Price Target Changed • May 11
Price target decreased by 7.4% to ₹138,804 Down from ₹149,866, the current price target is an average from 10 analysts. New target price is 7.7% above last closing price of ₹128,910. Stock is down 7.9% over the past year. The company is forecast to post earnings per share of ₹5,568 for next year compared to ₹5,720 last year. Reported Earnings • May 08
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹5,720 (up from ₹4,407 in FY 2025). Revenue: ₹311.5b (up 11% from FY 2025). Net income: ₹24.3b (up 30% from FY 2025). Profit margin: 7.8% (up from 6.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 02
MRF Limited to Report Fiscal Year 2026 Results on May 07, 2026 MRF Limited announced that they will report fiscal year 2026 results at 12:08 PM, Indian Standard Time on May 07, 2026 Declared Dividend • Feb 08
Dividend of ₹3.00 announced Dividend of ₹3.00 is the same as last year. Ex-date: 13th February 2026 Payment date: 8th March 2026 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹1,631 (vs ₹744 in 3Q 2025) Third quarter 2026 results: EPS: ₹1,631 (up from ₹744 in 3Q 2025). Revenue: ₹80.5b (up 15% from 3Q 2025). Net income: ₹6.92b (up 119% from 3Q 2025). Profit margin: 8.6% (up from 4.5% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Announcement • Jan 27
MRF Limited to Report Q3, 2026 Results on Feb 06, 2026 MRF Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Declared Dividend • Nov 16
Dividend of ₹3.00 announced Shareholders will receive a dividend of ₹3.00. Ex-date: 21st November 2025 Payment date: 14th December 2025 Dividend yield will be 0.1%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹1,239 (vs ₹1,110 in 2Q 2025) Second quarter 2026 results: EPS: ₹1,239 (up from ₹1,110 in 2Q 2025). Revenue: ₹73.8b (up 7.2% from 2Q 2025). Net income: ₹5.26b (up 12% from 2Q 2025). Profit margin: 7.1% (up from 6.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
MRF Limited to Report Q2, 2026 Results on Nov 14, 2025 MRF Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 13
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹1,180 (down from ₹1,346 in 1Q 2025). Revenue: ₹76.8b (up 6.7% from 1Q 2025). Net income: ₹5.00b (down 12% from 1Q 2025). Profit margin: 6.5% (down from 7.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
MRF Limited to Report Q1, 2026 Results on Aug 12, 2025 MRF Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • Jul 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹4,407 (down from ₹4,907 in FY 2024). Revenue: ₹281.7b (up 12% from FY 2024). Net income: ₹18.7b (down 10% from FY 2024). Profit margin: 6.6% (down from 8.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 05
Dividend increased to ₹229 Dividend of ₹229 is 18% higher than last year. Ex-date: 18th July 2025 Payment date: 6th September 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 03
MRF Limited, Annual General Meeting, Aug 07, 2025 MRF Limited, Annual General Meeting, Aug 07, 2025. Price Target Changed • May 12
Price target increased by 13% to ₹131,744 Up from ₹116,926, the current price target is an average from 10 analysts. New target price is 5.8% below last closing price of ₹139,925. Stock is up 8.6% over the past year. The company is forecast to post earnings per share of ₹5,581 for next year compared to ₹4,408 last year. Reported Earnings • May 09
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹4,408 (down from ₹4,907 in FY 2024). Revenue: ₹285.6b (up 14% from FY 2024). Net income: ₹18.7b (down 10% from FY 2024). Profit margin: 6.5% (down from 8.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 01
MRF Limited to Report Fiscal Year 2025 Results on May 07, 2025 MRF Limited announced that they will report fiscal year 2025 results on May 07, 2025 Major Estimate Revision • Feb 13
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₹4,671 to ₹4,156 per share. Revenue forecast steady at ₹281.9b. Net income forecast to grow 22% next year vs 24% growth forecast for Auto Components industry in India. Consensus price target broadly unchanged at ₹116,536. Share price fell 3.8% to ₹109,767 over the past week. Declared Dividend • Feb 08
