BKT: world's largest Off-Highway Tyre maker, exporting agri, construction & mining tyres to 160+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,455 | +25.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 22.0 | +4.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 451 | +56.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.17 | −5.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -6.92 | −9.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 9.78 | −7.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q1 FY26 Margin Decline | 1% or 2% decline in the margin | Q4 FY25 | Historical promise, already achieved in Q1 FY26. | Achieved |
| Total Revenue | INR 23,000 crores by 2030 | Q4 FY25 | Not mentioned this quarter. The INR 5,000 cr On-Highway target was reiterated, but not the overall group target. | Ghosted |
| Blended Margins | 23% to 25% post full commercialization | Q4 FY25 | 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. | At Risk |
2 of Balkrishna Industries Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹2,326.5 on 24 Oct 2025 → ₹2,144.3. High ₹2,716.3 (10 Feb 2026), low ₹1,974 (11 Jun 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
3 of 5 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q1 FY26 Margin Decline | 1% or 2% decline in the margin | Q4 FY25 | Historical promise, already achieved in Q1 FY26. | Achieved |
| Total Revenue | INR 23,000 crores by 2030 | Q4 FY25 | Not mentioned this quarter. The INR 5,000 cr On-Highway target was reiterated, but not the overall group target. | Ghosted |
| Blended Margins | 23% to 25% post full commercialization | Q4 FY25 | 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. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Balkrishna Industries Limited Q1 FY27
Balkrishna Industries reported a strong Q1 FY27 with record OHT sales volume and robust revenue growth, driven by positive performance across India, Europe, and Americas. Margins faced pressure from raw material costs, partially offset by price hikes. The company successfully launched its On-Highway business and continued its capex program, while maintaining a healthy balance sheet and declaring an interim dividend.
Read the full callBalkrishna Inds Q4 FY26
Balkrishna Industries reported a resilient Q4 and FY26, achieving its highest ever annual OHT volumes despite macroeconomic uncertainties. The company saw sequential volume improvements, particularly in Europe and Americas, and made significant strides in expanding its carbon black and on-highway tyre businesses. While raw material price upticks and geopolitical factors impacted Q4 margins, management is confident in its long-term growth strategy, supported by substantial capex plans and a focus on product diversification and sustainability.
Read the full callBalkrishna Inds Q3 FY26
Balkrishna Industries reported a strong sequential improvement in Q3 FY26, with volumes up 15% QoQ and 6% YoY, reaching 80,620 metric tons. Standalone revenue grew 4% YoY to INR 2,682 crores, while EBITDA margin stood at 22.5%. The company commissioned a new carbon black line, increasing total capacity to 265,000 metric tons, and declared a third interim dividend of INR 4 per share. Despite ongoing macroeconomic challenges and US tariffs, the company is focused on regaining sales momentum and progressing on its capex plans.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +57% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,420 | 2,560 | 2,752 | 2,760 | 2,393 | 2,737 | 2,933 | 3,455 |
| Expenses | 1,840 | 1,960 | 2,139 | 2,254 | 1,882 | 2,094 | 2,293 | 2,711 |
| Operating profit | 580 | 601 | 614 | 506 | 511 | 643 | 640 | 744 |
| Operating margin | 24.0% | 23.0% | 22.0% | 18.0% | 21.0% | 24.0% | 22.0% | 22.0% |
