MRF Q1 FY26 Performance

Revenue from Operations: ₹7,675.69 cr (+6.66 % YoY) Total Income: ₹7,802.12 cr (+7.17 % YoY) PAT: ₹500.47 cr (–12.35 % YoY, –2.3 % QoQ) EBITDA: ₹1,071 cr (–7.6 % YoY) EBITDA Margin: 13.96 % vs 16.11 % last year Key Drivers: Revenue growth supported by replacement tire demand, OEM orders, and selective export recovery. Margin pressure from higher raw material (rubber, crude derivatives), logistics, and energy costs. Competitive pricing limited ability to pass on costs fully. Strengths: Strong market share, diversified product mix, consistent top-line growth despite inflation. Risks: Continued input cost inflation, export demand sensitivity, currency fluctuations. Opportunities: Premium tire expansion, manufacturing efficiency gains, domestic manufacturing incentives. Dividend Context: No dividend this quarter; Q4 FY25 saw ₹229/share (2,290 %) final payout. Bottom Line: Top-line momentum is intact, but cost pressures are compressing profitability. Margin recovery, pricing power, and efficiency improvements will be key investor watchpoints in upcoming quarters.