Balkrishna Industries logo

Balkrishna Industries

BALKRISIND NSE

Key Fundamentals

MidcapTyresAutomobiles
Market Cap
₹42,023 Cr
Volatility
Moderate
P/E Ratio
29.77
EBITDA
₹2,552 Cr
Return on Equity
11.35%
Debt to Equity
0.38
Book Value
₹566.7
EPS
₹84.3
52W High
₹2,775
52W Low
₹1,970

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 3.82 times its book value
  • Company has a low return on equity of 13.2% over last 3 years.

Growth Rate

Revenue Growth
0.81% lower than 3Y
Net Income Growth
-24.89% lower than 3Y
Cash Flow Change
27.5% higher than 3Y
ROE
-28.75% lower than 3Y
ROCE
-30.94% higher than 3Y
EBITDA Margin (Avg.)
-15.51% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Balkrishna Industries, a leading off-highway tyre manufacturer, commands a market cap of ₹42,023 Cr at a PE of 30.2x. The company has delivered 13% compounded sales CAGR over 10 years, but recent profitability has softened with TTM profit growth at -3% and last-year ROE declining to 10% from a 10-year average of 16%.

Bull Case 7
  • Strong long-term revenue compounder with 13% compounded sales CAGR over both 5-year and 10-year periods, indicating durable demand for its off-highway tyre portfolio
  • TTM sales growth has accelerated to 10%, suggesting a recovery in top-line momentum after a slower 3-year CAGR of just 4%
  • 10-year compounded profit CAGR of 9% demonstrates the company's ability to generate earnings growth across commodity and demand cycles
  • Consistent dividend payout ratio of 21.5%, reflecting management's commitment to returning capital to shareholders even during softer earnings periods
  • 10-year stock CAGR of 17% indicates significant long-term wealth creation, outperforming broader market indices over the same period
  • 5-year average ROE of 15% and 10-year average ROE of 16% point to historically efficient capital deployment in a capital-intensive manufacturing business
  • Dominant niche positioning in the global off-highway tyre market (agriculture, mining, industrial, ATV) provides pricing power and insulation from passenger vehicle tyre competition
Bear Case 8
  • Stock trades at 3.87x book value, a rich valuation for a manufacturing company whose last-year ROE has dropped to just 10%
  • PE ratio of 30.2x is elevated given that TTM profit growth is negative at -3%, implying earnings are not keeping pace with the valuation premium
  • Last-year ROE of 10% marks a significant deterioration from the 5-year average of 15% and 10-year average of 16%, signaling declining return on capital
  • 3-year compounded profit CAGR of just 1% and 5-year profit CAGR of -2% show a prolonged period of earnings stagnation
  • Dividend yield of only 0.18% offers negligible income return despite the company's stated 21.5% payout ratio
  • Stock has delivered negative returns over 1-year (-9%), 3-year (-3%), and 5-year (-2%) CAGR periods, reflecting sustained underperformance
  • 3-year ROE of 13% is flagged as low, and the declining trend from 16% over 10 years to 10% last year suggests structural margin or efficiency pressures
  • Revenue growth decelerated sharply to a 3-year sales CAGR of 4% from the 10-year CAGR of 13%, raising questions about demand sustainability in key export markets

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • EBITDA margins contract 320bps YoY Aug 28

    Operating margins fell to 20.6% from 23.8% YoY (and 230bps QoQ) due to higher input and employee costs. Personnel costs rose from new hires for new business lines and wage increases.

  • North America volumes down 16% Aug 28

    North American market declined 16% YoY on a higher base, though it represents only 13% of total volumes.

  • MSCI rebalancing triggers $110M outflow Aug 31

    Balkrishna Industries saw a USD 110M (Rs 10.5B) outflow as part of the MSCI August rebalancing exercise, creating short-term selling pressure.

Positives 5
  • Record OHT sales, 24% revenue growth Aug 28

    Q1 FY27 standalone revenue grew 24% YoY to ₹3,409 crore with record Off-Highway Tyre sales. Volumes rose 16% YoY to 93,770 tonnes, beating management's 10-12% guidance.

  • India business surges 32% YoY Aug 28

    India segment grew 32% YoY, Europe 16%, and rest of world 15%. Anand Rathi projects 19% India growth and 12% annual OHT volume growth over FY26-28.

  • Anand Rathi upgrades to buy, TP ₹2,950 Aug 28

    Anand Rathi raised its rating to 'buy' with target price increased to ₹2,950 from ₹2,400. Nuvama projects 11% volume growth and 19% revenue growth for FY26-28.

  • Car tyre launch, ₹23,000cr FY30 target Aug 31

    BKT plans to enter the passenger vehicle tyre segment with a November launch, targeting ₹23,000 crore revenue by FY30 as part of broader on-road expansion.

  • ₹550cr NCD issue approved Aug 18

    Finance Committee approved issuance of 55,000 NCDs aggregating ₹550 crore via private placement, rated, senior, unsecured and redeemable, to be listed on BSE.

Neutral 1
  • OHT at 90%, carbon black at 10% Aug 18

    Off-Highway Tyres contributed 90% of total volumes in Q1 FY27, with carbon black accounting for the remaining 10%. Company holds 6-7% global OHT market share targeting 8%.

TL;DR: Balkrishna Industries delivered a strong Q1 FY27 with record OHT volumes and 24% revenue growth, driven by robust India and Europe demand that beat guidance. Key risks include margin compression (20.6% vs 23.8% YoY) from rising input and employee costs, and a 16% decline in North America. The trend is broadly improving — analysts have upgraded ratings and raised targets, and the car tyre entry plus ₹23,000cr FY30 revenue ambition signal a growth-oriented trajectory, though margin recovery will be the key metric to watch in coming quarters.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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
537
252
244
Interest
48
40
22
15
12
11
12
9
48
113
129
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.49%Promot.58.29%Public5.28%FIIs10.32%DIIs24.61%As ofJun 2026

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. [1]
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 market capitalisation of Balkrishna Industries Ltd?
Balkrishna Industries Ltd has a market capitalisation of ₹42,023 Cr, which places it in the Large Cap band.
What is the PE ratio of Balkrishna Industries Ltd?
Balkrishna Industries Ltd trades at a PE ratio of 29.77, on earnings per share of ₹84.3, 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 ₹1,970 and ₹2,775.
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 11.35%. 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. [1]

Website bkt-tires.com
CEO Mr. Arvind Kumar Mahabirprasad Poddar B.Com
Employees 3,758
Listed 2006-01-27
Face Value ₹ 2
Issued Size 19,33,17,190

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