MRF Ltd Despite a slight sequential dip in revenue due to seasonal softness

Despite a slight sequential dip in revenue due to seasonal softness, MRF showed strong double-digit growth in Original Equipment (OE) sales and good performance in exports. Raw material prices softened, contributing to margin expansion. However, brokerages hold mixed views; Kotak Securities maintains a sell rating citing premium valuations, while CLSA upgraded to outperform expecting margin benefits from further input cost fall.