Whalesbook
Bade number toh ye hain ki FY26 mein company ka consolidated net profit Q4 mein ₹702 Crore se zyada raha, jo pichhle saal ke ₹510 Crore se 37.6% upar hai. Aur revenue ki baat karein toh ₹8,044 Crore se upar pahunch gaya, 13.7% ka jump dikhaya. Poore saal ki revenue ne toh ₹31,149 Crore ka record bana diya, jo FY25 se 10.6% zyada hai. Full-year net profit bhi 29.5% badhkar ₹2,426 Crore ho gaya. Ye sab growth isliye hui kyunki market mein demand zabardast thi, naye truck, passenger vehicle aur two-wheeler tyres launch kiye gaye. Aur haan, EV makers ke liye supply aur ICE vehicles ke liye OE supplier hone ka bhi bada fayda mila. Replacement aur OE dono segments mein sales achhi rahi.
Par bhai, sab kuch itna smooth nahi hai. Input materials, jaise crude oil derivatives aur natural rubber, unke daam lagatar badh rahe hain. West Asia mein jo crisis chal raha hai, uski wajah se costs mein unpredictable increase ho raha hai aur ye lagta hai aage bhi chalega. Isko manage karne ke liye MRF ne prices already badhaaye hain aur aur bhi badhane ki planning mein hain. Q4 mein EBITDA margin 1% badhakar 16% kiya gaya, lekin ye zyada tar sales volume aur operational efficiency se cover hua. Asal mein, raw material costs ka pressure abhi bhi hai.
Market mein competitors jaise Apollo Tyres, CEAT, aur JK Tyre ke beech MRF kaafi strong position rakhta hai. Lekin iski valuation bhi aksar premium rehti hai. Early May 2026 tak, MRF ka P/E ratio 24.55x se 27x tha, jo competitors jaise Apollo Tyres (~28.32x) ke aas-paas hai, lekin JK Tyre (~18.1x) se zyada. Kuch analysts toh isko 49.5x tak bhi dekhte hain, matlab market MRF ko ek premium valuation deta hai.
Abhi jo sabse bade risks hain, woh hain raw material prices ka global events se affect hona aur supply chain issues. Agar India mein monsoon kamzor raha toh consumer demand par asar pad sakta hai, jisse tyre sales kam ho sakti hain, khaas kar replacement market mein. Economic conditions bhi uncertain hain. Governance ki taraf se Company Secretary S Dhanvanth Kumar ne resign kiya, aur T V Thulsidass ko appoint kiya gaya. Investors in sab concerns par nazar rakhe hue hain.
MRF management khud bhi future ko lekar cautious hai. Economic conditions aur margin pressures ki wajah se future predict karna mushkil ho raha hai. Company long-term demand ke liye facilities expand kar rahi hai, lekin short-term mein raw material costs aur demand mein potential slowdown dikh raha hai. Analysts ka sentiment mixed hai, consensus 'Neutral' hai. Kuch log 'Buy' karne ko keh rahe hain toh kuch 'Sell'. Average 12-month price target around ₹1,49,866 hai, jo zyada bada potential nahi dikhata. Aur haan, MarketsMOJO ne toh April 2026 mein valuation aur technicals ko dekhkar 'Sell' downgrade bhi kiya tha. Stock ka apni 52-week high se neeche trade karna bhi yahi batata hai ki market abhi growth achievements ke saath-saath cost challenges aur demand uncertainties ko bhi consider kar raha hai.