AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 3 Sep - Finance committee approved 550 crore private placement NCDs on 3 September 2026.
Source: Bse
Balkrishna Industries Limited (BALKRISIND)
Large CapAuto stocks · Large cap · NSE
Balkrishna Industries Ltd. (BKT) is an Indian manufacturer of Off-Highway Tyres (OHT) for agriculture, construction, mining, and industrial applications, with a global presence. It also produces carbon black and recently entered the On-Highway (CV Radial, PCR) tyre segment in India, targeting the replacement market.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:34 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -8.1% / mo · MACD + · near 52W low · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BALKRISINDD candles · FIT view-8.3%Latest close ₹2039.60 on 2026-10-21
Bar
-2.3%
RSI
40
MACD hist
7.18
52W pos
9%
2026-10-21O ₹2088.00H ₹2088.00L ₹2021.90C ₹2039.60Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BALKRISINDNifty AutoNifty 500
- BALKRISIND
- +0.1%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- +6.6 pp
Chart stats
21 Oct 2026- From 52W high
- -26.5%
- 52W range position
- 9%
- ATR (14)
- 2.7%
- Volume vs 20D
- 1.30x
- Avg traded value
- ₹31.8 Cr
- 20D price channel
- ₹1,964.7 - ₹2,231
₹2,775
₹1,964.7 - ₹2,775
₹55.5
Latest completed session
20-session average
20.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +25.2% · PAT +56.6% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-344.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +25% YoY · PAT +57% YoY · margin expansion · +18% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,455 Cr | +25.2% | +17.8% |
| EBITDA | ₹744 Cr | +47.0% | +16.3% |
| Operating margin | 22.0% | +400 bps | +0 bps |
| PAT | ₹451 Cr | +56.6% | +50.8% |
| PAT margin | 13.1% | +262 bps | +286 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.20
- P/B
- 3.62
- EV/EBITDA
- 13.14
- Market Cap
- 39684.00Cr
Profitability
- ROE
- 9.66%
- ROCE
- 11.20%
- ROA
- 7.91%
- Dividend Y
- 0.78%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 18.14×
- Altman Z
- 5.70
- Book Value
- 567.00
Cash Flow
- FCF Yield
- 1.94%
- FCF Positive Y
- 9/5
- OCF
- 2249.00 Cr
- EPS TTM
- 72.71
Shareholding
- Promoter Hold
- 58.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 3,455+17.8% vs prev
Net Profit
₹ CrLatest: 451+50.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-8.0%
3M return
+0.1%
6M return
-10.0%
1Y return
-12.4%
RS 1D
+3
RS 20D
+7
Sector rank
#9
Industry rank
#14
Stage evidence
- Price is within 7.4% of the 30-week proxy.
- The 30-week proxy changed -1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 92.89-0.61%
RS vs Nifty 50093
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth7/25
Quality0/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -344.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
28.2
PB
3.6
EV/EBITDA
13.1
ROE
9.7%
ROCE
11.2%
FCF Yield
1.9%
Debt/Equity
0.4
MoS
-344.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 29 (+1)
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-344.5%
Previous: -351.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
29
29
29
29
Factor attribution
Valuation
1+1
was 0
Modelled fair value
Graham Number
₹963.12
-111.8% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹458.8
-344.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BELRISE
Large
Belrise Industries Limited
Auto Components
match 143
31
44.1
12.6%
-4%
OVERVALUED
ENDURANCE
Large
Endurance Technologies Limited
Auto Components
match 137
47
34.5
14.9%
+24%
FAIR VALUE
ASAHIINDIA
Large
Asahi India Glass Limited
Auto Components
match 136
33
53.1
10.3%
-39%
WATCHLIST
ZFCVINDIA
Large
ZF Commercial Vehicle Control Systems India Limited
Auto Components
match 135
43
48.6
14.6%
-8%
WATCHLIST
GABRIEL
Large
Gabriel India Limited
Auto Components
match 135
50
71.3
20.2%
-68%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T07:42:07.987Z
Management commentary snapshot
FY26 revenue flat YoY at Rs. 10,656 Cr, with OHT volumes up 1%. EBITDA declined 10% YoY to Rs. 2,423 Cr, and Net Profit fell 25% YoY to Rs. 1,222 Cr, indicating significant margin pressure. Q4FY26 showed slight revenue and volume growth but continued profit decline.
Management is aggressively expanding into new segments (On-Highway, advanced Carbon Black) and capacities, targeting significant revenue growth by FY30. However, FY26 saw notable margin contraction and profit decline, raising concerns about execution and near-term profitability amidst this ambitious expansion phase.
Current business mix
OHT Sales Volume by Segment FY26
Latest issuer-disclosed distribution across 3 reported categories.
Agriculture58.8%
OTR37.5%
Others3.7%
Growth engines
OHT Global Market Share Expansion
INTACTTargeting 8% global market share in OHT segment, with a strategic goal of 10% through modular, phased investments.
Carbon Black Capacity & Market Position
INTACTExpanding capacity to capitalize on synergies and become a preferred supplier for Tire & Non-Tire segments.
Indian On-Highway Business Entry
INTACTPlanned modular entry into Premium Passenger Car Radial Tires and Commercial Vehicles Radial Tires, focusing on the Indian replacement market.
