Reported Earnings • Jul 16
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹5,720 (up from ₹4,417 in FY 2025). Revenue: ₹311.6b (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 8.4% 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 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 01
Dividend of ₹229 announced Dividend of ₹229 is the same as last year. Ex-date: 17th July 2026 Payment date: 5th September 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 (3% 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 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 30
MRF Limited, Annual General Meeting, Aug 06, 2026 MRF Limited, Annual General Meeting, Aug 06, 2026. 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 7.6% above last closing price of ₹128,961. Stock is down 7.8% 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 11% per year, which means it is significantly lagging earnings growth. Duyuru • 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 09
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. Duyuru • 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 Price Target Changed • Jan 05
Price target increased by 8.3% to ₹150,084 Up from ₹138,587, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of ₹150,468. Stock is up 22% over the past year. The company is forecast to post earnings per share of ₹5,153 for next year compared to ₹4,407 last year. 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 ₹139,849. Stock is up 8.5% 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. Duyuru • 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 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • Jun 28
MRF Limited, Annual General Meeting, Aug 01, 2024 MRF Limited, Annual General Meeting, Aug 01, 2024. Price Target Changed • May 06
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 14% below last closing price of ₹126,059. Stock is up 29% 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. Duyuru • 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 21% below last closing price of ₹142,718. Stock is up 61% 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 Duyuru • 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. 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. Duyuru • 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. Duyuru • Jun 22
MRF Limited, Annual General Meeting, Jul 27, 2023 MRF Limited, Annual General Meeting, Jul 27, 2023. Price Target Changed • May 11
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 ₹97,362. Stock is up 44% 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. Duyuru • 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. Reported Earnings • May 04
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹1,813 (up from ₹1,578 in FY 2022). Revenue: ₹230.1b (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 6.4% 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 fallen by 31% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 14
Upcoming dividend of ₹3.00 per share at 0.2% yield Eligible shareholders must have bought the stock before 21 February 2023. Payment date: 11 March 2023. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (0.6%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹412 (vs ₹352 in 3Q 2022) Third quarter 2023 results: EPS: ₹412 (up from ₹352 in 3Q 2022). Revenue: ₹56.4b (up 15% from 3Q 2022). Net income: ₹1.75b (up 17% from 3Q 2022). Profit margin: 3.1% (up from 3.0% in 3Q 2022). Revenue is forecast to grow 6.9% 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 fallen by 26% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Feb 09
MRF Limited Declares Second Interim Dividend for the Financial Year Ending March 31, 2023, Payable on or After March 6, 2023 The Board of Directors of MRF Limited has declared a Second Interim Dividend of INR 3 per equity share [30%] for the financial year ending 31 March,2023. The Company has fixed 21 February, 2023 as the Record Date for the purpose of payment of Second Interim Dividend. The Second Interim Dividend declared will be paid on or after 6th March, 2023. Duyuru • Feb 08
