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Swing Capital

Balkrishna Industries Ltd

NSE: BALKRISIND BSE: 502355Infra

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]

₹2,129
52W: ₹2015 — ₹2801
PE 33.7 · Book ₹567 · +275% vs book
Market Cap₹41,153 Cr
Stock P/E33.7Price to Earnings
ROCE12.2%Return on Capital
ROE11.4%Return on Equity
Div. Yield0.74%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 17.7%

Weaknesses

  • −Stock is trading at 3.74 times its book value
  • −Company has a low return on equity of 14.0% over last 3 years.

Shareholding Pattern

Promoters58.3%
FIIs11.13%
DIIs24.25%
Public6.32%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.3%58.3%58.3%58.3%58.3%58.3%58.3%58.3%
FIIs12.61%11.72%▼0.911.28%▼0.411.46%▲0.210.5%▼1.010.7%▲0.211%▲0.311.13%▲0.1
DIIs22.29%23.31%▲1.023.81%▲0.523.63%▼0.224.71%▲1.124.55%▼0.224.42%▼0.124.25%▼0.2
Public6.65%6.52%▼0.16.46%▼0.16.46%6.37%▼0.16.31%▼0.16.29%▼0.06.32%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,2802,6732,6902,4362,5412,7472,7602,3892,7302,941
Expenses1,7412,0082,0391,8561,9532,1452,2571,8902,0982,312
Operating Profit539665650580588602503498632629
OPM %24%25%24%24%23%22%18%21%23%21%
Net Profit309481477350439362287265375295
EPS ₹15.9924.8724.6918.0822.7318.7314.8513.6919.415.26

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,820Cr, up 3.9% YoY. OPM at 21%.

Debt Position

Borrowings at ₹4,051Cr. Debt-to-equity ratio: 0.37x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2,472Cr (34% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 24.25% (+3.35pp change). FIIs: 11.13% (-1.27pp change). Promoters hold 58.3%.

Margin & Efficiency

ROCE declining from 17% (Mar 2015) to 12% (Mar 2026). Working capital days: 2.

Valuation

PE 33.7x with 12.2% ROCE. Price is 275% above book value of ₹567. Dividend yield: 0.74%.

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