A Humble Beginning in 1946
MRF (Madras Rubber Factory) was established in 1946 in Chennai by K. M. Mammen Mappillai. Tyres were not the initial products of this company. It was engaged in the manufacturing of toy balloons only.
In 1960s, MRF ventured into the tyre business. Its future changed because of this step. Gradually, as India’s automobile industry expanded slowly, MRF positioned itself as a quality tyre manufacturer. It grew to become one of the leading tyre brands in India, producing tyres for cars, trucks, buses, two-wheelers, tractors, and even aircrafts.
Growing With India’s Automobile Market
From the 1980s, vehicle sales in India started to increase at a steady rate. Growth in vehicle sales means growth in vehicle tyre demand. MRF benefited from such a long-term growth pattern.
The company focused on: Product quality, Extensive dealer network, Prudent financial management
Instead of fast expansion through heavy debt, MRF preferred stable growth. Instead of rapidly expanding by accumulating massive debt, MRF decided to pursue stable growth, which in turn helped to foster investors’ long-term confidence.
The Key Reason Behind the High Share Price
One major reason why MRF’s share price looks so high today is simple – the company has never split its stock.
Many companies do share splits in an aim to reduce the share price and improve liquidity. The MRF has opted against this. As profits grew and demand for the stock increased, the price per share kept on rising under the original structure.
MRF has about 42.4 lakh shares (equity), which is a low number compared to many other listed companies.
Major Share Price Milestones
From its humble 1946 beginnings as a toy balloon factory, MRF evolved into an industrial titan, officially becoming India’s first ₹1,00,000 share in June 2023 and reaching a massive peak of ₹1,63,600 by 2026.
| Milestone | Date Achieved | Key Context |
|---|---|---|
| ₹11 (Public Listing) | April 27, 1993 | Initial trading price on BSE/NSE. |
| ₹10,000 | February 21, 2012 | Reached the five-digit mark. |
| ₹20,000 | December 17, 2013 | Doubled from its 2012 milestone in less than two years. |
| ₹50,000 | April 26, 2016 | Reached the halfway point to 1 lakh. |
| ₹80,000 | April 17, 2018 | Reached a peak before a brief period of underperformance. |
| ₹90,000 | January 20, 2021 | Surpassed during the post-pandemic market rally. |
| ₹1,00,000 | June 13, 2023 | Hit a historic intraday high of ₹1,00,439.95. |
| ₹1,50,000 | January 2024 | Breached the 1.5 lakh level for the first time. |
| ₹1,63,600 (ATH) | 2024/2025 | The current all-time high as of February 2026. |
On June 13, 2023, MRF (Madras Rubber Factory) made history by becoming the first Indian company to see its share price cross the ₹1,00,000 mark.
MRF’s Position in 2025–2026
Like every other company, the MRF stock also rises and falls according to the market situation. Natural rubber prices, crude oil prices, and demand in the automobile sector are factors influencing performance.
So in the first few days of 2026, shares of MRF have been seen trading between ₹1,30,000 and ₹1,45,000, depending on the market movement as a whole.
Even on such levels, MRF continues to sustain a strong brand value, with a stable business position in the Indian tyre industry.
Why High Share Price Does Not Mean Overpriced
It is important to recognise that the share price and the size of a company are different aspects. Lastly, it is important to note that share price and size are two different concepts.
The market capitalization is based on: Share Price Number of shares in total
Since MRF has less number of shares which have never been split, the price per share looks very high.
Lessons From MRF’s Journey
MRF’s history has shown that wealth in the stock market is often created by: Holding over a long period of time, strong business fundamentals, consistent administration, and patience.
There was no sudden hype behind MRF. Its growth was observed slowly over decades.
Final Thoughts
MRF has come a long way from “a small balloon factory in 1946 to becoming India’s highest- priced share”, and its journey is “a story of steady progress and disciplined management”.
It proves that strong fundamentals and patience can produce long-term stock market success.
As of late February 2026, MRF continues to dominate Dalal Street as India’s most expensive stock, trading at approximately ₹1,40,980 per share with a year-to-date high of ₹1,63,600
