Balkrishna Industries logo

Balkrishna Industries

BALKRISIND NSE

Key Fundamentals

MidcapTyresAutomobiles
Market Cap
₹40,351 Cr
Volatility
Moderate
P/E Ratio
28.65
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 3.68 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

6d ago
AI opinion · based on fundamentals
Risk medium

Balkrishna Industries has a market capitalisation of about ₹41,749 crore and trades at 29.8x earnings and 3.83x book value. Sales grew at a 13% CAGR over 10 years, but profit growth has stalled: 3-year profit CAGR is 1%, 5-year is -2% and TTM is -3%. ROE fell to 10% last year from a 10-year average of 16%, and the stock has returned -4% to -7% a year over the 1, 3 and 5-year periods, against a 17% CAGR over 10 years.

Bull Case 7
  • Revenue has compounded at 13% over both 5 and 10 years, which shows the business can grow its top line consistently over a long period.
  • TTM sales growth of 10% is well above the 3-year sales CAGR of 4%, which suggests demand has recovered after a weak stretch.
  • The stock has delivered a 17% CAGR over 10 years, a long record of creating shareholder value across cycles.
  • The company has kept a dividend payout of 21.5% of profits, returning cash while still funding growth.
  • ROE averaged 16% over 10 years and 15% over 5 years, so the recent 10% is below the company's own history. If margins return to normal, returns have room to improve.
  • Stock returns of -5% CAGR over 3 years and -4% over 5 years, while sales grew, mean part of the earlier valuation premium has already come off.
  • Profit has grown at a 9% CAGR over 10 years, so the business has stayed profitable over the long run despite recent pressure on earnings.
Bear Case 8
  • TTM profit fell 3% while sales grew 10%, a sign of margin compression from input costs, pricing or operating leverage.
  • Profit growth has been negative or flat in the medium term: -2% CAGR over 5 years and 1% over 3 years, well behind 13% sales growth over 5 years.
  • ROE fell to 10% last year and averaged a low 13.2% over 3 years, down from a 16% 10-year average. Capital is earning less than it used to.
  • A P/E of 29.8x prices in a growth recovery even though profit has fallen at a 2% CAGR over 5 years, so there is little room for disappointment.
  • A price-to-book of 3.83x is high relative to a 10% ROE, which means the stock trades at a premium to its current return profile.
  • The stock has lost 7% over 1 year and fallen at CAGRs of 5% over 3 years and 4% over 5 years, lagging the business's own sales growth.
  • A dividend yield of 0.18% offers little income support at the current valuation.
  • The 3-year sales CAGR of just 4% shows how sensitive revenue is to cycles in export-driven off-highway tyre demand.

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

AI News Digest

1d ago
Neutral 1
  • ₹1.05 Cr CGST order, appeal planned Sep 22

    Balkrishna Industries got a CGST adjudication order for ₹1.05 crore plus penalty for FY22-23 because input tax credit was disallowed. The company plans to appeal, and the amount is small next to its overall scale.

TL;DR: There was little news this period, and the only item is a ₹1.05 crore CGST demand plus penalty for FY22-23 over input tax credit disallowance. The company plans to appeal, and the amount is too small to change the earnings outlook. Since there are no other developments, this news gives no clear sign of whether the trend is improving or getting worse. Going forward, export demand, raw material costs and the outcome of the appeal will matter more for the stock than this tax order.

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 ₹40,351 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 28.65, 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 0.19%.
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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