MRF shares gained 1.99% to trade at Rs 148,200.00 in Tuesday's session, driven by high volume. The stock is among the top gainers on the Nifty Midcap 150 index. The stock is a constituent of the Nifty Midcap 150 index.
Financial Performance:
Consolidated Quarterly Data:
The following table presents the consolidated quarterly financial performance of MRF:
| Heading | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 7,000.82 Crore | Rs 7,074.82 Crore | Rs 7,675.69 Crore | Rs 7,378.72 Crore | Rs 8,050.43 Crore |
| Net Profit | Rs 315.46 Crore | Rs 512.11 Crore | Rs 500.47 Crore | Rs 525.64 Crore | Rs 691.83 Crore |
| EPS | 743.80 | 1,207.48 | 1,180.04 | 1,239.38 | 1,631.23 |
The revenue for MRF has shown an increase over the quarters, with revenue of Rs 8,050.43 Crore for the quarter-ending December 2025, up from Rs 7,000.82 Crore in December 2024. Net profit has also increased, reaching Rs 691.83 Crore in December 2025, compared to Rs 315.46 Crore in December 2024. Earnings per share (EPS) have risen from 743.80 in December 2024 to 1,631.23 in December 2025.
Consolidated Yearly Data:
The following table presents the consolidated yearly financial performance of MRF:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 16,163.19 Crore | Rs 19,316.72 Crore | Rs 23,008.50 Crore | Rs 25,169.21 Crore | Rs 28,153.18 Crore |
| Net Profit | Rs 1,277.07 Crore | Rs 669.24 Crore | Rs 768.96 Crore | Rs 2,081.23 Crore | Rs 1,869.29 Crore |
| EPS | 3,011.14 | 1,577.97 | 1,813.10 | 4,907.24 | 4,407.51 |
| BVPS | 31,636.34 | 33,094.10 | 34,688.25 | 39,394.25 | 43,604.86 |
| ROE | 9.52 | 4.76 | 5.22 | 12.46 | 10.11 |
| Debt to Equity | 0.13 | 0.20 | 0.17 | 0.12 | 0.16 |
The annual revenue for MRF has increased from Rs 16,163.19 Crore in 2021 to Rs 28,153.18 Crore in 2025. Net profit has fluctuated, with a high of Rs 2,081.23 Crore in 2024 and a value of Rs 1,869.29 Crore in 2025. The Earnings Per Share (EPS) have also shown variability, with a high of 4,907.24 in 2024 and 4,407.51 in 2025. The debt-to-equity ratio has remained relatively stable, ranging from 0.12 to 0.20 over the five years.
Annual Income Statement:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 28,153 Crore | Rs 25,169 Crore | Rs 23,008 Crore | Rs 19,316 Crore | Rs 16,163 Crore |
| Other Income | Rs 408 Crore | Rs 316 Crore | Rs 252 Crore | Rs 316 Crore | Rs 209 Crore |
| Total Income | Rs 28,561 Crore | Rs 25,486 Crore | Rs 23,261 Crore | Rs 19,633 Crore | Rs 16,373 Crore |
| Total Expenditure | Rs 25,722 Crore | Rs 22,345 Crore | Rs 21,872 Crore | Rs 18,471 Crore | Rs 14,361 Crore |
| EBIT | Rs 2,839 Crore | Rs 3,140 Crore | Rs 1,388 Crore | Rs 1,161 Crore | Rs 2,011 Crore |
| Interest | Rs 360 Crore | Rs 353 Crore | Rs 319 Crore | Rs 253 Crore | Rs 274 Crore |
| Tax | Rs 609 Crore | Rs 706 Crore | Rs 300 Crore | Rs 238 Crore | Rs 459 Crore |
| Net Profit | Rs 1,869 Crore | Rs 2,081 Crore | Rs 768 Crore | Rs 669 Crore | Rs 1,277 Crore |
Quarterly Income Statement:
| Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|
| Sales | Rs 8,050 Crore | Rs 7,378 Crore | Rs 7,675 Crore | Rs 7,074 Crore | Rs 7,000 Crore |
| Other Income | Rs 124 Crore | Rs 108 Crore | Rs 126 Crore | Rs 112 Crore | Rs 98 Crore |
| Total Income | Rs 8,175 Crore | Rs 7,486 Crore | Rs 7,802 Crore | Rs 7,187 Crore | Rs 7,098 Crore |
| Total Expenditure | Rs 7,166 Crore | Rs 6,697 Crore | Rs 7,033 Crore | Rs 6,428 Crore | Rs 6,581 Crore |
| EBIT | Rs 1,008 Crore | Rs 788 Crore | Rs 768 Crore | Rs 758 Crore | Rs 517 Crore |
| Interest | Rs 91 Crore | Rs 90 Crore | Rs 98 Crore | Rs 97 Crore | Rs 93 Crore |
| Tax | Rs 225 Crore | Rs 173 Crore | Rs 170 Crore | Rs 148 Crore | Rs 108 Crore |
| Net Profit | Rs 691 Crore | Rs 525 Crore | Rs 500 Crore | Rs 512 Crore | Rs 315 Crore |
