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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹42899 Cr.
Stock P/E
25.9
P/B
3.9
Current Price
₹2219.1
Book Value
₹ 566.7
Face Value
2
52W High
₹2800.2
52W Low
₹ 2016
Dividend Yield
0.72%

Balkrishna Inds. Overview

Business

Balkrishna Industries Ltd. (BALKRISIND) is a leading Indian manufacturer of Off-Highway Tyres (OHT). The company specializes in the production of radial and bias tyres for a wide range of applications including agriculture, industrial, construction, mining, port, and all-terrain vehicles (ATVs). Its core business model revolves around designing, manufacturing, and distributing these specialized tyres to global markets. The company primarily generates revenue through the sales of its "BKT" branded OHT products, with a significant portion of its sales derived from exports to Europe and North America.

Revenue Mix

Balkrishna Industries operates as a pure-play Off-Highway Tyre manufacturer, so its business is not segmented by different product types (e.g., passenger vs. commercial vehicle tyres). Instead, its revenue mix can be understood by:

Product Application: Major contributions come from Agricultural (e.g., tractors, harvesters) and Industrial & Construction (e.g., excavators, loaders, dumpers) tyres, followed by Mining, Port, and ATV applications.

Geography: The vast majority (typically over 80%) of revenue is generated from exports, with Europe and North America being the largest markets. India accounts for a smaller but growing share.

Industry

The company operates in the global Off-Highway Tyre market, a specialized niche within the broader tyre industry. This market is characterized by diverse application needs and high product durability requirements. Balkrishna Industries is positioned as one of the largest global players in the OHT segment, known for its extensive product portfolio (over 2,700 SKUs) and competitive value proposition. While it competes with global giants like Michelin, Goodyear, and Bridgestone (who also have OHT divisions), Balkrishna Industries has carved out a strong niche, particularly in the aftermarket for agricultural and industrial tyres, offering quality products at competitive price points.

MOAT

Scale in a Niche: Being one of the largest pure-play OHT manufacturers globally provides economies of scale in R&D, manufacturing, and distribution, which is critical for cost efficiency.

Extensive Product Portfolio: A vast range of SKUs catering to diverse equipment and applications allows BKT to serve as a comprehensive solution provider for distributors and end-users.

Cost Efficiency: Its manufacturing base in India offers a structural cost advantage in production compared to competitors operating in higher-cost geographies.

Global Distribution & Brand Recognition: A well-established global distribution network combined with strong brand recognition ("BKT") among distributors and end-users, especially in the agricultural sector, provides a strong market foothold.

Growth Drivers

Global Agricultural Mechanization: Increasing adoption of farm mechanization in developing economies and replacement demand in developed markets drives demand for agricultural tyres.

Infrastructure Development & Mining: Global spending on infrastructure projects and mining activities fuels demand for construction and mining equipment, and consequently, their specialized tyres.

Market Share Gains: Continued focus on product innovation, capacity expansion, and expanding distribution networks allows the company to capture market share from competitors.

Aftermarket Demand: OHTs are wear-and-tear items, ensuring a consistent stream of replacement demand from existing equipment fleets.

Strategic Capacity Expansion: Timely capacity additions to meet growing global demand.

Risks

Raw Material Price Volatility: Fluctuations in prices of key inputs like natural rubber, synthetic rubber, carbon black, and crude oil derivatives can significantly impact profit margins.

Global Economic Slowdown: Demand for OHTs is cyclical and sensitive to global economic health, agricultural output, and construction/mining activity.

Currency Fluctuations: Given its high export dependency, adverse movements in major currencies (e.g., EUR, USD) against the Indian Rupee can affect repatriated earnings.

Intense Competition: The global OHT market is competitive, potentially leading to pricing pressure and impacting profitability.

Trade Barriers & Geopolitical Risks: Protectionist policies or geopolitical tensions in key export markets could disrupt supply chains or impact demand.

Management & Ownership

Balkrishna Industries is promoted by the Siyaram Poddar Group. The promoter family holds a significant majority stake (typically around 58-60%), indicating a strong alignment of interests with the company's long-term performance. The management team is generally regarded as experienced and focused, having successfully steered the company's expansion into a global OHT leader through strategic investments in capacity, R&D, and global distribution.

