Signal Desk · Markets

Citi keeps MRF outperform, sets ₹1,65,238 target

2026-11-11 · 1 source · Mint Markets

In short

Citi kept an Outperform rating on MRF and set a target price of ₹1,65,238.

The call came even after MRF saw lower margins and profit in the quarter because raw material costs went up. Citi still sees about 30% upside.

What the reporting says

Citi retained its Outperform rating on MRF and set a ₹1,65,238 target price, despite quarterly margin and profit declines, according to a Mint Markets summary. The brokerage said the weakness was driven by higher raw material costs. The target implies about 30% upside, making the call cautiously positive for the tyre maker’s shares.

Why it matters

Citi kept its Outperform rating on MRF and set a ₹1,65,238 target price, according to Mint Markets. The brokerage pointed to quarterly margin and profit declines caused by higher raw material costs. Even so, the note implies around 30% upside from the target, which matters for investor sentiment around the tyre maker’s stock.

Touches: MRF, Citi, Markets, Companies

Sources