On consolidated basis
Quarter ended September 2026 compared with Quarter ended September 2025.
Net sales (including other operating income) of MRF has increased 17.37% to Rs 8660.19 crore. Operating profit margin has declined from 15.25% to 11.06%, leading to 14.92% decline in operating profit to Rs 957.53 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.61% to 69.86%. Purchase of finished goods cost fell from 0.14% to 0.11%. Employee cost decreased from 6.76% to 5.55%. Other expenses fell from 15.10% to 14.26%. Other income rose 19.14% to Rs 131.39 crore. PBIDT fell 11.88% to Rs 1088.92 crore. Provision for interest rose 7.86% to Rs 97.32 crore. Loan funds rose to Rs 4,218.51 crore as of 30 September 2026 from Rs 3,631.22 crore as of 30 September 2025. Inventories rose to Rs 7,163.15 crore as of 30 September 2026 from Rs 5,377.21 crore as of 30 September 2025. Sundry debtors were higher at Rs 3,945.69 crore as of 30 September 2026 compared to Rs 3,551.67 crore as of 30 September 2025. Cash and bank balance rose to Rs 5,222.43 crore as of 30 September 2026 from Rs 579.10 crore as of 30 September 2025. Investments declined from Rs 4,597.24 crore as of 30 September 2025 to Rs 2,807.12 crore as of 30 September 2026. PBDT fell 13.44% to Rs 991.6 crore. Provision for depreciation rose 5.54% to Rs 469.79 crore. Fixed assets declined from Rs 14,041.78 crore as of 30 September 2025 to Rs 13,835.84 crore as of 30 September 2026. Intangible assets increased from Rs 21.13 crore to Rs 63.73 crore. Profit before tax down 25.50% to Rs 521.81 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 134.82 crore, compared to Rs 173.02 crore. Effective tax rate was 25.84% compared to 24.70%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 26.63% to Rs 386.99 crore. Equity capital stood at Rs 4.24 crore as of 30 September 2026 to Rs 4.24 crore as of 30 September 2025. Per share face Value remained same at Rs 10.00. Promoters’ stake was 27.61% as of 30 September 2026 ,compared to 27.75% as of 30 September 2025 . Promoters pledged stake was 0.09% as of 30 September 2026
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of MRF has increased 13.43% to Rs 17075.69 crore. Operating profit margin has declined from 14.59% to 11.41%, leading to 11.28% decline in operating profit to Rs 1,948.16 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.90% to 68.71%. Purchase of finished goods cost fell from 0.11% to 0.10%. Employee cost decreased from 6.64% to 5.65%. Other expenses fell from 15.33% to 14.75%. Other income rose 36.66% to Rs 326.45 crore. PBIDT fell 6.58% to Rs 2274.61 crore. Provision for interest fell 1.59% to Rs 185.65 crore. Loan funds rose to Rs 4,218.51 crore as of 30 September 2026 from Rs 3,631.22 crore as of 30 September 2025. Inventories rose to Rs 7,163.15 crore as of 30 September 2026 from Rs 5,377.21 crore as of 30 September 2025. Sundry debtors were higher at Rs 3,945.69 crore as of 30 September 2026 compared to Rs 3,551.67 crore as of 30 September 2025. Cash and bank balance rose to Rs 5,222.43 crore as of 30 September 2026 from Rs 579.10 crore as of 30 September 2025. Investments declined from Rs 4,597.24 crore as of 30 September 2025 to Rs 2,807.12 crore as of 30 September 2026. PBDT fell 7% to Rs 2088.96 crore. Provision for depreciation rose 4.99% to Rs 917.46 crore. Fixed assets declined from Rs 14,041.78 crore as of 30 September 2025 to Rs 13,835.84 crore as of 30 September 2026. Intangible assets increased from Rs 21.13 crore to Rs 63.73 crore. Profit before tax down 14.63% to Rs 1,171.50 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 289.16 crore, compared to Rs 343.03 crore. Effective tax rate was 24.68% compared to 25.00%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 14.27% to Rs 882.34 crore. Equity capital stood at Rs 4.24 crore as of 30 September 2026 to Rs 4.24 crore as of 30 September 2025. Per share face Value remained same at Rs 10.00. Promoters’ stake was 27.61% as of 30 September 2026 ,compared to 27.75% as of 30 September 2025 . Promoters pledged stake was 0.09% as of 30 September 2026 Cash flow from operating activities decreased to Rs 634.16 crore for YTD ended September 2026 from Rs 1,869.48 crore for YTD ended September 2025. Cash flow used in acquiring fixed assets during the YTD ended September 2026 stood at Rs 1,005.09 crore, compared to Rs 619.48 crore during the YTD ended September 2025.
Full year results analysis.
