BALKRISIND

Balkrishna Industries share price & financials

Price
₹2,065.3
Market cap
₹47.7k Cr
Sector
Automobile and Auto Components
Calls analysed
6
Latest concall · Q1 FY27 · call held 30 Jul 2026

Balkrishna Industries Limited Q1 FY27

Standalone Revenue ₹3,409 cr +24%EBITDA ₹703 cr EBITDA Margin 20.61% PAT ₹432 cr

What went well

  • Achieved highest ever quarterly sales volume in OHT segment, growing 16% YoY to 93,770 metric tons.
  • Standalone revenue grew significantly by 24% YoY to INR 3,409 crores.
  • India's contribution to overall volumes increased to 40%, demonstrating strong domestic market performance.

What to watch

  • EBITDA margin of 20.61% was impacted by raw material prices due to geopolitical situations and supply chain disruptions.
  • Management expects raw material price increases to impact Q2 margins by approximately 2%.
Read the full call →

What Balkrishna Industries Limited does

Balkrishna Industries (brand: BKT) manufactures off-highway tires (OHT) for agricultural, construction, mining and industrial equipment, sold to over 160 countries through distribution networks across the Americas, Europe, India and the rest of the world. It also produces carbon black — a key tire raw material — in-house and for third-party industrial customers making plastics, pipes, cables and inks. The company is now entering premium passenger-car and commercial-vehicle radial tires for the Indian market. Revenue is earned through OEM and replacement-market tire sales, backed by manufacturing plants in Maharashtra, Rajasthan and Gujarat.

Segments

  • Off-Highway Tyres (OHT)
  • Carbon Black
  • On-Highway Tyres
Market position
World's largest Off-Highway Tyre (OHT) portfolio; India's foremost exporter in the Off-Highway tire segment
Manufacturing facilities
4 tire plants (Waluj, Maharashtra; Bhiwadi & Chopanki, Rajasthan; Bhuj, Gujarat) plus a dedicated Carbon Black plant, mould-manufacturing unit, drum-manufacturing unit and captive wind farm
Tire manufacturing capacity
Achievable output of 3,60,000 MTPA
Carbon Black manufacturing capacity
In-house achievable capacity of 2,65,000 MTPA, including 30,000 MTPA of high-value advanced carbon material
Captive cogeneration power capacity
64 MW at the Bhuj plant
Product portfolio
Over 3,600 SKUs
Founded 1987Headquarters Mumbai, Maharashtra, India (Corporate Office); Registered Office in Waluj, Chhatrapati Sambhaji Nagar, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 3 delivered 2 missed 10 open
  • Q1 FY26 Margin Decline delivered said Q4 FY25 Promised: 1% or 2% decline in the margin Q1 FY27: Historical promise, already achieved in Q1 FY26.
  • Total Revenue went quiet said Q4 FY25 Promised: INR 23,000 crores by 2030 Q1 FY27: Not mentioned this quarter. The INR 5,000 cr On-Highway target was reiterated, but not the overall group target.
  • Blended Margins at risk said Q4 FY25 Promised: 23% to 25% post full commercialization Q1 FY27: Q1 EBITDA margin came in at 20.61%, below the target range. Management guided for a further 2% margin impact in Q2 due to raw material costs.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.2%, net profit up 56.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,420 2,560 2,752 2,760 2,393 −1%2,737 +7%2,933 +7%3,455 +25%
EBITDA580 601 614 506 511 −12%643 +7%640 +4%744 +47%
Net profit347 449 369 288 273 −21%382 −15%299 −19%451 +57%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −9.2% 1Y

₹2.0k₹2.2k₹2.4k₹2.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 8 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹2,383.5 on 10 Sept 2025 → ₹2,164.6. High ₹2,716.3 (10 Feb 2026), low ₹1,974 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
+10.8%
30 Jul
Q4 FY26
−4.0%
9 May
Q3 FY26
−1.9%
29 Jan
Q2 FY26
+0.8%
1 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.5% a year over 3 years, FY23 to FY26. Operating margin widened to 21.3%.

