Anand Rathi has given Buy recommendation for MRF with a target price of Rs. 96,217 in its research report issued on Jun 07, 2021

Anand Rathi’s research report on MRF

We continue to be positive with regard to the outlook for MRF across segments. We expect the demand momentum to continue as we are experiencing unlocking of lockdowns starting today in the South and in some parts of the country. We expect Q2 FY22 demand to grow strongly with expected normal operations at MRF.


We expect revenue to grow 25% y/y in FY22. We continue to be positive on the stock, with a Buy rating at a target price of Rs96,217 (20x FY23e).