Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of MRF
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,842 | 6,440 | 6,217 | 6,162 | 6,349 | 7,196 | 6,881 | 7,001 | 7,075 | 7,676 | 7,379 | 8,050 | 8,044 |
| Expenses + | 4,988 | 5,310 | 5,060 | 5,108 | 5,437 | 6,037 | 5,870 | 6,166 | 6,000 | 6,604 | 6,253 | 6,651 | 6,739 |
| Operating Profit | 854 | 1,130 | 1,157 | 1,055 | 912 | 1,160 | 1,011 | 835 | 1,074 | 1,071 | 1,126 | 1,400 | 1,305 |
| OPM % | 15% | 18% | 19% | 17% | 14% | 16% | 15% | 12% | 15% | 14% | 15% | 17% | 16% |
| Other Income + | 70 | 75 | 71 | 78 | 94 | 84 | 113 | 98 | 115 | 126 | 108 | 50 | 153 |
| Interest | 92 | 84 | 86 | 90 | 93 | 85 | 84 | 94 | 98 | 98 | 90 | 91 | 86 |
| Depreciation | 330 | 333 | 351 | 360 | 385 | 396 | 410 | 415 | 433 | 429 | 445 | 438 | 442 |
| Profit before tax | 501 | 787 | 791 | 682 | 527 | 763 | 631 | 424 | 659 | 670 | 699 | 920 | 930 |
| Tax % | 32% | 25% | 26% | 25% | 25% | 25% | 25% | 26% | 23% | 25% | 25% | 25% | 24% |
| Net Profit + | 341 | 589 | 587 | 510 | 396 | 571 | 471 | 315 | 510 | 500 | 526 | 695 | 702 |
| EPS in Rs | 803.19 | 1,388.20 | 1,383.27 | 1,201.83 | 933.96 | 1,346.40 | 1,109.85 | 743.79 | 1,203.70 | 1,180.05 | 1,239.40 | 1,637.78 | 1,655.82 |
Financials of MRF
Annual income statement trend
| Sep 2014 | Mar 2016 18m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 13,329 | 20,179 | 13,412 | 14,954 | 16,062 | 16,237 | 16,162 | 19,317 | 23,008 | 25,169 | 28,152 | 31,149 |
| Expenses + | 11,384 | 15,743 | 10,763 | 12,665 | 13,744 | 13,855 | 13,208 | 17,256 | 20,604 | 20,896 | 24,058 | 26,248 |
| Operating Profit | 1,945 | 4,437 | 2,649 | 2,288 | 2,317 | 2,382 | 2,954 | 2,061 | 2,404 | 4,272 | 4,095 | 4,901 |
| OPM % | 15% | 22% | 20% | 15% | 14% | 15% | 18% | 11% | 10% | 17% | 15% | 16% |
| Other Income + | 63 | 317 | 327 | 330 | 416 | 335 | 205 | 315 | 245 | 306 | 406 | 441 |
| Interest | 232 | 361 | 257 | 259 | 273 | 301 | 282 | 263 | 326 | 361 | 368 | 366 |
| Depreciation | 424 | 737 | 611 | 707 | 808 | 982 | 1,141 | 1,205 | 1,253 | 1,430 | 1,654 | 1,754 |
| Profit before tax | 1,353 | 3,656 | 2,109 | 1,653 | 1,652 | 1,434 | 1,737 | 908 | 1,070 | 2,787 | 2,479 | 3,222 |
| Tax % | 33% | 31% | 30% | 32% | 32% | 1% | 26% | 26% | 28% | 25% | 25% | 25% |
| Net Profit + | 908 | 2,509 | 1,486 | 1,132 | 1,131 | 1,423 | 1,277 | 669 | 769 | 2,081 | 1,869 | 2,426 |
| EPS in Rs | 2,141.71 | 5,916.93 | 3,504.33 | 2,668.20 | 2,665.82 | 3,354.22 | 3,011.15 | 1,577.96 | 1,813.04 | 4,907.26 | 4,407.54 | 5,720.45 |
| Dividend Payout % | 2% | 2% | 2% | 2% | 2% | 3% | 5% | 10% | 10% | 4% | 5% | 4% |
