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Balkrishna Inds.

₹2387.5 -4.9 | 0.2%

Market Cap ₹46154 Cr.

Stock P/E 37.1

P/B 5.4

Current Price ₹2387.5

Book Value ₹ 441.3

Face Value 2

52W High ₹2793.7

Dividend Yield 0.84%

52W Low ₹ 2015.2

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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Quarterly Price

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Balkrishna Inds. Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 2072 2046 2374 2619 2658 2166 2317 2159 2253 2274
Other Income 133 113 109 106 227 45 57 106 107 66
Total Income 2206 2159 2484 2725 2884 2211 2374 2265 2360 2340
Total Expenditure 1534 1589 1871 2175 2231 1896 1837 1658 1720 1734
Operating Profit 671 570 612 550 653 314 537 607 640 606
Interest 2 2 3 3 5 14 26 22 24 36
Depreciation 111 118 120 129 137 149 156 155 160 161
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 558 450 490 417 511 151 355 430 456 409
Provision for Tax 167 111 116 111 129 43 95 98 108 104
Profit After Tax 391 339 375 307 382 108 260 332 347 305
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 391 339 375 307 382 108 260 332 347 305
Adjusted Earnings Per Share 20.2 17.5 19.4 15.9 19.8 5.6 13.4 17.2 18 15.8

Balkrishna Inds. Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 3394 3772 3817 3239 3723 4444 5210 4811 5783 8295 9760 9003
Other Income 5 14 277 174 254 340 218 368 172 438 347 336
Total Income 3398 3786 4094 3413 3977 4784 5428 5179 5955 8733 10106 9339
Total Expenditure 2725 2882 3089 2417 2592 3341 3907 3655 3972 6257 8024 6949
Operating Profit 674 904 1005 996 1385 1442 1522 1524 1983 2476 2082 2390
Interest 28 27 48 40 22 15 12 11 12 38 77 108
Depreciation 112 170 244 282 304 311 333 374 416 455 571 632
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 534 706 713 674 1059 1116 1177 1140 1555 1982 1435 1650
Provision for Tax 184 232 241 229 342 380 403 180 377 547 377 405
Profit After Tax 350 475 473 446 717 736 774 960 1178 1435 1057 1244
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 350 475 473 446 717 736 774 960 1178 1435 1057 1244
Adjusted Earnings Per Share 18.1 24.6 24.4 23.1 37.1 38.1 40 49.6 60.9 74.3 54.7 64.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 18% 27% 17% 11%
Operating Profit CAGR -16% 11% 8% 12%
PAT CAGR -26% 3% 8% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 15% 12% 20% 26%
ROE Average 15% 19% 19% 21%
ROCE Average 15% 21% 21% 20%

Balkrishna Inds. Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1443 1895 2276 2775 3543 4083 4654 5008 6000 6933 7557
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1567 1706 1359 831 219 3 2 2 1 501 1038
Other Non-Current Liabilities 204 179 190 267 381 359 368 238 264 309 403
Total Current Liabilities 937 1241 1493 1526 1647 1434 1455 1558 1902 3236 3349
Total Liabilities 4151 5021 5318 5398 5789 5878 6479 6806 8166 10979 12348
Fixed Assets 1335 2389 2415 2859 2797 2771 2709 3222 3284 3940 5313
Other Non-Current Assets 1303 1154 832 974 1246 1091 1299 1663 2403 3145 3106
Total Current Assets 1512 1479 2071 1566 1746 2017 2471 1921 2479 3894 3928
Total Assets 4151 5021 5318 5398 5789 5878 6479 6806 8166 10979 12348

Balkrishna Inds. Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 370 278 15 433 328 23 26 46 47 55 46
Cash Flow from Operating Activities 549 602 984 1072 847 750 820 1173 1339 908 1448
Cash Flow from Investing Activities -1011 -1230 -437 -552 -563 -92 -636 -678 -1173 -1897 -1783
Cash Flow from Financing Activities 370 365 -130 -625 -589 -654 -165 -495 -158 980 359
Net Cash Inflow / Outflow -92 -263 417 -105 -306 4 20 1 8 -9 23
Closing Cash & Cash Equivalent 278 15 434 328 23 26 46 47 55 46 69

