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рдмрд╛рд▓реНрдХреГрд╖реНрдг рдЗрдВрдбрд╕реНрдЯреНрд░реАрдЬрдиреЗ Q2 FY26 рдордзреНрдпреЗ рдЕрдкреЗрдХреНрд╖реЗрдкреЗрдХреНрд╖рд╛ рдХрдордЬреЛрд░ рдХрд╛рдордЧрд┐рд░реА рдиреЛрдВрджрд╡рд▓реА рдЖрд╣реЗ, рдЬреНрдпрд╛рдд рдЬрд╛рдЧрддрд┐рдХ рдорд╛рдЧрдгреАрддреАрд▓ рдирд░рдорд╛рдИ рдЖрдгрд┐ рдкреНрд░рддрд┐рдХреВрд▓ рд╡реНрдпрд╡рд╕рд╛рдп рдорд┐рд╢реНрд░рдг рдпрд╛рдореБрд│реЗ рдорд╣рд╕реВрд▓ 1.1% YoY INR 23,935 рдорд┐рд▓рд┐рдпрдирдиреЗ рдХрдореА рдЭрд╛рд▓рд╛. рдирдлрд╛ рдХрдореА рд╡реНрдпрд╡рд╕рд╛рдп рдкреНрд░рдорд╛рдг рдЖрдгрд┐ рдЙрдЪреНрдЪ рдХрд░ рджрд░рд╛рдореБрд│реЗ рджреЗрдЦреАрд▓ рдкреНрд░рднрд╛рд╡рд┐рдд рдЭрд╛рд▓рд╛. рд╡рд┐рд╢реНрд▓реЗрд╖рдХрд╛рдВрдиреА рд╡реНрд╣реЕрд▓реНрдпреБрдПрд╢рди (рдореВрд▓реНрдпрд╛рдВрдХрди) рд╕рдкреНрдЯреЗрдВрдмрд░ 2027 рдЪреНрдпрд╛ рдЕрдВрджрд╛рдЬрд╛рдиреБрд╕рд╛рд░ рдкреБрдвреЗ рдиреЗрд▓реЗ рдЖрд╣реЗ рдЖрдгрд┐ INR 2,370 рдЪреНрдпрд╛ рд▓рдХреНрд╖реНрдп рдХрд┐рдВрдорддреАрд╕рд╣ "рд╣реЛрд▓реНрдб" рд░реЗрдЯрд┐рдВрдЧ рдХрд╛рдпрдо рдареЗрд╡рд▓реА рдЖрд╣реЗ, рдХрд╛рд░рдг рдирдЬреАрдХрдЪреНрдпрд╛ рдХрд╛рд│рд╛рддреАрд▓ рдЕрдВрджрд╛рдЬ рдорд░реНрдпрд╛рджрд┐рдд рдЖрд╣реЗ.
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]
Product PortfolioThe company is one of the worldтАЩs leading manufacturers of тАЬOff-Highway TiresтАЭ 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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | MRF | 152435.00 | 34.87 | 64641.85 | 0.15 | 525.64 | 11.67 | 7378.72 | 7.23 | 13.62 | 29130.05 | 14.11 | 1853.67 | 525.64 | 3.33 | 6.62 | 0.19 |
| 2. | Balkrishna Inds | 2319.50 | 33.16 | 44873.09 | 0.69 | 264.61 | -24.29 | 2388.65 | -1.95 | 16.49 | 10436.27 | 21.00 | 1353.26 | 264.61 | 4.29 | 10.24 | 0.35 |
| 3. | Apollo Tyres | 512.40 | 24.79 | 32555.12 | 0.98 | 258.05 | 25.57 | 6831.09 | 6.12 | 11.44 | 26743.39 | 13.73 | 1313.45 | 378.38 | 2.10 | 4.56 | 0.29 |
| 4. | CEAT | 3877.80 | 29.93 | 15690.39 | 0.77 | 185.71 | 52.54 | 3772.65 | 14.17 | 15.40 | 14022.58 | 11.55 | 524.21 | 185.95 | 3.43 | 4.66 | 0.68 |
| 5. | JK Tyre & Indust | 446.45 | 22.42 | 12236.34 | 0.67 | 226.86 | 58.99 | 4011.31 | 10.76 | 12.78 | 15312.53 | 10.45 | 545.66 | 226.74 | 2.33 | 3.74 | 0.92 |
| 6. | TVS Srichakra | 4702.10 | 147.87 | 3603.96 | 0.36 | 10.96 | 22.70 | 926.49 | 10.07 | 5.36 | 3367.01 | 6.69 | 24.37 | 12.65 | 3.12 | 0.95 | 0.69 |
