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MRF Limited (MRF)

₹122,790.00 +0.43% last close, 16 Oct

📊 NSE: MRF 🏢 Tyres 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, MRF's revenue was ₹8,416 Cr (+9.6% year on year, +4.6% on the previous quarter), and net profit ₹495 Cr (-1.0% year on year); the operating margin was 11.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹8,416	+9.6%	+4.6%
Operating profit	₹991	-7.5%	-24.1%
Net profit	₹495	-1.0%	-29.4%
EPS (₹)	1167.97	-1.0%	-29.5%
Operating margin	11.8%	—	—

Full quarterly financials → Results calendar →

MRF delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 43.81% of the MRF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.17%. That is close to its usual level.

43.81%Delivery, 16 Oct

49.17%Own 20-session average

0.8×Volume vs its average

₹122,790.00NSE close · +0.43%

Delivery in the last 5 sessions: 42.9% · 43.3% · 54.1% · 49.7% · 43.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MRF Secures Relief as Kerala Sales Tax Demand Cut from ₹91.53 Cr to ₹36.19 Cr

🟢 POSITIVE ⭐ 3/10

LEGAL 📅 07 Oct 2026, 06:23 PM

MRF Limited received a rectification order dated September 30, 2026, from the Deputy Commissioner State Tax, Pala, Kerala, regarding FY 2014-15 Central Sales Tax (CST) assessments. The rectification order reduced an earlier tax demand of ₹91.53 crores down to ₹36.19 crores, providing ₹55.34 crores in tax relief. The dispute pertains to export clearances and statutory sales tax declaration forms. MRF stated it is evaluating the order and plans to challenge the remaining demand of ₹36.19 crores, which represents just ~0.11% of TTM revenue.

Rectification order dated 30.09.2026 reduces CST demand from ₹91.53 crores to ₹36.19 crores
Net reduction of ₹55.34 crores in disputed tax liabilities
Pertains to FY 2014-15 CST assessment on export clearances and declaration forms
Remaining demand of ₹36.19 crores represents only ~1.5% of TTM PAT (₹2,415 Cr)
MRF is examining the order and plans to challenge the remaining demand

💡 Track whether MRF files an appeal against the remaining ₹36.19 crore demand before the appellate tax authority and any resulting stay or resolution.

₹495 Cr Q1 Net Profit: MRF Reports 10% Revenue Growth Amid Margin Pressure

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 01:40 PM

MRF reported a 10.3% YoY increase in consolidated total income to ₹8,610.56 Cr for the quarter ended June 30, 2026. Despite buoyant demand in both OEM and replacement segments, consolidated net profit marginally declined by 1.3% YoY to ₹495.35 Cr. The company cited higher input costs, driven by Middle East conflicts, as the primary reason for the profit contraction. Management has implemented price increases and cost-control measures to mitigate the impact of firm raw material prices.

Consolidated total income grew 10.3% YoY to ₹8,610.56 Cr from ₹7,804.23 Cr.
Consolidated net profit decreased slightly to ₹495.35 Cr compared to ₹501.82 Cr in the year-ago period.
Consolidated Profit Before Tax (PBT) stood at ₹649.69 Cr, down from ₹671.83 Cr YoY.
Quarterly revenue represents approximately 27.6% of the company's TTM revenue of ₹31,149 Cr.
Tax provision for the quarter was recorded at ₹154.34 Cr.

💡 Investors should monitor the trend in natural rubber and crude oil derivative prices, as management expects the impact of higher costs on margins to continue. Watch for the effectiveness of recent price hikes in protecting operating margins in the upcoming quarter.

MRF Q1 FY27: Revenue Grows 9.7% to ₹8,292 Cr, PAT Dips 1.3% Amid 26.7% Material Cost Surge

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 12:38 PM

MRF reported a 9.7% YoY increase in standalone revenue to ₹8,291.56 Cr for Q1 FY27. However, standalone net profit declined by 2% to ₹474.37 Cr, primarily due to a sharp 26.7% increase in raw material costs, which rose to ₹5,824.07 Cr from ₹4,597.33 Cr YoY. Consolidated PAT followed a similar trend, decreasing 1.3% to ₹495.35 Cr. The company also strengthened its leadership by appointing the heads of IT and HR as Senior Management Personnel.

Standalone revenue from operations increased 9.7% YoY to ₹8,291.56 Cr.
Cost of materials consumed surged 26.7% YoY to ₹5,824.07 Cr, impacting margins.
Consolidated Net Profit for the quarter stood at ₹495.35 Cr, down from ₹501.82 Cr YoY.
Consolidated Basic EPS for the quarter was ₹1,167.97 compared to ₹1,183.22 in the previous year.
Appointed Mr. Prasanth Puliakottu (IT) and Mr. Santhosh Mathew (HR) as Senior Management Personnel.