Balkrishna Inds. Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 18.1 24.55 24.45 23.06 37.08 38.06 40.02 49.65 60.92 74.26 54.7
CEPS(Rs) 23.9 33.36 37.05 37.66 52.81 54.17 57.23 68.97 82.45 97.81 84.23
DPS(Rs) 1.5 2 2.4 5.5 8 8 8 20 17 28 20
Book NAV/Share(Rs) 74.64 98.03 117.73 143.55 183.28 211.25 240.75 259.09 310.39 358.67 390.94
Core EBITDA Margin(%) 19.49 23.3 18.79 25.01 29.92 24.7 25.01 24.03 31.3 24.55 17.77
EBIT Margin(%) 16.35 19.21 19.66 21.71 28.59 25.34 22.82 23.91 27.08 24.34 15.47
Pre Tax Margin(%) 15.55 18.49 18.43 20.5 28 25.01 22.58 23.68 26.87 23.88 14.69
PAT Margin (%) 10.19 12.43 12.21 13.55 18.96 16.49 14.85 19.95 20.35 17.29 10.82
Cash Profit Margin (%) 13.46 16.88 18.5 22.13 27.01 23.46 21.23 27.71 27.55 22.78 16.67
ROA(%) 9.51 10.35 9.14 8.32 12.82 12.61 12.52 14.45 15.73 14.99 9.07
ROE(%) 27.41 28.44 22.66 17.65 22.69 19.3 17.71 19.86 21.39 22.2 14.59
ROCE(%) 17.47 18.48 16.97 15.35 22.5 22.88 22.7 20.07 24.21 24.55 14.85
Receivable days 53.68 54.16 56.34 53.6 38.46 36.45 34.91 41.99 42.37 40.67 41.32
Inventory Days 50.79 48.98 46.2 44.92 42.21 44.78 48.25 52.13 49.06 57.43 62.39
Payable days 47.55 68.35 74.44 95.12 82.61 66.73 59.39 65.69 82.03 71.7 49.06
PER(x) 7.52 9.74 13.21 13.65 18.68 28.18 24.85 15.93 27.75 28.8 35.68
Price/Book(x) 1.82 2.44 2.74 2.19 3.78 5.08 4.13 3.05 5.45 5.96 4.99
Dividend Yield(%) 0.55 0.42 0.37 0.87 0.58 0.75 0.8 2.53 1.01 1.31 1.02
EV/Net Sales(x) 1.33 1.87 2.14 2.36 3.96 4.85 3.84 3.36 5.81 5.28 4.2
EV/Core EBITDA(x) 6.71 7.79 8.13 7.68 10.66 14.96 13.16 10.6 16.95 17.7 19.68
Net Sales Growth(%) 12.51 11.14 1.19 -15.13 14.94 19.35 17.24 -7.65 20.2 43.44 17.65
EBIT Growth(%) 30.63 30.7 3.74 -6.18 51.32 4.65 5.14 -3.25 36.2 28.96 -25.18
PAT Growth(%) 30.1 35.64 -0.43 -5.68 60.83 2.64 5.15 24.04 22.7 21.9 -26.33
EPS Growth(%) 30.1 35.64 -0.43 -5.67 60.83 2.64 5.15 24.04 22.7 21.9 -26.33
Debt/Equity(x) 1.5 1.29 1.04 0.68 0.39 0.21 0.19 0.19 0.17 0.36 0.44
Current Ratio(x) 1.61 1.19 1.39 1.03 1.06 1.41 1.7 1.23 1.3 1.2 1.17
Quick Ratio(x) 1.13 0.73 1.11 0.77 0.77 0.97 1.18 0.84 0.81 0.69 0.67
Interest Cover(x) 20.4 26.72 15.93 17.92 49.12 76.26 95.58 106.61 133.22 52.83 19.68
Total Debt/Mcap(x) 0.82 0.53 0.38 0.31 0.1 0.04 0.05 0.06 0.03 0.06 0.09

Balkrishna Inds. Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29
FII 15.07 14.05 14.3 12.96 12.45 12.43 12.41 12.54 12.69 12.24
DII 11.59 11.79 11.17 18.92 20.23 20.3 21 21.23 21.42 22.08
Public 15.05 15.87 16.24 9.83 9.03 8.98 8.3 7.95 7.6 7.38
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 71.7 to 49.06days.
  • Company is almost debt free.

Cons

  • Stock is trading at 5.4 times its book value.
  • The company has delivered a poor profit growth of 7% over past five years.

* 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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