Arthneeti

Balkrishna Industries Q2 FY27 Share Price & Earnings Call Analysis

₹2,099.30-0.11% today
Market cap
₹40,575 Cr
P/E
28.86
ROE
9.66%
PEG
27.49
Price to sales
3.54
Debt to equity
0.38
52W high / low
₹2,716 / ₹1,974
Sales growth (5Y)
13.35%
EBITDA margin
22.04%
Net profit margin
9.52%
Promoter holding
58.30%
Sales (last year)
₹11,518 Cr

Balkrishna Industries Limited (BKT) started its Off-Highway tyre business in 1987. For over 30 years, BKT has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications. [1]

Guidance scorecard · Q2 FY27 call

What Balkrishna Industries Ltd's management guided
and where it ranks in Auto Components

#33of 66 in
Auto Components
Revenue20–40%MarginsWhat management saidCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • The ramp-up to supply 800,000 Pirelli-branded tires per year is expected by 2030, starting from 2027 with gradual scale-up.
  • The 8 lakh (800,000) tire supply to Pirelli forms part of the ongoing expansion program, utilizing increased capacity modularly.
  • Focus on premium car tire segment growth in India, a market growing annually at 6%-7%, with premium segment growing faster.
  • Majority of capacity will remain for BKT branded products; Pirelli supplies address a smaller premium segment (~10% of the market).
  • BKT expects the partnership to accelerate its go-to-market strategy and increase market outreach.

2 more points from Balkrishna Industries Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

See what Balkrishna Industries Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • It is part of BKT's existing expansion program initiated last year.
  • The current Phase 1 PCR plant at Bhuj has a capacity of 6,700 tires per day, with infrastructure allowing modular capacity expansion as demand grows.
  • Any new capex related to the potential 50-50 joint venture (JV) with Pirelli—planned to start by 2030 under preset conditions—will be decided later.
  • The existing plant machinery and systems are modern and capable of producing Pirelli-spec tires without immediate further investment.

2 more points from Balkrishna Industries Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Ask what Balkrishna Industries Ltd said on fundraising →

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what Balkrishna Industries Ltd said on the order book →

Full Q2 FY27 analysis
Full Auto Components ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Auto Components
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Balkrishna Industries Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Auto Components companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹3,020 Cr47.8
240%+Flat₹1,998 Cr63.5
340%+Flat₹428 Cr17.5
420–40%Up 2%+₹25,721 Cr73.8
520–40%Up 2%+₹13,417 Cr40.5
620–40%Up 0–2%₹23,344 Cr37.6

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Financials of Balkrishna Industries Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Balkrishna Industries Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +58.30%58.30%58.30%58.30%58.30%58.30%58.30%58.30%58.30%58.30%58.30%58.30%
FIIs +12.69%12.24%12.61%11.72%11.28%11.46%10.50%10.70%11.00%11.13%10.33%9.06%
DIIs +21.32%21.97%22.29%23.31%23.81%23.63%24.71%24.55%24.42%24.25%24.60%25.45%
Government +0.10%0.11%0.15%0.15%0.15%0.15%0.14%0.14%0.00%0.00%0.00%0.00%
Public +7.59%7.38%6.65%6.52%6.46%6.46%6.37%6.31%6.29%6.32%6.77%7.18%
No. of Shareholders1,25,3411,34,8311,23,4351,24,3881,18,9661,23,7551,27,4011,23,4061,23,3371,20,7401,22,3721,16,596

