āagman

Not investment advice. Data and computed figures, for information only.

MRF Ltd

NSE: MRF
₹1,22,270.00
−₹95.00 (−0.08%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹51,780 Cr
CMP
₹1,22,270.00
52-wk High / Low
₹1,63,600 / 1,21,310
P/E
21.0
P/B
2.5
Book Value
₹49,455.0
Div Yield
0.19%
ROCE
16.0%
ROE
12.5%
Face Value
₹10
D/E
0.15

Price−21.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
8
/ 9
8 of 9 F-score tests passed
Graham Number
₹79,783
√(22.5 × EPS × book value per share)
ROIC
9.8%
vs 11.5% sector median
Cash flow to profit
1.89
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−216
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
12.0%
ROE × earnings retention ratio
ROE stability
3.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.01FII −0.55DII −0.14
Latest quarter vs the previous one
Cash-accrual divergence
−7.0%
of assets
Low = accruals track cash flow
Strengths
+Annualised volatility of 22.2% is in the low band (≤25%)
+Piotroski F-Score of 8/9 is in the strong band (≥7)
+PE of 21x is below the sector median of 35.7x
Watch-outs
−Latest ROCE of 16% trails the sector median of 18.5%
−Borrowings are up 30.2% since FY2016 (2464 to 3207)
−Price trades below its 200-day moving average (0.9x)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales6,4406,2176,1626,3497,1966,8817,0017,0757,6767,3798,0508,0448,416
Expenses5,3105,0605,1085,4376,0375,8706,1666,0006,6056,2536,6516,7397,425
Operating Profit1,1301,1571,0559121,1601,0118351,0741,0701,1261,4001,305991
OPM %17.5%18.6%17.1%14.4%16.1%14.7%11.9%15.2%13.9%15.3%17.4%16.2%11.8%
Other Income75717894841139811512910850153195
Interest84869093858494989890918688
Depreciation333351360385396410415433429445438442448
Profit before tax787791682527763631424659672699920930650
Net Profit589587510396571471315510502526695702495
EPS (₹)1,388.201,383.271,201.83933.961,346.401,109.85743.791,203.701,183.231,239.401,637.781,655.821,167.98

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales13,32920,17913,41214,95416,06216,23716,16219,31723,00825,16928,15231,14931,889
Expenses11,38415,74310,76312,66513,74413,85513,20817,25620,60420,89624,06226,23827,068
Operating Profit1,9454,4372,6492,2882,3172,3822,9542,0612,4044,2724,0904,9104,821
OPM %14.6%22.0%19.8%15.3%14.4%14.7%18.3%10.7%10.4%17.0%14.5%15.8%15.1%
Other Income63317327330416335205315245306414440506
Interest232361257259273301282263326361368374356
Depreciation4247376117078089821,1411,2051,2531,4301,6541,7541,773
Profit before tax1,3533,6562,1091,6531,6521,4341,7379081,0702,7872,4833,2223,198
Net Profit9082,5091,4861,1321,1311,4231,2776697692,0811,8732,4262,418
EPS (₹)2,141.715,916.933,504.332,668.202,665.823,354.223,011.151,577.961,813.044,907.264,416.975,720.435,700.98

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital444444444444—
Reserves4,5357,2208,6379,73410,83312,21013,40914,02814,70316,69918,60620,970—
Borrowings1,9032,4642,3332,1632,5061,8542,3883,2293,0142,8223,7713,207—
Other Liabilities3,3913,5664,0754,5775,0985,3736,7805,7996,6487,3257,3087,772—
Total Liabilities9,83313,25415,04816,47818,44119,44222,58223,06024,36926,84929,68931,954—
Fixed Assets3,4364,6085,5026,0926,7868,8709,4419,52210,11812,04613,22312,966—
CWIP6281,0598481,0791,4031,7411,0021,2333,0462,3851,1691,034—
Investments1,0813,1383,3824,1453,8551,5195,8743,6563,0853,3834,5483,398—
Other Assets4,6884,4485,3165,1626,3977,3126,2658,6488,1209,03610,75014,555—
Total Assets9,83313,25415,04816,47818,44119,44222,58223,06024,36926,84929,68931,954—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,4991,6993,0431,9562,4131,2532,2714,325−5782,7553,3031,8654,590
Cash from Investing Activity−959−1,791−3,408−1,393−2,014−1,386−162−5,087166−1,922−2,381−2,077−3,539
Cash from Financing Activity−31367212−438−45342−1,032−250424−840−868282−1,120
Net Cash Flow228−24−152125−53−911,077−1,01212−65570−69

Ratios

As of 31 Mar 2026
13 periods
Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %29.027.049.023.017.015.013.014.07.07.017.014.016.0
ROE %————————————12.5
EPS (₹)1,906.582,141.715,916.933,504.332,668.202,665.823,354.223,011.151,577.961,813.044,907.264,416.975,720.43
Book Value (₹)————————————49,455.0
Face Value (₹)————————————10
P/E————————————21.0
Div Yield %————————————0.19
NPM %6.66.812.210.87.46.98.67.83.43.38.26.67.7
OPM %15.015.022.020.015.014.015.018.011.010.017.015.016.0
D/E0.440.420.340.270.220.230.150.180.230.200.170.200.15
P/B————————————2.5

