Madras Rubber Factory (MRF) is India’s largest tyre manufacturer and one of the most iconic names in the Indian stock market. From a modest share price in 1990, MRF has become India’s most expensive stock, crossing the ₹1,00,000 milestone in 2021.
This post covers the MRF share price journey from 1990 to 2025, growth milestones, key financial insights, and the long-term investment perspective.
MRF Share Price in 1990
In 1990, MRF share price was ₹332 on the Bombay Stock Exchange (BSE).
At that time, the company was still in its early expansion phase, focusing on domestic tyre production and limited exports.
However, after India’s economic liberalisation in 1991, MRF began tapping into new opportunities, benefiting from industrial growth, infrastructure expansion, and a booming automobile sector.
MRF Share Price From 1990 to 2025
| Year | Share Price (₹) |
|---|---|
| 1990 | 332 |
| 1992 | 735 |
| 1994 | 2000 |
| 2000 | 2820 |
| 2005 | 2700 |
| 2010 | 6595 |
| 2015 | 40288 |
| 2020 | 70964 |
| 2021 | 96456 |
| 2022 | 77255 |
| 2023 | 94402 |
| 2024 | 130734 |
| 2025 | 129374 |
(Full year-wise table available in the detailed chart above)
MRF Share Price Journey: 1990 to 2025
1. Early Growth (1990–2000)
- Start Price (1990): ₹332
- End Price (2000): ₹2,820
The 1990s were transformative for MRF. After India’s liberalisation, the automobile and industrial sectors witnessed huge demand growth, which boosted tyre manufacturers.
Despite facing challenges like inflation and the Asian Financial Crisis (1997–98), MRF managed to expand its capacity, improve product quality, and grow steadily.
By the end of the decade, MRF had crossed the ₹2,000 mark, a significant feat during that period.
2. Consolidation & Market Dominance (2000–2010)
- Start Price (2000): ₹2,820
- End Price (2010): ₹6,595
In the early 2000s, global economic slowdowns and raw material price fluctuations affected MRF’s margins. However, the company maintained profitability through cost control, innovation, and brand loyalty.
The mid-2000s saw a revival in demand from the commercial vehicle segment, leading to improved performance. By 2010, MRF shares had reached around ₹6,595, showcasing steady long-term growth.
3. The Golden Decade (2010–2020)
- Start Price (2010): ₹6,595
- End Price (2020): ₹70,964
This decade marked MRF’s most explosive growth phase. With India’s automobile sector booming and tyre demand surging, MRF reported strong earnings year after year.
- MRF expanded production plants across Tamil Nadu, Kerala, and Gujarat.
- Introduced premium and radial tyres for passenger vehicles.
- Entered motorsport sponsorships, enhancing brand image.
By 2020, MRF shares traded near ₹70,964, reflecting more than 10x growth in 10 years — a remarkable wealth creation journey.
4. The ₹1 Lakh Milestone (2021–2025)
- 2021: MRF became the first Indian stock to cross the ₹1,00,000 mark.
- 2024: Hit an all-time high of ₹1,51,445 on 23 February 2024.
- 2025: Currently trades around ₹1,29,374 (March 2025).
This milestone cemented MRF’s position as the most expensive stock in India, even surpassing companies like Page Industries and Honeywell Automation.
Despite occasional market corrections, MRF’s fundamentals remain robust, supported by consistent profits, strong cash flow, and a debt-free balance sheet.
Investment Perspective
- If you invested ₹1 lakh in MRF in 1990, it would be worth around ₹3.9 crore by 2024.
- This shows the power of long-term investing in fundamentally strong companies.
- MRF is considered a blue-chip stock with limited volatility compared to midcaps.
| Year | Approx. Value of ₹1 Lakh Invested in 1990 |
|---|---|
| 1990 | ₹1,00,000 |
| 2000 | ₹8,49,000 |
| 2010 | ₹23,00,000 |
| 2020 | ₹2.1 crore |
| 2025 | ₹3.9 crore |
Also Read: Wipro Share Price in 1980 and Multibagger Story
Why MRF Shares Are So Expensive
Many investors wonder — why is MRF the most expensive stock in India?
Here are the main reasons:
- No Stock Split or Bonus History:
MRF has never split its shares or issued bonus shares. This keeps the number of outstanding shares low, leading to a higher per-share price. - Strong Fundamentals:
MRF maintains a robust balance sheet, consistent profits, and low debt levels. - Brand Dominance:
It’s the most trusted tyre brand in India, with a wide customer base across OEMs (like Maruti, Tata, and Mahindra) and the replacement market. - High Institutional Holding:
Mutual funds and long-term investors prefer holding MRF shares, reducing free float in the market. - Limited Volatility:
Despite being costly, MRF’s price movements are stable compared to midcap or smallcap stocks.
About MRF Company
- Founded: 1946 by K. M. Mammen Mappillai
- Headquarters: Chennai, Tamil Nadu
- Products: Tyres for two-wheelers, cars, trucks, buses, off-road vehicles
- Ticker Symbol: MRF (listed on NSE & BSE)
- Market Cap: ~₹56,773 crore (2025)
- 52-Week High/Low: ₹1,45,735.90 / ₹1,02,124.05
- Face Value: ₹10 per share
Conclusion
The journey of MRF share price from ₹332 in 1990 to over ₹1.5 lakh in 2024 stands as one of the greatest examples of long-term wealth creation in Indian stock market history.
Despite market ups and downs, MRF has continued to reward its shareholders through steady growth, strong fundamentals, and financial discipline.
For investors with a long-term horizon, MRF remains a symbol of trust, quality, and consistent performance — truly the gold standard of Indian equities.
Question and Answer About MRF Share History
The MRF share price in 1990 was 332 rupees.
MRF Company was not listed on the Indian stock market in 1980.
The share price of MRF in 1993 was 925.
The price of MRF in 2000 was 2820 rupees.
The face value of MRF Share is 10 Rupees.
Madras Rubber Factory (MRF).
The highest share price of MRF was 151445 rupees on February 23, 2024.