MRF Limited Announces Appointment of Independent Directors MRF Limited appointed Mr. Vikram Taranath Hosangady (DIN:09757469), Mr. Ramesh Rangarajan (DIN: 00141701) and Mr. Dinshaw Keku Parakh (DIN: 00238735) as the Independent Directors of the Company with effect from the date of receipt of approval of the shareholders or the date of receipt of requisite clearances as may be required under applicable law for such appointment, whichever is later. Company has received necessary clearances from Government of India, on 7th February, 2023 for the appointments of Mr. Vikram Taranath Hosangady, Mr. Ramesh Rangarajan and Mr. Dinshaw Keku Parakh as Independent Directors of the Company. Accordingly, the appointment of Mr. Vikram Taranath Hosangady, Mr. Ramesh Rangarajan and Mr. Dinshaw Keku Parakh as Independent Directors of the Company takes effect from 7th February, 2023. Mr. Vikram Taranath Hosangady is a seasoned business leader and finance professional with over 25 years of experience in being a strategic partner to global PEs and corporations, in their value creation journey. He has a progressive history of working with several founders of emerging corporates, in their journey of increased professionalism, governance, listing in locallglobal markets, guiding, hiring of board members and mentoring of next generation leader. Mr. Vikram Taranath Hosangady is a gold medallist in Commerce from Loyola College, Chennai and is a member of the Institute of Chartered Accountants of India and Institute of Cost Accountants of India. Mr. Vikram Taranath Hosangady worked with KPMG in various positions from 2005 to 2022. He last held the position of head of Clients and Markets and Member of the India Leadership Team from 2021 to 2022. Prior to KPMG, he worked with EY in Deal Advisory wing from 2002 to 2004 and Arthur Anderson's, Audit wing from 1996 to 2001. Mr. Ramesh Rangarajan is a family member of THE HINDU group of publications. He is the son of Late Shri S Rangarajan, who was the Chairman of MIs Kasturi ft Sons Limited). Mr. Ramesh Rangarajan is a graduate in Economics from Loyola College, Chennai and has wide and rich experience in the field of Advertising and Marketing. He was on the Board of MIs Kasturi ft Sons Limited for 25 years and served in THE HINDU for over 30 years. During his tenure with THE HINDU, he was spearheading the Advertising and Circulation Departments and brought in many innovations which helped boost revenue growth of the newspaper. Mr. Dinshaw Keku Parakh is the Managing Partner of Tarapore & Company, a firm involved in the construction and engineering business. Tarapore & Company has undertaken many projects all over the Country in its 9 decades of existence so far and are one of the main contractors for Prestige Builders, executing numerous projects for them in and around Bangalore.Other than contracting, the Company operates in the hospitality segment. Mr. Dinshaw Keku Parakh has over 25 years of experience in business and currently manages the day-to-day operations and finances of the firm. Mr. Dinshaw Keku Parakh holds a Bachelor's degree in Arts from D.G Vaishnav College, Chennai and a Masters degree in Business Administration from Clarks University, USA. Mr. Dinshaw Keku Parakh currently serves on the Board of Directors at SICGIL India, as Joint Managing Director of Narbod Constructions, which runs the slag operations at Tata Steel, Jamshedpur. Apart from the involvement in his core business, Mr. Dinshaw Keku Parakh is also a trustee of family charitable trusts, which supports underprivileged sections of the society in education and healthcare. Mr. Dinshaw Keku Parakh is also the president of the Venkatesapuram Tarapore Educational Trust which runs several schools from Nursery up to the High School level in Chennai. Duyuru • Jan 28
MRF Limited to Report Q3, 2023 Results on Feb 09, 2023 MRF Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Duyuru • Nov 09
MRF Limited Declares Interim Dividend for the Financial Year Ending 31 March 2023, Payable on or After 2 December 2022 The board of directors of MRF Limited at meeting held on 08 November 2022, has declared an Interim Dividend of INR 3/-per equity share [30%] for the financial year ending 31 March 2023. the company has fixed 18 November, 2022, as the record date for the purpose of payment of Interim Dividend. The Interim Dividend declared will be paid on or after 2 December,2022. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: ₹306 (vs ₹446 in 2Q 2022) Second quarter 2023 results: EPS: ₹306 (down from ₹446 in 2Q 2022). Revenue: ₹58.3b (up 19% from 2Q 2022). Net income: ₹1.30b (down 31% from 2Q 2022). Profit margin: 2.2% (down from 3.9% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Duyuru • Oct 28
