Stock MRF MRF LIMITED
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Financials MRF Limited Bombay S.E.

Equities

MRF

INE883A01011

Tires & Rubber Products

Market Closed - Bombay S.E.
Other stock markets
 06:00:51 2024-07-11 am EDT 		5-day change 1st Jan Change
130,494 INR -0.23% Intraday chart for MRF Limited +1.50% +0.72%
Jun. 13 Bulgaria's GERB party wins most seats in parliament RE
May. 29 MRF Limited Announces State Tax Officer, Roving Squad Hosur Intelligence Division, Tamil Nadu Has Imposed Penalty CI

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 246,684 348,874 275,768 356,456 565,715 553,918 - -
Enterprise Value (EV) 1 246,684 348,874 273,669 374,664 587,082 564,229 560,314 553,918
P/E ratio 17.7 x 27.9 x 42.6 x 43.7 x 27.7 x 27.5 x 23.8 x 23.7 x
Yield 0.17% 0.12% 0.23% 0.21% 0.15% 0.2% 0.25% 0.17%
Capitalization / Revenue 1.54 x 2.19 x 1.45 x 1.58 x 2.29 x 2.05 x 1.87 x -
EV / Revenue 1.54 x 2.19 x 1.44 x 1.66 x 2.38 x 2.08 x 1.89 x -
EV / EBITDA 10.6 x 12.1 x 13.6 x 16 x 14.1 x 13.2 x 11.8 x -
EV / FCF -37.8 x 9.08 x -11.7 x -43.4 x 53.4 x 32.3 x 33.3 x -
FCF Yield -2.65% 11% -8.58% -2.31% 1.87% 3.09% 3% -
Price to Book 2.05 x 2.65 x 2 x 2.46 x 3.44 x 3.01 x 2.68 x 2.44 x
Nbr of stocks (in thousands) 4,241 4,241 4,241 4,241 4,241 4,241 - -
Reference price 2 58,164 82,259 65,022 84,047 133,387 130,606 130,606 130,606
Announcement Date 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 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 159,911 159,214 189,895 225,782 246,737 270,861 296,763 -
EBITDA 1 23,237 28,947 20,127 23,373 41,678 42,844 47,549 -
EBIT 1 - 17,578 8,112 10,887 27,428 28,918 31,756 -
Operating Margin - 11.04% 4.27% 4.82% 11.12% 10.68% 10.7% -
Earnings before Tax (EBT) 1 13,993 17,003 8,792 11,192 27,390 27,808 31,957 -
Net income 1 13,950 12,491 6,473 8,162 20,410 20,758 23,837 -
Net margin 8.72% 7.85% 3.41% 3.62% 8.27% 7.66% 8.03% -
EPS 2 3,289 2,945 1,526 1,925 4,812 4,752 5,497 5,517
Free Cash Flow 1 -6,532 38,443 -23,481 -8,638 10,998 17,450 16,805 -
FCF margin -4.09% 24.15% -12.37% -3.83% 4.46% 6.44% 5.66% -
FCF Conversion (EBITDA) - 132.81% - - 26.39% 40.73% 35.34% -
FCF Conversion (Net income) - 307.78% - - 53.89% 84.07% 70.5% -
Dividend per Share 2 100.0 100.0 150.0 175.0 200.0 263.5 323.3 220.0
Announcement Date 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 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 48,298 52,003 55,989 57,190 55,349 57,254 63,233 60,876 60,478 62,150 67,328 65,044 64,869 67,148
EBITDA 1 4,857 5,275 4,783 4,674 5,486 8,431 11,142 11,286 10,394 8,856 9,854 9,834 9,663 10,011
EBIT 1 1,911 2,173 - 1,590 - 5,146 7,825 7,787 6,803 5,014 5,986 5,870 5,589 5,857
Operating Margin 3.96% 4.18% - 2.78% - 8.99% 12.38% 12.79% 11.25% 8.07% 8.89% 9.02% 8.62% 8.72%
Earnings before Tax (EBT) 1 1,973 2,166 1,519 1,650 2,235 5,788 7,784 7,735 6,792 5,079 6,895 5,913 5,725 6,066
Net income 1 1,458 1,568 1,124 1,240 1,692 4,107 5,814 5,719 5,080 3,796 4,510 4,423 4,282 4,537
Net margin 3.02% 3.01% 2.01% 2.17% 3.06% 7.17% 9.2% 9.4% 8.4% 6.11% 6.7% 6.8% 6.6% 6.76%
EPS 2 343.9 369.7 264.9 292.3 399.0 968.3 - 1,349 1,198 894.9 1,064 1,043 1,010 1,070
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 2/10/22 5/10/22 8/9/22 11/8/22 2/9/23 5/3/23 8/3/23 11/3/23 2/9/24 5/3/24 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - 18,208 21,368 10,311 6,396 -
Net Cash position 1 - - 2,099 - - - - -
Leverage (Debt/EBITDA) - - - 0.779 x 0.5127 x 0.2406 x 0.1345 x -
Free Cash Flow 1 -6,533 38,443 -23,481 -8,638 10,998 17,450 16,805 -
ROE (net income / shareholders' equity) 12.3% 9.92% 4.8% 5.77% 13.2% 11.4% 11.9% -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 28,305 31,082 32,494 34,219 38,775 43,428 48,683 53,442
Cash Flow per Share - - - - - - - -
Capex 1 27,323 8,430 16,908 32,804 21,277 23,688 25,000 -
Capex / Sales 17.09% 5.29% 8.9% 14.53% 8.62% 8.75% 8.42% -
Announcement Date 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

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