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Balkrishna Industries

BALKRISIND NSE
₹2,243.70 +53.20 (+2.43%)
P/E
30.86
View as Markdown
MCP
Close 4 Nov 2026 ₹2,243.70 −97.10 −4.15% 1Y
Start ₹2,340.80

Key Fundamentals

MidcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.20%
Debt to Equity
0.38
EPS (TTM)
₹72.71
Book Value
₹566.70
Market Cap
—
P/E (TTM)
30.86
P/B
3.96
ROE
9.66%
Dividend Yield
0.18%
EBITDA
₹2,552 Cr
52W High
₹2,775.00
52W Low
₹1,964.70
Day Range
₹2,184.00 – ₹2,248.00
Volume
1,59,005

Peer Comparison

Consumer Discretionary › Automobiles › Tyres › Tyres & Rubber Products

Balkrishna Industries peer comparison
MRF
₹1,17,985.0020.70₹49,969 Cr2.390.20%12.50%15.70%₹31,889 Cr₹2,418 Cr
Balkrishna Industries (this company)
₹2,243.7030.86₹42,899 Cr3.960.18%9.66%11.20%₹11,518 Cr₹1,405 Cr
Apollo Tyres
₹402.4014.96₹25,493 Cr1.521.51%13.10%13.90%₹29,308 Cr₹1,709 Cr
CEAT
₹3,415.1026.78₹13,601 Cr2.781.05%16.10%19.20%₹17,456 Cr₹515 Cr
JK Tyre & Industries
₹332.8514.35₹9,612 Cr1.581.23%16.00%15.50%₹16,404 Cr₹657 Cr
TVS Srichakra
₹4,235.3035.11₹3,250 Cr2.730.91%5.75%7.85%₹3,892 Cr₹92 Cr
Goodyear
₹667.2528.55₹1,538 Cr2.553.99%12.60%17.40%₹2,594 Cr₹54 Cr
Median 7 companies₹2,243.7026.78₹13,601 Cr2.551.05%12.60%15.50%₹16,404 Cr₹657 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
53
Average
Returns, margins, earnings quality 22% weight
Valuation
61
Good
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
39
Weak
Solvency, leverage, coverage 9% weight
Momentum
36
Poor
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 21.5%

Weaknesses

2
  • Stock is trading at 3.65 times its book value
  • Company has a low return on equity of 13.2% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish5410
OscillatorsBearish342
Moving AveragesStrong Bullish208

Key readings

RSI (14)
65.04
Neutral
MACD (12,26,9)
7.23
Bullish
SMA (50)
2,164.99
Bullish
SMA (200)
2,249.84
Bearish

As of

Analyst Rating

Based on 18 analysts
BUY44%

8 of 18 analysts rate Buy, 4 Hold, 6 Sell.

As of

BUY
8
44%
HOLD
4
22%
SELL
6
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.83%
5Y+13.35%
3Y+3.51%
1Y+3.60%
TTM+9.78%

Net profit

Net profit growth by window
10Y+10.79%
5Y+1.08%
3Y+5.55%
1Y−24.89%
TTM−3.30%

Operating cash flow

Operating cash flow growth by window
10Y+7.69%
5Y+10.93%
3Y+15.81%
1Y+27.49%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.49 pp
5Y−10.06 pp
3Y+3.72 pp
1Y−2.28 pp
TTM+0.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,723 Cr
Mar 2018₹4,444 Cr
Mar 2019₹5,210 Cr
Mar 2020₹4,811 Cr
Mar 2021₹5,783 Cr
Mar 2022₹8,295 Cr
Mar 2023₹9,760 Cr
Mar 2024₹9,369 Cr
Mar 2025₹10,447 Cr
Mar 2026₹10,823 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹717 Cr
Mar 2018₹736 Cr
Mar 2019₹774 Cr
Mar 2020₹960 Cr
Mar 2021₹1,178 Cr
Mar 2022₹1,435 Cr
Mar 2023₹1,057 Cr
Mar 2024₹1,471 Cr
Mar 2025₹1,655 Cr
Mar 2026₹1,243 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹620 Cr −26.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Balkrishna Industries Ltd trades at ₹2,190.50 as of 2026-11-03 with a market cap of ₹41,996 crore and a P/E (TTM) of 30.13x. The company has delivered 13% compounded sales growth over 10 years, but profit growth has stalled at 1% over 3 years and turned negative on a TTM basis at -3%, while the stock trades 21% below its 52-week high of ₹2,775.