Year endingFY23FY24FY25FY26
Revenue₹9.8k Cr₹9.4k Cr₹10.4k Cr₹10.8k Cr
Operating profit₹1.6k Cr₹2.3k Cr₹2.5k Cr₹2.3k Cr
Operating margin16.6%24.1%23.5%21.3%
Interest₹48 Cr₹113 Cr₹129 Cr₹134 Cr
Depreciation₹571 Cr₹650 Cr₹680 Cr₹775 Cr
Net profit₹1.1k Cr₹1.5k Cr₹1.7k Cr₹1.2k Cr
Net margin10.8%15.7%15.8%11.5%
ROCE14.0%16.0%17.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹39 Cr₹39 Cr₹39 Cr₹39 Cr₹39 Cr₹39 Cr
Reserves₹6.0k Cr₹6.9k Cr₹7.5k Cr₹8.8k Cr₹10.4k Cr₹10.9k Cr
Borrowings₹1.0k Cr₹2.5k Cr₹3.3k Cr₹3.1k Cr₹3.7k Cr₹4.1k Cr
Other liabilities₹1.2k Cr₹1.5k Cr₹1.4k Cr₹1.7k Cr₹2.4k Cr₹2.7k Cr
Total liabilities₹8.2k Cr₹11.0k Cr₹12.3k Cr₹13.7k Cr₹16.5k Cr₹17.8k Cr
Fixed assets₹3.4k Cr₹4.0k Cr₹5.4k Cr₹6.3k Cr₹7.1k Cr₹7.4k Cr
Capital work in progress₹856 Cr₹1.3k Cr₹1.4k Cr₹944 Cr₹1.8k Cr₹2.5k Cr
Investments₹1.4k Cr₹1.9k Cr₹2.0k Cr₹2.7k Cr₹3.1k Cr₹3.1k Cr
Other assets₹2.5k Cr₹3.8k Cr₹3.5k Cr₹3.7k Cr₹4.6k Cr₹4.8k Cr
Total assets₹8.2k Cr₹11.0k Cr₹12.3k Cr₹13.7k Cr₹16.5k Cr₹17.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.40 pp while FIIs trimmed −0.17 pp. The shareholder count shrank 4% to 1,22,372.

Promoters
58.3%
FIIs
10.3%
DIIs
24.6%
Public
6.8%

Since Jun 2025

  • Public +0.40 pp
  • FIIs −0.17 pp
  • Government −0.14 pp

How it drifted, 12 quarters

Over this window DIIs went from 21.1% to 24.6% — +3.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.3%, FIIs 12.5%, DIIs 21.1%, Government 0.1%, Public 7.9%.Dec '23: Promoters 58.3%, FIIs 12.7%, DIIs 21.3%, Government 0.1%, Public 7.6%.Mar '24: Promoters 58.3%, FIIs 12.2%, DIIs 22.0%, Government 0.1%, Public 7.4%.Jun '24: Promoters 58.3%, FIIs 12.6%, DIIs 22.3%, Government 0.1%, Public 6.7%.Sep '24: Promoters 58.3%, FIIs 11.7%, DIIs 23.3%, Government 0.1%, Public 6.5%.Dec '24: Promoters 58.3%, FIIs 11.3%, DIIs 23.8%, Government 0.1%, Public 6.5%.Mar '25: Promoters 58.3%, FIIs 11.5%, DIIs 23.6%, Government 0.1%, Public 6.5%.Jun '25: Promoters 58.3%, FIIs 10.5%, DIIs 24.7%, Government 0.1%, Public 6.4%.Sep '25: Promoters 58.3%, FIIs 10.7%, DIIs 24.6%, Government 0.1%, Public 6.3%.Dec '25: Promoters 58.3%, FIIs 11.0%, DIIs 24.4%, Public 6.3%.Mar '26: Promoters 58.3%, FIIs 11.1%, DIIs 24.3%, Public 6.3%.Jun '26: Promoters 58.3%, FIIs 10.3%, DIIs 24.6%, Public 6.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Balkrishna Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajiv Poddar 27.71%unchanged
Vkp Enterprises Llp 24.95%unchanged
HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund9.54%+0.36 pp
Life Insurance Corporation Of India - Ulif00420091 Insurer4.28%unchanged
Khushboo Rajiv Poddar 3.93%unchanged
SBI Large & Midcap Fund Mutual fund2.41%unchanged
Nippon Life India Trustee Ltd- A/C Nippon India Gr Mutual fund2.31%newly disclosed
Government Pension Fund Global Sovereign1.53%−0.88 pp
Rishabh Sureshkumar Poddar 1.44%unchanged
ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund1.32%newly disclosed
Tmp Enterpries Llp 0.26%unchanged
Poddar Brothers Investment Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BALKRISIND

Filings to Aug 2026

4 new, 12 added, 1 trimmed, 0 sold out — net +22.11 L shares (+15.5%).

Held by funds
₹3.8k Cr
31 schemes
Biggest holder
SBI Large and Midcap Fund
₹1.1k Cr · 2.5% of that fund
SchemeHoldingLast month
SBI Large and Midcap Fund SBI Mutual Fund₹1.1k Cr+6.30 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹534 Cr+1.49 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹444 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹278 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹244 Cr+0.74 L
HDFC Hybrid Equity Fund HDFC Mutual Fund₹161 Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹130 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹129 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

12 added, 1 trimmed — net +22.11 L shares (+15.5%)

Funds are sitting on
-15%
vs est. average cost
Held by funds
₹3.8k Cr
31 schemes · ≈ 7.1% of the company
Biggest holder
SBI Large and Midcap Fund
₹1.1k Cr · 2.5% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +170%

Aug '23 1.43 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2165, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹930 — downside of 57%.

Growth the price implies
21.6% a year
for 7 years, fading to 4%
It has actually compounded at
5.5% a year
net profit, FY23–FY26 · EPS 5.5%
The gap
0.2 pp
-57% downside if it only repeats history
Price today ₹2,164.6 Value at the reference growth ₹929.93

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Balkrishna Industries Limited

Guides on how to read this kind of business and the numbers that matter.