💡 Investors should monitor natural rubber and crude oil derivative price trends, as the 26.7% jump in material costs is currently outpacing revenue growth and compressing margins.

MRF Q1 FY27: Revenue Grows 9.7% to ₹8,291 Cr; PAT Dips Slightly to ₹495 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 12:38 PM

MRF Limited reported a consolidated revenue of ₹8,291.56 Cr for the quarter ended June 30, 2026, representing a 9.7% increase from ₹7,560.28 Cr in the same period last year. Consolidated PAT stood at ₹495.35 Cr, a marginal decline of 1.3% YoY from ₹501.82 Cr, primarily due to a sharp 26.7% rise in raw material costs which reached ₹5,824.07 Cr. The Board also designated Mr. Prasanth Puliakottu (IT) and Mr. Santhosh Mathew (HR) as Senior Management Personnel. Despite revenue growth, the standalone profit before tax fell to ₹624.54 Cr from ₹650.73 Cr YoY, reflecting margin pressure.

Consolidated Revenue from Operations increased to ₹8,291.56 Cr in Q1 FY27 vs ₹7,560.28 Cr YoY.
Cost of materials consumed surged to ₹5,824.07 Cr, up from ₹4,597.33 Cr in the year-ago quarter.
Consolidated Net Profit for the period stood at ₹495.35 Cr with a Basic EPS of ₹1,167.97.
Standalone Profit Before Tax (PBT) declined to ₹624.54 Cr from ₹650.73 Cr YoY.
Appointment of two Senior Management Personnel: Mr. Prasanth Puliakottu (IT) and Mr. Santhosh Mathew (HR).

💡 Investors should monitor the trend in natural rubber and crude derivative prices, as the 26.7% YoY increase in raw material costs is currently offsetting revenue gains. Track the progress of the planned ₹3,200 Cr capex to see if it improves manufacturing efficiency and offsets input cost volatility.

MRF Q1 FY27: Consolidated PAT at ₹495 Cr, Revenue Grows 9.7% YoY Amid Margin Pressure

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 12:28 PM

MRF reported a consolidated net profit of ₹495.35 cr for Q1 FY27, a slight decline of 1.3% from ₹501.82 cr in the same period last year. Standalone revenue from operations grew 9.7% YoY to ₹8,291.56 cr, representing approximately 26.6% of TTM revenue. However, profitability was impacted by a sharp 26.7% YoY increase in raw material costs, which rose to ₹5,824.07 cr. Sequentially, standalone profit before tax fell 30.6% from ₹899.81 cr in Q4 FY26, highlighting significant margin compression.

Standalone Revenue from Operations increased 9.7% YoY to ₹8,291.56 cr.
Consolidated Net Profit for the quarter stood at ₹495.35 cr, down 1.3% YoY.
Cost of materials consumed surged 26.7% YoY to ₹5,824.07 cr, representing 70.2% of standalone revenue.
Standalone EPS for the quarter was ₹1,118.51, down from ₹1,141.74 in the year-ago period.
Appointment of Mr. Prasanth Puliakottu (ITS) and Mr. Santhosh Mathew (HRS) as Senior Management Personnel.

💡 Investors should monitor the trend in natural rubber and crude derivative prices, as the sharp rise in input costs is currently offsetting volume growth. Watch for management commentary on pricing actions in the replacement market to mitigate these margin pressures.

₹229 Final Dividend Approved as MRF Shareholders Pass All 65th AGM Resolutions

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 03:48 PM

MRF Limited's shareholders have approved all six resolutions presented at the 65th Annual General Meeting held on August 6, 2026. Key approvals include a final dividend of ₹229 per share (2290%) for FY26 and the re-appointment of directors Varun Mammen and Dr. Cibi Mammen. The company also confirmed the re-appointment of M M Nissim & Co LLP as Joint Statutory Auditors for a five-year term. Voting results showed overwhelming support, with over 99% of votes cast in favor of all major resolutions.

Final dividend of ₹229 per equity share (2290%) approved for the financial year ended March 31, 2026
Total of 62,610 shareholders were on record for the meeting conducted via video conferencing
Resolution for re-appointment of Mr. Varun Mammen as Director passed with 99.27% votes in favor
M M Nissim & Co LLP re-appointed as Joint Statutory Auditors for a 5-year term until the 70th AGM
Ratification of remuneration for Cost Auditor Mr. J. Karthikeyan for FY27 passed with 100% institutional support

💡 Investors should note the formal approval of the ₹229 dividend; the next key event will be the announcement of Q1 FY27 results and the dividend payment timeline.

