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Consolidated Standalone

Balkrishna Inds.

₹2321.6 -18.9 | 0.8%

Market Cap ₹44881 Cr.

Stock P/E 27.1

P/B 4.3

Current Price ₹2321.6

Book Value ₹ 540

Face Value 2

52W High ₹2930

Dividend Yield 0.69%

52W Low ₹ 2157.2

Edit Ratio

Balkrishna Inds. Research see more...

Stocx User

EQUITY RESEARCH: BALKRISHNA INDUSTRIES LIMITED

Stocx User

Balkrishna Industries Limited (BKT)

Overview Inc. Year: 1961Industry: Tyres & Allied

Balkrishna Industries Limited is engaged in supplying pneumatic tires. The Company gives tires, tubes and tire flaps. It focuses on manufacture of a number of off-highway tires (OHT). These tires are mainly intended for agricultural, industrial and construction, earthmover and port, mining, forestry, garden and lawn and all-terrain cars (ATV). It offers tires for compact loader, compact utility tractor, cotton picker, forwarder, cross-kart, golfing kart, harvester, hay harvester/baler, mower, orchard harvester, pivot irrigator, rotor rake, rototiller, sprayer, spreader, tanker, tractor, trailer, trencher, and vineyard harvester. The Company gives tires for backhoe loader, compact dumper, compactor, container handler, excavator, cellular home and skid steer. It additionally offers tires for dozer, haul teach, load haul dump (LHD) and underground mining motors. Its merchandise consist of AGRIMAX RT 855, PL 801, EARTHMAX SR forty one, EM 934, AGRIMAX TERIS and EARTHMAX SR 30, amongst others.

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Balkrishna Inds. Share Price

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Volume
Price

Quarterly Price

Quarterly Monthly
Show Value Show %

Peer Comparison

Balkrishna Inds. Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 2159 2253 2274 2682 2715 2420 2560 2752 2760 2393
Other Income 106 107 66 171 162 91 187 99 107 71
Total Income 2265 2360 2340 2853 2876 2510 2748 2852 2867 2465
Total Expenditure 1658 1720 1734 2001 2051 1840 1960 2139 2254 1882
Operating Profit 607 640 606 852 825 670 788 713 613 582
Interest 22 24 36 31 22 41 16 50 31 33
Depreciation 155 160 161 174 163 166 173 178 188 193
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 430 456 409 647 640 463 600 485 394 357
Provision for Tax 98 108 104 160 150 116 150 117 106 84
Profit After Tax 332 347 305 487 490 347 449 369 288 273
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 332 347 305 487 490 347 449 369 288 273
Adjusted Earnings Per Share 17.2 18 15.8 25.2 25.3 17.9 23.3 19.1 14.9 14.1

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 10465
Other Income 277 174 254 340 218 368 172 438 364 449 539 464
Total Income 4094 3413 3977 4784 5428 5179 5955 8733 10124 9818 10986 10932
Total Expenditure 3089 2417 2592 3341 3907 3655 3972 6286 8070 7113 7989 8235
Operating Profit 1005 996 1385 1442 1522 1524 1983 2447 2054 2705 2997 2696
Interest 48 40 22 15 12 11 12 9 48 113 129 130
Depreciation 244 282 304 311 333 374 416 455 571 651 681 732
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 1836
Provision for Tax 241 229 342 380 403 180 377 547 377 470 532 457
Profit After Tax 473 446 717 736 774 960 1178 1435 1057 1471 1655 1379
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 1379
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 71.4

Growth Rates

# 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%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -19% 6% 9% 22%
ROE Average 17% 17% 19% 19%
ROCE Average 18% 17% 20% 20%

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

Balkrishna Inds. Shareholding Pattern

# Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Promoter 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29
FII 12.41 12.54 12.69 12.24 12.61 11.72 11.28 11.46 10.5 10.7
DII 21 21.23 21.42 22.08 22.44 23.46 23.96 23.78 24.84 24.7
Public 8.3 7.95 7.6 7.38 6.66 6.53 6.47 6.47 6.36 6.31
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

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 4.3 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Balkrishna Inds. News

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