MRF Ltd

₹ 1,28,058 -1.37%

20 Dec - close price

About

Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The Co is engaged in the business of manufacturing tyres^[1]

Key Points

Products & Services
1) Products: The company manufactures tyres for passenger cars, 2W, 3W, OTRs, trucks, farm tractors, LCVs, tubes & flaps, SCVs, pickup cars, MCVs and ICVs. It also manufactures sports goods, paints & coats and pretreads, etc and supplies puzzles, games, and toys for kids through its brand Funskool. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 54,311 Cr.
Current Price ₹ 1,28,058
High / Low ₹ 1,51,445 / 1,16,348
Stock P/E 28.5
Book Value ₹ 40,981
Dividend Yield 0.16 %
ROCE 16.2 %
ROE 12.5 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 3.12 times its book value
Company has a low return on equity of 7.31% over last 3 years.

* 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.

Peer comparison

Sector: Tyres Industry: Tyres

Part of Nifty Midcap150 Momentum 50 Nifty 500 Multicap 50:25:25 BSE Low Volatility Index Nifty Midcap Select Nifty500 Multicap India Manufacturing 50:30:20 Nifty500 Multicap Infrastructure 50:30:20 BSE 250 LargeMidCap Index Nifty Midcap 150 BSE 500 BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty MidSmallcap 400 Nifty India Manufacturing BSE 200 BSE Dollex 200 Nifty 500 BSE Auto BSE MidCap Nifty Midcap 100 Nifty Infrastructure Nifty Midcap 50 Nifty Auto Nifty 200 BSE Allcap BSE Consumer Discretionary Nifty Total Market Nifty Alpha Low-Volatility 30 BSE MidCap Select Index BSE 150 MidCap Index

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	4,832	4,830	5,200	5,599	5,719	5,535	5,725	6,323	6,088	6,048	6,215	7,078	6,760
	4,319	4,344	4,673	5,121	5,252	4,986	4,882	5,209	4,959	5,008	5,330	5,940	5,787
Operating Profit	512	486	528	478	467	549	843	1,114	1,129	1,039	886	1,138	973
OPM %	11%	10%	10%	9%	8%	10%	15%	18%	19%	17%	14%	16%	14%
	89	69	65	34	76	70	148	74	70	77	92	83	112
Interest	57	63	66	64	70	80	84	78	75	78	86	75	67
Depreciation	296	295	310	297	308	315	328	332	350	359	384	394	408
Profit before tax	249	197	217	152	165	224	579	778	773	679	508	751	611
Tax %	26%	26%	28%	26%	25%	24%	29%	25%	26%	25%	25%	25%	25%
	183	146	157	112	124	169	411	581	572	508	380	563	455
EPS in Rs	432.39	343.90	369.67	264.93	292.35	399.00	968.29	1,370.99	1,348.54	1,197.85	894.93	1,326.42	1,073.85
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2012	Sep 2013	Sep 2014	Mar 2016 18m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	11,867	12,131	13,197	19,887	13,252	14,775	15,836	15,989	15,921	18,989	22,578	24,673	26,101
	10,606	10,364	11,266	15,509	10,652	12,546	13,580	13,659	13,015	16,967	20,227	20,489	22,065
Operating Profit	1,261	1,767	1,931	4,378	2,600	2,229	2,256	2,330	2,906	2,022	2,351	4,185	4,036
OPM %	11%	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	15%
	32	29	63	315	325	327	412	330	202	313	321	302	364
Interest	159	196	232	352	250	250	253	281	271	255	304	323	306
Depreciation	301	373	423	735	609	705	806	981	1,137	1,201	1,249	1,425	1,545
Profit before tax	833	1,227	1,339	3,606	2,066	1,602	1,609	1,399	1,700	879	1,119	2,739	2,549
Tax %	31%	35%	33%	31%	30%	32%	32%	0%	27%	26%	27%	25%
	572	802	898	2,474	1,451	1,092	1,097	1,395	1,249	647	816	2,041	1,906
EPS in Rs	1,349.56	1,891.51	2,117.12	5,833.16	3,421.47	2,575.46	2,586.29	3,289.19	2,945.13	1,526.35	1,924.57	4,812.31	4,493.05
Dividend Payout %	2%	2%	2%	2%	2%	2%	2%	3%	5%	10%	9%	4%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	16%
TTM:	10%

