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Shareholding Info
  • Promoters
    27.84 %
  • Foreign institutions-FII
    18.05 %
  • Other domestic institutions
    4.83 %
  • Retail and other
    42.45 %
  • Mutual Funds
    6.83 %

Company Overview

Madras Rubber Factory (MRF), or MRF Tyres, is a rubber products manufacturer in India. The company produces goods such as tyres, tubes, treads and conveyor belts, toys and paints. MRF is a multinational corporation. Their headquarters are in Chennai, Tamil Nadu.

With nine plants throughout India, MRF is one of the top 20 global tyre manufacturers. In addition, MRF is India's largest Original Equipment Manufacturer (OEM) tyre vendor, offering a wide variety of tyres for everything from motorcycles to fighter jets.

MRF is also part of the MRF Pace Foundation and Chennai's MIDD (MRF Institute of Driver Development).

Company Journey

Following are the key milestones and events that summarise MRF's journey:
  • 2014
    • MRF as the 15th largest tyre manufacturer in the world at the time, receives recognition for its continued excellence in Original Equipment Tyre Satisfaction.
    • Confirm their participation as a Global Partner for the 2015 ICC Cricket World Cup and ink a 5-year partnership with the BCCI (Board Control for Cricket in India).
  • 2015
    • MRF ink a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest ₹4,500 crore in the state.
    • List among the top 50 Indian companies in Forbes' (India) Super 50 list.
  • 2016
    • Earns the JD Power Award for the twelfth time in 16 years.
  • 2017
    • Signs an MoU to build a facility in Gujarat.
  • 2019
    • Introduces the Nylogrip Ezeeride tyre.

Business Highlights

MRF supplies tyres to approximately 65 nations, including those in North America, Japan, Europe, the Middle East and the Pacific. They maintain offices overseas in Australia, Vietnam and Dubai.

MRF currently trade in the following products:


It produces different types of tyres for light commercial vehicles, off-road vehicles, lorries, buses, tractors and two-wheelers.


MRF has India's most sophisticated precured retreading system. MRF first ventured into retreading in 1970. With its expertise in tyres and rubber, MRF is a market leader in precured retreading, presently.

Conveyor Belts

The company manufactures conveyor belts under the MuscleFlex brand name in one of India's rather advanced factories. The MuscleFlex conveyor belting has quickly become popular in markets worldwide because it incorporates the most recent production techniques in processes, starting with mixing, calendaring, and similar activities through the fabrication of the finished products, performed in-house.

There are currently about 18,000 employees working for the company. MRF had total sales of ₹5,826 crore in the quarter that ended in September 2022.

Performance highlights

  • MRF Ltd. has a market capitalisation of ₹37,191 crore as of 2022.
  • The 3-year (2019-2022) CAGR (Compound Annual Growth Rate) of the stock price of MRF has been recorded as 11%. Over the same time period, the compounded profit growth was down 16%.
  • Operating profit for MRF dropped from ₹2,954 crore in the FY (Fiscal Year) 2019 to ₹2,061 crore in the FY ending in March 2022.
  • MRF made a net profit of ₹669 crore in the FY 2022 as opposed to ₹1,277 crore in the prior FY, 2021.
  • MRF's compounded sales growth from 2019 to 2022 is 6%. For the same duration, MRF's stock price return has been 37.12%.
  • MRF is included in the following important indices, among others:
    • Nifty 200
    • Nifty 500
    • Multicap 50:25:25 Index
    • Nifty Auto
    • Nifty India Manufacturing Index
  • Promoters' holdings fell from 27.94% to 27.87% in the third quarter of 2022.
  • Mutual Funds increased their holdings from 6.21% to 7.17% in the third quarter of 2022.
  • The following mutual funds own MRF stock:
    • SBI Nifty Midcap 150 Index Fund Regular Growth
    • Motilal Oswal Nifty Midcap 150 Index Fund Regular Growth
    • Nippon India ETF Nifty Midcap 150
    • ICICI Prudential Nifty Auto Index Fund Regular Growth
  • MRF's FY 2022 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin was 12.25%.
  • The EBITDA margin fell from 19.50% in FY 2021.
  • For the fiscal year that ended in March 2021, MRF had an ROE (Return On Equity) of 9.5% and a ROCE (Return On Capital Expenditure) of 14.2%. For the same time period, its Return on Assets percentage was 6.9%.


The executive management of MRF Ltd. at present has the following members:
  • Managing Director: Rahul Mammen Mappillai
  • Director: Ambika Mammen
  • CFO: Madhu Nainan

Investor Relations Contact:

Mr K.G. George
MRF Limited

Address:114, Greams Road, Chennai - 600006
Phone: 044-28292777

Industry Overview

Some of the top competitors of MRF are listed below, along with their respective market capitalisations:
  • Balkrishna Industries Ltd.: ₹37,886 crore
  • Apollo Tyres: ₹17,602 crore
  • CEAT: ₹6,958 crore
  • JK Tyre & Industries Ltd.: ₹4,145 crore
  • Goodyear India: ₹2,416 crore
By 2026, India is anticipated to overtake China as the third largest automobile market in the world. Tyre demand is rising, supporting the expansion of the tyre industry as auto production surges. The expansion of the industry is also being driven by the increased export of vehicles such as tractors, buses, heavy trucks, and cars.

The Indian government's emphasis on growing production and helpful government programmes are also contributing to the industry growth. Indian government’s Atmanirbhar Bharat Abhiyan (Self Reliant India) program offers an economical and comprehensive package worth ₹51,000 crore to support automotive manufacturing in the nation, further boosting the tyre sector.

Risks and concerns

Some major concerns that impact MRF, and other tyre manufacturers in India, are:

Slowing Down of the Auto Industry

Constraints in the supply chain are partially causing a slowing down of the auto industry. Tyre demand is derived, so it often experiences a decline in demand together with a decline in auto production. However, the replacement market has remained largely healthy.

Huge Penalties Imposed on the Tyre Companies by the Competition Commission of India (CCI)

Allegations of cartelisation against tyre producers are the subject of these penalties. The tyre businesses are optimistic that this aspect won't have a particularly substantial influence on their financial figures because they have appealed the majority of the penalties imposed by CCI.

Cost-Push Inflation

The majority of the essential materials used to make tyres, such as carbon black, rubber and oil, have experienced a sharp increase recently. Because of this, margins have been compressed, and despite regular price increases, the cost increases are only partially offset. To give an estimate, input costs have increased by 22% since last year's levels.


In-House Registrar
Company Name: MRF LIMITED.
Registered Office: New No. 114 (old No. 124)Greams Road, Chennai 600 006.
Telephone Number: (044) 28292777
Fax Number: (044) 28295087

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