Balkrishna Inds.

₹3282 122.9 | 3.9%

WEBSITE BSE:502355 NSE : BALKRISH IND 26 Jul, 16:01

Market Cap ₹63447 Cr.

Stock P/E 43.1

P/B 7.2

Current Price ₹3282

Book Value ₹ 458

Face Value 2

52W High ₹3378

Dividend Yield 0.61%

52W Low ₹ 2193.9

Edit Ratio

Balkrishna Inds. Research see more...

EQUITY RESEARCH: BALKRISHNA INDUSTRIES LIMITED

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.

Balkrishna Inds. Share Price

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Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Balkrishna Inds. Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	2046	2374	2619	2658	2166	2317	2159	2253	2274	2682
Other Income	113	109	106	227	45	57	106	107	66	171
Total Income	2159	2484	2725	2884	2211	2374	2265	2360	2340	2853
Total Expenditure	1589	1871	2175	2231	1896	1837	1658	1720	1734	2001
Operating Profit	570	612	550	653	314	537	607	640	606	852
Interest	2	3	3	5	14	26	22	24	36	31
Depreciation	118	120	129	137	149	156	155	160	161	174
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	450	490	417	511	151	355	430	456	409	647
Provision for Tax	111	116	111	129	43	95	98	108	104	160
Profit After Tax	339	375	307	382	108	260	332	347	305	487
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	339	375	307	382	108	260	332	347	305	487
Adjusted Earnings Per Share	17.5	19.4	15.9	19.8	5.6	13.4	17.2	18	15.8	25.2

Balkrishna Inds. Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	3772	3817	3239	3723	4444	5210	4811	5783	8295	9760	9369	9368
Other Income	14	277	174	254	340	218	368	172	438	364	449	450
Total Income	3786	4094	3413	3977	4784	5428	5179	5955	8733	10124	9818	9818
Total Expenditure	2882	3089	2417	2592	3341	3907	3655	3972	6286	8070	7113	7113
Operating Profit	904	1005	996	1385	1442	1522	1524	1983	2447	2054	2705	2705
Interest	27	48	40	22	15	12	11	12	9	48	113	113
Depreciation	170	244	282	304	311	333	374	416	455	571	651	650
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	706	713	674	1059	1116	1177	1140	1555	1982	1435	1941	1942
Provision for Tax	232	241	229	342	380	403	180	377	547	377	470	470
Profit After Tax	475	473	446	717	736	774	960	1178	1435	1057	1471	1471
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	475	473	446	717	736	774	960	1178	1435	1057	1471	1471
Adjusted Earnings Per Share	24.6	24.4	23.1	37.1	38.1	40	49.6	60.9	74.3	54.7	76.1	76.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-4%	17%	12%	10%
Operating Profit CAGR	32%	11%	12%	12%
PAT CAGR	39%	8%	14%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	31%	12%	35%	23%
ROE Average	18%	18%	19%	20%
ROCE Average	18%	19%	20%	20%

Balkrishna Inds. Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	1895	2276	2775	3543	4083	4654	5008	6000	6933	7557	8854
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	1706	1359	831	219	3	2	2	1	501	1038	691
Other Non-Current Liabilities	179	190	267	381	359	368	238	264	309	403	479
Total Current Liabilities	1241	1493	1526	1647	1434	1455	1558	1902	3236	3349	3660
Total Liabilities	5021	5318	5398	5789	5878	6479	6806	8166	10979	12348	13685
Fixed Assets	2389	2415	2859	2797	2771	2709	3222	3284	3940	5313	6253
Other Non-Current Assets	1154	832	974	1246	1091	1299	1663	2403	3145	3106	2787
Total Current Assets	1479	2071	1566	1746	2017	2471	1921	2479	3894	3928	4644
Total Assets	5021	5318	5398	5789	5878	6479	6806	8166	10979	12348	13685

Balkrishna Inds. Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	278	15	433	328	23	26	46	47	55	46	69
Cash Flow from Operating Activities	602	984	1072	847	750	820	1173	1339	908	1448	2083
Cash Flow from Investing Activities	-1230	-437	-552	-563	-92	-636	-678	-1173	-1897	-1783	-1476
Cash Flow from Financing Activities	365	-130	-625	-589	-654	-165	-495	-158	980	359	-602
Net Cash Inflow / Outflow	-263	417	-105	-306	4	20	1	8	-9	23	5
Closing Cash & Cash Equivalent	15	434	328	23	26	46	47	55	46	69	75