| 7. | Goodyear India | 890.50 | 49.47 | 2054.39 | 2.68 | 13.07 | -16.96 | 596.46 | -12.57 | 13.01 | 2487.10 | 3.87 | 41.53 | 13.07 | 3.57 | 4.55 | 0.05 |
| тАУ | Median: 14 Co. | 309.88 | 29.93 | 1327.71 | 0.52 | 8.96 | -2.33 | 347.06 | 9.68 | 12.89 | 1391.11 | 11.0 | 30.4 | 9.8 | 2.6 | 4.57 | 0.35 |
Standalone figures in тВ╣ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,704 | 2,142 | 2,318 | 2,120 | 2,226 | 2,280 | 2,673 | 2,690 | 2,436 | 2,541 | 2,747 | 2,760 | 2,389 |
Expenses | 2,260 | 1,885 | 1,847 | 1,639 | 1,707 | 1,741 | 2,008 | 2,039 | 1,856 | 1,953 | 2,145 | 2,257 | 1,890 |
Operating Profit | 445 | 257 | 471 | 481 | 518 | 539 | 665 | 650 | 580 | 588 | 602 | 503 | 498 |
Other Income | 226 | 43 | 54 | 104 | 107 | 66 | 171 | 159 | 90 | 187 | 99 | 104 | 71 |
Profit before tax | 532 | 142 | 348 | 411 | 444 | 411 | 634 | 627 | 465 | 589 | 475 | 391 | 347 |
Tax % | 24% | 30% | 27% | 24% | 24% | 25% | 24% | 24% | 25% | 25% | 24% | 27% | 24% |
Net Profit | 404 | 100 | 256 | 312 | 335 | 309 | 481 | 477 | 350 | 439 | 362 | 287 | 265 |
EPS in Rs | 20.89 | 5.15 | 13.22 | 16.15 | 17.35 | 15.99 | 24.87 | 24.69 | 18.08 | 22.73 | 18.73 | 14.85 | 13.69 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,575 | 3,776 | 3,220 | 3,728 | 4,447 | 5,244 | 4,782 | 5,758 | 8,267 | 9,811 | 9,299 | 10,413 | 10,436 |
Expenses | 2,681 | 3,040 | 2,365 | 2,596 | 3,340 | 3,929 | 3,530 | 3,971 | 6,291 | 8,090 | 7,094 | 7,991 | 8,245 |
Operating Profit | 894 | 736 | 855 | 1,132 | 1,108 | 1,315 | 1,252 | 1,786 | 1,976 | 1,721 | 2,205 | 2,422 | 2,191 |
Other Income | 14 | 278 | 133 | 250 | 336 | 211 | 248 | 161 | 431 | 333 | 448 | 533 | 461 |
Interest | 25 | 47 | 40 | 21 | 14 | 11 | 9 | 10 | 8 | 46 | 110 | 125 | 126 |
Depreciation | 165 | 240 | 282 | 304 | 311 | 333 | 368 | 406 | 444 | 557 | 644 | 674 | 724 |
Profit before tax | 718 | 728 | 665 | 1,056 | 1,118 | 1,183 | 1,123 | 1,531 | 1,954 | 1,451 | 1,899 | 2,156 | 1,803 |
Net Profit | 488 | 489 | 439 | 716 | 739 | 782 | 945 | 1,155 | 1,411 | 1,079 | 1,438 | 1,628 | 1,353 |
EPS in Rs | 25.26 | 25.29 | 22.69 | 37.02 | 38.24 | 40.45 | 48.88 | 59.77 | 72.97 | 55.80 | 74.36 | 84.23 | 70.00 |
Dividend Payout % | 4% | 5% | 12% | 11% | 21% | 20% | 41% | 28% | 38% | 29% | 22% | 19% | тАУ |
Standalone figures in тВ╣ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 19 | 19 | 19 | 19 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
Reserves | 1,865 | 2,272 | 2,762 | 3,532 | 4,057 | 4,640 | 4,989 | 5,969 | 6,886 | 7,550 | 8,823 | 10,345 | 10,404 |
Borrowings | 2,350 | 2,358 | 1,880 | 1,361 | 835 | 830 | 863 | 894 | 2,443 | 3,254 | 3,037 | 3,214 | 3,618 |
Other Liabilities | 639 | 665 | 720 | 843 | 914 | 921 | 840 | 1,139 | 1,490 | 1,429 | 1,706 | 1,962 | 2,375 |
Total Liabilities | 4,874 | 5,315 | 5,382 | 5,756 | 5,845 | 6,430 | 6,731 | 8,040 | 10,857 | 12,272 | 13,605 | 15,560 | 16,436 |
Fixed Assets | 2,329 | 2,415 | 2,858 | 2,849 | 2,849 | 2,786 | 3,277 | 3,334 | 3,986 | 5,349 | 6,284 | 6,913 | 7,030 |
Gross Block | 3,001.40 | 3,321.25 | 3,142.19 | 3,438.04 | 3,748.10 | 4,016.22 | 4,876.09 | 5,337.02 | 6,432.28 | 8,325.71 | 9,899.31 | 11,194.50 | тАУ |
Accumulated Depreciation | 671.95 | 906.49 | 283.97 | 589.45 | 899.06 | 1,230.13 | 1,599.02 | 2,002.84 | 2,446.18 | 2,976.54 | 3,615.36 | 4,281.10 | тАУ |
CWIP | 476 | 634 | 231 | 110 | 118 | 585 | 586 | 856 | 1,258 | 1,392 | 944 | 985 | 1,757 |
Investments | 427 | 445 | 866 | 1,350 | 1,103 | 1,083 | 1,063 | 1,418 | 1,897 | 2,037 | 2,686 | 3,265 | 3,113 |
Other Assets | 1,642 | 1,821 | 1,426 | 1,448 | 1,774 | 1,975 | 1,806 | 2,432 | 3,715 | 3,494 | 3,690 | 4,396 | 4,536 |
Total Assets | 4,874 | 5,315 | 5,382 | 5,756 | 5,845 | 6,430 | 6,731 | 8,040 | 10,857 | 12,272 | 13,605 | 15,560 | 16,436 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 594 | 979 | 1,095 | 842 | 753 | 813 | 1,164 | 1,363 | 881 | 1,414 | 2,052 | 1,753 |
Cash from Investing Activity | -1,241 | -428 | -569 | -534 | -92 | -621 | -656 | -1,158 | -1,889 | -1,772 | -1,468 | -1,477 |
Cash from Financing Activity | 390 | -130 | -656 | -616 | -655 | -173 | -521 | -194 | 1,003 | 359 | -568 | -268 |
Net Cash Flow | -257 | 421 | -129 | -308 | 6 | 19 | -13 | 11 | -5 | 1 | 17 | 9 |
Standalone Figures in тВ╣ Crores / Yearly
| 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 | 63 | 58 | 43 | 40 | 41 | 40 | 50 | 46 | 48 | 47 | 61 | 56 |
Inventory Days | 112 | 73 | 100 | 106 | 101 | 106 | 100 | 144 | 158 | 117 | 104 | 124 |
Days Payable | 79 | 70 | 87 | 84 | 67 | 53 | 62 | 100 | 78 | 36 | 64 | 54 |
Cash Conversion Cycle | 96 | 61 | 56 | 63 | 75 | 92 | 87 | 90 | 129 | 128 | 100 | 126 |
Working Capital Days | 27 | -22 | -61 | -36 | 7 | 16 | 1 | 11 | -2 | -7 | -15 | -14 |
ROCE % | 19% | 17% | 15% | 20% | 22% | 22% | 19% | 23% | 23% | 14% | 16% | 16% |
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