MRF Limited reported robust financial results for the year ended 31st March 2026, with consolidated net profit surging 30% year-on-year to Rs 2426.10 Crores. The tyre major also crossed a significant milestone, recording consolidated revenue from operations in excess of Rs 31,000 Crores during the fiscal year, reflecting healthy demand across both Replacement and Original Equipment (OE) segments. The results were approved at a Board Meeting held on 7th May 2026 at Chennai.

Consolidated Financial Performance

The company's consolidated total income rose approximately 11% to Rs 31,653.64 Crores for the year ended 31st March 2026, compared to Rs 28,569.65 Crores in the previous year. Consolidated revenue from operations stood at Rs 31,149.01 Crores versus Rs 28,153.00 Crores in the prior year. Profit before tax climbed to Rs 3,222.14 Crores from Rs 2,483.00 Crores. Tax expense for the year comprised current tax of Rs 747.47 Crores and deferred tax of Rs 48.57 Crores. The following table summarises the key consolidated financial metrics:

Standalone Financial Performance

On a standalone basis, MRF reported total income of Rs 31,140.25 Crores for the year ended 31st March 2026, compared to Rs 28,068.08 Crores in the previous year. Standalone revenue from operations was Rs 30,652.08 Crores versus Rs 27,665.22 Crores. Standalone profit before tax stood at Rs 3,133.47 Crores against Rs 2,419.90 Crores, while standalone net profit for the year was Rs 2,355.40 Crores compared to Rs 1,822.55 Crores previously.

Balance Sheet Highlights

On a consolidated basis, total assets stood at Rs 31,953.51 Crores as at 31st March 2026, compared to Rs 29,688.94 Crores as at 31st March 2025. Total equity increased to Rs 20,974.75 Crores from Rs 18,609.94 Crores. On a standalone basis, total assets were Rs 31,296.46 Crores against Rs 29,096.10 Crores, with total equity at Rs 20,451.95 Crores versus Rs 18,175.87 Crores in the prior year.

Operational Highlights

MRF delivered a healthy operating performance in FY 2025-26, crossing the milestone of Rs 30,000 Crores in sales, with growth recorded in both Replacement and OE segments. The company's performance was supported by the launch of new SKUs across multiple categories, including Truck, Passenger, and Two-Wheeler tyres. Key operational highlights include:

• Launch of new SKUs across Truck, Passenger, and Two-Wheeler tyre categories
• Positioned as one of the largest OE suppliers of tyres to ICE vehicles
• Recognised as the most preferred supplier of tyres to Electric Vehicles
• MRF tyres increasingly fitted on vehicles exported by OEMs to multiple countries globally
• Demand buoyancy from GST rate reductions continued into the 4th Quarter, benefiting both Replacement and OE sales
• Capacity expansion underway across plants to cater to future demand in Replacement, OEM, and Export markets

Challenges and Cost Pressures

Despite the strong performance, MRF flagged several headwinds impacting its cost structure. The ongoing conflict in the Middle East and resulting supply chain disruptions have led to an increase in raw material costs, which the company noted is expected to continue. MRF has implemented price increases and cost management measures to mitigate the impact of higher input material costs and indicated further hikes may follow. Additionally, the forecast of a sub-normal monsoon may adversely impact demand. The company stated that in view of unpredictable economic conditions and cost pressures on margins, it is in the process of evaluating the expected impact on growth.

Dividend

The board recommended a final dividend of Rs 229 (2290%) per share of Rs 10 each, subject to approval of shareholders at the ensuing Annual General Meeting. Including two interim dividends of Rs 3 each (30% per interim) per share already paid, the total dividend for the financial year works out to Rs 235 (2350%) per share of Rs 10 each.

Corporate Changes

The Board also approved several key corporate developments at its meeting. Mr. S Dhanvanth Kumar, Company Secretary, Compliance Officer and Key Managerial Personnel, resigned from the services of the Company due to health reasons and was relieved with effect from 7th May 2026. In his place, Mr. Thulsidass T V (ICSI Membership No. A20927) was appointed as Vice President, General Counsel and Company Secretary with immediate effect. Prior to joining MRF, Mr. Thulsidass T V was associated with Britannia Industries Limited as Company Secretary and Compliance Officer, and brings over 25 years of experience in Secretarial, Compliance and Legal functions.

Additionally, the Board approved the re-appointment of Messrs. M M NISSIM & CO LLP, Chartered Accountants (Firm Regn No. 107122W/W100672), as Joint Statutory Auditors of the Company for a period of 5 consecutive financial years, from the conclusion of the 65th Annual General Meeting until the conclusion of the 70th Annual General Meeting, subject to shareholder approval at the ensuing Annual General Meeting.