Capacity and execution
OHT & On-Highway Tyre Capacity Expansion
INTACTAdditional capex of Rs. 2,000 Cr approved for capacity expansion & infrastructure development across both OHT & On-highway tyre categories. OHT capacity to increase to 425,000 MTPA.
Carbon Black Capacity Expansion
INTACTPhase 1 capacity increased to 265,000 MTPA in 2026. Phase 2 from 265,000 MTPA to 360,000 MTPA will be onstream in Q1FY27.
Overall Capex Program
INTACTOn-going capex program includes Rs. 1,300 Cr (Aug 2024) for OHT Tyres and Rs. 3,500 Cr (May 2025) for On-Highway Tyres, Rubber Tracks, Carbon Black and Power Plant.
Tailwinds
OHT Market Recovery
INTACTGood recovery in H2 over H1 in Europe, improving traction in Americas, and sustained momentum in India for OHT business.
New Product Acceptance
INTACTEarly response from market for On-Highway Commercial Vehicles Tyres has been encouraging.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall annual performance and market trends in a cyclical industry like auto ancillaries. QoQ provides insights into sequential momentum, especially with new product launches and capacity ramp-ups.
Sector KPIs management disclosed
OHT Sales Volume
FY26: 3,17,356 MT (+1% YoY); Q4FY26: 85,820 MT (+5% YoY).
Revenue
FY26: Rs. 10,656 Cr (Flat YoY); Q4FY26: Rs. 2,894 Cr (+2% YoY).
EBITDA Margin
UNDER_STRESSFY26: 22.7% (-252 bps YoY); Q4FY26: 22.9% (-187 bps YoY).
Net Profit
UNDER_STRESSFY26: Rs. 1,222 Cr (-25% YoY); Q4FY26: Rs. 295 Cr (-19% YoY).
Management forward view
Revenue Growth Target
Targeting 2.2x revenue growth to ~Rs. 23,000 Cr by FY30, implying a 5-year CAGR of ~17%.
Overall Capex Outlook
Overall Capex till FY29 is projected at Rs. 6,800 Cr.
Blended Margin Expectation
Expect blended margins post full commercialization to be in the range of 23-25%, allowing absolute EBITDA to grow significantly.
ROCE Outlook
Do not anticipate a significant decline in ROCE as full potential is achieved, backed by enhanced revenue and operational strengths.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| OHT Sales Volume | 3,17,356 MT (FY26) | Sustained volume growth and progress towards 425,000 MTPA capacity utilization. |
| On-Highway Business Ramp-up | CV Radial pilot launched Q4FY26, PCR pilot Q3FY27. | Market share gains and revenue contribution towards 20% by FY30. |
| EBITDA Margin | 22.7% (FY26) | Stabilization and recovery towards management's 23-25% target. |
| Carbon Black Capacity Utilization | Phase 1 at 265,000 MTPA (2026) | Successful commissioning of Phase 2 (360,000 MTPA in Q1FY27) and utilization rates. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
Capex for the current fiscal year is envisaged to be close to INR2,000 crores to INR2,200 crores.
Timeframe: year-endConfidence: envisage
"we envisage the year-end to be close to- INR 2,000 crores to INR2,200 crores"
revenue outlookpartially deliveredquantified
Company aims to achieve INR23,000 crores in revenue by 2030.
Timeframe: by 2030Direction: achievingConfidence: vision of achieving
"achieving INR23,000 crores in revenue by 2030"
Outcome check: Revenue YoY averaged 6.7% across 2 later quarter(s).
operational efficiencynot yet verifiable
Raw material cost is expected to be similar for the next quarter due to EUDR.
Timeframe: next quarterDirection: similar costConfidence: expect
"we expect a similar cost for the next quarter"
project executionnot yet verifiable
TBR and PCR pilot production will start in the second half of the next fiscal year.
Timeframe: second half of the next fiscalDirection: startConfidence: will start
"will start somewhere in the second half of the next fiscal"
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 69th percentile of the scored universe and 47th percentile within Auto. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
114 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Auto: 47th pctile, median 74 · Large: 46th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 58.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸9 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Balkrishna Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CRISIL assigned A1+ rating to proposed Rs.500 crore commercial paper.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Raising of Funds 18 Aug - Finance Committee approved up to ₹550 crore NCD issuance on private placement basis, 18 August 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Aug - ICRA assigned AA+ stable rating to Balkrishna Industries’ proposed ₹550 crore NCD programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul
Source: Bse
Annual reportJul 2026
Jul 2026 · Annual Report Of The Company For The Financial Year 2025-26 Along With The Notice Convening 64Th Annual General Meeting ('Notice') To Be Held On Wednesday, The 29Th July, 2026 Through Video Conferencing / Other Audio Visual Means, 6 Jul - AGM on 29 July 2026; record date 17 July; final dividend Rs 4 per share, subject to approval.
Source: Bse
Annual reportJul 2026
Jul 2026 · Regulation 53 (1) Annual Report. 6 Jul - Balkrishna Industries AGM on 29 July 2026; record date 17 July for ₹4 final dividend.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Cessation 23 Jun - Deputy CFO Ravi Narayan Joshi resigned on 22 June 2026; effective 25 July 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Jun - Madhusudan Bajaj superannuates June 17, 2026; Saroj Kumar Khuntia appointed CFO from June 18, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.