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:46 am

MetricSep 2013Sep 2014Mar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 12,24813,32920,17913,41214,95416,06216,23716,16219,31723,00825,16928,15230,180
Expenses 10,46811,38415,74310,76312,66513,74413,85513,20817,25620,60420,89624,05825,505
Operating Profit 1,7801,9454,4372,6492,2882,3172,3822,9542,0612,4044,2724,0954,675
OPM % 15%15%22%20%15%14%15%18%11%10%17%15%15%
Other Income 2563317327330416335205315245306406395
Interest 196232361257259273301282263326361368378
Depreciation 3744247376117078089821,1411,2051,2531,4301,6541,745
Profit before tax 1,2351,3533,6562,1091,6531,6521,4341,7379081,0702,7872,4792,947
Tax % 35%33%31%30%32%32%1%26%26%28%25%25%
Net Profit 8099082,5091,4861,1321,1311,4231,2776697692,0811,8692,230
EPS in Rs 1,906.582,141.715,916.933,504.332,668.202,665.823,354.223,011.151,577.961,813.044,907.264,407.545,258.19
Dividend Payout % 2%2%2%2%2%2%3%5%10%10%4%5%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-23.82%-0.09%25.82%-10.26%-47.61%14.95%170.61%-10.19%
Change in YoY Net Profit Growth (%)0.00%23.73%25.91%-36.08%-37.35%62.56%155.66%-180.80%

MRF Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:8%
5 Years:12%
3 Years:13%
TTM:10%
Compounded Profit Growth
10 Years:8%
5 Years:6%
3 Years:50%
TTM:-13%
Stock Price CAGR
10 Years:14%
5 Years:21%
3 Years:21%
1 Year:10%
Return on Equity
10 Years:12%
5 Years:9%
3 Years:10%
Last Year:11%

Last Updated: September 5, 2025, 11:20 am

Balance Sheet

Last Updated: December 4, 2025, 1:40 am

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 4444444444444
Reserves 3,6514,5357,2208,6379,73410,83312,21013,40914,02814,70316,69918,48419,437
Borrowings 1,5991,9032,4642,3332,1632,5061,8542,3883,2293,0142,8223,7713,631
Other Liabilities 3,0233,3913,5664,0754,5775,0985,3736,7805,7996,6487,3257,3077,248
Total Liabilities 8,2789,83313,25415,04816,47818,44119,44222,58223,06024,36926,84929,56730,320
Fixed Assets 2,9743,4364,6085,5026,0926,7868,8709,4419,52210,11812,04613,22113,114
CWIP 3596281,0598481,0791,4031,7411,0021,2333,0462,3851,169949
Investments 9041,0813,1383,3824,1453,8551,5195,8743,6563,0853,3834,5484,597
Other Assets 4,0414,6884,4485,3165,1626,3977,3126,2658,6488,1209,03610,62911,660
Total Assets 8,2789,83313,25415,04816,47818,44119,44222,58223,06024,36926,84929,56730,320

Reserves and Borrowings Chart

Cash Flow

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,4991,6993,0431,9562,4131,2532,2714,325-5782,7553,3031,868
Cash from Investing Activity + -959-1,791-3,408-1,393-2,014-1,386-162-5,087169-1,922-2,381-2,082
Cash from Financing Activity + -31367212-438-45342-1,032-250424-840-868282
Net Cash Flow 228-24-152125-53-911,077-1,01214-65568
Free Cash Flow 1,053454737590849-710-4793,473-2,283-5351,141573
CFO/OP 101%109%95%89%126%72%114%164%-18%128%94%60%

Free Cash Flow

MonthMar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2013Sep 2014
Free Cash Flow4.000.000.000.001.000.00-1.00-1.002.001.000.000.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 464733545254524844404244
Inventory Days 8379621188811311011512098108115
Days Payable 4750366963647212960586457
Cash Conversion Cycle 8376581037810290341048086101
Working Capital Days 363014-125-4110-838
ROCE %29%27%49%23%17%15%13%14%6%7%17%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 27.85%27.77%27.75%27.76%27.78%27.77%27.76%27.80%27.78%27.78%27.75%27.73%
FIIs 18.05%18.77%19.58%19.41%19.75%19.08%18.68%18.20%17.54%18.67%18.27%18.18%
DIIs 11.65%11.71%11.19%11.45%10.57%10.74%11.68%12.00%12.22%11.66%12.38%12.50%
Public 42.45%41.75%41.48%41.39%41.92%42.41%41.88%42.02%42.46%41.88%41.60%41.58%
No. of Shareholders 43,50037,93837,50437,58447,66357,32548,57652,96461,32050,25348,07449,218

