Buy MRF; target of Rs 96,217: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi's research report on MRF

We continue to be positive with regard to the outlook for MRF across segments. We expect the demand momentum to continue as we are experiencing unlocking of lockdowns starting today in the South and in some parts of the country. We expect Q2 FY22 demand to grow strongly with expected normal operations at MRF.

Outlook

We expect revenue to grow 25% y/y in FY22. We continue to be positive on the stock, with a Buy rating at a target price of Rs96,217 (20x FY23e).

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