MRF Limited Earnings Summary — Q4 FY2026

• Net profit saw a significant 37.6% year-on-year increase, reaching ₹702 Crores in Q4 FY26.
• Quarterly revenue remained robust at ₹8,044 Crores, reflecting a 13.7% growth compared to the same period last year.
• Operating margins improved to 16% from 15% YoY, though slightly dipped from 17% in the previous sequential quarter.
• Annual revenue surpassed the ₹31,000 Crore milestone for the first time in the company's history.
• The balance sheet remains strong with borrowings decreasing from ₹3,771 Crores in FY25 to ₹3,207 Crores in FY26.
• Raw material expense management and pricing power contributed to the improved bottom line despite a capital-intensive cycle.

Management maintains a traditional and disciplined approach with a focus on internal accruals to fund capex. While specific numerical guidance is limited, the strategic focus remains on brand building and navigating raw material price volatility.

Improving

A sharp recovery in net profit growth (52% 3-year CAGR) and a return to higher operating margins (16%) signify an improving operational environment compared to the mid-period lows of FY23.

The company appears well-positioned as a high-quality compounder with robust brand equity. Future performance hinges on stabilizing rubber and crude derivative costs and maintaining leadership in the 2W and 4W replacement markets.