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India's largest tyre manufacturer, making tyres for two-wheelers, passenger cars, trucks and motorsport.
India's largest tyre manufacturer, making tyres for two-wheelers, passenger cars, trucks and motorsport.
Sells most tyres through its dealer network to owners replacing worn ones, with a smaller share supplied to carmakers and two-wheeler makers for new vehicles; replacement demand is steadier. Its raw materials, natural and synthetic rubber, carbon black and nylon, are tied to oil and farm prices, so margins swing with them. The Mammen Mappillai family founded and controls it.
In one line: India's Goodyear.
Moat: narrow (brand, distribution, scale). Longstanding brand trust and a wide dealer network make MRF the aftermarket leader in India.
Headquarters: Chennai, India · Founded: 1946 · Employees: 16,283
Size MRF (MRF.NS) is an India Consumer Discretionary company (Automotive Aftermarket) with a market value of $5.62B, the 197th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹125,295 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against +1.6% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 11.4% over the last twelve months (peer median +4.8%); the operating margin is 9.6% (peer median 8.4%).
Valuation It trades at 25.7× forward earnings against a peer median of 14.6× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (14.7% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹319B | ₹311B | ₹281B | ₹252B | ₹230B |
| Revenue growth | — | +11% | +12% | +9% | — |
| Gross profit | ₹79.1B | ₹52.6B | ₹43.6B | ₹47.5B | ₹27.0B |
| EBITDA | ₹48.2B | ₹49.6B | ₹41.4B | ₹43.2B | ₹24.4B |
| Net income | ₹24.2B | ₹24.3B | ₹18.7B | ₹20.8B | ₹7.69B |
| Free cash flow | n/a | ₹29.9B | ₹3.98B | ₹9.48B | -₹6.89B |
| Capital expenditure | n/a | ₹14.3B | ₹13.1B | ₹21.6B | ₹32.9B |
| Total debt | n/a | ₹31.9B | ₹37.5B | ₹28.1B | ₹30.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MRF MRF.NS | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% |
| Apollo Tyres APOLLOTYRE.NS | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% |
| CEAT CEATLTD.NS | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% |
| JK Tyre & Industries JKTYRE.NS | $1.10B | -12% | +13% | 7% | 20.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRF.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | +2.0% | 10th lowest of 20 |
| 6-month return | -3.6% | +1.6% | 7th lowest of 20 |
| Distance from 52-week high | -21.5% | -20.2% | 10th lowest of 20 |
| Revenue growth (TTM) | +11.4% | +4.8% | 9th highest of 20 |
| Operating margin | 9.6% | 8.4% | 8th highest of 19 |
| Forward P/E | 25.7× | 14.6× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.7% | -0.2% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +14.0% | +9.5% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | +6.6 pp | -8.1 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | -3.8 pp | +0.2 pp | 6th lowest of 19 |
| EV / EBITDA | 11.0× | 7.6× | 3rd most expensive of 12 |
| Net debt / EBITDA | -0.4× | 1.3× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Pirelli & C PIRC.MI | Italy | $8.27B | +10% | -1% | -9% | 13.3× | -2.4% | +9.5% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Continental CON.DE | Germany | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% | -9.2% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |