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Balkrishna Industries Q3FY26: Revenue Up 4%, PAT Down 15%; Unveils ₹23,000 Cr Revenue Target for 2030
Balkrishna Industries reported a mixed Q3FY26 with revenue growing 4% YoY to ₹2,682 cr, while PAT declined 15% to ₹375 cr due to margin pressure. The company has set an ambitious 'Vision 2030' to reach ₹23,000 cr in revenue, representing a 2.2x growth from current levels. To achieve this, it plans a ₹3,500 cr capex over three years, expanding into new verticals like Passenger Car Radials (PCR) and Commercial Vehicle (CV) tires. Despite short-term profitability headwinds, the company maintains a strong cash position of ₹3,012 cr.
Key Highlights
Q3FY26 sales volume rose 6% YoY to 80,620 MT, but EBITDA margins contracted by 213 bps to 22.5%.
Announced a ₹3,500 cr capex plan over the next 3 years for Carbon Black expansion and new tire categories.
Targeting 2.2x revenue growth to reach ₹23,000 cr by FY30 with a projected 17% CAGR.
Entering the Indian replacement market for PCR and CV Radial tires, with CV pilot starting in Q4FY26.
Declared a 3rd interim dividend of ₹4 per share, taking the total 9M dividend to ₹12 per share.
💼 Action for Investors
Investors should monitor the execution of the new PCR and CV segments as these are highly competitive compared to BKT's core OHT niche. While the long-term growth guidance is aggressive, the current margin pressure and high capex intensity require a cautious outlook.