Tyre manufacturer MRF has regained its position as India’s highest-priced stock, surpassing Elcid Investments after a sustained rally in recent months. As of June 3, 2025, MRF shares were trading at Rs 1,38,100, marking a strong rebound from its 52-week low of Rs 1,02,124 recorded in March.Elcid Investments, which had briefly claimed the top spot, is trading at Rs 1,29,300. The stock has declined by nearly 60% from its all-time high of Rs 3,32,399.95 touched in November 2024.Elcid gained widespread attention in October 2024 when its share price skyrocketed during a special call auction held by the Bombay Stock Exchange (BSE). On October 29, its stock price surged from just Rs 3.53 to Rs 2,36,250 in a single day—an unprecedented increase of 66,92,535%, according to an ET report.The surge was triggered by a Securities and Exchange Board of India (SEBI) initiative to identify fair market values for holding companies that were trading far below their book value. This re-evaluation briefly made Elcid the most expensive stock in the country, overtaking MRF, which at the time was priced at Rs 1,22,576.Elcid’s momentum didn’t last. The stock peaked in November 2024 and has since seen a sharp correction. A key factor in the decline has been the falling share price of Asian Paints, in which Elcid holds a 1.28% stake. The value of this stake has dropped from Rs 3,616 crore in October 2024 to Rs 2,775 crore currently. Elcid’s present market capitalisation stands at approximately Rs 2,584 crore, now lower than the value of its holding in Asian Paints.Over the past year, shares of Asian Paints have fallen more than 21%, and nearly 30% over two years, putting significant pressure on Elcid’s overall valuation.While Elcid’s brief stint at the top was driven largely by market revaluation dynamics, MRF’s high share price is attributed to its relatively low number of outstanding shares. Analysts and investors are reminded that a stock’s market price does not necessarily reflect its intrinsic value.In contrast to Elcid, MRF’s gains are backed by strong fundamentals and solid earnings performance. For the March 2025 quarter, MRF posted a net profit of Rs 498 crore, up from Rs 380 crore in the same quarter last year. Revenue increased by 12% to Rs 6,944 crore, while EBITDA rose by 18% to Rs 1,043 crore, with margins improving to 15%.MRF remains India’s largest tyre manufacturer and is ranked among the top tyre makers globally. The company manufactures a wide range of tyres catering to various segments, including passenger vehicles, trucks, motorcycles, and agricultural machinery. It has also diversified into other businesses such as conveyor belts, paints, and sports goods over the years.
