Stock MRF MRF LIMITED
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Financials MRF Limited

Equities

MRF

INE883A01011

Tires & Rubber Products

Market Closed - NSE India S.E.
Other stock markets
 07:43:49 2024-05-09 am EDT 		5-day change 1st Jan Change
126,225 INR -0.36% Intraday chart for MRF Limited -5.70% -2.59%
May. 08 Rockwell plans to expand in India with more factories, tech workers RE
May. 03 Indian tyre maker MRF posts surprise drop in profit as rubber prices jump RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 245,932 246,684 348,874 275,768 356,456 537,258 - -
Enterprise Value (EV) 1 259,992 246,684 348,874 273,669 374,664 565,715 551,307 560,087
P/E ratio 22.4 x 17.7 x 27.9 x 42.6 x 43.7 x 27.7 x 27 x 22.8 x
Yield 0.1% 0.17% 0.12% 0.23% 0.21% 0.17% 0.16% 0.28%
Capitalization / Revenue 1.55 x 1.54 x 2.19 x 1.45 x 1.58 x 2.29 x 1.97 x 1.81 x
EV / Revenue 1.64 x 1.54 x 2.19 x 1.44 x 1.66 x 2.29 x 2.02 x 1.89 x
EV / EBITDA 11.6 x 10.6 x 12.1 x 13.6 x 16 x 13.6 x 12.9 x 11.7 x
EV / FCF -44.8 x -37.8 x 9.08 x -11.7 x -43.4 x 59.7 x 23.6 x 35.3 x
FCF Yield -2.23% -2.65% 11% -8.58% -2.31% 1.68% 4.24% 2.84%
Price to Book 2.31 x 2.05 x 2.65 x 2 x 2.46 x 3.24 x 2.91 x 2.6 x
Nbr of stocks (in thousands) 4,241 4,241 4,241 4,241 4,241 4,241 - -
Reference price 2 57,987 58,164 82,259 65,022 84,047 126,678 126,678 126,678
Announcement Date 5/2/19 6/29/20 6/7/21 5/10/22 5/3/23 5/3/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 158,370 159,911 159,214 189,895 225,782 246,737 272,327 296,254
EBITDA 1 22,455 23,237 28,947 20,127 23,373 41,678 42,853 48,056
EBIT 1 14,392 - 17,578 8,112 10,887 27,428 29,354 32,222
Operating Margin 9.09% - 11.04% 4.27% 4.82% 11.12% 10.78% 10.88%
Earnings before Tax (EBT) 1 16,089 13,993 17,003 8,792 11,192 27,390 27,689 32,203
Net income 1 10,969 13,950 12,491 6,473 8,162 20,410 20,655 24,020
Net margin 6.93% 8.72% 7.85% 3.41% 3.62% 8.27% 7.58% 8.11%
EPS 2 2,586 3,289 2,945 1,526 1,925 4,812 4,698 5,553
Free Cash Flow 1 -5,801 -6,532 38,443 -23,481 -8,638 9,340 23,397 15,885
FCF margin -3.66% -4.09% 24.15% -12.37% -3.83% 3.79% 8.59% 5.36%
FCF Conversion (EBITDA) - - 132.81% - - 21.41% 54.6% 33.05%
FCF Conversion (Net income) - - 307.78% - - 42.58% 113.28% 66.13%
Dividend per Share 2 60.00 100.0 100.0 150.0 175.0 213.8 207.3 357.3
Announcement Date 5/2/19 6/29/20 6/7/21 5/10/22 5/3/23 5/3/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 45,668 47,377 41,277 48,316 48,298 52,003 55,989 57,190 55,349 57,254 63,233 64,264 61,390 62,128 66,364
EBITDA 1 9,632 7,456 4,872 5,122 4,857 5,275 4,783 4,674 5,486 8,431 11,142 11,338 10,814 10,351 9,266
EBIT 1 6,801 4,486 1,865 2,164 1,911 2,173 - 1,590 - 5,146 7,825 8,007 6,265 6,107 5,382
Operating Margin 14.89% 9.47% 4.52% 4.48% 3.96% 4.18% - 2.78% - 8.99% 12.38% 12.46% 10.21% 9.83% 8.11%
Earnings before Tax (EBT) 1 6,797 4,306 2,168 2,485 1,973 2,166 1,519 1,650 2,235 5,788 7,784 7,840 7,448 7,015 5,395
Net income 1 5,117 3,173 1,613 1,834 1,458 1,568 1,124 1,240 1,692 4,107 5,814 5,897 5,316 5,013 4,035
Net margin 11.21% 6.7% 3.91% 3.8% 3.02% 3.01% 2.01% 2.17% 3.06% 7.17% 9.2% 9.18% 8.66% 8.07% 6.08%
EPS 1,207 748.0 380.4 432.4 343.9 369.7 264.9 292.3 399.0 968.3 - 1,419 1,175 1,154 951.8
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 2/11/21 6/7/21 8/9/21 11/9/21 2/10/22 5/10/22 8/9/22 11/8/22 2/9/23 5/3/23 8/3/23 - - - -
1INR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 14,061 - - - 18,208 20,178 14,049 22,829
Net Cash position 1 - - - 2,099 - - - -
Leverage (Debt/EBITDA) 0.6262 x - - - 0.779 x 0.4625 x 0.3278 x 0.475 x
Free Cash Flow 1 -5,801 -6,533 38,443 -23,481 -8,638 9,340 23,397 15,885
ROE (net income / shareholders' equity) 10.8% 12.3% 9.92% 4.8% 5.77% 14% 11.9% 12.2%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 25,119 28,305 31,082 32,494 34,219 39,113 43,478 48,762
Cash Flow per Share 3,254 - - - - - - -
Capex 1 19,603 27,323 8,430 16,908 32,804 20,763 23,688 24,250
Capex / Sales 12.38% 17.09% 5.29% 8.9% 14.53% 8.41% 8.7% 8.19%
Announcement Date 5/2/19 6/29/20 6/7/21 5/10/22 5/3/23 5/3/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MRF Limited

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Tire & Tube Manufacturers

1st Jan change Capi.
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Tire & Tube Manufacturers
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