₹229 Final Dividend Approved at MRF's 65th Annual General Meeting

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Aug 2026, 05:02 PM

MRF Limited concluded its 65th Annual General Meeting on August 6, 2026, where shareholders approved a final dividend of ₹229 per equity share (2290% on face value). The meeting ratified the FY26 audited financial statements, which reported a TTM revenue of ₹31,149 Cr and a PAT of ₹2,420 Cr. Key governance items were also cleared, including the re-appointment of directors Varun Mammen and Dr. Cibi Mammen, and a five-year term for the Joint Statutory Auditors. The dividend yield remains low at approximately 0.17% given the high share price of ₹1,33,930.

Approval of ₹229 per equity share final dividend for the financial year ended March 31, 2026
Re-appointment of M M Nissim & Co LLP as Joint Statutory Auditors for a 5-year term until the 70th AGM
Adoption of audited consolidated financial statements for FY26 with revenue of ₹31,148.84 Cr
Ratification of Cost Auditor remuneration for the financial year ending March 31, 2027

💡 Investors should monitor the record date for the ₹229 dividend payout; no major strategic shifts were disclosed in the meeting proceedings.

MRF Schedules 65th AGM for August 6, 2026; Releases FY26 Annual Report Web-Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 05:41 PM

MRF Limited has announced that its 65th Annual General Meeting (AGM) will be held on August 6, 2026, at 11:00 a.m. via video conferencing. The company has issued notices and provided web-links for the Annual Report for the financial year ended March 31, 2026, to shareholders whose email addresses are not registered. This is a standard regulatory procedure following the conclusion of the fiscal year. Investors can now access the full audited financial statements and management discussion for FY26 through the provided links.

65th Annual General Meeting scheduled for August 6, 2026, at 11:00 a.m.
Annual Report released for the financial year ended March 31, 2026
Meeting to be conducted via Video Conference (VC) or Other Audio Visual Means (OAVM)
Letters dispatched to shareholders on July 14, 2026, regarding report accessibility

💡 Investors should download and review the FY25-26 Annual Report to track progress on the planned Rs 3,200 Cr capex and management's outlook on natural rubber price volatility.

MRF Announces ₹229 Final Dividend; 65th AGM Scheduled for August 6, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 14 Jul 2026, 06:41 PM

MRF Limited has scheduled its 65th Annual General Meeting (AGM) for August 6, 2026, to approve a final dividend of ₹229 per equity share (2290%). The company has fixed July 17, 2026, as the record date for dividend eligibility, with payments commencing on or after August 17, 2026. The total dividend payout is relatively small compared to the TTM PAT of ₹2,420 Cr, resulting in a dividend yield of approximately 0.17%. Other agenda items include the re-appointment of directors and the re-appointment of Joint Statutory Auditors for a five-year term.

Final dividend recommended at ₹229 per equity share of ₹10 each (2290%)
Record date for dividend eligibility fixed as July 17, 2026
65th Annual General Meeting to be held on August 6, 2026, via Video Conferencing
Proposed remuneration for Cost Auditor Mr. J. Karthikeyan set at ₹8,40,000
Re-appointment of Messrs. M M Nissim & Co LLP as Joint Statutory Auditors for 5 consecutive years

💡 Investors should note the record date of July 17, 2026, to be eligible for the final dividend. The Annual Report 2025-26 should be reviewed for updates on the execution of the ₹3,200 Cr capex plan and management's outlook on natural rubber price volatility.

MRF reports dematerialization of 118 shares for the quarter ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 10 Jul 2026, 05:31 PM

MRF Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms the processing of 118 shares for dematerialization during the period from April 1, 2026, to June 30, 2026. Specifically, 104 shares were processed through NSDL and 14 shares through CDSL. This is a routine administrative filing confirming that physical certificates were mutilated and cancelled as per regulatory requirements.

104 shares were dematerialized through NSDL during the quarter ended June 30, 2026
14 shares were dematerialized through CDSL during the same period
Total of 118 shares processed for conversion from physical to electronic form
Compliance confirmed for the period starting 01-04-2026 to 30-06-2026

💡 No action is required as this is a routine procedural filing. Investors should focus on the company's upcoming quarterly financial results for operational performance updates.