Shareholding Pattern Chart

No. of Shareholders

MRF Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Equity Hybrid Fund 170,000 2.77 2246.81210,0002025-12-08 00:12:55-19.05%
Kotak Midcap Fund 48,170 1.08 636.64N/AN/AN/A
Kotak Flexicap Fund 38,000 0.89 502.23N/AN/AN/A
Mirae Asset Large & Midcap Fund 17,655 0.55 233.3418,7832026-01-26 05:14:02-6.01%
Mirae Asset Midcap Fund 9,909 0.74 130.9610,4602026-01-26 05:14:02-5.27%
UTI Transportation and Logistic Fund 3,554 1.2 46.97N/AN/AN/A
HDFC Transportation and Logistics Fund 3,525 2.75 46.59N/AN/AN/A
Aditya Birla Sun Life Consumption Fund 3,486 0.75 46.07N/AN/AN/A
Kotak Aggressive Hybrid Fund 3,332 0.52 44.04N/AN/AN/A
Tata Ethical Fund 2,450 0.86 32.38N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4407.514907.241813.101577.973011.14
Diluted EPS (Rs.) 4407.514907.241813.101577.973011.14
Cash EPS (Rs.) 8308.588281.134768.894420.495702.45
Book Value[Excl.RevalReserv]/Share (Rs.) 43604.8639394.2534688.2533094.1031636.34
Book Value[Incl.RevalReserv]/Share (Rs.) 43604.8639394.2534688.2533094.1031636.34
Revenue From Operations / Share (Rs.) 66399.0159361.3454265.3345558.3038120.73
PBDIT / Share (Rs.) 10595.7110779.256230.645582.037434.62
PBIT / Share (Rs.) 6695.827406.673275.332739.934744.13
PBT / Share (Rs.) 5846.706574.102522.972141.344096.32
Net Profit / Share (Rs.) 4408.704908.561813.581578.403011.96
NP After MI And SOA / Share (Rs.) 4408.684908.541813.561578.373011.93
PBDIT Margin (%) 15.9518.1511.4812.2519.50
PBIT Margin (%) 10.0812.476.036.0112.44
PBT Margin (%) 8.8011.074.644.7010.74
Net Profit Margin (%) 6.638.263.343.467.90
NP After MI And SOA Margin (%) 6.638.263.343.467.90
Return on Networth / Equity (%) 10.1112.465.224.769.52
Return on Capital Employeed (%) 13.7716.408.237.2113.13
Return On Assets (%) 6.327.753.152.905.65
Long Term Debt / Equity (X) 0.020.040.050.050.06
Total Debt / Equity (X) 0.150.120.160.200.12
Asset Turnover Ratio (%) 0.990.980.970.830.76
Current Ratio (X) 1.501.371.231.461.43
Quick Ratio (X) 0.860.780.680.871.02
Inventory Turnover Ratio (X) 5.583.543.813.793.06
Dividend Payout Ratio (NP) (%) 4.533.568.279.500.00
Dividend Payout Ratio (CP) (%) 2.402.113.143.390.00
Earning Retention Ratio (%) 95.4796.4491.7390.500.00
Cash Earning Retention Ratio (%) 97.6097.8996.8696.610.00
Interest Coverage Ratio (X) 12.4812.958.289.3311.48
Interest Coverage Ratio (Post Tax) (X) 6.196.903.413.645.65
Enterprise Value (Cr.) 50270.9558246.5437807.0830186.4236418.65
EV / Net Operating Revenue (X) 1.792.311.641.562.25
EV / EBITDA (X) 11.1912.7414.3112.7511.55
MarketCap / Net Operating Revenue (X) 1.702.251.551.432.16
Retention Ratios (%) 95.4696.4391.7290.490.00
Price / BV (X) 2.583.382.421.962.60
Price / Net Operating Revenue (X) 1.702.251.551.432.16
EarningsYield 0.030.030.020.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

MRF Ltd. is a Public Limited Listed company incorporated on 05/11/1960 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L25111TN1960PLC004306 and registration number is 004306. Currently Company is involved in the business activities of Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres. Company's Total Operating Revenue is Rs. 27665.22 Cr. and Equity Capital is Rs. 4.24 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Tyres & TubesNo. 114, Greams Road, Chennai (Madras) Tamil Nadu 600006Contact not found
Management
NamePosition Held
Mr. K M MammenChairman & Managing Director
Mr. Arun MammenVice Chairman & Mng.Director
Mr. Rahul Mammen MappillaiManaging Director
Mr. Samir Thariyan MappillaiWhole Time Director
Mr. Varun MammenWhole Time Director
Dr. Cibi MammenDirector
Mrs. Ambika MammenDirector
Mrs. Vimla AbrahamDirector
Mr. Ramesh RangarajanDirector
Mr. Dinshaw Keku ParakhDirector
Mr. Arun VasuDirector
Mr. Vikram ChesettyDirector
Mr. Prasad OommenDirector
Mr. Vikram Taranath HosangadyDirector

FAQ

What is the intrinsic value of MRF Ltd and is it undervalued?

As of 15 April 2026, MRF Ltd's intrinsic value is ₹69316.80, which is 46.31% lower than the current market price of ₹129,095.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.6 %), book value (₹45,840), dividend yield (0.18 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of MRF Ltd?

MRF Ltd is trading at ₹129,095.00 as of 15 April 2026, with a FY2026-2027 high of ₹1,63,600 and low of ₹1,07,389. The stock is currently in the middle of its 52-week range. Market cap stands at ₹54,751 Cr..

How does MRF Ltd's P/E ratio compare to its industry?

MRF Ltd has a P/E ratio of 23.9, which is below the industry average of 23.90. This is broadly in line with or below the industry average.

Is MRF Ltd financially healthy?

Key indicators for MRF Ltd: ROCE of 13.6 % is moderate. Dividend yield is 0.18 %.

Is MRF Ltd profitable and how is the profit trend?

MRF Ltd reported a net profit of ₹1,869 Cr in Mar 2025 on revenue of ₹28,152 Cr. Compared to ₹669 Cr in Mar 2022, the net profit shows an improving trend.

Does MRF Ltd pay dividends?

MRF Ltd has a dividend yield of 0.18 % at the current price of ₹129,095.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in MRF Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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