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Balkrishna Industries Ltd - Stock Valuation and Financial Performance

BSE: 502355 | NSE: BALKRISIND | Tyres & Allied | Mid Cap

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Balkrishna Inds. Share Price

 ₹2,745.50 6.15 0.22%
as on 18-Jul'25 16:59

Balkrishna Industries Ltd - Stock Valuation and Financial Performance

BSE: 502355 | NSE: BALKRISIND | Tyres & Allied | Mid Cap

Place order

Balkrishna Inds. Share Price

 ₹2,745.50 6.15 0.22%
as on 18-Jul'25 16:59

DeciZen - make an informed investing decision on Balkrishna Inds.

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Strong
Check Price chart

Balkrishna Industries stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (SA):
32.59
Market Cap:
53,075.2 Cr.
52-wk low:
2,157.2
52-wk high:
3,375.4

Is Balkrishna Industries Ltd an attractive stock to invest in?

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

10 Year X-Ray of Balkrishna Inds.:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Balkrishna Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ15.2%22.5%23%22.9%19.9%24.1%24.1%14.8%17.7%17.9%-
Value Creation
Index ⓘ		0.10.71.10.70.81.11.10.30.60.6-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ3,2233,7284,4475,2454,7825,7588,2679,8119,29910,41310,413
Sales YoY Gr.-15.7%19.3%17.9%-8.8%20.4%43.6%18.7%-5.2%12%-
Adj EPS ⓘ19.328.626.633.541.855.959.845.960.870.584.2
YoY Gr.-48.2%-7.2%26%24.8%33.6%7%-23.2%32.5%15.9%-
BVPS (₹) ⓘ143.9183.7211.9242260.1310.8358.2392.6458.5537.2537.1
Adj Net
Profit ⓘ		3745545146488081,0801,1568881,1761,3621,628
Cash Flow from Ops. ⓘ1,0958427538131,1641,3638811,4142,0521,753-
Debt/CF from Ops. ⓘ1.71.61.110.70.72.82.31.51.8-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ13.9%16.8%8%12%
Adj EPS ⓘ15.5%11%5.6%15.9%
BVPSⓘ15.8%15.6%14.5%17.2%
Share Price 23.3% 17% 6.2% -12.5%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		14.717.513.414.816.719.617.912.214.314.215.7
Op. Profit
Mgn % ⓘ		26.530.424.925.126.23123.917.623.723.323.3
Net Profit
Mgn % ⓘ		11.614.911.612.416.918.8149.112.713.115.6
Debt to
Equity ⓘ		0.70.40.20.20.20.20.40.40.30.30
Working Cap
Days ⓘ		14012313012814013113413313914094
Cash Conv.
Cycle ⓘ		4733415061505876807424

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 15.70%

Sales growth is good in last 4 quarters at 12.63%

Sales growth has been subdued in last 3 years 8.00%

Net Profit has been subdued in last 3 years 5.64%

Latest Financials - Balkrishna Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 84.2 85.6
TTM Sales (₹ Cr.) 10,413 10,447
BVPS (₹.) ⓘ 537.1 537.3
Reserves (₹ Cr.) ⓘ 10,345 10,349
P/BV ⓘ 5.11 5.11
PE ⓘ 32.59 32.07
From the Market
52 Week Low / High (₹) 2157.20 / 3375.40
All Time Low / High (₹) 0.58 / 3377.95
Market Cap (₹ Cr.) 53,075
Equity (₹ Cr.) 38.7
Face Value (₹) 2
Industry PE ⓘ 34.6

Management X-Ray of Balkrishna Inds.:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Balkrishna Inds.

Event Update

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Analyst's Notes

Balkrishna Ind: Q2 FY24 Result Update - 06 Nov 2023

Particulars

Q2FY24 (Rs. Crs)

YoY Trend

Comments

Revenue

2,253

-15%

Volume came in at 70,585 tonnes. Confidence in export markets still remain moderate. India business performed relatively better.
EBITDA

533

+25%

 
EBITDA Margin

24%

+800 bps

Normalization of raw material cycle led to improvement in margins
PAT

347

-9%

Lower growth due to high other income in base quarter

Capex increased by Rs. 300Cr to set up mould manufacturing capacity. Decent results, however, guidance was negative as the company expects FY24 volumes to de-grow marginally.