Dividend of ₹3.00 announced Shareholders will receive a dividend of ₹3.00. Ex-date: 14th February 2025 Payment date: 8th March 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ₹744 (down from ₹1,202 in 3Q 2024). Revenue: ₹70.0b (up 14% from 3Q 2024). Net income: ₹3.15b (down 38% from 3Q 2024). Profit margin: 4.5% (down from 8.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
MRF Limited Declares Second Interim Dividend for the Financial Year Ending March 31, 2025, Payable on or After February 25, 2025 MRF Limited announced that at the Board of Directors meeting held 6 February, 2025, the Board of Directors has declared a Second Interim Dividend of INR 3 per equity share [30%] for the financial year ending 31 March, 2025. The Company has fixed 14th February, 2025 as the record date for the purpose of payment of Second Interim Dividend. The Second Interim Dividend declared will be paid on or after 25February, 2025. Announcement • Jan 29
MRF Limited to Report Q3, 2025 Results on Feb 06, 2025 MRF Limited announced that they will report Q3, 2025 results on Feb 06, 2025 Declared Dividend • Nov 11
Dividend of ₹3.00 announced Dividend of ₹3.00 is the same as last year. Ex-date: 19th November 2024 Payment date: 8th December 2024 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: ₹1,110 (vs ₹1,383 in 2Q 2024) Second quarter 2025 results: EPS: ₹1,110 (down from ₹1,383 in 2Q 2024). Revenue: ₹69.9b (up 13% from 2Q 2024). Net income: ₹4.71b (down 20% from 2Q 2024). Profit margin: 6.7% (down from 9.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
MRF Limited Declares Interim Dividend, Payable on or After November 29, 2024 MRF Limited announced that at the board meeting held on November 8, 2024, declared an Interim Dividend of INR 3/-per equity share [30%] for the financial year ending March 31, 2025. The company has fixed
19 November, 2024, as the record date for the purpose of payment of Interim Dividend. The Interim Dividend declared will be paid on or after November 29, 2024. Announcement • Sep 29
MRF Limited Announces Cessation of Directors MRF Limited announced that consequent to the completion of their second term, Mr. Ashok Jacob (00018605), Mr. V Sridhar (DIN: 00020276), Mr. Vijay R Kirloskar (DIN: 00031253), Mr. Ranjit I. Jesudasen (DIN: 00020181), Dr. Salim Joseph Thomas (DIN: 00033022) and Mr. Jacob Kurian (DIN: 00860095) cease to be Independent Directors with effect from the close of business hours of September 28, 2024. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹1,346 (vs ₹1,388 in 1Q 2024) First quarter 2025 results: EPS: ₹1,346 (down from ₹1,388 in 1Q 2024). Revenue: ₹72.0b (up 12% from 1Q 2024). Net income: ₹5.71b (down 3.0% from 1Q 2024). Profit margin: 7.9% (down from 9.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
MRF Limited Declares Final Dividend for the Financial Year Ended 31St March, 2024 MRF Limited Declaration of a final dividend of INR 194/- (1940%) per equity share of INR 10 each of the Company for the financial year ended 31st March, 2024. Announcement • Jul 24
MRF Limited to Report Q1, 2025 Results on Aug 08, 2024 MRF Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of ₹194 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 31 August 2024. Payout ratio is a comfortable 4.1% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.5%). Reported Earnings • Jul 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹4,907 (up from ₹1,813 in FY 2023). Revenue: ₹251.7b (up 9.4% from FY 2023). Net income: ₹20.8b (up 171% from FY 2023). Profit margin: 8.3% (up from 3.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • Jun 29
Dividend increased to ₹194 Dividend of ₹194 is 15% higher than last year. Ex-date: 25th July 2024 Payment date: 31st August 2024 Dividend yield will be 0.2%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
MRF Limited, Annual General Meeting, Aug 01, 2024 MRF Limited, Annual General Meeting, Aug 01, 2024. Price Target Changed • May 07
Price target decreased by 7.1% to ₹108,034 Down from ₹116,299, the current price target is an average from 9 analysts. New target price is 13% below last closing price of ₹124,515. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹4,698 for next year compared to ₹4,907 last year. Reported Earnings • May 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹4,907 (up from ₹1,813 in FY 2023). Revenue: ₹254.9b (up 11% from FY 2023). Net income: ₹20.8b (up 171% from FY 2023). Profit margin: 8.2% (up from 3.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Announcement • May 03
