MRF Ltd. Brokerage/Research Reports, analyst Research Reports (2024)

Broker Report

Weak operational performance

Motilal Oswal

MRF’s 4QFY24 result was weak as higher RM costs and operating expenses
led to lower adjusted EBITDA margin of 16.2% (-100bp QoQ vs. est. 17%). A
provision of INR463.6m, which was made in FY23, was recognized in 4Q
along with the additional provision of INR981.4m for FY24 to cover EPR
costs.

Broker Report

EBITDA in line despite a miss on revenue

Motilal Oswal

Broker Report

Above est; benign RM costs aid margin expansion

Motilal Oswal

Broker Report

Below estimates; performance adversely impacted by higher costs

Motilal Oswal

Broker Report

Below our estimate; impacted by cost pressure and MTM losses

Motilal Oswal

Broker Report

Beat led by strong revenue growth

Motilal Oswal

Broker Report

Below est; Higher RM, other cost impact margins

Motilal Oswal

MRFs sales grew weaker than peers due to weakness in TBB & Farm MRF's 2QFY22 performance was impacted by RM cost inflation and higher other cost. MRF lagged peers in revenue growth due to weaker performance of TBB and farm segment. The industry is taking gradual price increases to dilute impact of severe cost inflation. We cut our FY22E/FY23E EPS by ~29%/14% to factor in for RM cost inflation and higher other expenses. Maintain Neutral....

Broker Report

Operating de-leverage impacts performance

Motilal Oswal

MRF's 1QFY22 operating performance was impacted by operating deleverage and RM cost inflation. The industry is taking gradual price increases to dilute the impact of severe cost inflation....

Broker Report

MRF (SELL): Margin headwinds to persist; maintain SELL

BOB Capital Markets Ltd.

MRF's Q4 revenue grew 4% QoQ to Rs 47bn, EBITDA margin shrank 530bps on gross margin pressure and adj. PAT fell 38% QoQ to Rs 3.2bn

Broker Report

MRF (SELL): Near-term headwinds persist; maintain SELL

BOB Capital Markets Ltd.

MRF delivered Q3FY21 revenue as per projections but above-expected gross margins led to a beat on both EBITDA (+58% YoY to Rs 9.6bn) and operating margins (21.1% vs. 16.2% estimated).

Broker Report

MRF (SELL): Rising input cost a key concern amid rich valuations; cut to SELL

BOB Capital Markets Ltd.

MRF Tyres (MRF) has rallied ~30% in the last three months and is currently trading at 25x Sep'22E EPS.

Broker Report

Ashika - Stock Picks MRF Ltd. - November 2020

Ashika Research

Broker Report

MRF (ADD): Operating margins continue to slide

BOB Capital Markets Ltd.

MRF's Q3FY19 revenue grew 5% YoY to Rs 40.7bn, but a 170bps contraction in gross margin and 200bps rise in other expense/sales prompted a 17% YoY drop in EBITDA to Rs 5.7bn and 370bps decline in operating margin to 14%. A below-expected tax rate limited the fall in adj. PAT to 24% YoY at Rs 2.9bn. We prune our FY20/FY21 EPS estimates by ~9% each assuming lower gross margins and weaker demand outlook going ahead and roll over to a...

Broker Report

MRF

Dolat Capital

MRF posted weak topline growth of 8.1% YoY at ` 38.6 bn for the quarter ended Q1FY19 along with gross and EBITDA margins of 39.8% and 15.4% respectively. The gross and EBITDA margins for the quarter Q1FY19 improved by 735 bps and 773 bps respectively on an unfavorable period of Q1FY18. We believe the pressure in the top line growth for MRF was due to the increasing intensity of competition in the tyre space where realizations per unit would have declined and unfavorable product mix due to increasing demand from the CV segment. The stock has corrected nearly 10% in the...

Broker Report

MRF

Dolat Capital

Quarter marginally disappoints but outlook is intact MRF revenue grew 15.8% YoY in Q4FY18 to ` 39bn, which was lower than our estimates of ` 40 bn. Profitability was also marginally lower than estimates. We believe that recent price hikes taken by MRF will enable margin restoration / expansion in coming quarters. MRF has an incomparable moat over its competitors and strong brand recall which will keep MRF ahead of its competitors. With strong presence across segments and volume outlook looking robust, we expect MRF to further strengthen its...

Broker Report

MRF Ltd Q2FY18 results comment

HDFC Securities

MRF Ltd Q2FY18 results comment Revenue increased by 0.69% to Rs. 3591.11 Cr in Q2FY18 when compared to the previous quarter. Also, it rose by 10.51% when compared with Q2FY17.

Broker Report

MRF Ltd Q1FY18 results comment

HDFC Securities

Revenue rose by 6.83% to Rs. 3566.61 Cr in Q1FY18 when compared to the previous quarter Revenue rose by 6.83% to Rs. 3566.61 Cr in Q1FY18 when compared to the previous quarter

Broker Report

MRF Ltd Q4FY17 results comment

HDFC Securities

Revenue rose by 5.12% to Rs. 3338.44 Cr in Q4FY17 when compared to the previous quarter.

Broker Report

MRF Ltd Q3FY17 results comment

HDFC Securities

Revenue decreased by 2.28% to Rs. 3152.42 Cr in Q3FY17 when compared to the previous quarter. Also, it fell by 0.89% when compared with Q3FY16.

Broker Report

MRF Limited

Ashika Research

Tyre manufacturer MRF Ltd has posted a growth of 11.74% with net profit at Rs 184.10 crore for the quarter ended September 30, 2013, as against Rs 164.76 crore for...