Balkrishna Industries: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

2,159

-18%

The overall Revenue volumes in Q1 stood at 67,209 MT (Impacted by cyclone in Bhuj). Domestic Revenue stood 21,012 MT which saw a healthy 19% growth YoY.

EBITDA

501

+13%

 

EBITDA Margin

23.2%

+630 bps

Heading back to its high margin trajectory of 23-25%

PAT

332

+8%

 

Weak results due to channel inventory related challenges & recessionary pressures in key regions. Margin improvement was a positive.


 

 

Balkrishna Industries: Q4FY23 Result Update - 02 Jun 2023

Particulars

Q4FY23

YoY Growth

Comments

Revenue

2,317

-2.4%

Sales volume at 72,676 MT, a decline of 6% YoY but an improvement of 9% QoQ.

EBITDA

480

-5%

 

EBITDA Margin

21%

-50 bps

 

PAT

260

-30.7%

 

Below par result impacted by margin contraction due to high raw material costs. Sharp rise in depreciation and Interest cost has impacted PAT.

 

Balkrishna Industries Ltd : Q2FY23 Result Update - 22 Nov 2022

Market Cap: 37,700 Cr

CMP Rs. 1,950

Results

INR(Cr)

YoY Growth

Remarks

Revenue

2,658

28%

ASP increased by 9% QoQ aided by improved product mix

EBITDA

653

-3%

High raw material cost and adverse dollar movement has impacted the EBITDA for the quarter.

PAT

382

-3%

Net Profit margin falls to 14% from 19% YoY

 

Key Highlights:

  • For H1FY23, 50% of the sales came from Europe whereas 20% came from India.
  • Sales Volume for the Quarter was 78,872 MT, a growth of 8% YoY
  • Standalone EBITDA Margin fell from 27.1% in Q2FY22 to 20.1% in Q2FY23.
  • Approved Capex of Rs. 350 Cr for modernization of the old plant will now be utilized at the new plant site to bring the overall capacity at Waluj to 55,000 Tons per annum.
  • Gross debt stood at Rs 3,090 Cr at the end of Q2 of which about Rs. 2,253 Cr is related to the working capital.
  • Gross Cash and Cash equivalents of Rs. 2,078 Cr at the end of Q2.

Management Outlook: 

  • The recent price correction in raw materials and logistics costs bode well for margins. However, the benefits are expected to kick in from early Q4.
  • With the on-going challenging macro environment, Management unable to guide for annual sales volumes for FY23.
  • Capex guidance for the second half of the year of Rs. 300-400Cr.

Balkrishna Industries: Result Snapshot - 01 Jul 2021

 
Sales grew 26% year on year with volume growth of 17% and 10% volume growth for entire year. Operating profit growth was 34% due to better gross margin as raw material prices were stable in previous quarter. However, it will hit margins in subsequent quarters. 
 
Our Opinion: Balkrishna Industries’ edge is low cost manufacturing of niche tyres (Off highway tyres) in agri, construction, mining, etc. It largely exports where it competes with MNCs on cost leadership. Less environment regulations and cost of operations aid its cost efficiency. It continues to expand as it grabs market share from current 5% market share in overall industry. After Sales market is another reason why its margins are higher. We expect its competitive advantage to sustain over long term but the profitability may come down over time as the company may prioritize to grow its topline. Currently the company is seeing good growth from new capacity addition. We don’t find valuation favourable.

Key Ratios of Balkrishna Inds.