Bull Case 7
  • Strong long-term revenue track record with 10-year compounded sales growth of 13%, indicating consistent top-line expansion in the off-highway tyre segment
  • Comfortable balance sheet with a debt-to-equity ratio of just 0.38, providing financial flexibility for capacity expansion and weathering cyclical downturns
  • 10-year compounded stock CAGR of 14% demonstrates sustained long-term wealth creation for shareholders
  • TTM revenue growth of 10% suggests the top line continues to expand even as profitability faces near-term pressure
  • 10-year average ROE of 16% reflects a historically strong ability to generate returns on shareholder equity
  • Consistent dividend payout of 21.5% signals management's commitment to returning capital to shareholders
  • Current price of ₹2,190.50 is approximately 11.5% above the 52-week low of ₹1,964.70, suggesting the stock has found some support after its correction from highs
Bear Case 8
  • Trailing twelve-month profit growth is negative at -3%, and 5-year compounded profit growth is also negative at -2%, pointing to a sustained margin squeeze
  • P/E (TTM) of 30.13x is elevated relative to the declining earnings trajectory, raising questions about valuation support if profits do not recover
  • 3-year stock CAGR of -7% and 1-year return of -10% indicate meaningful capital erosion for medium-term holders
  • 3-year ROE has declined to 13.2% and last year's ROE dropped further to 10%, well below the 10-year average of 16%, signalling deteriorating capital efficiency
  • Price-to-book ratio of 3.87x is rich for a company whose current ROE of 11.35% implies relatively modest returns on equity at present
  • 3-year compounded sales growth of only 4% contrasts with the stronger 10-year figure, suggesting a recent slowdown in top-line momentum
  • Dividend yield of just 0.19% offers negligible income cushion, meaning returns depend almost entirely on capital appreciation
  • Stock is trading roughly 21% below its 52-week high of ₹2,775, reflecting sustained selling pressure over recent quarters

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Balkrishna Industries is executing a strong growth phase with 45% YoY revenue growth and a landmark Pirelli JV that opens the premium passenger car tyre segment. Key risks include margin compression (11.91% vs 13.31% YoY), ₹1,500 crore in outstanding debt, and heavy ongoing capex of ₹3,740 crore. The technical breakout and strategic diversification into on-road tyres suggest an improving trend, though margin recovery and successful JV execution remain critical to watch over the next 12–18 months.

Headwinds 4
  • Operating margin contracts YoY Nov 04

    Operating margin declined to 11.91% in Q2FY27 from 13.31% in Q2FY26, a 140 bps contraction despite strong topline growth.

  • ₹1,500 cr debt outstanding Oct 14

    Balkrishna Industries disclosed ₹1,500 crore in outstanding debt securities as of September 30, 2026, with coupons ranging from 6.33% to 7.55%.

  • Stock 23% off 52-week high Oct 22

    The stock hit a 52-week low of ₹1,964.70 on October 13, 2026, trading well below its 52-week high of ₹2,775 reached on February 10, 2026.

Positives 5
  • Pirelli JV for 800K tyres Oct 22

    Signed agreement with Pirelli to produce 800,000 premium car tyres by 2030, with a 50:50 JV and new plant targeted for incorporation by December 31, 2030. Supply begins in 2027 with minimum annual offtake commitments.

  • Revenue surges 45% YoY Nov 04

    Revenue from operations jumped 45% YoY to ₹3,471.74 crore in Q2FY27, with net profit rising 7% YoY to ₹292.62 crore.

  • Entry into premium car tyres Oct 22

    The Pirelli partnership marks Balkrishna's entry into the passenger vehicle tyre segment, targeting India's premium car tyre market projected to grow almost fivefold by 2030.

Neutral 1
  • Business update call hosted Oct 22

    Conference call held on October 22, 2026 at 4:00 pm IST with Joint MD Rajiv Poddar and senior management to discuss the Pirelli partnership development.

Quarterly Results

₹ Cr
BALKRISIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,159
2,253
2,274
2,682
2,714
2,420
2,560
2,752
2,760
2,393
2,737
2,933
3,455
Expenses
1,658
1,720
1,734
2,001
2,051
1,840
1,960
2,139
2,254
1,882
2,094
2,293
2,711
Operating Profit
501
533
541
681
664
580
601
614
506
511
643
640
744
OPM %
23%
24%
24%
25%
24%
24%
23%
22%
18%
21%
24%
22%
22%
Other Income
106
107
66
171
162
90
187
99
107
71
77
−4
100
Interest
22
24
36
31
22
41
16
50
31
33
34
36
37
Depreciation
155
160
161
174
163
166
173
178
188
193
195
199
206
PBT
430
456
409
647
640
463
600
485
394
357
491
401
601
Tax %
23%
24%
25%
25%
23%
25%
25%
24%
27%
24%
22%
25%
25%
Net Profit
332
347
305
487
490
347
449
369
288
273
382
299
451
EPS (₹)
17.17
17.97
15.8
25.18
25.35
17.95
23.25
19.06
14.91
14.13
19.77
15.49
23.32

Profit & Loss

₹ Cr
BALKRISIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,813
3,237
3,723
4,444
5,210
4,811
5,783
8,295
9,760
9,369
10,447
10,823
11,518
Expenses
3,086
2,371
2,592
3,341
3,904
3,537
3,972
6,286
8,047
7,113
7,988
8,522
8,980
Operating Profit
727
866
1,131
1,103
1,306
1,274
1,811
2,009
1,712
2,256
2,459
2,301
2,539
OPM %
19%
27%
30%
25%
25%
26%
31%
24%
18%
24%
24%
21%
22%
Other Income
277
131
254
340
215
250
171
438
342
449
539
252
244
Interest
48
40
22
15
12
11
12
9
48
113
128
134
140
Depreciation
244
282
304
311
333
374
416
455
571
651
681
775
793
PBT
713
674
1,059
1,116
1,177
1,140
1,555
1,982
1,435
1,941
2,187
1,644
1,850
Tax %
34%
34%
32%
34%
34%
16%
24%
28%
26%
24%
24%
24%
—
Net Profit
473
446
717
736
774
960
1,178
1,435
1,057
1,471
1,655
1,243
1,406
EPS (₹)
24.45
23.06
37.08
38.06
40.02
49.64
60.91
74.25
54.7
76.12
85.61
64.3
72.71
Div. Payout %
5%
12%
11%
21%
20%
40%
28%
38%
29%
21%
19%
25%
—

Balance Sheet

₹ Cr
BALKRISIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
19
19
19
39
39
39
39
39
39
39
39
39
Reserves
2,257
2,756
3,524
4,045
4,615
4,970
5,961
6,894
7,518
8,815
10,349
10,917
Borrowings
2,358
1,898
1,391
867
871
932
1,001
2,529
3,347
3,099
3,267
4,111
Other Liabilities
685
725
855
927
954
866
1,166
1,517
1,444
1,731
1,980
2,700
Total Liabilities
5,318
5,398
5,789
5,878
6,479
6,806
8,166
10,979
12,348
13,685
15,635
17,766
Fixed Assets
2,415
2,859
2,849
2,849
2,786
3,308
3,370
4,019
5,384
6,317
6,941
7,409
CWIP
634
231
110
119
600
587
856
1,258
1,392
944
986
2,472
Investments
444
836
1,349
1,103
1,083
1,062
1,418
1,897
2,037
2,686
3,264
3,124
Other Assets
1,825
1,473
1,481
1,808
2,010
1,850
2,523
3,805
3,535
3,737
4,443
4,761
Total Assets
5,318
5,398
5,789
5,878
6,479
6,806
8,166
10,979
12,348
13,685
15,635
17,766

Cash Flow

₹ Cr
BALKRISIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
984
1,072
847
750
820
1,173
1,339
908
1,448
2,082
1,764
2,249
Investing
−435
−552
−563
−92
−636
−678
−1,173
−1,897
−1,783
−1,475
−1,480
−2,523
Financing
−130
−625
−589
−654
−165
−495
−158
980
359
−601
−279
254
Net Cash Flow
419
−105
−306
4
20
1
8
−9
23
5
6
−19
Free Cash Flow
614
833
666
339
86
390
416
−681
−304
1,001
316
−749
CFO/OP
165
151
103
103
94
115
93
68
105
111
91
115

Ratios

BALKRISIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
56
43
40
39
36
45
48
48
42
56
52
49
Inventory Days
76
102
110
105
113
105
148
162
124
108
129
126
Days Payable
74
88
87
70
58
65
103
80
37
66
54
64
Cash Conversion Cycle
58
58
64
75
92
84
93
130
129
99
126
111
Working Capital Days
−23
−61
−38
76
13
−4
7
−3
−10
−17
−16
−45
ROCE %
17%
15%
20%
22%
22%
17%
24%
24%
14%
16%
17%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Balkrishna Industries insights

63 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.29%
  • DIIs 25.46%
  • FIIs 9.07%
  • Public 5.16%
  • Others 2.02%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Balkrishna Industries

What does Balkrishna Industries Ltd do?
Balkrishna Industries Limited (BKT) started its Off-Highway tyre business in 1987. For over 30 years, BKT has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.
Where is Balkrishna Industries Ltd (BALKRISIND) listed?
Balkrishna Industries Ltd trades as BALKRISIND on the NSE and under code 502355 on the BSE.
Which sector does Balkrishna Industries Ltd belong to?
Balkrishna Industries Ltd is classified under the Automobiles sector, in the Tyres industry.
What is the PE ratio of Balkrishna Industries Ltd?
Balkrishna Industries Ltd trades at a PE ratio of 30.86 as of 4 Nov 2026, on earnings per share of ₹72.71, against a book value of ₹566.7 per share.
What is the 52-week high and low of Balkrishna Industries Ltd?
Over the last 52 weeks Balkrishna Industries Ltd has traded between ₹1,964.7 and ₹2,775 as of 4 Nov 2026.
Does Balkrishna Industries Ltd pay dividends?
Balkrishna Industries Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Balkrishna Industries Ltd?
Balkrishna Industries Ltd reported a return on equity of 9.66%. Its debt-to-equity ratio is 0.38.

Company Information

Balkrishna Industries Limited (BKT) started its Off-Highway tyre business in 1987. For over 30 years, BKT has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.

Website bkt-tires.com
CEO Mr. Arvind Kumar Mahabirprasad Poddar B.Com
Employees 3,758
Listed 27 Jan 2006
Face Value ₹2

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