Pros & Cons

Balkrishna Industries Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Mar 2016 Feb 2018 Feb 2019 Mar 2020 Nov 2021 Feb 2023 Jan 2025 May 2026 OHT Sales Volume MT ・Standalone data 148,244 Presentation - 18 May 2016 “148,244” Page 22 · Source 172,419 Presentation - 14 Feb 2018 “172,419” Page 9 · Source 199,213 Presentation - 14 Feb 2018 “199,213” Page 9 · Source 201,760 Presentation - 11 Feb 2023 “2,01,760” Page 7 · Source 227,131 Presentation - 11 Nov 2021 “2,27,131” Page 7 · Source 288,795 Presentation - 13 May 2022 “2,88,795” Page 6 · Source 292,628 Presentation - 17 May 2024 “2,92,628” Page 5 · Source 317,356 Presentation - 08 May 2026 “3,17,356” Page 9 · Source Tire Manufacturing Capacity (Achievable) MTPA ・Standalone data 300,000 Presentation - 18 May 2016 “Achievable capacities of ~300,000 M.T.P.A” Page 4 · Source 300,000 Presentation - 14 Feb 2018 “Achievable capacities of ~300,000 M.T.P.A” Page 17 · Source 300,000 Presentation - 08 Feb 2019 “Achievable capacities of ~300,000 M.T.P.A” Page 16 · Source 285,000 Presentation - 11 Nov 2021 “Achievable capacities of ~285,000 M.T.P.A” Page 18 · Source 335,000 Presentation - 11 Feb 2023 “current achievable capacity is 335,000 MTPA and will increase back to 360,000MTPA by H1FY24” Page 18 · Source 360,000 Presentation - 25 Jan 2025 “The current tire achievable capacity is 360,000 MTPA” Page 12 · Source 360,000 Presentation - 08 May 2026 “Tire manufacturing capacity: Achievable output of 3,60,000 MTPA” Page 26 · Source Number of Countries Served count ・Standalone data 130 Presentation - 14 Feb 2018 “Sales to over 130 countries” Page 17 · Source 160 Presentation - 08 Feb 2019 “Sales to over 160 countries” Page 16 · Source 160 Presentation - 11 Nov 2021 “Sales to over 160 countries” Page 18 · Source 160 Presentation - 11 Feb 2023 “Sales to over 160 countries” Page 18 · Source 160 Presentation - 25 Jan 2025 “Sales to over 160 countries” Page 12 · Source 160 Presentation - 08 May 2026 “Sales to over 160 countries” Page 26 · Source Number of SKUs (Product Portfolio) count ・Standalone data 2,400 Presentation - 14 Feb 2018 “capabilities to manufacture over 2,400 SKU” Page 17 · Source 2,700 Presentation - 08 Feb 2019 “capabilities to manufacture over 2,700 SKU” Page 16 · Source 2,700 Presentation - 11 Nov 2021 “capabilities to manufacture over 2,700 SKUs” Page 18 · Source 3,200 Presentation - 11 Feb 2023 “capabilities to manufacture over 3,200 SKUs” Page 18 · Source 3,200 Presentation - 25 Jan 2025 “capabilities to manufacture over 3,200 SKUs” Page 12 · Source 3,600 Presentation - 08 May 2026 “development of over 3600 SKUs” Page 26 · Source Carbon Black Manufacturing Capacity MTPA ・Standalone data 115,000 Presentation - 11 Nov 2021 “Current achievable capacity at 115,000 MTPA” Page 18 · Source 170,000 Presentation - 11 Feb 2023 “Commissioned 55,000 MTPA Carbon Black capacity along with Power Plant” Page 6 · Source 200,000 Presentation - 25 Jan 2025 “The current carbon black achievable capacity is 200,000 MTPA including 30,000 MTPA high value Advanced Carbon material” Page 12 · Source 265,000 Presentation - 08 May 2026 “Carbon Black: In-house achievable capacity of 2,65,000 MTPA, including 30,000 MTPA of high-value advanced carbon material” Page 26 · Source Europe Share of OHT Sales (Geography Mix) % ・Standalone data 54.00 Credit Rating - 30 Jul 2018 “Europe and America accounting for 54% and 15%, respectively” Page 1 · Source 53.90 Presentation - 13 May 2022 “Europe 53.9%” Page 7 · Source 47.10 Presentation - 17 May 2024 “Europe 47.1%” Page 6 · Source 40.00 Presentation - 08 May 2026 “Europe 40.0%” Page 10 · Source Replacement Channel Share of OHT Sales % ・Standalone data 74.00 Presentation - 18 May 2016 “Sales Channel - FY16: Replacement 74%” Page 24 · Source 69.10 Presentation - 13 May 2022 “Replacement 69.1%” Page 7 · Source 71.10 Presentation - 17 May 2024 “Replacement 71.1%” Page 6 · Source 70.10 Presentation - 08 May 2026 “Replacement 70.1%” Page 10 · Source India Share of OHT Sales (Geography Mix) % ・Standalone data 17.60 Presentation - 13 May 2022 “India 17.6%” Page 7 · Source 26.80 Presentation - 17 May 2024 “India 26.8%” Page 6 · Source 36.30 Presentation - 08 May 2026 “India 36.3%” Page 10 · Source