MRF Limited Recommends Final Dividend for the Financial Year Ended 31 March, 2024 MRF Limited announced that at the board meeting held on May 3, 2024 have recommended a final dividend of INR 194 - (1940%) per share of INR 10 each. The Company has already declared and paid two interim dividends of INR 3 (30%) each per share for the financial year ended 31 March, 2024. The total dividend for the financial year ended 31 March 2024 works out to INR 200 - (2000%) per share of INR 10 each. Upcoming Dividend • Feb 14
Upcoming dividend of ₹3.00 per share at 0.1% yield Eligible shareholders must have bought the stock before 21 February 2024. Payment date: 11 March 2024. Payout ratio is a comfortable 3.7% but the company is paying out more than the cash it is generating. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Price Target Changed • Feb 12
Price target increased by 8.4% to ₹112,217 Up from ₹103,563, the current price target is an average from 9 analysts. New target price is 22% below last closing price of ₹143,803. Stock is up 62% over the past year. The company is forecast to post earnings per share of ₹5,182 for next year compared to ₹1,813 last year. Declared Dividend • Feb 11
Dividend of ₹3.00 announced Dividend of ₹3.00 is the same as last year. Ex-date: 21st February 2024 Payment date: 11th March 2024 Dividend yield will be 0.1%, which is lower than the industry average of 0.6%. Payout Ratios Payout ratio: 4%. Cash payout ratio: 129%. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹1,202 (vs ₹412 in 3Q 2023) Third quarter 2024 results: EPS: ₹1,202 (up from ₹412 in 3Q 2023). Revenue: ₹62.4b (up 11% from 3Q 2023). Net income: ₹5.10b (up 192% from 3Q 2023). Profit margin: 8.2% (up from 3.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 09
MRF Limited Declares Second Interim Dividend for the Financial Year Ending 31st March, 2024, Payable on or After 4th March, 2024 MRF Limited at its board meeting held on February 9, 2024, the Board of Directors declared a Second Interim Dividend of INR 3 per equity share (30%) for the financial year ending 31st March, 2024. The Company has fixed 21st February, 2024 as the Record Date for the purpose of payment of Second Interim Dividend. The Second Interim Dividend declared will be paid on or after 4th March, 2024. Announcement • Jan 25
MRF Limited to Report Q3, 2024 Results on Feb 09, 2024 MRF Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Upcoming Dividend • Nov 10
Upcoming dividend of ₹3.00 per share at 0.2% yield Eligible shareholders must have bought the stock before 17 November 2023. Payment date: 03 December 2023. Payout ratio is a comfortable 4.4% but the company is paying out more than the cash it is generating. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.8%). Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: ₹1,383 (vs ₹306 in 2Q 2023) Second quarter 2024 results: EPS: ₹1,383 (up from ₹306 in 2Q 2023). Revenue: ₹62.2b (up 6.7% from 2Q 2023). Net income: ₹5.87b (up 352% from 2Q 2023). Profit margin: 9.4% (up from 2.2% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Nov 04
MRF Limited Declares an Interim Dividend for the Financial Year Ending March 31, 2024, Payable on or After November 30, 2023 The Board of Directors of MRF Limited has declared an Interim Dividend of INR 3/-per equity share [30%] for the financial year ending March 31, 2024. The company has fixed November 17,2023, as the record date for the purpose of payment of Interim Dividend. The Interim Dividend declared will be paid on or after November 30, 2023. Announcement • Oct 22
MRF Limited to Report Q2, 2024 Results on Nov 03, 2023 MRF Limited announced that they will report Q2, 2024 results on Nov 03, 2023 Announcement • Sep 26