MRF Limited to Report Q2, 2023 Results on Nov 08, 2022 MRF Limited announced that they will report Q2, 2023 results on Nov 08, 2022 Major Estimate Revision • Aug 16
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from ₹218.6b to ₹227.6b. EPS estimate fell from ₹2,313 to ₹1,977 per share. Net income forecast to grow 58% next year vs 36% growth forecast for Auto Components industry in India. Consensus price target up from ₹67,657 to ₹69,752. Share price fell 5.1% to ₹83,250 over the past week. Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹291 (vs ₹390 in 1Q 2022) First quarter 2023 results: EPS: ₹291 (down from ₹390 in 1Q 2022). Revenue: ₹57.0b (up 36% from 1Q 2022). Net income: ₹1.24b (down 25% from 1Q 2022). Profit margin: 2.2% (down from 4.0% in 1Q 2022). Over the next year, revenue is forecast to grow 11%, compared to a 18% growth forecast for the 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 13% per year, which means it is well ahead of earnings. Duyuru • Aug 05
MRF Limited Declares Final Dividend for the Financial Year Ended March 31, 2022 MRF Limited at its AGM held on August 4,2022, declared of a final dividend of INR 144 per equity share of INR 10 each of the Company for the financial year ended 31st March, 2022. Duyuru • Jul 28
MRF Limited to Report Q1, 2023 Results on Aug 09, 2022 MRF Limited announced that they will report Q1, 2023 results on Aug 09, 2022 Upcoming Dividend • Jul 20
Upcoming dividend of ₹144 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 03 September 2022. Payout ratio is a comfortable 9.5% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹1,578 (down from ₹3,011 in FY 2021). Revenue: ₹193.2b (up 19% from FY 2021). Net income: ₹6.69b (down 48% from FY 2021). Profit margin: 3.5% (down from 7.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 13%, compared to a 22% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Duyuru • Jul 02
MRF Limited, Annual General Meeting, Aug 04, 2022 MRF Limited, Annual General Meeting, Aug 04, 2022. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ₹3,214 to ₹2,253 per share. Revenue forecast steady at ₹220.0b. Net income forecast to grow 43% next year vs 30% growth forecast for Auto Components industry in India. Consensus price target broadly unchanged at ₹69,726. Share price rose 7.7% to ₹73,983 over the past week. Reported Earnings • May 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹1,578 (down from ₹3,011 in FY 2021). Revenue: ₹196.3b (up 21% from FY 2021). Net income: ₹6.69b (down 48% from FY 2021). Profit margin: 3.4% (down from 7.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 14%, compared to a 18% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Duyuru • May 12
MRF Limited Recommends Final Dividend MRF Limited announced that at its board meeting held on May 10, 2022, the Board of Directors have recommended a final dividend of INR 144 per share of INR 10 each. Duyuru • May 02
MRF Limited to Report Q4, 2022 Results on May 10, 2022 MRF Limited announced that they will report Q4, 2022 results on May 10, 2022 Duyuru • Feb 11
MRF Limited Declares Second Interim Dividend for the Financial Year Ending March 31, 2022, Payable on or after March 4, 2022 The Board of Directors of MRF Limited at its meeting held on February 10, 2022, the board has declared a second interim dividend of INR 3 per equity share for the financial year ending March 31, 2022. The Company has fixed February 18, 2022 as the Record Date for the purpose of payment of Second Interim Dividend. The Second Interim Dividend declared will be paid on or after March 4, 2022. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹352 (down from ₹1,227 in 3Q 2021). Revenue: ₹49.9b (up 7.5% from 3Q 2021). Net income: ₹1.49b (down 71% from 3Q 2021). Profit margin: 3.0% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Major Estimate Revision • Feb 11
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₹202.4b to ₹192.4b. EPS estimate also fell from ₹2,455 per share to ₹1,850 per share. Net income forecast to shrink 7.6% next year vs 26% growth forecast for Auto Components industry in India . Consensus price target down from ₹79,720 to ₹75,946. Share price fell 2.6% to ₹68,266 over the past week. Duyuru • Jan 30