MRF Limited held its Board of Directors meeting on 7 May 2026, approving the audited standalone and consolidated financial results for the year ended 31 March 2026. The board also recommended a final dividend, effected key managerial changes, and approved the re-appointment of joint statutory auditors. The meeting commenced at 11:00 a.m. and concluded at 12:30 p.m.

Standalone Financial Performance

MRF's standalone financials for FY26 reflect a strong year-on-year improvement across key metrics. Revenue from operations rose to Rs 30,652.08 crores from Rs 27,665.22 crores in the previous year, while total income stood at Rs 31,140.25 crores against Rs 28,068.08 crores. Net profit for the year from continuing operations came in at Rs 2,355.40 crores, up from Rs 1,822.55 crores. The following table presents the key standalone financial highlights:

On a quarterly basis, standalone revenue from operations for Q4 FY26 stood at Rs 7,908.43 crores, compared to Rs 6,943.84 crores in Q4 FY25. Net profit for the quarter was Rs 680.44 crores versus Rs 497.85 crores in the year-ago period.

Standalone Balance Sheet and Cash Flow Highlights

MRF's standalone total assets as at 31 March 2026 stood at Rs 31,296.46 crores, compared to Rs 29,096.10 crores as at 31 March 2025. Total equity increased to Rs 20,451.95 crores from Rs 18,175.87 crores. On the cash flow front, net cash from operating activities for the year was Rs 4,638.95 crores against Rs 2,638.69 crores in the previous year. Net cash used in investing activities was Rs 3,368.89 crores, while net cash from financing activities was Rs (1,249.78) crores. The closing balance of cash and cash equivalents stood at Rs 260.84 crores versus Rs 243.61 crores at the start of the year.

Consolidated Financial Performance

On a consolidated basis, MRF reported revenue from operations of Rs 31,149.01 crores for FY26, up from Rs 28,153.00 crores in FY25. Consolidated net profit from continuing operations rose to Rs 2,426.10 crores from Rs 1,873.29 crores. The consolidated results include the financial results of subsidiaries — MRF Corp Limited, MRF Lanka (Private) Limited, MRF SG PTE Ltd, MRF DB-FZCO, MRF International Limited, and MRF Foundation (A Trust).

Q4 Consolidated Key Metrics

For Q4 FY26, consolidated revenue from operations stood at Rs 8,044.22 crores versus Rs 7,074.82 crores in Q4 FY25. Consolidated net profit from continuing operations for Q4 was Rs 702.25 crores compared to Rs 510.50 crores in the year-ago quarter.

Consolidated Balance Sheet and Cash Flow Highlights

On a consolidated basis, total assets were Rs 31,953.51 crores versus Rs 29,688.94 crores, with total equity at Rs 20,974.75 crores against Rs 18,609.94 crores. Net cash from operating activities on a consolidated basis was Rs 4,590.30 crores versus Rs 1,864.76 crores in the previous year. The closing consolidated cash and cash equivalents balance stood at Rs 304.59 crores.

Dividend Declaration

The board recommended a final dividend of Rs 229/- (2290%) per share of Rs 10 each, subject to shareholder approval at the ensuing Annual General Meeting. The company had already declared and paid two interim dividends of Rs 3/- (30%) each per share during FY26. The total dividend for FY26 thus works out to Rs 235/- (2350%) per share of Rs 10 each.

Key Managerial Changes

The board took note of the resignation of Mr. S Dhanvanth Kumar (ICSI Membership No. A7516) as Company Secretary, Compliance Officer, and Key Managerial Personnel, effective 7 May 2026, due to health reasons. Simultaneously, the board approved the appointment of Mr. Thulsidass T V (ICSI Membership No. A20927) as Vice President, General Counsel and Company Secretary, also with immediate effect from 7 May 2026. Mr. Thulsidass T V will additionally serve as Compliance Officer, Key Managerial Personnel, and part of Senior Management Personnel. Prior to joining MRF, he was associated with Britannia Industries Limited as Company Secretary and Compliance Officer, and brings over 25 years of experience in Secretarial, Compliance and Legal functions.

Auditor Re-appointment and Other Matters

The board approved the re-appointment of Messrs. M M NISSIM & CO LLP, Chartered Accountants (Firm Regn No. 107122W/W100672) as Joint Statutory Auditors for a period of five consecutive financial years, from the conclusion of the 65th Annual General Meeting until the conclusion of the 70th Annual General Meeting, subject to shareholder approval. Both joint statutory auditors — M M NISSIM & CO. LLP and SASTRI & SHAH, Chartered Accountants — issued unmodified audit opinions on the standalone and consolidated financial results. During the quarter, the company redeemed in full 15,000 listed, unsecured, rated, redeemable, taxable Non-Convertible Debentures aggregating to Rs 150 crores. The board also noted that the liability on Past Service Cost consequent to the introduction of New Labour Codes has been re-assessed at Rs 61.99 crores (standalone) and Rs 63.24 crores (consolidated) as at 31 March 2026.