Company Valuation: MRF Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 275,768 356,456 565,715 477,882 544,966 529,167 - -
Change - 29.26% 58.71% -15.53% 14.04% -2.9% - -
Enterprise Value (EV) 1 273,669 374,664 587,082 499,915 559,253 540,852 520,398 506,510
Change - 36.9% 56.7% -14.85% 11.87% -3.29% -3.78% -2.67%
P/E 42.6x 43.7x 27.7x 26.2x 23.1x 24x 18.6x 15.8x
PBR 2x 2.46x 3.44x 2.63x 2.66x 2.33x 2.08x 1.83x
PEG - 1.7x 0x -2.4x 0.8x -3.83x 0.6x 0.9x
Capitalization / Revenue 1.45x 1.58x 2.29x 1.73x 1.78x 1.54x 1.41x 1.33x
EV / Revenue 1.44x 1.66x 2.38x 1.81x 1.82x 1.57x 1.39x 1.28x
EV / EBITDA 13.6x 16x 14.1x 12.6x 11.8x 11.9x 9.47x 8.2x
EV / EBIT 33.7x 34.4x 21.4x 21.7x 18.6x 20.2x 15x 12.3x
EV / FCF -11.7x -43.4x 53.4x 37.3x 17.4x 28.8x 23.3x 19.5x
FCF Yield -8.58% -2.31% 1.87% 2.68% 5.74% 3.47% 4.29% 5.14%
Dividend per Share 2 150 175 200 235 229 231 248.3 284.7
Rate of return 0.23% 0.21% 0.15% 0.21% 0.18% 0.19% 0.2% 0.23%
EPS 2 1,526 1,925 4,812 4,297 5,554 5,206 6,696 7,899
Distribution rate 9.83% 9.09% 4.16% 5.47% 4.12% 4.44% 3.71% 3.6%
Net sales 1 189,895 225,782 246,737 276,652 306,521 344,718 374,812 397,125
EBITDA 1 20,127 23,373 41,678 39,550 47,517 45,458 54,946 61,745
EBIT 1 8,112 10,887 27,428 23,076 30,044 26,838 34,754 41,163
Net income 1 6,473 8,162 20,410 18,226 23,554 22,073 28,391 33,492
Net Debt 1 -2,099 18,208 21,368 22,032 14,287 11,685 -8,770 -22,657
Reference price 2 65,022.10 84,047.20 133,387.35 112,677.75 128,495.00 124,770.00 124,770.00 124,770.00
Nbr of stocks (in thousands) 4,241 4,241 4,241 4,241 4,241 4,241 - -
Announcement Date 5/10/22 5/3/23 5/3/24 5/7/25 5/7/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.98x1.57x11.91x0.18% 5.53B
14.01x1.21x5.24x4.08% 8.06B
5.44x0.48x2.98x5.36% 5.2B
27.13x3.4x16.17x0.84% 4.48B
21.46x1.19x7.72x3.73% 3.07B
15.51x0.91x7.24x1.56% 2.71B
28.83x0.98x8.67x0.95% 2.3B
12.06x - - 2.23% 2.02B
10.73x - - - 1.49B
24.49x0.92x8.87x0.85% 1.43B
Average 18.37x 1.33x 8.60x 2.2% 3.63B
Weighted average by Cap. 17.77x 1.40x 8.30x 2.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

  1. Stock Market
  2. Stocks
  3. MRF Stock
  4. Valuation MRF Limited
-40%: Exceptional extension
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