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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +25% YoY · PAT +57% YoY · margin expansion · +18% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
OHT Sales Volume by Segment FY26
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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 for the current fiscal year is envisaged to be close to INR2,000 crores to INR2,200 crores.
"we envisage the year-end to be close to- INR 2,000 crores to INR2,200 crores"
Company aims to achieve INR23,000 crores in revenue by 2030.
"achieving INR23,000 crores in revenue by 2030"
Outcome check: Revenue YoY averaged 6.7% across 2 later quarter(s).
Raw material cost is expected to be similar for the next quarter due to EUDR.
"we expect a similar cost for the next quarter"
TBR and PCR pilot production will start in the second half of the next fiscal year.
"will start somewhere in the second half of the next fiscal"
Trend score and candlestick chart
41NeutralSMA20 +7.5% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
BALKRISINDdaily · 1Y · AUTO-1.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~6.9% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 1.3% of the 30-week proxy.
- The 30-week proxy changed -0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -397.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 58.3%. Key concern: ROCE trend is -3.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 47th pctile, median 74 · Large: 47th pctile, median 73
113 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 58.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.40
- P/B
- 4.03
- EV/EBITDA
- 14.49
- Market Cap
- 44165.00Cr
Profitability
- ROE
- 9.66%
- ROCE
- 11.20%
- ROA
- 7.91%
- Dividend Y
- 0.70%
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
- 6.09
- Book Value
- 567.00
Cash Flow
- FCF Yield
- 1.74%
- FCF Positive Y
- 9/5
- OCF
- 2249.00 Cr
- EPS TTM
- 72.71
Shareholding
- Promoter Hold
- 58.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.