Accumulate MRF; target of Rs 87285: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on MRF

MRF revenue grew 15.8% YoY in Q4FY18 to ` 39bn, which was lower than our estimates of ` 40 bn. Profitability was also marginally lower than estimates. We believe that recent price hikes taken by MRF will enable margin restoration / expansion in coming quarters. MRF has an incomparable moat over its competitors and strong brand recall which will keep MRF ahead of its competitors. With strong presence across segments and volume outlook looking robust, we expect MRF to further strengthen its leadership position. Any adverse movement in raw material prices should be negated through price hikes. We rollover valuation to FY20E EPS.

Outlook

We reiterate our Accumulate recommendation with a target price of ` 87,285.

For all recommendations report, click here

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