MRF Q4 Results Review: Anand Rathi Maintains 'Buy' Rating On Robust Margins, Hikes Target Price

Increase in input cost, despite higher revenue, was the reason for MRF's FY25’s profit decline. Replacement, institutional and export segments saw strong growth in Q4 and FY25. Exports grew 23% to Rs 23.21 billion. Growth was supported by new SKUs in various segments. Raw material cost softened slightly in Q4 but was offset by rupee depreciation. Price hikes were aimed at partially offsetting the rising input costs throughout the year.