Outlook

Balkrishna Industries is well-positioned as a global leader in the specialized Off-Highway Tyre segment. Its extensive product range, cost-efficient manufacturing, and strong global distribution network provide a solid foundation. The company is poised to benefit from long-term trends in global agricultural mechanization and infrastructure development. However, its performance remains susceptible to cyclical swings in the global economy, volatility in raw material prices, and currency movements, given its significant export exposure. Continued success will depend on its ability to effectively manage these external factors while executing its growth strategy through product innovation, market penetration, and capacity utilization.

Balkrishna Inds. Share Price

Live · BSE / NSE · Inception: 1961
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Balkrishna Inds. Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 2274 2682 2715 2420 2560 2752 2760 2393 2737 2933
Other Income 66 171 162 91 187 99 107 71 77 -4
Total Income 2340 2853 2876 2510 2748 2852 2867 2465 2814 2929
Total Expenditure 1734 2001 2051 1840 1960 2139 2254 1882 2094 2293
Operating Profit 606 852 825 670 788 713 613 582 720 636
Interest 36 31 22 41 16 50 31 33 34 36
Depreciation 161 174 163 166 173 178 188 193 195 199
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 409 647 640 463 600 485 394 357 491 401
Provision for Tax 104 160 150 116 150 117 106 84 109 101
Profit After Tax 305 487 490 347 449 369 288 273 382 299
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 305 487 490 347 449 369 288 273 382 299
Adjusted Earnings Per Share 15.8 25.2 25.3 17.9 23.3 19.1 14.9 14.1 19.8 15.5

Balkrishna Inds. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3817 3239 3723 4444 5210 4811 5783 8295 9760 9369 10447 10823
Other Income 277 174 254 340 218 368 172 438 364 449 539 251
Total Income 4094 3413 3977 4784 5428 5179 5955 8733 10124 9818 10986 11075
Total Expenditure 3089 2417 2592 3341 3907 3655 3972 6286 8070 7113 7989 8523
Operating Profit 1005 996 1385 1442 1522 1524 1983 2447 2054 2705 2997 2551
Interest 48 40 22 15 12 11 12 9 48 113 129 134
Depreciation 244 282 304 311 333 374 416 455 571 651 681 775
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 713 674 1059 1116 1177 1140 1555 1982 1435 1941 2187 1643
Provision for Tax 241 229 342 380 403 180 377 547 377 470 532 400
Profit After Tax 473 446 717 736 774 960 1178 1435 1057 1471 1655 1242
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 473 446 717 736 774 960 1178 1435 1057 1471 1655 1242
Adjusted Earnings Per Share 24.4 23.1 37.1 38.1 40 49.6 60.9 74.3 54.7 76.1 85.6 64.3

Balkrishna Inds. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 2276 2775 3543 4083 4654 5008 6000 6933 7557 8854 10388
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1359 831 219 3 2 2 1 501 1038 691 387
Other Non-Current Liabilities 190 267 381 359 368 238 264 309 403 479 633
Total Current Liabilities 1493 1526 1647 1434 1455 1558 1902 3236 3349 3660 4227
Total Liabilities 5318 5398 5789 5878 6479 6806 8166 10979 12348 13685 15635
Fixed Assets 2415 2859 2797 2771 2709 3222 3284 3940 5313 6253 6880
Other Non-Current Assets 832 974 1246 1091 1299 1663 2403 3145 3106 2787 3183
Total Current Assets 2071 1566 1746 2017 2471 1921 2479 3894 3928 4644 5571
Total Assets 5318 5398 5789 5878 6479 6806 8166 10979 12348 13685 15635

Balkrishna Inds. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 15 433 328 23 26 46 47 55 46 69 75
Cash Flow from Operating Activities 984 1072 847 750 820 1173 1339 908 1448 2082 1764
Cash Flow from Investing Activities -437 -552 -563 -92 -636 -678 -1173 -1897 -1783 -1476 -1479
Cash Flow from Financing Activities -130 -625 -589 -654 -165 -495 -158 980 359 -601 -279
Net Cash Inflow / Outflow 417 -105 -306 4 20 1 8 -9 23 5 6
Closing Cash & Cash Equivalent 434 328 23 26 46 47 55 46 69 75 80

