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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 54,594 | 22.6 | 2.60 | 10.6 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD ◆ | 41,830 | 29.8 | 3.82 | 18.0 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 26,554 | 15.5 | 1.59 | 8.7 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 13,140 | 22.5 | 2.60 | 8.0 | 13.8 | 12.8 | 15.6 | 8.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Balkrishna Industries to raise INR 550 crore via NCD private placement | board shareholder meetings | low | — | — |
| 25 Aug 2026 · ICRA assigns AA+ Stable rating to Balkrishna Industries Rs 550 cr NCDs | credit debt | medium | — | — |
| 18 Aug 2026 · Balkrishna Ind approves INR 550 cr NCD issuance via private placement | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Balkrishna Industries board approves INR 550 crore NCD issue on private placement | fund raising | medium | — | — |
| 13 Aug 2026 · Balkrishna Industries to consider raising funds via NCDs on 18 Aug | board shareholder meetings | low | — | — |
| 5 Aug 2026 · BKT Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 31 Jul 2026 · Balkrishna Ind Q1 FY27 results: Standalone net profit up 50% YoY to Rs 432 cr | compliance | minimal | — | — |
| 30 Jul 2026 · Audio recording of Q1 FY27 results conference call available | investor communications | low | — | — |
| 30 Jul 2026 · AGM 2026 results: All 8 resolutions passed; Rs.4 final dividend declared | board shareholder meetings | low | — | — |
| 30 Jul 2026 · 64th AGM proceedings: Rs 4 final dividend, Deloitte as new auditor, director re-appointments | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| JK TYRE & INDUSTRIES LTD | 10,235 | 15.3 | 1.69 | 7.6 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,982 | 43.1 | 3.35 | 16.0 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,661 | 27.0 | 2.74 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.5 | 15.90 | 56.6 | 18.4 | 21.3 | — | 2.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.8 | 22.6 | 10 of 15 | 36% |
| P/B | 3.8 | 2.6 | 13 of 16 | 20% |
| ROCE | 13.0 | 9.9 | 5 of 17 | 75% |
| ROE | 11.3 | 9.9 | 7 of 17 | 63% |
| Debt / Equity | 0.4 | 0.4 | 9 of 17 | 50% |
| 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 | 41830 | 352 | 2 of 17 | 94% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
