NSE: BALKRISIND · BSE: 502355
BALKRISHNA IND. LTD
Makes off-highway tyres (OHT) and sells them in India and across more than 125 countries, with exports contributing over 65% of FY26 revenue of Rs 10,823 cr. The main business is off-highway tyres; FY26 annual volumes reached 317,356 MT. The company also runs a carbon black business that supplies its own tyre plants alongside external sales. It has begun moving into on-highway tyres — truck/bus radials (TBR), two-wheelers, and passenger car radials (PCR) — with a stated Rs 5,000 cr on-highway revenue target by 2030. Materials are the largest input cost at 47.5% of revenue, with freight running at 4.5-5% of revenue. FY27 capex is guided at Rs 1,500-1,800 cr within a Rs 6,800 cr programme through 2030, alongside a Rs 23,000 cr revenue and 8% global OHT market share ambition. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Off-highway tyres (OHT), Carbon Black, On-highway tyres. Asset-heavy, globally exporting tyre manufacturer with exposure to commodity raw material prices and currency
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,295 | 9,760 | 9,369 | 10,447 | 10,823 |
| EBITDA (ex other income) | 2,009 | 1,707 | 2,255 | 2,458 | 2,300 |
| margin % | 24.2 | 17.5 | 24.1 | 23.5 | 21.3 |
| Owners' profit | 0 | 0 | 0 | 1,843 | 877 |
| EPS, as reported (₹) | 74.25 | 54.70 | 76.12 | 85.61 | 64.30 |
| ROE % · ROCE % | 20.7 · 25.7 | 14.0 · 16.5 | 16.6 · 20.5 | 15.9 · 20.3 | 11.3 · 14.0 |
| Debt / equity (x) | 0.36 | 0.44 | 0.35 | 0.31 | 0.37 |
| Cash from operations | 908 | 1,448 | 2,083 | 1,764 | 2,249 |
| Capex | (2,667) | (1,762) | (1,099) | (1,483) | (3,003) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,420 | 2,560 | 2,752 | 2,760 | 2,393 | 2,737 | 2,933 | 3,455 |
| Profit before tax | 463 | 600 | 485 | 394 | 357 | 491 | 401 | 601 |
| Net profit | 347 | 449 | 369 | 288 | 273 | 382 | 299 | 451 |
| EPS (₹) | 17.95 | 23.25 | 19.06 | 14.91 | 14.13 | 19.77 | 15.49 | 23.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD ◆ | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.8 | 25.6 | 9 of 13 | 33% |
| P/B | 3.7 | 2.4 | 13 of 16 | 20% |
| ROCE | 13.0 | 9.9 | 5 of 17 | 75% |
| ROE | 11.3 | 9.0 | 6 of 16 | 67% |
| Debt / Equity | 0.4 | 0.4 | 8 of 16 | 53% |
| EBITDA margin | 24.4 | 7.6 | 1 of 16 | 100% |
| Revenue growth | 25.2 | 10.1 | 3 of 15 | 86% |
| Profit growth | 56.4 | (5.8) | 6 of 16 | 67% |
| Market cap | 40512 | 326 | 2 of 17 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · BKT-Pirelli deal targets 800,000 tyres a year by 2030 | investor communications | medium | — | — |
| 22 Oct 2026 · Audio recording of business update call now available on company website | investor communications | low | — | — |
| 22 Oct 2026 · Depository compliance certificates filed for September 2026 quarter | compliance | minimal | — | — |
| 22 Oct 2026 · BKT signs agreement with Pirelli to produce premium car tyres in India | compliance | low | — | — |
| 22 Oct 2026 · Balkrishna Industries to hold business update call on 22 Oct 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Balkrishna and Pirelli outline 50:50 India tyre joint venture | strategic transactions | high | — | — |
| 14 Oct 2026 · Half-yearly debt securities statement as on 30 Sept 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | compliance | minimal | — | — |
| 23 Sept 2026 · CRISIL assigns A1+ rating to Balkrishna Ind proposed Rs 500 cr CP | credit debt | medium | — | — |
| 22 Sept 2026 · Balkrishna Industries faces Rs 1.05 Cr GST demand order, plans to appeal | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.