Raw Insights
  • Mar 2016 Feb 2018 Feb 2019 Mar 2020 Nov 2021 Feb 2023 Jan 2025 May 2026 OHT Sales Volume MT ・Standalone data 148,244 Presentation - 18 May 2016 “148,244” Page 22 · Source 172,419 Presentation - 14 Feb 2018 “172,419” Page 9 · Source 199,213 Presentation - 14 Feb 2018 “199,213” Page 9 · Source 201,760 Presentation - 11 Feb 2023 “2,01,760” Page 7 · Source 227,131 Presentation - 11 Nov 2021 “2,27,131” Page 7 · Source 288,795 Presentation - 13 May 2022 “2,88,795” Page 6 · Source 292,628 Presentation - 17 May 2024 “2,92,628” Page 5 · Source 317,356 Presentation - 08 May 2026 “3,17,356” Page 9 · Source Tire Manufacturing Capacity (Achievable) MTPA ・Standalone data 300,000 Presentation - 18 May 2016 “Achievable capacities of ~300,000 M.T.P.A” Page 4 · Source 300,000 Presentation - 14 Feb 2018 “Achievable capacities of ~300,000 M.T.P.A” Page 17 · Source 300,000 Presentation - 08 Feb 2019 “Achievable capacities of ~300,000 M.T.P.A” Page 16 · Source 285,000 Presentation - 11 Nov 2021 “Achievable capacities of ~285,000 M.T.P.A” Page 18 · Source 335,000 Presentation - 11 Feb 2023 “current achievable capacity is 335,000 MTPA and will increase back to 360,000MTPA by H1FY24” Page 18 · Source 360,000 Presentation - 25 Jan 2025 “The current tire achievable capacity is 360,000 MTPA” Page 12 · Source 360,000 Presentation - 08 May 2026 “Tire manufacturing capacity: Achievable output of 3,60,000 MTPA” Page 26 · Source Number of Countries Served count ・Standalone data 130 Presentation - 14 Feb 2018 “Sales to over 130 countries” Page 17 · Source 160 Presentation - 08 Feb 2019 “Sales to over 160 countries” Page 16 · Source 160 Presentation - 11 Nov 2021 “Sales to over 160 countries” Page 18 · Source 160 Presentation - 11 Feb 2023 “Sales to over 160 countries” Page 18 · Source 160 Presentation - 25 Jan 2025 “Sales to over 160 countries” Page 12 · Source 160 Presentation - 08 May 2026 “Sales to over 160 countries” Page 26 · Source Number of SKUs (Product Portfolio) count ・Standalone data 2,400 Presentation - 14 Feb 2018 “capabilities to manufacture over 2,400 SKU” Page 17 · Source 2,700 Presentation - 08 Feb 2019 “capabilities to manufacture over 2,700 SKU” Page 16 · Source 2,700 Presentation - 11 Nov 2021 “capabilities to manufacture over 2,700 SKUs” Page 18 · Source 3,200 Presentation - 11 Feb 2023 “capabilities to manufacture over 3,200 SKUs” Page 18 · Source 3,200 Presentation - 25 Jan 2025 “capabilities to manufacture over 3,200 SKUs” Page 12 · Source 3,600 Presentation - 08 May 2026 “development of over 3600 SKUs” Page 26 · Source Carbon Black Manufacturing Capacity MTPA ・Standalone data 115,000 Presentation - 11 Nov 2021 “Current achievable capacity at 115,000 MTPA” Page 18 · Source 170,000 Presentation - 11 Feb 2023 “Commissioned 55,000 MTPA Carbon Black capacity along with Power Plant” Page 6 · Source 200,000 Presentation - 25 Jan 2025 “The current carbon black achievable capacity is 200,000 MTPA including 30,000 MTPA high value Advanced Carbon material” Page 12 · Source 265,000 Presentation - 08 May 2026 “Carbon Black: In-house achievable capacity of 2,65,000 MTPA, including 30,000 MTPA of high-value advanced carbon material” Page 26 · Source Europe Share of OHT Sales (Geography Mix) % ・Standalone data 54.00 Credit Rating - 30 Jul 2018 “Europe and America accounting for 54% and 15%, respectively” Page 1 · Source 53.90 Presentation - 13 May 2022 “Europe 53.9%” Page 7 · Source 47.10 Presentation - 17 May 2024 “Europe 47.1%” Page 6 · Source 40.00 Presentation - 08 May 2026 “Europe 40.0%” Page 10 · Source Replacement Channel Share of OHT Sales % ・Standalone data 74.00 Presentation - 18 May 2016 “Sales Channel - FY16: Replacement 74%” Page 24 · Source 69.10 Presentation - 13 May 2022 “Replacement 69.1%” Page 7 · Source 71.10 Presentation - 17 May 2024 “Replacement 71.1%” Page 6 · Source 70.10 Presentation - 08 May 2026 “Replacement 70.1%” Page 10 · Source India Share of OHT Sales (Geography Mix) % ・Standalone data 17.60 Presentation - 13 May 2022 “India 17.6%” Page 7 · Source 26.80 Presentation - 17 May 2024 “India 26.8%” Page 6 · Source 36.30 Presentation - 08 May 2026 “India 36.3%” Page 10 · Source