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3,2233,7284,4475,2454,7825,7588,2679,8119,29910,413
Operating Expenses ⓘ 2,3842,5963,3403,9323,6483,9726,2918,1127,0947,992
Manufacturing Costs370366484549451558746874946947
Material Costs1,4091,5822,1502,4632,1272,3033,7794,9564,4745,063
Employee Cost 206224249264286326380404441494
Other Costs ⓘ 3984234576567857851,3861,8781,2321,488
Operating Profit ⓘ 8391,1321,1081,3121,1341,7861,9761,6982,2042,421
Operating Profit Margin (%) 26.0%30.4%24.9%25.0%23.7%31.0%23.9%17.3%23.7%23.2%
Other Income ⓘ 149250336214366161431355448535
Interest ⓘ 40211411910846110125
Depreciation ⓘ 282304311333368406444557644674
Exceptional Items ⓘ 0000000000
Profit Before Tax ⓘ 6651,0561,1181,1831,1231,5311,9541,4511,8992,156
Tax ⓘ 227341379401178376544372461528
Profit After Tax 4397167397829451,1551,4111,0791,4381,628
PAT Margin (%) 13.6%19.2%16.6%14.9%19.8%20.1%17.1%11.0%15.5%15.6%
Adjusted EPS (₹)22.737.038.240.548.959.873.055.874.484.2
Dividend Payout Ratio (%)12%11%21%20%41%28%38%29%22%19%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 2,7823,5514,0954,6795,0286,0076,9257,5898,86210,384
Share Capital ⓘ 19193939393939393939
Reserves ⓘ 2,7623,5324,0574,6404,9895,9696,8867,5508,82310,345
Minority Interest0000000000
Debt1,2727676198298618932,4423,2542,6872,878
Long Term Debt83121932215011,038691387
Short Term Debt4415486168278598921,9412,2151,9952,490
Trade Payables337363397357361633808487791746
Others Liabilities ⓘ 9911,0747345654815066839431,2661,553
Total Liabilities ⓘ 5,3825,7565,8456,4306,7318,04010,85712,27213,60515,560

Fixed Assets

Gross Block3,1423,3853,6663,9354,7835,2436,3448,2469,82511,123
Accumulated Depreciation2845888961,2261,5921,9962,4372,9673,6064,271
Net Fixed Assetsⓘ 2,8582,7972,7712,7093,1913,2483,9075,2786,2206,852
CWIP ⓘ 2311101185855868561,2581,392944985
Investmentsⓘ 8571,3501,1031,0831,0631,4181,8972,0372,6863,265
Inventories3884605947135809091,6391,5921,2711,716
Trade Receivables3804125025686497301,0981,2541,5431,611
Cash Equivalents 303142556465435385363
Others Assetsⓘ 3646147327166168251,0226818881,068
Total Assets ⓘ 5,3825,7565,8456,4306,7318,04010,85712,27213,60515,560

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ 1,0958427538131,1641,3638811,4142,0521,753
PBT ⓘ 6651,0561,1181,1831,1231,5311,9541,4511,8992,156
Adjustment ⓘ 407215241255279258209545408508
Changes in Working Capital ⓘ 259-113-215-21257-77-825-244163-432
Tax Paid ⓘ -233-313-386-407-286-349-457-338-418-479
Cash Flow From Investing Activity ⓘ -569-534-92-621-656-1,159-1,889-1,772-1,468-1,477
Capex -239-161-411-720-761-908-1,580-1,741-1,075-1,446
Net Investments -344-4043058886-289-352-88-457-176
Others ⓘ 143214112039435765145
Cash Flow From Financing Activityⓘ -656-616-655-173-521-1941,003359-568-268
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ -974-610-487-116-2391831,664385146-1,180
Interest Paid ⓘ -35-22-13-10-7-10-8-40-98-110
Dividend Paid ⓘ -91-64-121-174-513-232-560-309-309-310
Others ⓘ 44480-34128238-136-93323-3071,332
Net Cash Flow ⓘ -129-308619-1310-51179

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)17.2922.619.3417.8319.4720.9421.8214.8617.4816.92
ROCE (%)15.1522.5123.0122.8819.8624.124.1314.8217.6617.9
Asset Turnover Ratio0.610.680.770.850.730.780.880.850.720.71
PAT to CFO Conversion(x)2.491.181.021.041.231.180.621.311.431.08
Working Capital Days
Receivable Days55383737464440445555
Inventory Days43414345494756605652
Payable Days93816556627970485255

Balkrishna Industries Ltd Stock News

Balkrishna Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Balkrishna Inds. on 18-Jul-2025 16:59 is ₹2,745.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-Jul-2025 16:59 the market cap of Balkrishna Inds. stood at ₹53,075.2.
The latest P/E ratio of Balkrishna Inds. as of 18-Jul-2025 16:59 is 32.59.
The latest P/B ratio of Balkrishna Inds. as of 18-Jul-2025 16:59 is 5.11.
The 52-week high of Balkrishna Inds. is ₹3,375.4 and the 52-week low is ₹2,157.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Balkrishna Inds. is ₹10,413 ( Cr.) .

About Balkrishna Industries Ltd

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:

  • Agricultural tires
  • Industrial tires
  • OTR tires
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