Financials of MRF
Capital structure and asset base
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 4,535 | 7,220 | 8,637 | 9,734 | 10,833 | 12,210 | 13,409 | 14,028 | 14,703 | 16,699 | 18,484 | 20,970 |
| Borrowings + | 1,903 | 2,464 | 2,333 | 2,163 | 2,506 | 1,854 | 2,388 | 3,229 | 3,014 | 2,822 | 3,771 | 3,207 |
| Other Liabilities + | 3,391 | 3,566 | 4,075 | 4,577 | 5,098 | 5,373 | 6,780 | 5,799 | 6,648 | 7,325 | 7,307 | 7,772 |
| Total Liabilities | 9,833 | 13,254 | 15,048 | 16,478 | 18,441 | 19,442 | 22,582 | 23,060 | 24,369 | 26,849 | 29,567 | 31,954 |
| Fixed Assets + | 3,436 | 4,608 | 5,502 | 6,092 | 6,786 | 8,870 | 9,441 | 9,522 | 10,118 | 12,046 | 13,221 | 12,966 |
| CWIP | 628 | 1,059 | 848 | 1,079 | 1,403 | 1,741 | 1,002 | 1,233 | 3,046 | 2,385 | 1,169 | 1,034 |
| Investments | 1,081 | 3,138 | 3,382 | 4,145 | 3,855 | 1,519 | 5,874 | 3,656 | 3,085 | 3,383 | 4,548 | 3,398 |
| Other Assets + | 4,688 | 4,448 | 5,316 | 5,162 | 6,397 | 7,312 | 6,265 | 8,648 | 8,120 | 9,036 | 10,629 | 14,555 |
| Total Assets | 9,833 | 13,254 | 15,048 | 16,478 | 18,441 | 19,442 | 22,582 | 23,060 | 24,369 | 26,849 | 29,567 | 31,954 |
Financials of MRF
Operating, investing and financing cash movement
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 1,699 | 3,043 | 1,956 | 2,413 | 1,253 | 2,271 | 4,325 | -578 | 2,755 | 3,303 | 1,868 | 4,590 |
| Cash from Investing Activity + | -1,791 | -3,408 | -1,393 | -2,014 | -1,386 | -162 | -5,087 | 169 | -1,922 | -2,381 | -2,082 | -3,536 |
| Cash from Financing Activity + | 67 | 212 | -438 | -453 | 42 | -1,032 | -250 | 424 | -840 | -868 | 282 | -1,120 |
| Net Cash Flow | -24 | -152 | 125 | -53 | -91 | 1,077 | -1,012 | 14 | -6 | 55 | 68 | -66 |
| Free Cash Flow | 454 | 737 | 590 | 849 | -710 | -479 | 3,473 | -2,283 | -535 | 1,141 | 573 | 3,164 |
| CFO/OP | 109% | 95% | 89% | 126% | 72% | 114% | 164% | -18% | 128% | 94% | 60% | 108% |
Financials of MRF
Working capital efficiency and return ratios
| Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 47 | 33 | 54 | 52 | 54 | 52 | 48 | 44 | 40 | 42 | 44 | 42 |
| Inventory Days | 79 | 62 | 118 | 88 | 113 | 110 | 115 | 120 | 98 | 108 | 115 | 101 |
| Days Payable | 50 | 36 | 69 | 63 | 64 | 72 | 129 | 60 | 58 | 64 | 57 | 60 |
| Cash Conversion Cycle | 76 | 58 | 103 | 78 | 102 | 90 | 34 | 104 | 80 | 86 | 101 | 83 |
| Working Capital Days | 30 | 1 | 4 | -1 | 2 | 5 | -41 | 10 | -8 | 3 | 8 | 43 |
| ROCE % | 27% | 49% | 23% | 17% | 15% | 13% | 14% | 6% | 7% | 17% | 14% | 16% |
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