Financials of Balkrishna Industries Ltd

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +2,1592,2532,2742,6822,7142,4202,5602,7522,7602,3932,7372,9333,455
Expenses +1,6581,7201,7342,0012,0511,8401,9602,1392,2541,8822,0942,2932,711
Operating Profit501533541681664580601614506511643640744
OPM %23%24%24%25%24%24%23%22%18%21%24%22%22%
Other Income +1061076617116290187991077177-4100
Interest22243631224116503133343637
Depreciation155160161174163166173178188193195199206
Profit before tax430456409647640463600485394357491401601
Tax %23%24%25%25%23%25%25%24%27%24%22%25%25%
Net Profit +332347305487490347449369288273382299451
EPS in Rs17.1717.9715.8025.1825.3517.9523.2519.0614.9114.1319.7715.4923.32

Financials of Balkrishna Industries Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,8133,2373,7234,4445,2104,8115,7838,2959,7609,36910,44710,82311,518
Expenses +3,0862,3712,5923,3413,9043,5373,9726,2868,0477,1137,9888,5228,980
Operating Profit7278661,1311,1031,3061,2741,8112,0091,7122,2562,4592,3012,539
OPM %19%27%30%25%25%26%31%24%18%24%24%21%22%
Other Income +277131254340215250171438342449537252244
Interest48402215121112948113129134140
Depreciation244282304311333374416455571651681775793
Profit before tax7136741,0591,1161,1771,1401,5551,9821,4351,9412,1871,6441,850
Tax %34%34%32%34%34%16%24%28%26%24%24%24%
Net Profit +4734467177367749601,1781,4351,0571,4711,6551,2431,406
EPS in Rs24.4523.0637.0838.0640.0249.6460.9174.2554.7076.1285.6164.3072.71
Dividend Payout %5%12%11%21%20%40%28%38%29%21%19%25%

Financials of Balkrishna Industries Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital191919393939393939393939
Reserves2,2572,7563,5244,0454,6154,9705,9616,8947,5188,81510,34910,917
Borrowings +2,3581,8981,3918678719321,0012,5293,3473,0993,2674,111
Other Liabilities +6857258559279548661,1661,5171,4441,7311,9802,700
Total Liabilities5,3185,3985,7895,8786,4796,8068,16610,97912,34813,68515,63517,766
Fixed Assets +2,4152,8592,8492,8492,7863,3083,3704,0195,3846,3176,9417,409
CWIP6342311101196005878561,2581,3929449862,472
Investments4448361,3491,1031,0831,0621,4181,8972,0372,6863,2643,124
Other Assets +1,8251,4731,4811,8082,0101,8502,5233,8053,5353,7374,4434,761
Total Assets5,3185,3985,7895,8786,4796,8068,16610,97912,34813,68515,63517,766

Financials of Balkrishna Industries Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +9841,0728477508201,1731,3399081,4482,0821,7642,249
Cash from Investing Activity +-435-552-563-92-636-678-1,173-1,897-1,783-1,475-1,480-2,523
Cash from Financing Activity +-130-625-589-654-165-495-158980359-601-279254
Net Cash Flow419-105-30642018-92356-19
Free Cash Flow61483366633986390416-681-3041,001316-749
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit165%151%103%103%94%115%93%68%105%111%91%115%

Financials of Balkrishna Industries Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days564340393645484842565249
Inventory Days76102110105113105148162124108129126
Days Payable7488877058651038037665464
Cash Conversion Cycle5858647592849313012999126111
Working Capital Days-23-61-387613-47-3-10-17-16-45
ROCE %17%15%20%22%22%17%24%24%14%16%17%11%

Guidance history

How Balkrishna Industries Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%—Planned——
Q1 FY27 call →20–40%FlatPlanned——
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−9.9%49%
Last 6 months−2.8%49%
Last 3 months−9.0%43%

The price is 36.2% below its all-time high of ₹3,292.6 (2 Aug 2024). Stocks more than 20% below their peak have their score halved, so 48 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Balkrishna Industries Ltd: 0.4 × 49 + 0.4 × 49 + 0.2 × 43 = 48, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Balkrishna Industries Ltd's management said in earlier quarters

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