MRF sets July 17, 2026, as Record Date for Final Dividend; AGM on August 6

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 29 Jun 2026, 05:11 PM

MRF Limited has announced July 17, 2026, as the record date for determining shareholder eligibility for its final dividend. The 65th Annual General Meeting (AGM) is scheduled for August 6, 2026, where the dividend will be formally declared. Eligible shareholders can expect payment on or after August 17, 2026. This routine corporate action follows a year where the company maintained a TTM PAT of ₹2,420 Cr and a dominant 70% share in the replacement market.

Record date for final dividend eligibility fixed as July 17, 2026
65th Annual General Meeting scheduled for August 6, 2026, via video conferencing
Dividend payment date scheduled for on or after August 17, 2026
Company reported TTM revenue of ₹31,149 Cr and TTM EPS of ₹5,706.47

💡 Investors should note the ex-dividend date (typically one business day prior to the record date) to ensure eligibility for the payout. Monitor the AGM for updates on the ₹3,200 Cr capex plan and management's outlook on natural rubber price volatility.

July 17 Set as Record Date for MRF Final Dividend; 65th AGM on August 6

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 29 Jun 2026, 05:09 PM

MRF Limited has announced its 65th Annual General Meeting (AGM) will be held on August 6, 2026. The company has fixed July 17, 2026, as the record date to determine shareholder eligibility for the final dividend. If approved at the AGM, the dividend payment will commence on or after August 17, 2026. This follows a fiscal year where the company maintained strong financials with a TTM PAT of Rs 2,420 Cr and a healthy ROCE of 16.0%.

65th Annual General Meeting scheduled for August 6, 2026, via video conferencing
Record date for final dividend eligibility fixed as July 17, 2026
Dividend payment date scheduled for on or after August 17, 2026
Company maintains a dominant 70% revenue share from the replacement market
TTM revenue stands at Rs 31,149 Cr with an operating profit margin of 15.7%

💡 Investors seeking the final dividend must hold the shares before the July 17 record date. Watch the AGM on August 6 for management updates regarding the Rs 3,200 Cr capex implementation and the impact of natural rubber price volatility on margins.

MRF Trading Window Closure from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 04:54 PM

MRF Limited has announced the closure of its trading window for designated persons starting July 1, 2026, in compliance with SEBI Insider Trading regulations. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter ending June 30, 2026. This is a standard procedural filing ahead of quarterly earnings and does not reflect any change in the company's business operations or financial health. Investors should note that TTM revenue stands at ₹31,149 Cr with a PAT of ₹2,420 Cr.

Trading window closure effective from July 1, 2026
Closure applies to all designated persons and their immediate relatives
Window to remain closed until 48 hours post-declaration of Q1 FY27 results
Filing made pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 Monitor for the upcoming board meeting date announcement, which will confirm when the Q1 FY27 financial results will be released.

MRF Promoters Declare No New Share Encumbrances for FY ended March 2026

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 19 Jun 2026, 12:33 PM

K M Mammen, representing the promoter group of MRF Limited, has filed the annual declaration under Regulation 31(4) of SEBI (SAST) Regulations, 2011. The filing confirms that the promoter group, consisting of 110 entities including individuals and private limited companies, has not created any new direct or indirect encumbrances on their shareholding during the financial year ended March 31, 2026. This is a routine annual compliance disclosure intended to provide transparency regarding promoter share pledging.

Annual declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The declaration covers the entire financial year ending March 31, 2026.
A total of 110 promoter and promoter group entities are covered under this non-encumbrance declaration.
Confirms that no additional pledges or liens were created on promoter shares beyond what was previously disclosed to stock exchanges.
Key entities included in the declaration are Malayala Manorama Company Ltd and Comprehensive Investment and Finance Company Pvt Ltd.

💡 No action is required as this is a routine regulatory filing. It serves as a positive confirmation that promoter skin in the game remains unencumbered by new pledges.

MRF Opens Special Window for Physical Share Transfer and Demat until Feb 4, 2027

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 09 Jun 2026, 05:12 PM

MRF Limited has announced a special window for the transfer and dematerialization of physical securities in compliance with a SEBI circular dated January 30, 2026. This facility is specifically designed for shareholders who purchased or sold securities prior to April 1, 2019, and had their previous transfer requests rejected or returned due to documentation deficiencies. The special window is operational from February 5, 2026, until February 4, 2027, providing a one-year period for resolution.

Special window opened for transfer and dematerialization of physical shares sold/purchased before April 1, 2019.
The facility is available for a one-year period from February 5, 2026, to February 4, 2027.
Action taken in compliance with SEBI Circular dated January 30, 2026.
Targeted at resolving previously rejected or returned transfer requests due to document deficiencies.
Advertisements published in Business Standard and Makkal Kural on June 9, 2026.

