Balkrishna Industries Ltd

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Balkrishna Industries Ltd

₹ 2,469 -1.09%
12 Jun - close price
bkt-tires.com BSE: 502355 NSE: BALKRISIND
About

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]

Key Points

Product Portfolio
The company is one of the world’s leading manufacturers of “Off-Highway Tires” catering to specialty segments like Agricultural, Mining, Construction, Industrial, Earthmover, Port, ATV, and Turf care applications in both cross-ply and radial construction. It has a product range with more than 3,200 SKUs. [1] The company has a 5-6% market share in the global specialty market. [2]

Website BSE NSE
  • Market Cap ₹ 47,815 Cr.
  • Current Price ₹ 2,469
  • High / Low ₹ 3,378 / 2,152
  • Stock P/E 28.9
  • Book Value ₹ 537
  • Dividend Yield 0.65 %
  • ROCE 18.1 %
  • ROE 17.2 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 23.0%

Cons

  • Working capital days have increased from 98.9 days to 144 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Auto Components Tyres & Rubber Products

Part of BSE 500 BSE 200 Nifty 500 BSE Auto BSE MidCap

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
2,374 2,619 2,658 2,166 2,317 2,159 2,253 2,274 2,682 2,714 2,420 2,560 2,752
1,871 2,175 2,231 1,896 1,837 1,658 1,720 1,734 2,001 2,051 1,840 1,960 2,139
Operating Profit 503 444 426 269 480 501 533 541 681 664 580 601 614
OPM % 21% 17% 16% 12% 21% 23% 24% 24% 25% 24% 24% 23% 22%
109 106 227 45 57 106 107 66 171 162 90 187 99
Interest 3 3 5 14 26 22 24 36 31 22 41 16 50
Depreciation 120 129 137 149 156 155 160 161 174 163 166 173 178
Profit before tax 490 417 511 151 355 430 456 409 647 640 463 600 485
Tax % 24% 26% 25% 28% 27% 23% 24% 25% 25% 23% 25% 25% 24%
375 307 382 108 260 332 347 305 487 490 347 449 369
EPS in Rs 19.39 15.88 19.77 5.61 13.44 17.17 17.97 15.80 25.18 25.35 17.95 23.25 19.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
3,768 3,813 3,237 3,723 4,444 5,210 4,811 5,783 8,295 9,760 9,369 10,447
2,878 3,086 2,371 2,592 3,341 3,904 3,537 3,972 6,286 8,047 7,113 7,989
Operating Profit 890 727 866 1,131 1,103 1,306 1,274 1,811 2,009 1,712 2,256 2,458
OPM % 24% 19% 27% 30% 25% 25% 26% 31% 24% 18% 24% 24%
14 277 131 254 340 215 250 171 438 342 449 539
Interest 27 48 40 22 15 12 11 12 9 48 113 128
Depreciation 170 244 282 304 311 333 374 416 455 571 651 681
Profit before tax 706 713 674 1,059 1,116 1,177 1,140 1,555 1,982 1,435 1,941 2,187
Tax % 33% 34% 34% 32% 34% 34% 16% 24% 28% 26% 24% 24%
475 473 446 717 736 774 960 1,178 1,435 1,057 1,471 1,655
EPS in Rs 24.55 24.45 23.06 37.08 38.06 40.02 49.64 60.91 74.25 54.70 76.12 85.61
Dividend Payout % 4% 5% 12% 11% 21% 20% 40% 28% 38% 29% 21% 19%
Compounded Sales Growth
10 Years: 11%
5 Years: 17%
3 Years: 8%
TTM: 12%
Compounded Profit Growth
10 Years: 13%
5 Years: 15%
3 Years: 5%
TTM: 15%
Stock Price CAGR
10 Years: 22%
5 Years: 17%
3 Years: 5%
1 Year: -23%
Return on Equity
10 Years: 18%
5 Years: 18%
3 Years: 16%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 19 19 19 19 39 39 39 39 39 39 39 39
Reserves 1,876 2,257 2,756 3,524 4,045 4,615 4,970 5,961 6,894 7,518 8,815 10,349
2,439 2,358 1,898 1,391 867 871 932 1,001 2,529 3,347 3,099 3,267
688 685 725 855 927 954 866 1,166 1,517 1,444 1,731 1,980
Total Liabilities 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166 10,979 12,348 13,685 15,635
2,389 2,415 2,859 2,849 2,849 2,786 3,308 3,370 4,019 5,384 6,317 6,941
CWIP 565 634 231 110 119 600 587 856 1,258 1,392 944 986
Investments 370 444 836 1,349 1,103 1,083 1,062 1,418 1,897 2,037 2,686 3,264
1,697 1,825 1,473 1,481 1,808 2,010 1,850 2,523 3,805 3,535 3,737 4,443
Total Assets 5,021 5,318 5,398 5,789 5,878 6,479 6,806 8,166 10,979 12,348 13,685 15,635

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
602 984 1,072 847 750 820 1,173 1,339 908 1,448 2,083 1,764
-1,230 -435 -552 -563 -92 -636 -678 -1,173 -1,897 -1,783 -1,475 -1,479
365 -130 -625 -589 -654 -165 -495 -158 980 359 -602 -279
Net Cash Flow -263 419 -105 -306 4 20 1 8 -9 23 5 6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 59 56 43 40 39 36 45 48 48 42 56 52
Inventory Days 114 76 102 110 105 113 105 148 162 124 108 129
Days Payable 82 74 88 87 70 58 65 103 80 37 74 54
Cash Conversion Cycle 91 58 58 64 75 92 84 93 130 129 91 126
Working Capital Days 90 37 -8 19 76 74 66 70 86 76 76 144
ROCE % 18% 17% 15% 20% 22% 22% 17% 24% 24% 14% 18% 18%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
58.29% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30% 58.30%
14.30% 12.96% 12.45% 12.42% 12.40% 12.53% 12.69% 12.24% 12.61% 11.72% 11.28% 11.46%
11.17% 18.81% 20.12% 20.21% 20.90% 21.11% 21.32% 21.97% 22.29% 23.31% 23.81% 23.63%
0.00% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.11% 0.15% 0.15% 0.15% 0.15%
16.24% 9.84% 9.03% 8.99% 8.30% 7.94% 7.59% 7.38% 6.65% 6.52% 6.46% 6.46%
No. of Shareholders 1,35,3951,73,8021,58,2011,46,8041,40,4901,36,2141,25,3411,34,8311,23,4351,24,3881,18,9661,23,755

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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