Balkrishna Inds. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 24.45 23.06 37.08 38.06 40.02 49.65 60.92 74.26 54.7 76.12 85.62
CEPS(Rs) 37.05 37.66 52.81 54.17 57.23 68.97 82.45 97.81 84.23 109.79 120.83
DPS(Rs) 2.4 5.5 8 8 8 20 17 28 16 16 16
Book NAV/Share(Rs) 117.73 143.55 183.28 211.25 240.75 259.09 310.39 358.67 390.94 458.04 537.38
Core EBITDA Margin(%) 18.79 25.01 29.92 24.7 25.01 24.03 31.3 24.2 17.3 24.02 23.5
EBIT Margin(%) 19.66 21.71 28.59 25.34 22.82 23.91 27.08 23.99 15.18 21.88 22.15
Pre Tax Margin(%) 18.43 20.5 28 25.01 22.58 23.68 26.87 23.88 14.69 20.67 20.92
PAT Margin (%) 12.21 13.55 18.96 16.49 14.85 19.95 20.35 17.29 10.83 15.67 15.83
Cash Profit Margin (%) 18.5 22.13 27.01 23.46 21.23 27.71 27.55 22.78 16.67 22.6 22.34
ROA(%) 9.14 8.32 12.82 12.61 12.52 14.45 15.73 14.99 9.07 11.31 11.29
ROE(%) 22.66 17.65 22.69 19.3 17.71 19.86 21.39 22.2 14.6 17.93 17.2
ROCE(%) 16.97 15.35 22.5 22.88 22.7 20.07 24.21 24.19 14.57 17.98 18.09
Receivable days 56.34 53.6 38.46 36.45 34.91 41.99 42.37 40.67 41.32 49.76 51.31
Inventory Days 46.2 44.92 42.21 44.78 48.25 52.13 49.06 57.43 62.39 58.28 54.34
Payable days 74.44 95.12 82.61 66.73 59.39 65.69 82.03 71.7 49.06 52.84 56.34
PER(x) 13.21 13.65 18.68 28.18 24.85 15.93 27.75 28.8 35.68 30.45 29.78
Price/Book(x) 2.74 2.19 3.78 5.08 4.13 3.05 5.45 5.96 4.99 5.06 4.74
Dividend Yield(%) 0.37 0.87 0.58 0.75 0.8 2.53 1.01 1.31 0.82 0.69 0.63
EV/Net Sales(x) 2.14 2.36 3.96 4.85 3.84 3.36 5.81 5.28 4.2 5.1 5.02
EV/Core EBITDA(x) 8.13 7.68 10.66 14.96 13.16 10.6 16.95 17.91 19.96 17.68 17.5
Net Sales Growth(%) 1.19 -15.13 14.94 19.35 17.24 -7.65 20.2 43.44 17.65 -4 11.51
EBIT Growth(%) 3.74 -6.18 51.32 4.65 5.14 -3.25 36.2 27.12 -25.53 38.52 12.73
PAT Growth(%) -0.43 -5.68 60.83 2.64 5.15 24.04 22.7 21.9 -26.33 39.16 12.47
EPS Growth(%) -0.43 -5.67 60.83 2.64 5.15 24.04 22.7 21.9 -26.33 39.16 12.47
Debt/Equity(x) 1.04 0.68 0.39 0.21 0.19 0.19 0.17 0.36 0.44 0.35 0.31
Current Ratio(x) 1.39 1.03 1.06 1.41 1.7 1.23 1.3 1.2 1.17 1.27 1.32
Quick Ratio(x) 1.11 0.77 0.77 0.97 1.18 0.84 0.81 0.69 0.67 0.91 0.9
Interest Cover(x) 15.93 17.92 49.12 76.26 95.58 106.61 133.22 212.99 30.69 18.11 18.02
Total Debt/Mcap(x) 0.38 0.31 0.1 0.04 0.05 0.06 0.03 0.06 0.09 0.07 0.07

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +12% +8% +17% +11%
Operating Profit CAGR +11% +7% +14% +12%
PAT CAGR +13% +5% +12% +13%
Share Price CAGR -11% -3% 0% +21%
ROE Average +17% +17% +19% +19%
ROCE Average +18% +17% +20% +20%

Balkrishna Inds. Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 58.29 %
FII 11.13 %
DII (MF + Insurance) 24.26 %
Public (retail) 41.71 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 58.2958.2958.2958.2958.2958.2958.2958.2958.2958.29
FII 12.6912.2412.6111.7211.2811.4610.510.71111.13
DII 21.4222.0822.4423.4623.9623.7824.8424.724.4324.26
Public 41.7141.7141.7141.7141.7141.7141.7141.7141.7141.71
Others 0000000000
Total 100100100100100100100100100100

Balkrishna Inds. Peer Comparison

Tyres & Allied Edit Columns

Balkrishna Inds. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Balkrishna Inds. Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 52.84 to 56.34days.
  • Stock is trading at 3.9 times its book value.
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