Net sales (including other operating income) of MRF has increased 10.64% to Rs 31149.01 crore. Operating profit margin has jumped from 14.49% to 15.73%, leading to 20.11% rise in operating profit to Rs 4,900.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.32% to 61.82%. Purchase of finished goods cost rose from 0.10% to 0.11%. Employee cost increased from 6.56% to 6.70%. Other expenses rose from 14.83% to 15.32%. Other income rose 21.12% to Rs 504.63 crore. PBIDT rose 20.21% to Rs 5405.21 crore. Provision for interest rose 1.71% to Rs 366.2 crore. Loan funds declined from Rs 3,771.16 crore as of 31 March 2025 to Rs 3,206.66 crore as of 31 March 2026. Inventories declined from Rs 5,624.78 crore as of 31 March 2025 to Rs 5,416.82 crore as of 31 March 2026. Sundry debtors were higher at Rs 3,541.58 crore as of 31 March 2026 compared to Rs 3,370.25 crore as of 31 March 2025. Cash and bank balance rose to Rs 2,182.72 crore as of 31 March 2026 from Rs 486.76 crore as of 31 March 2025. Investments declined from Rs 4,548.24 crore as of 31 March 2025 to Rs 3,397.81 crore as of 31 March 2026. PBDT rose 21.82% to Rs 5039.01 crore. Provision for depreciation rose 6.05% to Rs 1753.63 crore. Fixed assets declined from Rs 14,369.85 crore as of 31 March 2025 to Rs 13,978.32 crore as of 31 March 2026. Intangible assets increased from Rs 21.33 crore to Rs 21.90 crore. Profit before tax grew 32.31% to Rs 3,285.38 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 796.04 crore, compared to Rs 609.71 crore. Effective tax rate was 24.71% compared to 24.56%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 29.51% to Rs 2,426.10 crore. Equity capital stood at Rs 4.24 crore as of 31 March 2026 to Rs 4.24 crore as of 31 March 2025. Per share face Value remained same at Rs 10.00. Promoters’ stake was 27.77% as of 31 March 2026 ,compared to 27.78% as of 31 March 2025 . Promoters pledged stake was 0.09% as of 31 March 2026 Cash flow from operating activities increased to Rs 4,590.30 crore for year ended March 2026 from Rs 1,867.80 crore for year ended March 2025. Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 1,434.25 crore, compared to Rs 1,308.17 crore during the year ended March 2025. Other Highlights
The Board has declared an Interim Dividend
of Rs 3 per equity share of Rs 10 each for the financial year ending 31st
March 2027. the Company has fixed, 17th November 2026, as the Record
Date for the purpose of payment of Interim Dividend.
The
Company anticipates continued disruptions and volatility in commodity markets.
Raw material and logistics costs are expected to remain elevated. The company
will continue to take measured steps to address these challenges.
| MRF : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202609 | 202509 | Var.(%) | 202609 | 202509 | Var.(%) | 202603 | 202503 | Var.(%) |
|---|
| Net Sales (including other operating income) | 8,660.19 | 7,378.72 | 17.37 | 17,075.69 | 15,054.36 | 13.43 | 31,149.01 | 28,153.00 | 10.64 | | OPM (%) | 11.06 | 15.25 | -420 bps | 11.41 | 14.59 | -318 bps | 15.73 | 14.49 | 124 bps | | OP | 957.53 | 1,125.51 | -14.92 | 1,948.16 | 2,195.94 | -11.28 | 4,900.58 | 4,079.93 | 20.11 | | Other Inc. | 131.39 | 110.28 | 19.14 | 326.45 | 238.87 | 36.66 | 504.63 | 416.65 | 21.12 | | PBIDT | 1,088.92 | 1,235.79 | -11.88 | 2,274.61 | 2,434.81 | -6.58 | 5,405.21 | 4,496.58 | 20.21 | | Interest | 97.32 | 90.23 | 7.86 | 185.65 | 188.64 | -1.59 | 366.20 | 360.03 | 1.71 | | PBDT | 991.60 | 1,145.56 | -13.44 | 2,088.96 | 2,246.17 | -7.00 | 5,039.01 | 4,136.55 | 21.82 | | Depreciation | 469.79 | 445.11 | 5.54 | 917.46 | 873.89 | 4.99 | 1753.63 | 1653.55 | 6.05 | | PBT | 521.81 | 700.45 | -25.50 | 1171.5 | 1372.28 | -14.63 | 3285.38 | 2483 | 32.31 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 521.81 | 700.45 | -25.50 | 1171.5 | 1372.28 | -14.63 | 3285.38 | 2483 | 32.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | -63.24 | 0 | - | | PBT after EO | 521.81 | 700.45 | -25.50 | 1171.5 | 1372.28 | -14.63 | 3222.14 | 2483 | 29.77 | | Taxation | 134.82 | 173.02 | -22.08 | 289.16 | 343.03 | -15.70 | 796.04 | 609.71 | 30.56 | | PAT | 386.99 | 527.43 | -26.63 | 882.34 | 1029.25 | -14.27 | 2426.1 | 1873.29 | 29.51 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 386.99 | 527.43 | -26.63 | 882.34 | 1029.25 | -14.27 | 2426.1 | 1873.29 | 29.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 386.99 | 527.43 | -26.63 | 882.34 | 1029.25 | -14.27 | 2426.1 | 1873.29 | 29.51 | | EPS (Rs)* | 912.47 | 1,243.60 | -26.63 | 2,080.43 | 2,426.82 | -14.27 | 5,832.67 | 4,416.95 | 32.05 | | | * EPS is on current equity of Rs 4.24 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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