Cash Flow:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 1,867 Crore | Rs 3,300 Crore | Rs 2,755 Crore | Rs -578 Crore | Rs 4,324 Crore |
| Investing Activities | Rs -2,082 Crore | Rs -2,379 Crore | Rs -1,923 Crore | Rs 165 Crore | Rs -5,086 Crore |
| Financing Activities | Rs 282 Crore | Rs -868 Crore | Rs -839 Crore | Rs 423 Crore | Rs -249 Crore |
| Others | Rs 0 Crore | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore | Rs 0 Crore |
| Net Cash Flow | Rs 67 Crore | Rs 54 Crore | Rs -5 Crore | Rs 11 Crore | Rs -1,011 Crore |
Balance Sheet:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 4 Crore | Rs 4 Crore | Rs 4 Crore | Rs 4 Crore | Rs 4 Crore |
| Reserves & Surplus | Rs 18,484 Crore | Rs 16,698 Crore | Rs 14,703 Crore | Rs 14,027 Crore | Rs 13,409 Crore |
| Current Liabilities | Rs 8,959 Crore | Rs 7,710 Crore | Rs 7,495 Crore | Rs 6,956 Crore | Rs 7,267 Crore |
| Other Liabilities | Rs 2,118 Crore | Rs 2,436 Crore | Rs 2,166 Crore | Rs 2,071 Crore | Rs 1,900 Crore |
| Total Liabilities | Rs 29,566 Crore | Rs 26,849 Crore | Rs 24,369 Crore | Rs 23,059 Crore | Rs 22,581 Crore |
| Fixed Assets | Rs 14,389 Crore | Rs 14,430 Crore | Rs 13,163 Crore | Rs 10,754 Crore | Rs 10,442 Crore |
| Current Assets | Rs 13,396 Crore | Rs 10,549 Crore | Rs 9,243 Crore | Rs 10,187 Crore | Rs 10,367 Crore |
| Other Assets | Rs 1,781 Crore | Rs 1,869 Crore | Rs 1,961 Crore | Rs 2,116 Crore | Rs 1,771 Crore |
| Total Assets | Rs 29,566 Crore | Rs 26,849 Crore | Rs 24,369 Crore | Rs 23,059 Crore | Rs 22,581 Crore |
| Contingent Liabilities | Rs 2,466 Crore | Rs 3,184 Crore | Rs 3,669 Crore | Rs 3,956 Crore | Rs 2,132 Crore |
Financial Ratios:
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 3,011.14 | 1,577.97 | 1,813.10 | 4,907.24 | 4,407.51 |
| Diluted Eps (Rs.) | 3,011.14 | 1,577.97 | 1,813.10 | 4,907.24 | 4,407.51 |
| Book Value [Excl. Reval Reserve]/Share (Rs.) | 31,636.34 | 33,094.10 | 34,688.25 | 39,394.25 | 43,604.86 |
| Dividend/Share (Rs.) | 150.00 | 150.00 | 175.00 | 200.00 | 235.00 |
| Face Value | 10 | 10 | 10 | 10 | 10 |
| Gross Profit Margin (%) | 19.50 | 12.25 | 11.48 | 18.15 | 15.95 |
| Operating Margin (%) | 12.44 | 6.01 | 6.03 | 12.47 | 10.08 |
| Net Profit Margin (%) | 7.90 | 3.46 | 3.34 | 8.26 | 6.63 |
| Return on Networth / Equity (%) | 9.52 | 4.76 | 5.22 | 12.46 | 10.11 |
| ROCE (%) | 13.13 | 7.21 | 8.23 | 16.40 | 13.77 |
| Return On Assets (%) | 5.65 | 2.90 | 3.15 | 7.75 | 6.32 |
| Current Ratio (X) | 1.43 | 1.46 | 1.23 | 1.37 | 1.50 |
| Quick Ratio (X) | 1.02 | 0.87 | 0.68 | 0.79 | 0.87 |
| Debt to Equity (x) | 0.13 | 0.20 | 0.17 | 0.12 | 0.16 |
| Interest Coverage Ratios (X) | 7.32 | 9.33 | 8.28 | 12.95 | 12.48 |
| Asset Turnover Ratio (%) | 71.57 | 0.84 | 0.97 | 0.98 | 1.00 |
| Inventory Turnover Ratio (X) | 5.50 | 3.79 | 3.81 | 3.54 | 5.58 |
| 3 Yr CAGR Sales (%) | 3.80 | 9.66 | 19.03 | 24.79 | 20.72 |
| 3 Yr CAGR Net Profit (%) | 6.23 | -23.06 | -26.48 | 27.66 | 67.13 |
| P/E (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B (x) | 2.60 | 1.96 | 2.42 | 3.38 | 2.58 |
| EV/EBITDA (x) | 11.55 | 12.75 | 14.31 | 12.74 | 11.19 |
| P/S (x) | 2.16 | 1.43 | 1.55 | 2.25 | 1.70 |
Corporate Actions:
MRF announced an interim dividend of Rs 3 per share (30%) on January 27, 2026, with an effective date of February 13, 2026. Earlier dividends include an interim dividend of Rs 3 per share (30%) announced on November 4, 2025, and a final dividend of Rs 229 per share (2290%) announced on May 7, 2025.
MRF had bonus issues in the past. One was announced on April 2, 1975, with a bonus ratio of 1:2, and another was announced on April 2, 1970, with a bonus ratio of 3:10.
Moneycontrol analysis on February 6, 2026, gave a neutral sentiment for the stock.
With the stock's last traded price at Rs 148,200.00, MRF has seen a surge with high volume in today's session.
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