Balkrishna Industries Limited (BALKRISIND)

Automobile and Auto Components · Auto Components · NSE · Updated 16 July 2026

₹2,145 ↓ 19.15% (1Y)

🎯 Key Takeaways

Balkrishna Industries is in a strategic growth and margin optimization phase, transitioning from a volume-driven model to one focused on higher-margin product mix and capacity expansion. Management is actively investing in scale and sustainability while navigating raw material inflation through disciplined pricing.
Revenue grew 5.8% QoQ to ₹2,560 in Q3FY25.
⚠️ 1) Raw material inflation exceeding expectations could pressure margins despite implemented price hikes. 2) Geopolitical volatility may impact U.S. ex

Market Cap

₹41,530

P/E Ratio

23.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Balkrishna Industries is in a strategic growth and margin optimization phase, transitioning from a volume-driven model to one focused on higher-margin product mix and capacity expansion. Management is actively investing in scale and sustainability while navigating raw material inflation through disciplined pricing. The company is positioning for long-term structural growth in commercial vehicle (CV) radial and two-wheeler (2W) segments, particularly in export markets.

📰 What's Happening

In Q4 FY26, revenue grew 2% YoY to ₹2,894 crores, supported by 5% YoY growth in OHT volume (85,820 MT) and improved product mix toward higher-end radials. Management highlighted capacity expansion to 6,700 tyres/day and announced INR6,800 crores capex through FY29, with INR1,500-1,800 crores planned for FY27 for capacity and sustainability initiatives. A new CFO, Saroj Kumar Khuntia, was appointed effective June 18, 2026, following the superannuation of Madhusudan Bajaj. The company also reappointed Deloitte as joint statutory auditor and is targeting 10% U.S. volume growth in FY27 after achieving 'just short of 10%' in FY26.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,317	2,159	2,253	2,274	2,682	2,715	2,420	2,560
Operating Profit	537	607	640	606	852	825	670	788
OPM %	20.7%	23.2%	23.6%	23.8%	25.4%	24.4%	24.0%	23.5%
Net Profit	260	332	347	305	487	490	347	449
EPS	₹13.44	₹17.17	₹17.97	₹15.80	₹25.18	₹25.35	₹17.95	₹23.25

Revenue trends show sequential improvement from ₹2,159 crores in Q1FY24 to ₹2,894 crores in Q4FY26, with operating margins holding firm at 22.9% despite input cost pressures. Profitability remains stable, with EBITDA margin guidance of 23-25% sustained, underpinned by pricing discipline and mix shift rather than volume growth. Management has implemented 3-5% price hikes and plans an additional 2% increase to offset 7-8% expected raw material inflation, helping protect margins in the near term.

🔮 Management Outlook & What's Next

Management expects sustained EBITDA margins of 23-25% through disciplined pricing and product mix optimization, with growth targeted in CV radial and 2W segments. They project 10% U.S. volume growth in FY27, building on near-10% growth in FY26, and emphasize channel inventory as normal. Capex of INR1,500-1,800 crores in FY27 will focus on capacity augmentation and sustainability projects. Volume guidance for OHT and FY27 remains withheld due to geopolitical uncertainty, but no guidance was provided for revenue or margin beyond the EBITDA range.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Auto Components

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Samvardhana Motherson International Limited	1.37 L Cr	30.6	—	—	—
Bosch Limited	1.11 L Cr	55.0	—	—	—
Bharat Forge Limited	91,463	99.6	—	—	—
UNO Minda Limited	64,785	66.7	—	—	—
Schaeffler India Limited	62,984	67.0	—	—	—
Tube Investments of India Limited	55,168	47.4	—	—	—
MRF Limited	54,558	31.1	—	—	—
Balkrishna Industries Limited	41,530	23.4	—	—	—
Endurance Technologies Limited	35,848	44.7	—	—	—
Sona BLW Precision Forgings Limited	35,667	58.5	—	—	—

🔗 Peer Stock Analyses

MOTHERSON BOSCHLTD BHARATFORG UNOMINDA SCHAEFFLER

⚠️ Risk Factors

1) Raw material inflation exceeding expectations could pressure margins despite implemented price hikes. 2) Geopolitical volatility may impact U.S. export growth and global supply chains, limiting volume visibility. 3) Execution risks around capex deployment and sustainability initiatives could strain cash flows if returns are delayed. 4) Leadership transitions in finance, while continuity-focused, may introduce short-term execution uncertainty.

📋 Recent Filings

🧠 Analyst's Read

Balkrishna Industries is executing a disciplined transformation focused on margin resilience and strategic capacity expansion, supported by pricing power and product mix shifts. Investors should monitor U.S. volume traction, margin sustainability amid inflation, and successful integration of new leadership and capex projects. The next few quarters will test the scalability of its growth model in a volatile macro environment.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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