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MRFNSE:MRF +0.97%90 ROC (Joel Greenblatt) % is 24.28% as of Mar. 2026, which is 27% above its 10-year median of 19.17. GuruFocus rates NSE:MRF with a GF Score™ of 90/100 and a GF Value™ of ₹160,772.25 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,331 Vehicles & Parts companies, MRF ranks better than 72.2% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. MRF's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 24.28%.
The historical rank and industry rank for MRF's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:MRF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 9.84 Med: 19.17 Max: 37.97
Current: 20.95
During the past 13 years, MRF's highest ROC (Joel Greenblatt) % was 37.97%. The lowest was 9.84%. And the median was 19.17%.
NSE:MRF's ROC (Joel Greenblatt) % is ranked better than 72.2% of 1331
companies
in the Vehicles & Parts industry
Industry Median: 12.03
vs NSE:MRF: 20.95
MRF's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 9.60% per year.
MRF (NSE:MRF) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
The historical data trend for MRF's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:MRF vs ORLY, AZO: ROC (Joel Greenblatt) % Comparison
For the Auto Parts subindustry, MRF's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
MRF ROC (Joel Greenblatt) % vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, MRF's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where MRF's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 24.28% mean?
MRF (NSE:MRF) has a ROC (Joel Greenblatt) % of 24.28% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on MRF and its competitors. This is 27% above median its historical median of 19.17. Over the past decade, MRF's ROC (Joel Greenblatt) % has ranged from 9.84 to 37.97. According to the industry distribution chart, MRF ranks #370 out of 1331 companies in the Vehicles & Parts industry, placing it in the top 27.8%.
Is MRF's ROC (Joel Greenblatt) % too high?
MRF's current ROC (Joel Greenblatt) % of 24.28% is 27% above median its 10-year median of 19.17. Over the past 10 years, this metric has ranged from a low of 9.84 to a high of 37.97. The Vehicles & Parts industry median ROC (Joel Greenblatt) % is 12.03. MRF's value of 24.28% is 101.8% above this industry median. Based on the distribution chart, MRF ranks #370 out of 1331 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, MRF has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does MRF's ROC (Joel Greenblatt) % compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, MRF ranks #370 out of 1331 companies for ROC (Joel Greenblatt) %. This puts MRF in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 12.03. MRF's value of 24.28% is 101.8% above this benchmark. Historically, MRF's own ROC (Joel Greenblatt) % has ranged from 9.84 to 37.97 over the past decade. While the company's 10-year median is 19.17 vs. the industry median of 12.03, MRF has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Vehicles & Parts company?
The median ROC (Joel Greenblatt) % among Vehicles & Parts companies is 12.03, based on 1,331 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MRF's current ROC (Joel Greenblatt) % of 24.28% is 101.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on MRF and its competitors. For the Vehicles & Parts industry, the median ROC (Joel Greenblatt) % is 12.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MRF's current ROC (Joel Greenblatt) % is 24.28%, which is 27% above median its own 10-year median of 19.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MRF stock overvalued right now?
Based on GuruFocus' analysis, MRF (NSE:MRF) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹160,772.25, compared to a current price of ₹132,020.00 — trading 17.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 24.28%, which is 27% above median its 10-year median of 19.17 and 101.8% above the Vehicles & Parts industry median of 12.03. MRF's overall GF Score™ is 90/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For MRF (NSE:MRF), the current ROC (Joel Greenblatt) % is 24.28% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is MRF (NSE:MRF) Overvalued in 2026?
Based on GuruFocus' analysis, MRF stock appears to be undervalued.
The current stock price of ₹132,020.00 is trading 17.9% below its estimated GF Value™ of ₹160,772.25.
GuruFocus considers MRF to be Modestly Undervalued.
Key valuation signals for NSE:MRF:
ROC (Joel Greenblatt) %: 24.28% (27% above median its 10-year median of 19.17)
GF Value™: ₹160,772.25 vs. price of ₹132,020.00 (17.9% below fair value)
Industry Position: 101.8% above the Vehicles & Parts median (#370 of 1331)
No single metric tells the full story. See the NSE:MRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MRF Ltd makes and sells rubber products, including tires, tubes, tread rubber, conveyor belts, and building and floor coatings. The firm's tires are used for automobiles, commercial trucks, and farm equipment. The company sells tires under the MRF brand name. MRF also operates multiple retail stores that sell tires and offer services. Stores under the MRF TireRok brand offer wheel alignment and air conditioning repair. MRF Musclezone stores offer tire servicing for commercial vehicles. MRF Tyredom stores offer a wheel alignment and car washes. The majority of revenue comes from India.
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