MRF Ltd

₹ 1,23,510 0.45%

21 Nov - 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
Products: The Co manufactures tyres (flagship) for Passenger cars, Two-wheelers, Three Wheelers, OTR, Trucks, Farm tractors, LCVs, Tubes & flaps, SCV, Pick up cars, MCV and ICV.
It also manufactures Sports goods, Paints & Coats and Pretreads. It also manufactures Puzzles, games, and toys for kids through its brand Funskool.
Services: T&S, Tiretok, Tyredrome, MRF Fasst, Muscle Zone, and Midd. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 52,388 Cr.
Current Price ₹ 1,23,510
High / Low ₹ 1,51,445 / 1,10,768
Stock P/E 26.9
Book Value ₹ 41,659
Dividend Yield 0.16 %
ROCE 16.1 %
ROE 12.6 %
Face Value ₹ 10.0

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Pros

Company's working capital requirements have reduced from 30.7 days to 24.3 days

Cons

Stock is trading at 2.96 times its book value
Company has a low return on equity of 7.36% 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 LargeMidcap 250 Nifty Alpha Low-Volatility 30 Nifty Auto Nifty 200 BSE Allcap BSE Consumer Discretionary BSE MidCap Select Index BSE 150 MidCap Index Nifty 500 BSE Auto BSE MidCap BSE 400 MidSmallCap Index BSE Low Volatility Index Nifty Total Market BSE 200 BSE Dollex 200 Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty India Manufacturing Nifty Midcap Select Nifty500 Multicap Infrastructure 50:30:20 Nifty Midcap 150 Nifty500 Multicap India Manufacturing 50:30:20 Nifty Midcap150 Momentum 50 BSE 500 Nifty Midcap 100 Nifty Infrastructure Nifty Midcap 50 BSE 250 LargeMidCap Index

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	4,908	4,920	5,305	5,696	5,826	5,645	5,842	6,440	6,217	6,162	6,349	7,196	6,881
	4,387	4,427	4,765	5,203	5,346	5,083	4,988	5,310	5,060	5,108	5,437	6,037	5,870
Operating Profit	521	493	540	493	481	562	854	1,130	1,157	1,055	912	1,160	1,011
OPM %	11%	10%	10%	9%	8%	10%	15%	18%	19%	17%	14%	16%	15%
	89	70	66	34	77	71	70	75	71	78	94	84	113
Interest	58	64	67	66	75	86	92	84	86	90	93	85	84
Depreciation	297	296	311	298	309	316	330	333	351	360	385	396	410
Profit before tax	255	202	228	164	174	231	501	787	791	682	527	763	631
Tax %	26%	26%	28%	25%	25%	24%	32%	25%	26%	25%	25%	25%	25%
	189	149	165	124	130	175	341	589	587	510	396	571	471
EPS in Rs	445.78	352.24	389.52	291.43	306.19	412.23	803.19	1,388.20	1,383.27	1,201.83	933.96	1,346.40	1,109.85
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	11,964	12,248	13,329	20,179	13,412	14,954	16,062	16,237	16,162	19,317	23,008	25,169	26,589
	10,692	10,468	11,384	15,743	10,763	12,665	13,744	13,855	13,208	17,256	20,604	20,896	22,451
Operating Profit	1,272	1,780	1,945	4,437	2,649	2,288	2,317	2,382	2,954	2,061	2,404	4,272	4,138
OPM %	11%	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	17%	16%
	32	25	63	317	327	330	416	335	205	315	245	306	369
Interest	159	196	232	361	257	259	273	301	282	263	326	361	352
Depreciation	302	374	424	737	611	707	808	982	1,141	1,205	1,253	1,430	1,551
Profit before tax	843	1,235	1,353	3,656	2,109	1,653	1,652	1,434	1,737	908	1,070	2,787	2,604
Tax %	31%	35%	33%	31%	30%	32%	32%	1%	26%	26%	28%	25%
	579	809	908	2,509	1,486	1,132	1,131	1,423	1,277	669	769	2,081	1,948
EPS in Rs	1,366.16	1,906.58	2,141.71	5,916.93	3,504.33	2,668.20	2,665.82	3,354.22	3,011.15	1,577.96	1,813.04	4,907.26	4,592.04
Dividend Payout %	2%	2%	2%	2%	2%	2%	2%	3%	5%	10%	10%	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:	15%
TTM:	15%

Stock Price CAGR
10 Years:	14%
5 Years:	15%
3 Years:	18%
1 Year:	11%

Return on Equity
10 Years:	12%
5 Years:	9%
3 Years:	7%
Last Year:	13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	2,857	3,651	4,535	7,220	8,637	9,734	10,833	12,210	13,409	14,028	14,703	16,699	17,664
	1,708	1,599	1,903	2,464	2,333	2,163	2,506	1,854	2,388	3,229	3,014	2,822	3,138
	2,659	3,023	3,391	3,566	4,075	4,577	5,098	5,373	6,780	5,799	6,648	7,325	7,616
Total Liabilities	7,228	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	28,423
	2,919	2,974	3,436	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	12,046	12,673
CWIP	415	359	628	1,059	848	1,079	1,403	1,741	1,002	1,233	3,046	2,385	1,809
Investments	429	904	1,081	3,138	3,382	4,145	3,855	1,519	5,874	3,656	3,085	3,383	3,967
	3,465	4,041	4,688	4,448	5,316	5,162	6,397	7,312	6,265	8,648	8,120	9,036	9,973
Total Assets	7,228	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	26,849	28,423

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,034	1,499	1,699	3,043	1,956	2,413	1,253	2,271	4,325	-578	2,755	3,300
	-977	-959	-1,791	-3,408	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922	-2,378
	-51	-313	67	212	-438	-453	42	-1,032	-250	424	-840	-868
Net Cash Flow	6	228	-24	-152	125	-53	-91	1,077	-1,012	14	-6	55

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	44	46	47	33	54	52	54	52	48	44	40	42
Inventory Days	72	83	79	62	118	88	113	110	115	120	98	108
Days Payable	41	47	50	36	69	63	64	72	129	60	58	64
Cash Conversion Cycle	76	83	76	58	103	78	102	90	34	104	80	86
Working Capital Days	54	50	47	17	27	16	26	21	-13	49	19	24
ROCE %	24%	29%	27%	49%	23%	17%	15%	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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