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+4.0%
5 years+14.0%
3 years+11.0%
TTM+11.0%
Compounded profit growth
10 years+0.0%
5 years+14.0%
3 years+52.0%
TTM+37.0%
Stock price CAGR
10 years+9.0%
5 years+7.0%
3 years+4.0%
Last year−21.0%
Return on equity
10 years11.0%
5 years10.0%
3 years12.0%
Last year13.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters27.37%27.37%27.54%27.74%27.88%27.84%27.95%27.85%27.78%27.78%27.77%27.76%
FIIs10.07%10.07%7.99%6.11%5.24%13.48%15.54%18.05%19.75%17.54%17.98%17.43%
DIIs10.52%10.52%13.46%15.37%17.77%14.28%11.73%11.65%10.57%12.22%12.25%12.11%
Government————————————
Public52.04%52.04%51.01%50.79%49.11%44.40%44.79%42.45%41.92%42.46%41.98%42.71%
No. of shareholders38,78238,78246,28361,42963,24350,63066,78643,50047,66361,32058,11068,876
Change since Jun 2023 (pp)
Promoters +0.39FIIs +7.36DIIs +1.59Public −9.33

Documents

As of 11 Oct 2026
Announcements
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Press Release / Media Release
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 229 Per Share—
13 Feb 2026DIVIDENDInterim Dividend - Rs 3 Per Share—
21 Nov 2025DIVIDENDInterim Dividend - Rs 3 Per Share—
18 Jul 2025DIVIDENDDividend - Rs 229 Per Share—
14 Feb 2025DIVIDENDInterim Dividend - Rs 3 Per Share—
19 Nov 2024DIVIDENDInterim Dividend - Rs 3 Per Share—
25 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 194 Per Share—
21 Feb 2024DIVIDENDInterim Dividend - Rs 3 Per Share—
17 Nov 2023DIVIDENDInterim Dividend - Rs 3 Per Share—
20 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 169 Per Share—
21 Feb 2023DIVIDENDInterim Dividend - Rs 3 Per Share—
17 Nov 2022DIVIDENDInterim Dividend - Rs 3 Per Share—
27 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 144 Per Share—
17 Feb 2022DIVIDENDInterim Dividend - Rs 3 Per Share—
17 Nov 2021DIVIDEND Interim Dividend - Rs 3 Per Share—
4 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 94 Per Share/Special Dividend - Rs 50 Per Share—
17 Feb 2021DIVIDEND Interim Dividend - Rs 3 Per Share—
18 Nov 2020DIVIDEND Interim Dividend - Rs 3 Per Share—
14 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 94 Per Share—
18 Feb 2020DIVIDEND Interim Dividend - Rs 3 Per Share—
21 Nov 2019DIVIDEND Interim Dividend - Rs 3 Per Share—
1 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 54 Per Share—
15 Feb 2019DIVIDEND Interim Dividend - Rs 3 Per Share—
19 Nov 2018DIVIDEND Interim Dividend - Rs 3 Per Share—
1 Aug 2018DIVIDEND Annual General Meeting/Dividend- Rs 54 Per Share—
9 Feb 2018DIVIDEND Interim Dividend Rs 3/- Per Share—
21 Nov 2017DIVIDEND Interim Dividend - Rs 3/- Per Share—
27 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 54/- Per Share—
14 Feb 2017DIVIDEND Interim Dividend Rs 3/- Per Share—
8 Nov 2016DIVIDEND Interim Dividend Rs 3/- Per Share—
3 Aug 2016DIVIDEND Annual General Meeting/ Dividend -Rs 94/- Per Share—
10 Nov 2015DIVIDEND Interim Dividend - Rs 3/- Per Share—
6 Aug 2015DIVIDEND Interim Dividend - Rs 3/- Per Share—
4 Feb 2015DIVIDENDAnnual General Meeting / Final Dividend - Rs 44/- Per Share—
13 Nov 2014DIVIDENDSecond Inerim Dividend - Rs 3/- Per Share—
6 Aug 2014DIVIDENDInterim Dividend - Rs 3/- Per Share—
30 Jan 2014DIVIDENDAnnual General Meeting And Dividend Rs.24/- Per Share—
5 Nov 2013DIVIDEND2nd Interim Dividend Rs.3/- Per Share—
6 Aug 2013DIVIDENDInterim Dividend - Rs 3/- Per Share—
30 Jan 2013DIVIDENDAnnual General Meeting/Dividend Rs 19 Per Share—
7 Nov 2012DIVIDEND2nd Interim Dividend Rs 3 Per Share—
6 Aug 2012DIVIDENDInterim Dividend Rs 3 Per Share—
30 Jan 2012DIVIDENDDividend Rs 19 Per Share—
2 Nov 2011DIVIDEND2nd Interim Dividend Rs.3/- Per Share—
9 Aug 2011DIVIDENDInterim Dividend Rs.3/- Per Share—
28 Jan 2011DIVIDENDAnnual General Meeting/Final Dividend Rs.19/- Per Share/Special Dividend Rs.25/- Per Share—
2 Nov 2010DIVIDEND2nd Interim Dividend-Rs.3/- Per Share—
6 Aug 2010DIVIDENDInterim Dividend-Rs.3/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman