Balkrishna Industries Limited (BALKRISIND)
₹2,109.80 -0.02% last close, 23 Oct
Snapshot
Balkrishna Industries Limited closed at ₹2,109.80 on 23 Oct 2026, 6.6% below its 200-day average, with an RSI(14) of 50.4 and a P/E of 29.03. On the daily chart it is in a weak downtrend, with a technical score of 45/100 (neutral). In the quarter ended June 2026, revenue grew 25.2% and net profit grew 56.4% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹2,109.80
- Day change
- -0.02%
- Market Cap
- ₹40,786 Cr
- 52-week range
- ₹1,964.70 – ₹2,775.00
- From 52-week high
- -23.97%
Financials23 Oct 2026
- P/E
- 29.03
- P/B
- 3.72
- ROE
- 12.8%
- ROCE
- 12.0%
- Debt to Equity
- 0.38
- OPM
- 22.0%
- YoY qtr sales growth
- 25.2%
- YoY qtr profit growth
- 56.4%
- Dividend Yield
- 0.78%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Weak Downtrend
- Technical score
- 45/100 · Neutral
- MACD
- Bullish
- RSI (14)
- 50.45
- ADX (14)
- 24.15
- SuperTrend
- Bearish
- vs 20-day SMA
- +1.83%
- vs 50-day SMA
- -4.38%
- vs 200-day SMA
- -6.63%
- RS rating
- 64.00
- Nearest support
- ₹1,976.00
- Nearest resistance
- ₹2,136.30
Exchange activity23 Oct 2026
- Delivery
- 72.03% vs 57.88% average
- Volume vs its average
- 4.4×
Events
- Latest results
- Q1 FY27, filed 29 Jul 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Balkrishna Industries' revenue was ₹3,455 Cr (+25.2% year on year, +17.8% on the previous quarter), and net profit ₹451 Cr (+56.4% year on year); the operating margin was 21.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,455 | +25.2% | +17.8% |
| Operating profit | ₹744 | +47.1% | +16.3% |
| Net profit | ₹451 | +56.4% | +50.8% |
| EPS (₹) | 23.32 | +56.4% | +50.5% |
| Operating margin | 21.5% | — | — |
BALKRISIND delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 72.03% of the BALKRISIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.88%. Delivery was unusually high while the price barely moved (-0.02%). It traded 4.4 times its average daily volume.
Delivery in the last 5 sessions: 61.8% · 58.6% · 57.9% · 52.8% · 72.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Balkrishna Industries (BKT) has entered into a strategic agreement with global tyre major Pirelli to manufacture up to 800,000 Pirelli-branded premium passenger car tyres by 2030 in India. The deal begins as an off-take manufacturing agreement using one of BKT's newly constructed plants equipped with advanced technology. In a planned second phase, both companies envisage creating a 50-50 joint venture to set up a dedicated production plant for High Value car tyres serving both Indian and international markets. This marks a pivotal entry for BKT beyond its traditional off-highway tyre domain into the high-margin premium consumer passenger car radial space.
- Phase 1 off-take agreement to produce up to 800,000 Pirelli branded tyres by 2030
- Agreement paves the way for a 50-50 JV and dedicated production plant for High Value car tyres under Phase 2
- Targets Indian car registration growth estimated at 5-7% annually from 2025 to 2030, with premium tyre demand seen growing fivefold
- Leverages BKT's newly constructed manufacturing facilities and domestic scale with Pirelli's premium technology
Balkrishna Industries submitted its half-yearly statement of listed debt securities as of September 30, 2026, pursuant to SEBI regulations. The total outstanding listed debt stands at Rs 1,500 Cr across commercial paper and non-convertible debentures (NCDs). This comprises Rs 200 Cr in 90-day Commercial Paper at 6.33% and Rs 1,300 Cr across six series of listed NCDs with coupon rates between 7.20% and 7.55%. The total outstanding debt of Rs 1,500 Cr accounts for approximately 37% of the company's total borrowings of Rs 4,051 Cr.
- Total listed debt securities outstanding stood at Rs 1,500 Cr as of September 30, 2026
- Commercial Paper outstanding was Rs 200 Cr maturing on December 24, 2026 at a coupon of 6.33% p.a.
- Unsecured rated listed NCDs outstanding totalled Rs 1,300 Cr with coupon rates ranging from 7.20% to 7.55% p.a.
- Maturity dates for the NCD series range from September 1, 2028 through March 21, 2031
Balkrishna Industries Limited has received a credit rating revalidation from CRISIL Ratings for its proposed ₹500 crore Commercial Paper programme. CRISIL has assigned/outstanding a rating of 'CRISIL A1+', indicating the highest degree of safety regarding timely payment of short-term financial obligations. The rated ₹500 crore instrument represents approximately 12.3% of the company's total existing debt of ₹4,051 crore and 4.3% of TTM revenue. The rating letter is valid for placement within 60 calendar days from September 22, 2026, with maturity capped at one year.
- CRISIL assigned/outstanding rating of 'CRISIL A1+' for ₹500 crore Commercial Paper programme
- Rating letter issued on September 22, 2026, valid for placement for 60 calendar days
- Once issued, the rating is valid throughout the instrument's life with a maximum maturity of 1 year
- The ₹500 crore proposed CP represents ~12.3% of the company's total debt (₹4,051 crore)
Balkrishna Industries Limited has received an adjudication order under Section 74(1) of the CGST Act, 2017 from the Assistant Commissioner of CGST, Bhuj Division. The order confirms a tax demand of ₹1.05 crore along with an equivalent penalty of ₹1.05 crore due to the disallowance of input tax credit for FY 2021-22 and FY 2022-23. The total confirmed liability of ₹2.10 crore is immaterial relative to the company's TTM revenue of ₹11,519 crore. Balkrishna Industries stated there is no operational or financial impact and confirmed it is contesting the order before higher appellate authorities.
- Adjudication order passed under Section 74(1) of CGST Act for FY 2021-22 and FY 2022-23
- Confirmed tax demand of Rs. 1.05 Crs on account of input tax credit disallowance
- Equivalent penalty of Rs. 1.05 Crs imposed by CGST Bhuj Division
- Order received on September 21, 2026, at 06.14 PM via email
- Company is in the process of contesting the demand at the higher Appellate level
Balkrishna Industries' Finance Committee has approved the issuance of 55,000 unsecured, redeemable Non-Convertible Debentures (NCDs) aggregating up to Rs 550 crore via private placement. The issuance is divided into three tranches with coupon rates ranging from 7.35% to 7.40% per annum, maturing between September 2028 and September 2030. The Rs 550 crore fundraise represents ~13.6% of the company's existing debt of Rs 4,051 crore and ~4.8% of TTM revenue. The debentures will be listed on BSE Limited.
- Approved issuance of 55,000 NCDs of face value Rs 1,00,000 each aggregating up to Rs 550 crore on private placement basis.
- Series I tenor is 1 year 11 months 29 days (maturity September 1, 2028) at a coupon rate of 7.35% p.a.
- Series II tenor is 3 years (maturity September 3, 2029) at 7.38% p.a. and Series III is 4 years (maturity September 3, 2030) at 7.40% p.a.
- The instruments are rated, listed, senior, unsecured, and non-cumulative, to be listed on BSE Limited.
ICRA has assigned a credit rating of '[ICRA]AA+ (Stable)' to Balkrishna Industries Limited's proposed Non-Convertible Debenture (NCD) programme of Rs 550.00 crore. The proposed debt instrument represents approximately 13.6% of the company's existing debt of Rs 4,051 crore and 5.0% of its net worth (Rs 10,967 crore). The high credit rating affirms the company's strong credit profile and financial standing as it continues funding operations and ongoing capex.
- ICRA assigned an '[ICRA]AA+ (Stable)' rating to the company's proposed NCD programme.
- The total rated amount for the proposed NCD issue is Rs 550.00 crore.
- Proposed issuance equates to ~13.6% of current debt (Rs 4,051 crore) and ~4.8% of TTM revenue (Rs 11,519 crore).
Balkrishna Industries Limited's Finance Committee has approved the issuance of up to 55,000 rated, listed, senior, unsecured, redeemable non-convertible debentures (NCDs) aggregating up to Rs 550 crore. The debentures have a face value of Rs 1,00,000 each and will be issued in multiple tranches on a private placement basis to be listed on BSE Limited. The proposed fundraise equals ~13.6% of the company's existing debt (Rs 4,051 crore) and ~4.8% of TTM revenue (Rs 11,519 crore). Specific terms including coupon rate, tenure, and repayment schedule will be determined and disclosed at the time of allotment.
- Approved issuance of up to 55,000 unsecured NCDs aggregating up to Rs 550 crore
- Face value fixed at Rs 1,00,000 per debenture, to be issued in multiple tranches on private placement
- Instruments to be listed on BSE Limited within approved Section 180(1)(c) borrowing limits
- Coupon rate, tenure, and redemption schedule to be disclosed upon final allotment
Balkrishna Industries (BKT) reported its highest-ever quarterly sales volume in the Off-Highway Tire (OHT) segment with 16% YoY growth in Q1 FY27. The company successfully commissioned Phase II of its Carbon Black plant, bringing total capacity to 360,000 MTPA, supported by an increased captive power capacity of 64 MW. Management reiterated a long-term revenue target of 5,000 Cr from the On-Highway segment by 2030, which is approximately 46% of current TTM revenue. Despite an 18% YoY rise in employee costs to 153 Cr due to wage hikes and new hiring, the company is aggressively expanding its product mix into TBR and 2-wheeler segments.
- Achieved 16% YoY sales volume growth in the core Off-Highway Tire (OHT) segment during Q1 FY27.
- Commissioned Phase II of Carbon Black plant, reaching a total capacity of 360,000 MTPA.
- Reiterated target of 5,000 Cr revenue from the On-Highway tire segment by the year 2030.
- Employee costs rose 18% YoY to 153 Cr, driven by Gujarat minimum wage hikes and staffing for new business lines.
- Captive power plant capacity increased to 64 MW to enhance energy circularity and operational efficiency.
Balkrishna Industries has released the audio recording of its Q1 FY27 analyst call, providing insights into its performance against a TTM revenue of Rs 10,823 Cr. The call likely addressed the impact of the 50% US tariffs and the company's strategy to reach a Rs 5,000 Cr TBR revenue target by 2030. With a current P/E of 32.4 and a 24.6% share price decline over 12 months, management commentary on margin protection is critical. This filing is a routine regulatory requirement under SEBI LODR.
- Audio recording of the Q1 FY27 results call made available on July 30, 2026
- Company is targeting a Rs 5,000 Cr revenue milestone for the TBR segment by 2030
- TTM Operating Profit Margin (OPM) stands at 21.3% as of the latest data
- H1 FY26 sales volume recorded a 4% YoY de-growth at 150,916 MT
Balkrishna Industries' shareholders have approved all resolutions at the 64th Annual General Meeting held on July 29, 2026. A final dividend of ₹4.00 per equity share (200% of face value) for FY26 was ratified, representing a total payout of approximately ₹77.3 crore. Shareholders also approved the appointment of Deloitte Haskins & Sells as Joint Statutory Auditors with a 95.72% majority. Key management re-appointments, including Mr. Vipul Shah as Whole Time Director, were passed with over 99% of votes in favor.
- Final dividend of ₹4.00 per equity share (200% on face value of ₹2) approved for FY26.
- Deloitte Haskins & Sells appointed as Joint Statutory Auditors with 95.72% votes in favor.
- Re-appointment of Mr. Vipul Shah as Whole Time Director approved with 99.58% majority.
- Total of 1,22,043 shareholders were on record for the meeting, with 90.8% of total shares polled for the dividend resolution.
- Remuneration for Cost Auditors for FY27 ratified with near-unanimous 99.99% approval.
Balkrishna Industries (BKT) reported its highest-ever quarterly sales volume of 93,770 MT in Q1FY27, a 16% YoY increase. Revenue grew 24% YoY to Rs 3,409 Cr, while Net Profit surged 50% to Rs 432 Cr, aided by unrealized forex gains. However, EBITDA margins contracted by 315 bps YoY to 20.6% due to rising raw material costs. The company unveiled an ambitious 'Vision 2030' targeting Rs 23,000 Cr in revenue (2.2x current levels) supported by a Rs 6,800 Cr capex plan through FY29.
- Achieved highest-ever quarterly sales volume of 93,770 MT, up 16% YoY.
- Targeting ~Rs 23,000 Cr revenue by FY30, representing a 17% CAGR from FY25 levels.
- Planned cumulative capex of Rs 6,800 Cr through FY29 to expand OHT and On-Highway capacities.
- Carbon Black capacity increased to 360,000 MTPA with 64 MW captive power integration.
- On-Highway business (TBR/PCR) expected to contribute 20% of total revenue by FY30.
Balkrishna Industries (BKT) delivered a strong Q1 FY27 performance with consolidated revenue rising 25.2% YoY to ₹3,455.27 Cr. Net profit surged 56.4% YoY to ₹450.77 Cr, significantly outperforming the ₹288.30 Cr reported in Q1 FY26. This growth was supported by a substantial expansion in operating margins, which improved to 15.57% from 11.52% YoY. Additionally, the board declared a 1st interim dividend of ₹4 per share, with a record date of August 4, 2026.
- Consolidated Revenue from Operations grew 25.2% YoY to ₹3,455.27 Cr from ₹2,760.02 Cr
- Consolidated Net Profit increased 56.4% YoY to ₹450.77 Cr
- Operating Margin expanded by 405 basis points YoY to 15.57%
- Declared 1st interim dividend of ₹4 per equity share (200% of face value)
- Total dividend cash outflow stands at ₹77.32 Cr, representing ~17% of Q1 PAT
Balkrishna Industries has scheduled its Q1 FY27 earnings conference call for July 30, 2026, at 11:00 AM IST. The management, led by Joint MD Rajiv Poddar, will discuss the company's operational and financial performance. This follows a period where the company reported a TTM revenue of ₹10,823 Cr and a TTM PAT of ₹1,243 Cr. Investors will be looking for updates on the 50% US tariffs imposed in August 2025 and the progress toward the ₹5,000 Cr TBR revenue target by 2030.
- Earnings conference call scheduled for July 30, 2026, at 11:00 AM IST
- Management to discuss Q1 FY27 performance (April-June 2026 period)
- Joint MD Rajiv Poddar and senior management to represent the company
- Company maintains a TTM OPM of 21.3% on a revenue base of ₹10,823 Cr
Balkrishna Industries has scheduled a board meeting on July 29, 2026, to approve its Q1 FY27 financial results and consider a first interim dividend. If declared, the record date for the dividend is fixed for August 4, 2026. The company currently maintains a TTM revenue of Rs 10,823 Cr and an operating margin of 21.3%. This announcement is routine but provides the timeline for the next financial update following a 24.7% share price decline over the last 12 months.
- Board meeting scheduled for July 29, 2026, to approve Q1 FY27 results and interim dividend.
- Record date for the 1st interim dividend is fixed for August 4, 2026.
- Trading window has been closed since July 1, 2026, and will reopen 48 hours after results.
- Company reported a TTM PAT of Rs 1,243 Cr and TTM EPS of Rs 64.30.
- Targeting Rs 5,000 Cr revenue from the Truck & Bus Radial (TBR) segment by 2030.
Balkrishna Industries Limited has submitted its quarterly compliance certificate for the period ending June 30, 2026. The document, issued by KFin Technologies Limited (the Registrar and Transfer Agent), confirms that the company has complied with SEBI (Depositories and Participants) Regulations regarding the dematerialization of shares. This is a standard procedural filing required of all listed entities to ensure the integrity of shareholding records. There are no material financial implications or changes to business operations arising from this announcement.
- Covers the reporting period for the quarter ended June 30, 2026
- Certificate provided by Registrar and Transfer Agent, KFin Technologies Limited
- RTA confirmation issued on July 02, 2026, and submitted to exchanges on July 15, 2026
Company profilewritten 13 Dec 2025
Financial Performance
Revenue Growth by Segment
The primary segment is Off-Highway Tires (OHT), which saw a standalone revenue of INR 2,320 Cr in Q2 FY26, a decline of 6% YoY. For H1 FY26, standalone revenue was INR 5,079 Cr, a marginal decline of 2% YoY. The company is expanding into the Truck & Bus Radial (TBR) segment with a revenue target of INR 5,000 Cr by 2030.
Geographic Revenue Split
The company reported lower sales volumes in the American market during Q2 FY26, while India sales saw an increase. Historically, the company derives a significant portion of its revenue from exports to Europe and North America, though specific percentage splits per region for the current quarter were not explicitly detailed beyond the trend of shifting mix.
Profitability Margins
Gross profit for FY25 was INR 2,829.82 Cr on a standalone basis. Net profit for Q2 FY26 was INR 265 Cr, down 24% YoY from INR 350 Cr. H1 FY26 PAT stood at INR 552 Cr, a 33% YoY decline from INR 827 Cr. PAT margin compressed from 15.9% in H1 FY25 to 10.9% in H1 FY26.
EBITDA Margin
EBITDA margin for Q2 FY26 was 21.5%, a decline of 358 bps from 25.1% in Q2 FY25. H1 FY26 EBITDA margin was 22.7% compared to 25.6% in H1 FY25. The decline is attributed to higher logistics costs, product mix shifts toward India, and partial absorption of US tariffs.
Capital Expenditure
Capex spend for H1 FY26 was approximately INR 1,737 Cr. The company plans annual maintenance and expansion capex of INR 1,100-1,300 Cr over the medium term, primarily funded through internal accruals.
Credit Rating & Borrowing
The company maintains a robust financial profile with a 'Stable' outlook from rating agencies. As of September 30, 2025, gross debt stood at INR 3,615 Cr. The company successfully repaid INR 500 Cr of Non-Convertible Debentures (NCDs) by April 2025.
Operational Drivers
Raw Materials
Key raw materials include natural rubber, synthetic rubber, and carbon black. Raw materials account for approximately 70% of the total production cost.
Import Sources
Raw materials like natural rubber are sourced globally, while synthetic rubber and carbon black are linked to crude oil derivatives. Specific countries were not listed, but the company noted inventory build-up to comply with EUDR (European Union Deforestation Regulation) requirements.
Capacity Expansion
Sales volume for H1 FY26 was 150,916 MT, a 4% YoY de-growth. The company is currently executing capacity expansion projects for the TBR segment to achieve a 7-8% market share by 2030.
Raw Material Costs
Raw material costs are highly volatile; a lag in passing on these costs led to a margin dip to 20% in FY23. The company uses backward integration into carbon black to mitigate cost pressures and improve operating efficiency.
Manufacturing Efficiency
Efficiency is driven by 'Large Variety - Low Volume' segment specialization, allowing for agility and customization. Captive power and carbon black integration support industry-leading margins compared to peers.
Logistics & Distribution
Logistics costs have been impacted by geopolitical tensions; realized foreign exchange losses pertaining to sales were INR 68 Cr in Q2 FY26.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
Growth is targeted through the Truck & Bus Radial (TBR) segment aiming for INR 5,000 Cr revenue by 2030. The strategy involves leveraging the existing distribution network, expanding the product portfolio beyond the current 3,200 SKUs, and increasing market share in the global OHT market from the current 5-6%.
Products & Services
Off-Highway Tires (OHT) for agricultural, construction, industrial, earthmoving, port, mining, ATV, and gardening applications. Also producing Truck & Bus Radial (TBR) tires.
Brand Portfolio
BKT
New Products/Services
Expansion into the TBR (Truck & Bus Radial) market is the primary new product focus, with a target to reach 7-8% market share in the midterm.
Market Expansion
Targeting increased penetration in the Indian domestic market and maintaining a 20%+ market share in the global agricultural tire segment.
Market Share & Ranking
Holds a 5-6% global market share in the specialty Off-Highway Tire market and over 20% in the agricultural tire segment.
External Factors
Industry Trends
The industry is shifting toward sustainable sourcing (EUDR) and increased radialization in emerging markets. BKT is positioning itself by expanding its radial capacity and building compliant raw material inventories.
Competitive Landscape
Competes with global tire majors in the OHT segment. BKT's competitive edge is its ability to service small, niche order lots that larger players often ignore.
Competitive Moat
The moat is built on a low-cost manufacturing base in India, a massive portfolio of 3,200+ SKUs that competitors find difficult to replicate in low volumes, and deep backward integration into carbon black.
Macro Economic Sensitivity
Highly sensitive to global agricultural and mining cycles. A slowdown in European or American construction/agri sectors directly impacts export volumes.
Consumer Behavior
Growing demand for specialized tires for high-capacity mining and precision farming equipment is driving the need for more complex radial tire designs.
Geopolitical Risks
Major risks include the 50% US tariff on OHT imports and the EUDR compliance requirements which could restrict market access if sustainability standards are not met.
Regulatory & Governance
Industry Regulations
Subject to US import tariffs (increased to 50% in Aug 2025) and EUDR regulations regarding the traceability of natural rubber to ensure no deforestation.
Environmental Compliance
The company spent INR 21.52 Cr on CSR projects in FY25 and is building inventory to comply with the EUDR (European Union Deforestation Regulation) effective Jan 2026.
Taxation Policy Impact
Standalone tax provision for FY25 was INR 472.83 Cr. The effective tax rate for H1 FY26 was approximately 25.3%.
Risk Analysis
Key Uncertainties
Volatility in natural rubber prices and crude-linked inputs could impact margins by 3-5% if not passed through. Geopolitical trade barriers (tariffs) remain a primary uncertainty.
Geographic Concentration Risk
Significant revenue concentration in Europe and North America makes the company vulnerable to regional economic downturns or trade policy changes in those zones.
Third Party Dependencies
Dependency on global shipping lines for exports; high ocean freight rates previously compressed margins to 20% in FY23.
Technology Obsolescence Risk
Risk of equipment obsolescence is managed through continuous capex (INR 1,737 Cr in H1 FY26) and a detailed Business Continuity Plan.
Credit & Counterparty Risk
Trade receivables stood at INR 1,429 Cr as of Sep'25, down from INR 1,611 Cr in March 2025, indicating healthy collection cycles.
