Brands
MRF accelerates with 121pc profit jump as tyre demand grips roads
CHENNAI: MRF has delivered a blistering performance for the quarter ending 31st December 2025, with consolidated profit after tax surging 121 per cent to Rs 691.83cr from Rs 315.46cr a year earlier. The Chennai-based tyre major’s revenue climbed 15 per cent to Rs 8,050.43cr, driven by robust replacement demand and improved product mix across its domestic and export markets.
The company’s standalone profit jumped 121 per cent to Rs 679.14cr on revenue of Rs 7,933.69cr, up 15 per cent year-on-year. For the nine months ending December, consolidated profit reached Rs 1,717.94cr on revenue of Rs 23,104.84cr, marking growth of 27 per cent and 10 per cent respectively.
Buoyed by the strong showing, MRF’s board declared a second interim dividend of Rs 3 per equity share (30 per cent) for the financial year ending 31st March 2026. The company fixed Friday, 13th February 2026 as the record date, with payment scheduled on or after 27th February.
The stellar numbers came despite a Rs 77.20cr exceptional charge triggered by India’s new consolidated labour codes, which took effect on 21st November 2025. The legislation required MRF to immediately recognise increased gratuity and leave liability arising from past service costs under accounting standards.
Earnings per share for the quarter stood at Rs 1,631.23 on a consolidated basis and Rs 1,601.33 standalone, more than doubling from Rs 743.80 and Rs 723.20 respectively in the corresponding period last year. Operating margins expanded significantly to 11.94 per cent from 6 per cent, whilst net profit margins nearly doubled to 8.46 per cent from 4.44 per cent.
The company’s board meeting, chaired by managing director Rahul Mammen Mappillai, commenced at 11:00 am and concluded at 1:30 pm on 6th February 2026. The results were reviewed by the audit committee and subjected to limited review by statutory auditors MM Nissim & Co and Sastri & Shah, who issued unqualified reports.
Finance costs declined to Rs 91.23cr from Rs 93.65cr year-on-year, reflecting improved working capital management. Employee benefits expense rose 9 per cent to Rs 522.48cr, driven by headcount expansion and wage increases. Raw material costs climbed marginally to Rs 4,688.45cr, though inventory changes of Rs 257.91cr suggest careful stock management ahead of seasonal demand variations.
The consolidated results incorporate four subsidiaries: MRF Corp Limited, MRF Lanka (Private) Limited, MRF SG Pte Ltd, MRF International Limited, and step-down subsidiary MRF DB-FZCO. The company operates primarily in the manufacture of rubber products including tyres, tubes, flaps and tread rubber, which constitute a single reportable segment under accounting standards.
MRF’s debt-equity ratio remained comfortable at 0.03 times, whilst the current ratio improved to 1.69 times from 1.47 times, indicating strengthening liquidity. Debtors turnover accelerated to 9.24 times on an annualised basis from 8.82 times, suggesting tighter credit management and faster collections.
Other comprehensive income included remeasurements of employee defined benefit plans totalling Rs 18.75cr and gains on cash flow hedges of Rs 12.16cr net of tax, reflecting prudent treasury operations in volatile currency markets.
With raw material pressures easing and pricing power intact, MRF has demonstrated that even regulatory speed bumps cannot slow a company firing on all cylinders. The tyre maker’s shares trade on both the BSE and NSE, with the company maintaining its registered office at 114 Greams Road, Chennai.
Brands
Paytm taps Ujas Shah as vice president for sales, business development
Veteran executive to drive swiping devices and merchant-led growth
BENGALURU: Paytm has appointed Ujas Shah as vice president—sales business development, reinforcing its push to scale offline payments and device-led monetisation as competition in fintech intensifies.
In the role, Shah will lead business development for swiping devices, shape go-to-market strategy and oversee profit-and-loss execution across Paytm’s offline payments stack. His remit includes expanding distribution, tightening merchant lifecycle management and rolling out KPI-led sales systems aimed at improving acquisition and retention.
The appointment reads like an operational signal from the top: execution, discipline and scale now matter as much as growth. Industry executives say device-led payments, long viewed as margin accretive, are back in sharp focus.
Shah is a long-standing Paytm executive, having previously served as national sales head, assistant vice president and general manager for sales. Before joining the company, he held senior roles at Kinara Capital, where he was field sales head, and earlier at Idea Cellular, Tata Teleservices, Samsung Electronics and Asian Paints.
His two decades across telecom, consumer and fintech businesses give him a rare, cross-sector view of distribution-heavy models: an asset as Paytm looks to extract more value from its merchant base amid tighter capital and higher investor scrutiny.