MRF Limited Provides Update on Order Of Competition Commission Of India (CCI) And Subsequent Appeal Pending Before Supreme Court MRF Limited announced that reference to letters dated 3 February 2022, 2 December 2022 and 14 August 2023. It may be recalled that the CCI had in February 2022 issued its order against MRF Limited, four other Indian tyre manufacturers and also the Automotive Tyre Manufacturers Association, for breach of the Competition Act, 2002 during the year 2011-12. The Commission had imposed a penalty of INR 622.09 Crores on MRF Limited (apart from penalties levied on others). An appeal was preferred against the above order before the National Company Law Appellate Tribunal (NCLAT) and NCLAT had in December 2022 disposed off the appeal by remanding the matter back to CCI for review after hearing the parties. Against this Order of the NCLAT, CCI had filed an appeal before the Supreme Court and the same is pending. In the meantime, MRF Limited had also filed an appeal before the Supreme Court against the Order of NCLAT since NCLAT has, after giving categorical findings in favor of the Appellants (i.e. Tyre Companies and its association), instead of allowing the appeals, erroneously remanded the same back to CCI for review. MRF's appeal came up for hearing and the Supreme Court has ordered notice and tagged the appeal along with the appeal filed by the CCI. New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₹4,376 to ₹4,909. Revenue forecast steady at ₹252.6b. Net income forecast to grow 61% next year vs 44% growth forecast for Auto Components industry in India. Consensus price target up from ₹82,563 to ₹91,865. Share price was steady at ₹106,356 over the past week. Price Target Changed • Aug 05
Price target increased by 11% to ₹91,865 Up from ₹82,563, the current price target is an average from 9 analysts. New target price is 17% below last closing price of ₹111,297. Stock is up 25% over the past year. The company is forecast to post earnings per share of ₹4,255 for next year compared to ₹1,813 last year. Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: ₹1,388 (vs ₹291 in 1Q 2023) First quarter 2024 results: EPS: ₹1,388 (up from ₹291 in 1Q 2023). Revenue: ₹64.4b (up 13% from 1Q 2023). Net income: ₹5.89b (up 376% from 1Q 2023). Profit margin: 9.1% (up from 2.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Jul 29
MRF Limited Approves Final Dividend on Equity Share of the Company for the Financial Year Ended March 31, 2023 MRF Limited approved final dividend of INR 169 per equity share of INR 10 each of the company for the financial year ended March 31, 2023 at the Annual General Meeting held on July 27, 2023. Upcoming Dividend • Jul 13
Upcoming dividend of ₹169 per share at 0.2% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 21 August 2023. Payout ratio is a comfortable 9.7% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.8%). Reported Earnings • Jul 06
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹1,813 (up from ₹1,578 in FY 2022). Revenue: ₹230.2b (up 19% from FY 2022). Net income: ₹7.69b (up 15% from FY 2022). Profit margin: 3.3% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jun 22
MRF Limited, Annual General Meeting, Jul 27, 2023 MRF Limited, Annual General Meeting, Jul 27, 2023. Price Target Changed • May 10
Price target increased by 7.4% to ₹79,982 Up from ₹74,468, the current price target is an average from 9 analysts. New target price is 18% below last closing price of ₹97,229. Stock is up 43% over the past year. The company is forecast to post earnings per share of ₹3,840 for next year compared to ₹1,813 last year. Major Estimate Revision • May 10
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₹3,436 to ₹3,840. Revenue forecast steady at ₹246.6b. Net income forecast to grow 112% next year vs 46% growth forecast for Auto Components industry in India. Consensus price target up from ₹74,468 to ₹78,990. Share price rose 3.9% to ₹97,229 over the past week. Announcement • May 04
MRF Limited Recommends Final Dividend for the Financial Year Ended March 31, 2023 MRF Limited at its board meeting held on May 03,2023, recommended a final dividend of INR 169/- (1690%) per share of INR 10 each. The Company has already declared and paid two interim dividends of INR 3/- (30%) each per share for the financial year ended 31st March, 2023. The total dividend for the financial year ended 31 March 2023 works out to INR 175 (1750%) per share of INR 10 each.