Motilal Oswal has given Neutral recommendation for MRF with a target price of Rs. 69,000 in its research report issued on May 10, 2022

Motilal Oswal’s research report on MRF

MRF’s 4QFY22 performance was driven by strong revenue growth, while RM cost inflation continued to impact margin. The industry is taking gradual price increases to dilute the impact of severe cost inflation. We raise our FY23/FY24 EPS by ~6%/3% to factor in price hikes in the Replacement market.


We maintain our Neutral rating with a TP of INR69,000 per share.

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