Balkrishna Industries Ltd logo

Balkrishna Industries Ltd

BALKRISIND NSE

Key Fundamentals

MidcapTyresAutomobiles
Market Cap
₹46,415 Cr
Volatility
Moderate
P/E Ratio
32.69
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

Insights

Beta

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

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52 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 4.25 times its book value
  • Company has a low return on equity of 13.2% over last 3 years.

Growth Rate

Revenue Growth
0.81% ↘
Net Income Growth
-24.89% ↘
Cash Flow Change
27.50% ↗
ROE
-28.75% ↘
ROCE
-30.94% ↘
EBITDA Margin (Avg.)
-15.51% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Balkrishna Industries is a niche off-highway tyre (OHT) manufacturer with ~5-6% global market share, a market cap of ~₹47,860 crore, and a PE of 34.4x. FY25 revenue hit a record ₹10,615 crore (+13% YoY) with EBITDA margins of ~25.3%, though 3-year compounded profit growth stands at only 1% and ROE has declined from a 10-year average of 16% to 10% in the last year.

Bull Case 8
  • Record FY25 revenue of ₹10,615 crore, up 13% YoY, with 10-year sales CAGR of 13% demonstrating consistent top-line growth
  • FY25 EBITDA of ₹2,682 crore at a healthy 25.3% margin, with CARE Ratings expecting sustainable OPM of 26-28%
  • FY25 net profit rose 13% YoY to ₹1,628 crore; Q3 FY25 PAT surged 42% YoY indicating improving profitability trajectory
  • Only ~5-6% share in a large global OHT market with a clear runway to 8-10%, supported by presence in 160+ countries
  • Ambitious ₹6,800 crore capex plan with targeted capacity of 4.25 lakh tonnes and new on-highway tyre segment aiming for ₹23,000 crore revenue by FY30
  • Q1 FY27 volumes hit record 93,770 MT (+16% YoY) with revenue of ₹3,409 crore (+24% YoY), showing demand momentum
  • Consistent dividend payout of 21.5%, reflecting capital discipline despite ongoing expansion
  • Low debt-to-equity of ~0.31-0.38x (FY24-FY25) provides balance sheet headroom for capex funding
Bear Case 8
  • Stock trades at 34.4x PE and 4.41x book value, demanding a premium despite single-digit 3-year profit CAGR of just 1%
  • Return on equity has declined sharply — last year ROE at 10% vs 5-year average of 15% and 10-year average of 16%
  • Compounded profit growth is negative at -2% over 5 years and -3% TTM, indicating earnings inconsistency
  • High export dependence (~70%+ revenue from overseas) exposes the company to currency volatility and geopolitical tariff risks
  • International OHT market weakness expected to persist through FY25 per management commentary, limiting near-term volume upside
  • Entry into on-highway tyres pits the company against entrenched incumbents (MRF, Apollo, CEAT) in a highly competitive low-margin segment
  • Dividend yield of just 0.16% offers minimal income return relative to the valuation premium
  • Debt increased from ₹3,037 crore (FY24) to ₹3,214 crore (FY25) and further to ₹4,051 crore (FY26), likely to rise with ₹6,800 crore capex plan

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

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 1
  • Raw material cost pressure Aug 5

    EBITDA margin stood at 20.61% in Q1 FY27, impacted by elevated raw material costs despite strong revenue growth.

Positives 3
  • Q1 profit surges 56% YoY Jul 29

    Consolidated net profit jumped 55.8% YoY to ₹450.77 crore in Q1 FY27. Revenue rose 25.2% to ₹3,455 crore with 16% volume growth.

  • EBITDA margin expands sharply Jul 30

    EBITDA improved to ₹744 crore with margin expanding to 21.53% from 18.33% YoY, reflecting stronger operational performance.

  • ₹4 dividend declared Jul 30

    Board declared ₹4 per share dividend at the 64th AGM on July 29, 2026, with record date set for August 4, 2026.

Neutral 2
  • ₹52.56 crore block trade on BSE Aug 5

    Approximately 2.09 lakh shares traded in a block deal at ₹2,515.95 per share, indicating institutional activity.

  • Q1 FY27 earnings call held Jul 27

    Earnings conference call was scheduled for July 30, 2026 at 11:00 AM IST to discuss Q1 FY27 performance.

TL;DR: Balkrishna Industries delivered a strong Q1 FY27 with 56% profit growth, 25% revenue growth, and healthy volume expansion of 16%. Raw material cost pressure remains a watch item but margins still expanded YoY from 18.3% to ~21%. The trend is clearly improving with broad-based operational momentum, though sustaining margins at these levels amid input cost volatility will be key going forward.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 58.29%
DIIs 24.61%
FIIs 10.32%
Public 5.28%
Others 1.49%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
58.30%
58.30%
58.30%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
58.29%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12.24%
12.61%
11.72%
11.28%
11.46%
10.50%
10.70%
11.00%
11.13%
10.32%
DIIs
14.59%
14.09%
12.56%
11.59%
11.79%
11.17%
18.20%
20.23%
20.30%
20.16%
21.23%
20.71%
22.07%
22.43%
23.45%
23.95%
23.78%
24.84%
24.69%
24.43%
24.26%
24.61%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.28%
6.64%
7.05%
7.41%
7.56%
7.53%
8.17%
7.42%
7.23%
6.53%
6.33%
6.09%
6.03%
5.38%
5.24%
5.17%
5.09%
5.20%
5.15%
5.13%
5.19%
5.28%
Others
19.83%
20.98%
22.10%
22.71%
22.36%
23.01%
15.34%
14.06%
14.18%
15.02%
14.15%
14.90%
1.35%
1.27%
1.29%
1.30%
1.37%
1.16%
1.15%
1.14%
1.13%
1.49%
No. of Shareholders
0
94,371
82,072
1,04,526
1,27,816
1,39,913
1,35,395
1,73,802
1,46,804
1,40,490
1,36,214
1,25,341
1,34,831
1,23,435
1,24,388
1,18,966
1,23,755
1,27,401
1,23,406
1,23,337
1,20,740
1,22,372

Documents

1
Concall - Jul 2026 Jul 2026
2
Concall - May 2017 May 2017
3
Concall - Jul 2017 Jul 2017
4
Concall - Nov 2017 Nov 2017
5
Concall - Feb 2018 Feb 2018

Frequently Asked Questions about Balkrishna Industries Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: BALKRISIND and BSE: 502355. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Balkrishna Industries Ltd belong to?
Balkrishna Industries Ltd operates in the Automobiles sector within the Tyres industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Balkrishna Industries Ltd?
Balkrishna Industries Ltd has a market capitalisation of approximately ₹46415.46 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Balkrishna Industries Ltd?
The Price-to-Earnings (PE) ratio of Balkrishna Industries Ltd is 32.69. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Balkrishna Industries Ltd?
Over the past 52 weeks, Balkrishna Industries Ltd has traded between a low of ₹1,970 and a high of ₹2,775. This range helps investors understand the stock's price volatility and recent trading levels.
Does Balkrishna Industries Ltd pay dividends?
Yes, Balkrishna Industries Ltd has a dividend yield of 0.17%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Balkrishna Industries Ltd?
Balkrishna Industries Ltd has a Return on Equity (ROE) of 11.35%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Balkrishna Industries Ltd on Tapetide?
On Tapetide, you can view Balkrishna Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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