MRF Limited to Report Q3, 2022 Results on Feb 10, 2022 MRF Limited announced that they will report Q3, 2022 results on Feb 10, 2022 Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS ₹446 (vs ₹969 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹49.1b (up 16% from 2Q 2021). Net income: ₹1.89b (down 54% from 2Q 2021). Profit margin: 3.9% (down from 9.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Major Estimate Revision • Aug 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₹3,154 to ₹2,789 per share. Revenue forecast steady at ₹190.7b. Net income forecast to shrink 9.9% next year vs 28% growth forecast for Auto Components industry in India . Consensus price target broadly unchanged at ₹81,836. Share price was steady at ₹78,517 over the past week. Duyuru • Aug 14
MRF Limited Approve Special Dividend of for the Financial Year Ended March 31, 2021 MRF Limited at its annual general meeting held on August 12, 2021 approved special dividend of INR 50 per share for the financial year ended March 31, 2021. Upcoming Dividend • Jul 28
Upcoming dividend of ₹144 per share Eligible shareholders must have bought the stock before 04 August 2021. Payment date: 11 September 2021. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 22
Full year 2021 earnings released: EPS ₹3,011 (vs ₹3,354 in FY 2020) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: ₹161.8b (flat on FY 2020). Net income: ₹12.8b (down 10% from FY 2020). Profit margin: 7.9% (down from 8.7% in FY 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 02
Insider recently sold ₹103m worth of stock On the 29th of June, Soma Philips sold around 1k shares on-market at roughly ₹80,497 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹340m more than they bought in the last 12 months. Major Estimate Revision • Jun 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₹185.9b to ₹189.2b. EPS estimate fell from ₹3,681 to ₹3,071 per share. Net income forecast to grow 2.0% next year vs 84% growth forecast for Auto Components industry in India. Consensus price target down from ₹85,204 to ₹81,968. Share price was steady at ₹82,496 over the past week. Reported Earnings • Jun 08
Full year 2021 earnings released: EPS ₹3,011 (vs ₹3,354 in FY 2020) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: ₹163.7b (flat on FY 2020). Net income: ₹12.8b (down 10% from FY 2020). Profit margin: 7.8% (down from 8.7% in FY 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 18
Analysts increase EPS estimates to ₹3,216 The 2021 consensus revenue estimate increased from ₹156.6b to ₹159.9b. The earnings per share estimate also received an upgrade from ₹2,724 to ₹3,216 for the same period. Net income is expected to shrink by 6.9% next year compared to 107% growth forecast for the Auto Components industry in India . The consensus price target increased from ₹73,608 to ₹81,342. Share price is down by 1.3% to ₹88,908 over the past week. Price Target Changed • Feb 13
Price target raised to ₹79,251 Up from ₹73,608, the current price target is an average from 3 analysts. The new target price is 13% below the current share price of ₹91,213. As of last close, the stock is up 27% over the past year. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS ₹1,227 (vs ₹569 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹47.1b (up 15% from 3Q 2020). Net income: ₹5.21b (up 116% from 3Q 2020). Profit margin: 11% (up from 5.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Is New 90 Day High Low • Feb 09
New 90-day high: ₹93,751 The company is up 37% from its price of ₹68,575 on 11 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹33,598 per share. Duyuru • Jan 28
MRF Limited to Report Q3, 2021 Results on Feb 11, 2021 MRF Limited announced that they will report Q3, 2021 results on Feb 11, 2021 Is New 90 Day High Low • Jan 08
New 90-day high: ₹80,657 The company is up 37% from its price of ₹58,770 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹31,900 per share. Recent Insider Transactions • Dec 18
Insider recently sold ₹9.7m worth of stock On the 14th of December, Arjun Joseph sold around 125 shares on-market at roughly ₹77,782 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹67m. Insiders have been net sellers, collectively disposing of ₹119m more than they bought in the last 12 months. Recent Insider Transactions • Nov 20
Insider recently sold ₹4.8m worth of stock On the 12th of November, Susan Abraham sold around 70.0 shares on-market at roughly ₹68,743 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹7.7m. Insiders have been net sellers, collectively disposing of ₹12m more than they bought in the last 12 months. 
