MRF’s standalone profit fell 27.8% to ₹369.15 crore in the July-September quarter even as revenue rose 17.6%, because its materials bill grew far faster.
Some 77 paise of every rupee of MRF’s revenue last quarter went on materials.
A year earlier it was 63 paise.
The Chennai tyre maker, whose registered office is at 114 Greams Road, put out its results for the quarter ended 30 September 2026 after a board meeting in the city on 10 November. Cost of materials consumed came to ₹6,538.07 crore, against ₹4,543.23 crore in the same quarter of 2025.
Revenue from operations rose to ₹8,523.96 crore from ₹7,249.68 crore.
The company’s own explanation is short. In its press release to the stock exchanges, MRF said it had posted “strong double digit sales growth” on demand from both vehicle makers (the original equipment market) and the replacement market. A steep rise in raw material prices, which it linked to global uncertainties, hurt profitability. Price increases and cost-saving measures only partly made up for it.
Materials rose 44% while sales rose 17.6%
| Standalone, ₹ crore | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 |
|---|---|---|---|
| Revenue from operations | 8,523.96 | 8,291.56 | 7,249.68 |
| Cost of materials consumed | 6,538.07 | 5,824.07 | 4,543.23 |
| Employee benefits | 506.59 | 486.01 | 481.58 |
| Depreciation | 467.95 | 445.84 | 443.27 |
| Finance costs | 74.16 | 69.72 | 70.77 |
| Profit before tax | 498.13 | 624.54 | 682.41 |
| Profit after tax | 369.15 | 474.37 | 511.59 |
Source: MRF Limited, unaudited standalone results filed on 10 November 2026.
Other costs barely moved. Employee costs went to ₹506.59 crore from ₹481.58 crore, and depreciation to ₹467.95 crore from ₹443.27 crore.
With materials taking so much more, profit before tax fell to ₹498.13 crore from ₹682.41 crore. Earnings per share dropped to ₹870.40 from ₹1,206.26.
The slide is also visible quarter on quarter. In April-June, MRF earned ₹474.37 crore on revenue of ₹8,291.56 crore, with materials at ₹5,824.07 crore. Sales grew by about ₹232 crore between the two quarters; the materials bill grew by more than ₹700 crore.
The group numbers tell the same story
On a consolidated basis, which adds the subsidiaries, total income was ₹8,791.58 crore against ₹7,489.00 crore a year earlier. Net profit was ₹386.99 crore, down from ₹527.43 crore, after a tax provision of ₹134.82 crore.
For the half year, standalone revenue reached ₹16,815.52 crore and profit ₹843.52 crore, against ₹995.82 crore in the first half of 2025-26.
Capital spending went up, not down
The squeeze has not slowed investment. The cash flow statement shows MRF spent ₹1,001.60 crore on property, plant and equipment in the first half, up from ₹618.42 crore a year earlier. The company reports a single segment, the manufacture of rubber products such as tyres, tubes, flaps and tread rubber, so the filing does not split the figures by product or market. Its 2025-26 annual report names factories at Arkonam in Ranipet district, at Tiruvottiyur in Chennai and at Trichy among its units, and counts 16,283 permanent employees on 31 March 2026. For that full year, standalone revenue was ₹30,652 crore and profit after tax ₹2,355 crore.
The annual report had warned that commodity prices were high and would hit margins in 2026-27. The latest release repeats the caution: MRF expects commodity markets to stay volatile and raw material and logistics costs to remain high, and said it would keep taking measured steps to manage them.
17 November 2026
Record date for the interim dividend.
1 December 2026
Dividend paid on or after this date.
The board declared an interim dividend of ₹3 a share, 30% of the ₹10 face value. Shareholders on the register on Tuesday, 17 November, will be paid on or after 1 December.
Checked against official sources on 12 November 2026.
Sources
- MRF Limited, press release on unaudited financial results for the quarter ended 30 September 2026, filed with NSE and BSE, 10 November 2026
- MRF Limited, outcome of board meeting and unaudited standalone and consolidated results, 10 November 2026
- MRF Limited, intimation of record date for interim dividend, 10 November 2026
- MRF Limited, Annual Report 2025-26
