MRF Limited (MRF.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+331.0%

₹506,985.95

vs ₹117,625.00 price

Levered DCF

₹848,805.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.46×	25.65×	27.66×	46.36×	41.21×	27.32×	17.34×	22.57×
P/B	2.6×	2.59×	3.45×	2.42×	1.97×	2.6×	2.02×	2.35×
P/S	1.75×	1.7×	2.29×	1.55×	1.43×	2.16×	1.51×	1.58×
EV / EBITDA	10.74×	12.32×	13.91×	15.69×	14.22×	12.21×	10.5×	11.34×
Gross margin	25.1%	35.2%	38.9%	31.7%	33.6%	41.1%	39.5%	38.4%
Operating margin	10.1%	27.5%	30.3%	23.5%	24.6%	31.5%	29.2%	28.7%
Net margin	7.8%	6.6%	8.3%	3.3%	3.5%	7.9%	8.7%	7.0%
Current ratio	1.65×	1.5×	1.37×	1.23×	1.48×	1.43×	1.55×	1.55×
Debt / equity	0.15×	0.2×	0.17×	0.2×	0.23×	0.18×	0.18×	0.23×
Interest coverage	8.59×	21.41×	21.37×	16.8×	18.4×	18.38×	15.92×	16.96×
Dividend yield	0.2%	0.2%	0.1%	0.2%	0.2%	0.1%	0.1%	0.1%
Payout ratio	4.1%	4.5%	3.6%	8.3%	9.5%	3.3%	2.2%	2.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.6%	10.1%	12.5%	5.2%	4.8%	9.5%	11.6%	10.4%
Return on invested capital	9.4%	25.2%	27.7%	21.0%	19.2%	22.6%	30.7%	22.0%
Return on assets	7.6%	6.3%	7.8%	3.2%	2.9%	5.7%	7.3%	6.1%
Free cash flow yield	5.5%	1.2%	2.0%	-1.5%	-8.3%	10.0%	-1.9%	-2.8%
Earnings yield	4.5%	3.9%	3.6%	2.2%	2.4%	3.7%	5.8%	4.4%
Enterprise value	₹574B	₹513.4B	₹600.8B	₹384.1B	₹306.3B	₹371.1B	₹257.3B	₹279.2B
Net debt / EBITDA	0.54×	0.82×	0.58×	1.13×	1.42×	0.73×	0.43×	0.98×
Cash conversion cycle (days)	76	100	84	82	107	34	92	104