Motilal Oswal Recommends 'Sell' on MRF; Sets Target Price at Rs 129,151

• Motilal Oswal reiterates 'Sell' rating on MRF stock.
• Target price set at INR 129,151, valuing it at 20x Dec'27E EPS.
• MRF's 3QFY26 Adjusted PAT of INR 7.3 billion exceeded estimates due to strong operating performance.
• EBITDA margins expanded 550 basis points year-on-year to 17.2%.
• Despite expected 15% earnings CAGR, sub-par returns and expensive valuations lead to the 'Sell' recommendation.