🔍 At a Glance
MRF is the most expensive stock in Indiaper share— and no, it’s not because it owns a lithium mine in space. From tyres to toys (literally, it owns Funskool), this old-school giant has been cruising on its brand, but profits? Let’s just say it’s been one long drag race in slow motion.
Let’s pop the hood and see what’s really driving (or stalling) MRF.
🧾 5-Year Financial Snapshot
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | ROCE % | EPS (₹) | Dividend (₹) |
|---|---|---|---|---|---|---|
| 2021 | 16,162 | 1,277 | 18% | 14% | 3,011 | 150 |
| 2022 | 19,317 | 669 | 11% | 6% | 1,578 | 1,169 |
| 2023 | 23,008 | 769 | 10% | 7% | 1,813 | 1500 |
| 2024 | 25,169 | 2,081 | 17% | 16% | 4,907 | 175 |
| 2025 | 28,153 | 1,869 | 15% | 14% | 4,408 | 235 |
📉 Revenue CAGR: ~14%📉 Profit CAGR: ~8%📈 FY24 was the comeback year, but FY25 fizzled again
⚙️ Segment Breakdown (Tyres + Everything Else)
- Tyres (Core Biz)
- Cars, bikes, trucks,
- tractors, even aircraft 👀
- 95%+ revenue share
- Highly sensitive to raw material inflation (rubber, crude derivatives)
- Paints, Sports Goods & Toys
- OwnsFunskool India Ltd
- Sells bats, boards, puzzles. Tiny, <2% of rev
- Basically brand nostalgia, not cash cow
📉 Quarterly Numbers: A Rollercoaster on Crude
| Quarter | Sales (₹ Cr) | OPM % | Net Profit (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| Q1 FY25 | 7,196 | 16% | 571 | 1,346 |
| Q2 FY25 | 6,881 | 15% | 471 | 1,110 |
| Q3 FY25 | 7,001 | 12% | 315 | 744 |
| Q4 FY25 | 7,075 | 15% | 512 | 1,207 |
- 🚗 OPM improved thanks to lower input costs
- 😬 Profit declined YoY due to higher depreciation + working capital
💸 Balance Sheet Check
| Metric | FY25 |
|---|---|
| Net Worth | ₹18,488 Cr |
| Borrowings | ₹3,771 Cr |
| ROE | 10.6% |
| Working Capital Days | 87 (!!) |
| Cash Flow from Ops | ₹1,868 Cr |
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