| Other income | 90 | 187 | 99 | 107 | 71 | 77 | -4 | 100 |
| Interest | 41 | 16 | 50 | 31 | 33 | 34 | 36 | 37 |
| Depreciation | 166 | 173 | 178 | 188 | 193 | 195 | 199 | 206 |
| Profit before tax | 463 | 600 | 485 | 394 | 357 | 491 | 401 | 601 |
| Tax rate | 25.0% | 25.0% | 24.0% | 27.0% | 24.0% | 22.0% | 25.0% | 25.0% |
| Net profit | 347 | 449 | 369 | 288 | 273 | 382 | 299 | 451 |
| EPS (₹ per share) | 17.95 | 23.25 | 19.06 | 14.91 | 14.13 | 19.77 | 15.49 | 23.32 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 9,760 | 9,368 | 10,446 | 10,823 |
| Expenses | 8,139 | 7,113 | 7,990 | 8,523 |
| Operating profit | 1,619 | 2,256 | 2,459 | 2,300 |
| Other income | 435 | 450 | 538 | 251 |
| Interest | 48 | 113 | 129 | 134 |
| Depreciation | 571 | 650 | 680 | 775 |
| Profit before tax | 1,434 | 1,942 | 2,188 | 1,643 |
| Net profit | 1,057 | 1,471 | 1,655 | 1,242 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves | 6,894 | 7,518 | 8,815 | 10,349 | 10,401 | 10,917 |
| Borrowings | 2,529 | 3,347 | 3,099 | 3,267 | 3,682 | 4,111 |
| Other liabilities | 1,517 | 1,444 | 1,731 | 1,980 | 2,384 | 2,700 |
| Total liabilities | 10,979 | 12,348 | 13,685 | 15,635 | 16,505 | 17,766 |
| Fixed assets | 4,019 | 5,384 | 6,317 | 6,941 | 7,062 | 7,409 |
| Capital work in progress | 1,258 | 1,392 | 944 | 986 | 1,757 | 2,472 |
| Investments | 1,897 | 2,037 | 2,686 | 3,264 | 3,113 | 3,124 |
| Other assets | 3,805 | 3,535 | 3,737 | 4,443 | 4,574 | 4,761 |
| Total assets | 10,979 | 12,348 | 13,685 | 15,635 | 16,505 | 17,766 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 48 | 48 | 42 | 56 | 52 | 49 |
| Inventory days | 148 | 162 | 124 | 108 | 129 | 126 |
| Days payable | 103 | 80 | 37 | 66 | 54 | 64 |
| Cash conversion cycle | 93 | 130 | 129 | 99 | 126 | 111 |
| Working capital days | 7 | -3 | -10 | -17 | -16 | -45 |
| Return on capital employed | 24.0% | 24.0% | 14.0% | 16.0% | 17.0% | 11.0% |
| Dividend payout | 28.0% | 38.0% | 29.0% | 21.0% | 19.0% | 25.0% |
To justify its price of ₹2144, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹930 — downside of 57%.
Ownership
Promoters hold 58.30% as of Sept 2026; institutions cut 0.42 pts since Jun 2026.
since Jun 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.
Named in the Sep 2026 filing
Every holder of Balkrishna Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 27.71% | unchanged | |
| 24.95% | unchanged | |
| 9.58% | newly disclosed | |
| Insurer | 4.17% | −0.11 pp |
| 3.93% | unchanged | |
| Mutual fund | 3.45% | +1.04 pp |
| Mutual fund | 3.27% | +0.96 pp |
| Sovereign | 1.51% | unchanged |
| 1.44% | unchanged | |
| Mutual fund | 1.04% | newly disclosed |
| 0.26% | unchanged | |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 8 added, 6 trimmed, 0 sold out — net +3.36 L shares (+1.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Mid Cap Fund HDFC Mutual Fund | ₹3.0k Cr | held | Dec '22 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹995 Cr | held | Nov '24 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹496 Cr | held | Apr '26 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹413 Cr | held | Nov '23 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹238 Cr | held | Dec '22 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹209 Cr | held | Dec '22 |
| HDFC Aggressive Hybrid Fund HDFC Mutual Fund | ₹138 Cr | held | Feb '26 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹121 Cr | held | May '25 |
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 Sep 2026
8 added, 6 trimmed — net +3.36 L shares (+1.1%)
Shares held by these funds +232%
Oct '23 3.12 cr shares Sep '26
Your own record
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