💡 Shareholders holding physical MRF certificates with unresolved transfer issues should contact the Company Secretary before the February 4, 2027 deadline. For most retail investors holding shares in demat form, this is a routine regulatory update with no impact on stock value.

View All MRF Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In FY25, the Original Equipment Manufacturer (OEM) segment grew 15%, Exports grew 22%, and the Replacement market grew 5%. For Q2 FY26, consolidated total income reached INR 7,487 Cr, a 7% increase from INR 6,994 Cr in Q2 FY25.

Geographic Revenue Split

Domestic sales contribute approximately 92% of revenue, while Exports account for 8% of the total revenue mix as of FY25.

Profitability Margins

Net profit margin for Q2 FY26 stood at 6.95%, up from 6.63% in Q2 FY25. Operating margin for Q2 FY26 was 8.92% compared to 8.37% in the same period last year, driven by softening raw material prices.

EBITDA Margin

PBILDT margin moderated to 14.58% in FY25 from 16.99% in FY24, a decline of 241 basis points primarily due to the escalation in natural rubber prices.

Capital Expenditure

MRF planned a capital expenditure of INR 3,200 Cr for FY24, primarily funded through internal accruals and existing cash balances to support capacity additions.

Credit Rating & Borrowing

CARE reaffirmed 'CARE AAA; Stable' for long-term facilities and 'CARE A1+' for short-term facilities. Interest coverage ratio (PBILDT/Interest) stood at a comfortable 11.17x in FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include natural rubber and crude-linked derivatives. Rubber price volatility significantly impacts margins, as seen in the 241 bps PBILDT margin compression in FY25.

Capacity Expansion

The company has invested in capacity additions over the last two years, including a planned INR 3,200 Cr capex in FY24, to maintain its market leadership across various segments.

Raw Material Costs

Raw material costs are a primary driver of profitability; softening prices in Q2 FY26 led to an 11.7% YoY increase in net profit to INR 526 Cr.

Manufacturing Efficiency

Inventory turnover ratio was 5.13x (annualized) for the quarter ended September 30, 2025.

Logistics & Distribution

MRF utilizes a wide distribution network to support its 70% revenue share from the replacement market, though specific costs are not disclosed.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is driven by a multi-pronged strategy: expanding capacity through an INR 3,200 Cr capex, focusing on high-growth OEM segments like 2W/3W (20% growth) and Passenger Cars (29% growth), and maintaining a dominant 70% share in the margin-accretive replacement market.

Products & Services

Automotive tyres and tubes for Truck & Bus, 2-Wheeler, 3-Wheeler, Passenger Cars, and Small Commercial Vehicles (SCV/LCV).

Brand Portfolio

MRF

Market Expansion

MRF is expanding its global footprint in regions like the Philippines, Bangladesh, Nepal, and UAE; impact from USA reciprocal tariffs is expected to be negligible due to low export volume to that region.

Market Share & Ranking

MRF is the market leader in the domestic tyre industry in India with a pan-market presence.

🌍 External Factors

Industry Trends

The industry is seeing sizeable capacity additions by major players and a shift toward higher volume growth in the 2W/3W and Passenger Car OEM segments.

Competitive Landscape

MRF faces intense competition from other established domestic tyre manufacturers who have also been adding capacity recently.

Competitive Moat

MRF's moat is built on a strong brand image and an extensive distribution network that secures a 70% revenue share from the stable replacement market, making it difficult for competitors to displace.

Macro Economic Sensitivity

Revenues are susceptible to cyclicality in automotive demand, particularly in the commercial vehicle segment which is sensitive to GDP growth and infrastructure investments.

Consumer Behavior

There is a notable shift in consumer demand toward 2W and 3W vehicles in the OEM segment, where MRF saw an 18% volume increase in FY25.

Geopolitical Risks

A 50% reciprocal tariff on exports to the USA effective August 27, 2025, poses a trade barrier, though MRF's current exposure to the USA is negligible.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to government regulations, pollution norms, and trade policies such as the 50% reciprocal tariff on USA exports.

Environmental Compliance

The company acknowledges ESG risks related to emissions, waste generation, and water consumption inherent in tyre manufacturing, though specific compliance costs are not disclosed.

Taxation Policy Impact

The effective tax rate for Q2 FY26 was approximately 24.7%, with a tax provision of INR 173 Cr on a PBT of INR 699 Cr.

Legal Contingencies

The company notes that litigation and industrial relations are factors that could influence operations, but specific pending case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of natural rubber prices, which can cause significant margin fluctuations (e.g., 241 bps compression in FY25).