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BSE: 502355 | NSE: BALKRISIND | Tyres & Allied | Mid Cap
1. Is Balkrishna Industries Ltd a good quality company?
Past 10 year's financial track record analysis by Moneyworks4me indicates that Balkrishna Industries Ltd is a good quality company.
2. Is Balkrishna Industries Ltd undervalued or overvalued?
The key valuation ratios of Balkrishna Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
3. Is Balkrishna Industries Ltd a good buy now?
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Balkrishna Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation ⓘValue Creation Index Colour Code Guide ⓘ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |||
| ROCE % ⓘ | 14.8% | 7.5% | 8.6% | 11.9% | 10.6% | 12.6% | 14.3% | 17% | 14.5% | 9.3% | - | ||
| Value Creation Index ⓘ | 0.1 | -0.4 | -0.4 | -0.1 | -0.1 | -0.1 | 0.3 | 0.5 | 0.3 | -0.2 | - | ||
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ |
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| Sales ⓘ | 3,577 | 3,780 | 3,223 | 3,728 | 4,447 | 5,245 | 4,782 | 5,758 | 8,267 | 9,811 | 9,284 | ||
| YoY Gr. Rt. % | - | 5.7% | -14.8% | 15.7% | 19.3% | 17.9% | -8.8% | 20.4% | 43.6% | 18.7% | - | ||
| Adj EPS ⓘ | 28.6 | 15.6 | 19.3 | 28.6 | 26.6 | 33.5 | 41.8 | 55.9 | 59.8 | 45.9 | 55.4 | ||
| YoY Gr. Rt. % | - | -45.4% | 23.9% | 48.2% | -7.2% | 26% | 24.8% | 33.6% | 7% | -23.2% | - | ||
| BVPS (₹) ⓘ | 97.5 | 118.5 | 143.9 | 183.7 | 211.9 | 242 | 260.1 | 310.8 | 358.2 | 392.6 | 408.7 | ||
| Adj Net Profit ⓘ | 552 | 302 | 374 | 554 | 514 | 648 | 808 | 1,080 | 1,156 | 888 | 1,071 | ||
| Cash Flow from Ops. ⓘ | 594 | 979 | 1,095 | 842 | 753 | 813 | 1,164 | 1,363 | 881 | 1,414 | - | ||
| Debt/CF from Ops. ⓘ | 4 | 2.4 | 1.7 | 1.6 | 1.1 | 1 | 0.7 | 0.7 | 2.8 | 2.3 | - | ||
CAGR ⓘCAGR Colour Code Guide ⓘ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 Years | 5 Years | 3 Years | 1 Years | |||||||||
| Sales ⓘ | 11.9% | 17.1% | 27.1% | 18.7% | ||||||||
| Adj EPS ⓘ | 5.4% | 11.6% | 3.2% | -23.2% | ||||||||
| BVPSⓘ | 16.7% | 13.1% | 14.7% | 9.6% | ||||||||
| Share Price | 35.7% | 18.7% | 20.4% | 35.7% | ||||||||
Key Financial Parameters ⓘPerformance Ratio Colour Code Guide ⓘ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | ||
| Return on Equity % ⓘ | 33.4 | 14.4 | 14.7 | 17.5 | 13.4 | 14.8 | 16.7 | 19.6 | 17.9 | 12.2 | 13.8 | |
| Op. Profit Mgn % ⓘ | 27.6 | 19.5 | 26.5 | 30.4 | 24.9 | 25.1 | 26.2 | 31 | 24.3 | 17.8 | 18.8 | |
| Net Profit Mgn % ⓘ | 15.4 | 8 | 11.6 | 14.9 | 11.6 | 12.4 | 16.9 | 18.8 | 14 | 9.1 | 11.5 | |
| Debt to Equity ⓘ | 1.3 | 1 | 0.7 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.4 | - | |
| Working Cap Days ⓘ | 156 | 144 | 140 | 123 | 130 | 128 | 140 | 131 | 134 | 133 | 0 | |
| Cash Conv. Cycle ⓘ | 64 | 59 | 47 | 33 | 41 | 50 | 61 | 50 | 58 | 76 | 0 | |
Sales growth is growing at healthy rate in last 3 years 27.06%
Return on Equity has declined versus last 3 years average to 13.80%
Net Profit has been subdued in last 3 years 3.17%
Sales growth is not so good in last 4 quarters at 3.80%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 55.4 | 56 |
| TTM Sales (₹ Cr.) | 9,284 | 9,299 |
| BVPS (₹.) ⓘ | 408.7 | 408.1 |
| Reserves (₹ Cr.) ⓘ | 7,863 | 7,850 |
| P/BV ⓘ | 6.26 | 6.27 |
| PE ⓘ | 46.14 | 45.67 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1801.00 / 2578.25 |
| All Time Low / High (₹) | 0.58 / 2724.40 |
| Market Cap (₹ Cr.) | 49,424 |
| Equity (₹ Cr.) | 38.7 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 35.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
While the group foundation dates back to the 1950s, Balkrishna Industries (BKT) started its Off-Highway tire business in 1987. For many years, the company has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.
Talent for innovation has been the company’s strength ever since as a result of consistent and continuous investment into Research and Development (R&D) as well as into tire technology, tire machinery and tire manufacturing processes. Its independent R&D Center in Bhuj ensures research into innovative product design and development as well as sustainable materials. This includes ‘the tire of the future’ project as well as new compounding methods by using rubber obtained from the Russian Dandelion TKS as a renewable alternative to natural rubber. In addition, it produces in-house its own tire molds and carbon black pigments. This provides company with major autonomy and ensures enhanced quality control throughout the entire supply chain.
Business area of the company
The company is primarily engaged into Specialty ‘Off Highway Tire segment’ which is consisting of Agriculture, Industrial, Construction, Earthmoving, Mining, Port, Lawn and Garden and All-Terrain Vehicle (ATVs) Tires, etc. This segment is highly technical & capital intensive and known as ‘large varieties low volume segment’ where any credible player needs to maintain large number of Stock Keeping Units (SKUs) to meet the diverse requirement of its customers worldwide. While the sub segment (agriculture) is largely known as non-cyclical in nature, the other sub segment (industrial, construction and mining) is generally considered as cyclical and the performance of it is largely linked to overall economic outlook of the world. The market for company’s products is mainly Europe, America, Australasia and India.
Products:
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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