Compounded Profit Growth
10 Years:	9%
5 Years:	12%
3 Years:	16%
TTM:	14%

Stock Price CAGR
10 Years:	13%
5 Years:	15%
3 Years:	22%
1 Year:	7%

Return on Equity
10 Years:	12%
5 Years:	9%
3 Years:	7%
Last Year:	12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	4	4
Reserves	2,854	3,641	4,513	7,157	8,540	9,600	10,649	12,000	13,175	13,773	14,505	16,436	17,376
	1,708	1,599	1,903	2,067	2,072	1,701	1,868	1,365	1,120	2,415	2,561	2,377	1,627
	2,647	3,013	3,377	3,942	4,309	4,997	5,707	5,785	7,961	6,501	6,954	7,597	9,003
Total Liabilities	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	28,011
	2,914	2,970	3,429	4,594	5,488	6,075	6,768	8,849	9,391	9,466	10,050	11,977	12,582
CWIP	415	359	627	1,058	847	1,079	1,403	1,735	1,001	1,226	3,045	2,363	1,806
Investments	425	906	1,088	3,147	3,394	4,146	3,848	1,540	5,876	3,665	3,106	3,404	3,988
	3,459	4,023	4,654	4,370	5,196	5,001	6,209	7,030	5,991	8,336	7,823	8,671	9,635
Total Assets	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,154	22,260	22,693	24,024	26,415	28,011

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,023	1,476	1,687	3,407	1,790	2,529	1,380	2,079	4,687	-657	2,417	3,227
	-966	-937	-1,785	-3,406	-1,394	-1,970	-1,310	-168	-5,063	177	-1,927	-2,315
	-51	-313	67	-179	-295	-639	-112	-864	-625	491	-457	-823
Net Cash Flow	5	226	-31	-178	101	-80	-41	1,047	-1,001	10	33	89

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	45	47	47	34	54	53	54	52	51	44	39	42
Inventory Days	72	83	78	61	116	87	112	110	114	119	97	107
Days Payable	41	47	50	50	82	80	88	90	168	81	66	72
Cash Conversion Cycle	76	83	76	45	89	60	78	71	-3	82	70	77
Working Capital Days	54	50	47	10	19	5	11	9	-42	33	11	17
ROCE %	23%	29%	27%	50%	23%	17%	16%	13%	14%	6%	7%	16%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	27.90%	27.95%	27.94%	27.87%	27.88%	27.85%	27.77%	27.75%	27.76%	27.78%	27.77%	27.76%
	14.58%	15.54%	16.05%	16.46%	18.22%	18.05%	18.77%	19.58%	19.41%	19.75%	19.08%	18.68%
	12.91%	11.73%	12.46%	12.49%	11.37%	11.65%	11.71%	11.19%	11.45%	10.57%	10.74%	11.68%
	44.61%	44.79%	43.55%	43.18%	42.53%	42.45%	41.75%	41.48%	41.39%	41.92%	42.41%	41.88%
No. of Shareholders	62,406	66,786	56,544	48,377	41,881	43,500	37,938	37,504	37,584	47,663	57,325	48,576

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	27.37%	27.54%	27.74%	27.88%	27.84%	27.95%	27.85%	27.78%	27.76%
	10.07%	7.99%	6.11%	5.24%	13.48%	15.54%	18.05%	19.75%	18.68%
	10.52%	13.46%	15.37%	17.77%	14.28%	11.73%	11.65%	10.57%	11.68%
	52.04%	51.01%	50.79%	49.11%	44.40%	44.79%	42.45%	41.92%	41.88%
No. of Shareholders	38,782	46,283	61,429	63,243	50,630	66,786	43,500	47,663	48,576

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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MRF Ltd

MRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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