Balkrishna Inds. Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	24.55	24.45	23.06	37.08	38.06	40.02	49.65	60.92	74.26	54.7	76.12
CEPS(Rs)	33.36	37.05	37.66	52.81	54.17	57.23	68.97	82.45	97.81	84.23	109.79
DPS(Rs)	2	2.4	5.5	8	8	8	20	17	28	20	20
Book NAV/Share(Rs)	98.03	117.73	143.55	183.28	211.25	240.75	259.09	310.39	358.67	390.94	458.04
Core EBITDA Margin(%)	23.3	18.79	25.01	29.92	24.7	25.01	24.03	31.3	24.2	17.3	24.02
EBIT Margin(%)	19.21	19.66	21.71	28.59	25.34	22.82	23.91	27.08	23.99	15.18	21.88
Pre Tax Margin(%)	18.49	18.43	20.5	28	25.01	22.58	23.68	26.87	23.88	14.69	20.67
PAT Margin (%)	12.43	12.21	13.55	18.96	16.49	14.85	19.95	20.35	17.29	10.83	15.67
Cash Profit Margin (%)	16.88	18.5	22.13	27.01	23.46	21.23	27.71	27.55	22.78	16.67	22.6
ROA(%)	10.35	9.14	8.32	12.82	12.61	12.52	14.45	15.73	14.99	9.07	11.31
ROE(%)	28.44	22.66	17.65	22.69	19.3	17.71	19.86	21.39	22.2	14.6	17.93
ROCE(%)	18.48	16.97	15.35	22.5	22.88	22.7	20.07	24.21	24.19	14.57	17.98
Receivable days	54.16	56.34	53.6	38.46	36.45	34.91	41.99	42.37	40.67	41.32	49.76
Inventory Days	48.98	46.2	44.92	42.21	44.78	48.25	52.13	49.06	57.43	62.39	58.28
Payable days	68.35	74.44	95.12	82.61	66.73	59.39	65.69	82.03	71.7	49.06	56.98
PER(x)	9.74	13.21	13.65	18.68	28.18	24.85	15.93	27.75	28.8	35.68	30.45
Price/Book(x)	2.44	2.74	2.19	3.78	5.08	4.13	3.05	5.45	5.96	4.99	5.06
Dividend Yield(%)	0.42	0.37	0.87	0.58	0.75	0.8	2.53	1.01	1.31	1.02	0.86
EV/Net Sales(x)	1.87	2.14	2.36	3.96	4.85	3.84	3.36	5.81	5.28	4.2	5.1
EV/Core EBITDA(x)	7.79	8.13	7.68	10.66	14.96	13.16	10.6	16.95	17.91	19.96	17.68
Net Sales Growth(%)	11.14	1.19	-15.13	14.94	19.35	17.24	-7.65	20.2	43.44	17.65	-4
EBIT Growth(%)	30.7	3.74	-6.18	51.32	4.65	5.14	-3.25	36.2	27.12	-25.53	38.52
PAT Growth(%)	35.64	-0.43	-5.68	60.83	2.64	5.15	24.04	22.7	21.9	-26.33	39.16
EPS Growth(%)	35.64	-0.43	-5.67	60.83	2.64	5.15	24.04	22.7	21.9	-26.33	39.16
Debt/Equity(x)	1.29	1.04	0.68	0.39	0.21	0.19	0.19	0.17	0.36	0.44	0.35
Current Ratio(x)	1.19	1.39	1.03	1.06	1.41	1.7	1.23	1.3	1.2	1.17	1.27
Quick Ratio(x)	0.73	1.11	0.77	0.77	0.97	1.18	0.84	0.81	0.69	0.67	0.91
Interest Cover(x)	26.72	15.93	17.92	49.12	76.26	95.58	106.61	133.22	212.99	30.69	18.11
Total Debt/Mcap(x)	0.53	0.38	0.31	0.1	0.04	0.05	0.06	0.03	0.06	0.09	0.07

Balkrishna Inds. Shareholding Pattern

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	58.29	58.29	58.29	58.29	58.29	58.29	58.29	58.29	58.29	58.29
FII	14.05	14.3	12.96	12.45	12.43	12.41	12.54	12.69	12.24	12.61
DII	11.79	11.17	18.92	20.23	20.3	21	21.23	21.42	22.08	22.44
Public	15.87	16.24	9.83	9.03	8.98	8.3	7.95	7.6	7.38	6.66
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27
FII	2.72	2.76	2.5	2.41	2.4	2.4	2.42	2.45	2.37	2.44
DII	2.28	2.16	3.66	3.91	3.92	4.06	4.1	4.14	4.27	4.34
Public	3.07	3.14	1.9	1.74	1.74	1.6	1.54	1.47	1.43	1.29
Others	0	0	0	0	0	0	0	0	0	0
Total	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33

Pros

Company has reduced debt.
Company is almost debt free.

Cons

Debtor days have increased from 49.06 to 56.98days.
Stock is trading at 7.2 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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Balkrishna Inds.

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Balkrishna Inds. Research see more...

Overview Inc. Year: 1961Industry: Tyres & Allied

Balkrishna Inds. Share Price

Alert Data

Quarterly Price

Peer Comparison

Balkrishna Inds. Quarterly Results

Balkrishna Inds. Profit & Loss

Growth Rates

Balkrishna Inds. Balance Sheet

Balkrishna Inds. Cash Flow

Balkrishna Inds. Ratios

Balkrishna Inds. Shareholding Pattern

Balkrishna Inds. News

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