Quarter Ended: March 2026

MRF Limited – Q4 FY26 Results

NSE

mrf

BSE

500290

MRF reports strong FY26 closing quarter with robust profit growth, margin improvement, and sharply higher operating cash flow.

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹8,044.22 Cr
  - QoQ Change: -0.08%
  - YoY Change: +13.70%
- Previous Quarter (Q3 FY26): ₹8,050.43 Cr
- Previous Year (Q4 FY25): ₹7,074.82 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹702.25 Cr
  - QoQ Change: +1.10%
  - YoY Change: +37.56%
- Previous Quarter (Q3 FY26): ₹694.60 Cr
- Previous Year (Q4 FY25): ₹510.50 Cr
QoQ Performance
- Revenue Trend: Stable
- Profit Trend: Improving

Margin Analysis

Drivers:

Improved inventory management
Better operational leverage
Stable financing costs
Improved working capital efficiency
Strong replacement demand

Insight:

MRF demonstrated margin resilience despite raw material volatility and cost pressures

Segment insight

Summary:

The business continues to operate as a diversified tyre manufacturer with broad market presence across replacement and OEM segments.

Charcateristics:

Strong domestic brand positioning
Premium tyre market leadership
Large manufacturing scale
Strong replacement market demand

Earning quality check

Drivers:

Operating cash flow more than doubled YoY
Low exceptional impact
Controlled finance costs
Strong working capital management
Healthy conversion of profits into cash

Interpretations:

The company’s earnings quality remains strong as cash generation substantially improved alongside profitability growth.

balance sheet Analysis

Total Assets: ₹31,953.51 Cr
Total Liabilities: ₹10,978.76 Cr

Insight:

MRF strengthened its equity base while maintaining controlled liabilities and reducing overall leverage pressure

key risks

Natural rubber price volatility
Crude-linked raw material inflation
Automotive demand slowdown
Export market weakness
Competitive pricing pressure

management strategy signals

Focus Area:

Operational efficiency
Capacity optimization
Cost management
Premium product expansion
Strong cash generation

Financial metrics table

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Revenue	₹8,044.22 Cr	-0.08%	+13.70%
PBT	₹929.73 Cr	+1.04%	+41.06
PAT	₹702.25 Cr	+1.10%	+37.56%

MRF delivered a strong FY26 performance with healthy revenue growth, sharp profit expansion, robust operating cash generation, and improved balance sheet strength. The company benefited from operational efficiencies, disciplined cost management, and stable financing costs.

While raw material inflation and global automotive demand remain structural risks, MRF appears fundamentally strong with healthy profitability and strong earnings quality.

Official Exchange Filing: MRF Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

90%

NET PROFIT AS % OF REVENUE

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED