Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Balkrishna Industries Limited
NSE: BALKRISINDConsumer CyclicalAuto Parts
- Last close
- ₹2,109.80
- Day change
- −₹0.40 (−0.02%)vs
- Market cap
- ₹38,675 crIndian rupees
- Research updated
- 1 report
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About Balkrishna Industries
Balkrishna Industries Limited manufactures and sells tires under the BKT brand in India, Europe, North America, and internationally. The company provides manufacturing and selling of off-highway tires (OHT) for use in various applications, such as agriculture, construction, earthmoving, mining and quarrying, industry, and port operations. It also offers two-wheeler, passenger car radial, and commercial vehicle radial tyres, as well as carbon black. Balkrishna Industries Limited was incorporated in 1961 and is headquartered in Mumbai, India.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: BALKRISIND
- Employees
- 4,170
- Headquarters
- Mumbai, India
- ISIN
- INE787D01026
- Website
- bkt-tires.com
Public research · Report of
Business model & financial foundation
Balkrishna Industries (BKT) (NSE: BALKRISIND), Tyres & Rubber Products - off-highway (agricultural, OTR, industrial) tyres: revenue of ₹10,823 crore in FY26 (+3.6% on FY25), an EBITDA margin of 21.3%, net profit of ₹1,243 crore and net debt of ₹895.0 crore.
- Revenue, FY26 (₹ crore)
- 10,823
- consolidated
- Revenue growth, FY26
- +3.6%
- on FY25
- EBITDA margin, FY26
- 21.3%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 1,243
- to owners
- Return on equity, FY26
- 11.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 895.0
- Net debt incl. treasury investments (negative = net cash)
- Market capitalisation (₹ crore)
- 41,078
- at the close of 14 Oct 2026
Company profile
Balkrishna Industries (BKT) is India's largest off-highway tyre exporter and holds about 6% of the global OHT market. It makes agricultural, construction/mining (OTR) and industrial tyres at Bhuj, Chopanki, Bhiwadi, Dombivli and Waluj, with captive carbon black (360,000 MTPA). About 60% of tonnage goes to Europe, the Americas and the rest of the world, mostly in the replacement channel. It is spending Rs 6,800 cr through FY29 to add OTR capacity and enter Indian on-highway (TBR, PCR, 2W) tyres, targeting Rs 23,000 cr revenue by FY30.
| Item | Value |
|---|---|
| Legal name | Balkrishna Industries Limited |
| Exchange and ticker | NSE: BALKRISIND; BSE: 502355 |
| ISIN | INE787D01026 |
| CIN | L99999MH1961PLC012185 |
| Sector | Consumer Discretionary / Automobile and Auto Components |
| Industry | Tyres & Rubber Products - off-highway (agricultural, OTR, industrial) tyres |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Jayantilal Thakkar & Co (FRN 104133W); Deloitte Haskins & Sells LLP joint auditor from 64th AGM (29 Jul 2026) (since 2022) |
| Market capitalisation | ₹41,078 crore (14 Oct 2026) |
| Shares outstanding | 19.33 crore shares (FY26) |
| Price | ₹2,006 (close, 14 Oct 2026) |
| 52-week range | ₹1,965 - ₹2,775 (to 14 Oct 2026) |
| Website | https://www.bkt-tires.com |
Corporate structure and shareholding
Parent: Promoter group: Rajiv Poddar 27.71%, VKP LLP 24.95%, Khushboo Poddar 3.93% (total promoter 58.3%, Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| BKT Europe S.R.L. | 100% | Distribution and marketing services in Europe (Italy) |
| BKT USA Inc | 100% | Marketing services in the US |
| BKT Tires Inc | 100% | Distribution in the US |
| BKT Tires (Canada) Inc | 100% | Marketing/distribution in Canada |
| BKT Netherlands B.V. | 100% | Incorporated 28 May 2025; European entity |
No material subsidiary under LODR thresholds; foreign subsidiaries' Q1FY27 total income Rs 252 cr, PAT Rs 0.9 cr (S5). BKT Tyres Ltd merged into parent effective 31 Jul 2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 58.30% | 58.30% | 58.30% | 58.30% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.70% | 11.00% | 11.10% | 10.30% |
| Domestic institutions | 24.70% | 24.40% | 24.30% | 24.60% |
| of which mutual funds | 18.23% | 18.26% | 17.82% | 18.66% |
| Retail | 6.30% | 6.30% | 6.30% | 6.80% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BKT sells branded off-highway tyres, chiefly agriculture and construction/mining, with replacement about70% of FY26 volumes. FY26 geography by volume: Europe40%, India36.3%, Americas13.2%, rest10.5%; Q1FY27 India39.7%, Europe38.4%. Carbon black is about9% of FY26 revenue, not a separate reported segment. Five100%-owned overseas entities support exports; no minorities. Capex6800cr throughFY29 adds OHT, carbon black/power and Indian on-highway tyres; FY30 revenue23000cr/on-highway5000cr are ambitions, not model outputs.
| Peer | Why the dossier compares them |
|---|---|
| Yokohama Rubber (Yokohama-ATG / TWS) | Largest specialist OHT competitor (Alliance Tire Group, Trelleborg Wheel Systems), same agri/OTR replacement markets |
| Titan International | US-listed agri/OTR wheels and tyres maker exposed to the same farm cycle |
| MRF (MRF) | |
| Apollo Tyres (APOLLOTYRE) | Indian tyre maker with European operations (Vredestein agri) and EUR exposure |
| CEAT (CEAT) | Indian tyre maker building an OHT export franchise (acquired CAMSO compact construction 2025) |
| JK Tyre & Industries (JKTYRE) | Indian tyre maker; TBR competitor for BKT's on-highway entry |
| TVS Srichakra (TVSSRICHAK) | Indian tyre maker with OHT export (Eurogrip); 2W tyre competitor for BKT's new verticals |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,209 | 9,646 | 9,369 | 10,447 | 10,823 |
| Cost of revenue (vendor classification) * | 3,999 | 5,166 | 4,815 | 5,358 | 5,490 |
| Other operating costs (vendor classification) * | 1,669 | 2,208 | 1,581 | 1,802 | 1,862 |
| EBITDA (vendor classification) * | 2,327 | 1,999 | 2,492 | 2,798 | 2,354 |
| EBIT * | 1,991 | 1,477 | 2,042 | 2,297 | 1,751 |
| Finance cost | 8.45 | 42.5 | 112.9 | 128.3 | 133.6 |
| Profit before tax | 1,982 | 1,435 | 1,941 | 2,187 | 1,644 |
| Tax | 546.8 | 377.4 | 469.5 | 532.4 | 400.6 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 1,435 | 1,057 | 1,471 | 1,655 | 1,243 |
| Diluted EPS (₹) | 74.25 | 54.70 | 76.12 | 85.61 | 64.30 |
| Materials, traded goods and inventory change | 4,491 | 5,060 | 5,227 | ||
| Employee benefits expense | 499.5 | 554.4 | 596.2 | ||
| Other expenses including freight and forwarding | 2,123 | 2,375 | 2,699 | ||
| EBITDA excluding other income | 2,255 | 2,458 | 2,300 | ||
| Other income | 449.2 | 538.8 | 251.8 | ||
| Depreciation and amortisation expense | 650.7 | 680.7 | 775.0 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 1,471 | 1,655 | 1,243 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 6,933 | 7,557 | 8,854 | 10,388 | 10,955 |
| Borrowings | 2,529 | 3,347 | 3,095 | 3,263 | 4,106 |
| Cash and cash equivalents | 45.9 | 69.3 | 80.0 | 86.3 | 64.5 |
| Trade receivables | 1,096 | 1,115 | 1,445 | 1,495 | 1,447 |
| Inventories | 1,672 | 1,667 | 1,332 | 1,782 | 1,808 |
| Trade payables | 829.3 | 492.1 | 910.2 | 753.9 | 912.3 |
| Net property, plant and equipment | 254.3 | 348.3 | 6,232 | 6,856 | 7,327 |
| Capital work in progress | 1,258 | 1,392 | 944.4 | 986.0 | 2,472 |
| Total assets | 10,979 | 12,348 | 13,685 | 15,635 | 17,766 |
| Current investments | 1,349 | 1,703 | 1,327 | ||
| Non-current investments | 1,337 | 1,562 | 1,796 | ||
| Net debt incl. treasury investments (negative = net cash) | 329.7 | -115.0 | 895.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 848.9 | 1,551 | 2,083 | 1,764 | 2,249 |
| Free cash flow (vendor definition) * | -687.3 | -314.5 | 984.1 | 281.1 | -754.0 |
| Dividends paid (the provider's sign: an outflow is negative) | -560.3 | -309.1 | -309.5 | -309.5 | -309.2 |
| Capital expenditure (the provider's sign: an outflow is negative) | -1,589 | -1,752 | -1,099 | -1,483 | -3,003 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 19.33 | 19.33 | 19.33 | 19.33 | 19.33 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,420 | 2,560 | 2,752 | 2,760 | 2,393 | 2,737 | 2,933 | 3,455 |
| Cost of revenue (vendor classification) * | 1,154 | 1,233 | 1,379 | 1,336 | 1,330 | 1,409 | 1,727 | |
| Other operating costs (vendor classification) * | 738.7 | 743.6 | 1,333 | 769.1 | 617.7 | 726.0 | 811.4 | |
| EBITDA (vendor classification) * | 670.3 | 788.0 | 712.9 | 613.3 | 720.5 | 636.0 | 844.1 | |
| EBIT * | 503.9 | 615.4 | 534.7 | 425.2 | 525.1 | 437.2 | 637.8 | |
| Finance cost | 41.2 | 15.7 | 49.5 | 30.8 | 32.5 | 34.1 | 36.2 | 36.8 |
| Profit before tax | 462.6 | 599.7 | 485.2 | 394.4 | 357.3 | 491.1 | 400.9 | 601.1 |
| Tax | 115.7 | 150.2 | 116.6 | 106.1 | 84.1 | 108.9 | 101.5 | 150.3 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 346.9 | 449.5 | 368.6 | 288.3 | 273.2 | 382.2 | 299.5 | 450.8 |
| Diluted EPS (₹) | 17.95 | 23.25 | 19.06 | 14.91 | 14.13 | 19.77 | 15.49 | 23.32 |
| Materials, traded goods and inventory change | 1,154 | 1,233 | 1,379 | 1,336 | 1,152 | 1,330 | 1,409 | 1,727 |
| Employee benefits expense | 130.5 | 144.7 | 149.7 | 148.4 | 143.5 | 146.0 | 158.2 | 172.7 |
| Other expenses including freight and forwarding | 555.5 | 582.1 | 610.6 | 769.1 | 586.5 | 617.7 | 726.0 | 811.4 |
| EBITDA excluding other income | 579.8 | 600.7 | 613.5 | 506.2 | 511.2 | 643.0 | 640.0 | 744.4 |
| Other income | 90.5 | 187.3 | 99.4 | 107.1 | 71.2 | 77.4 | -3.92 | 99.7 |
| Depreciation and amortisation expense | 166.4 | 172.6 | 178.2 | 188.2 | 192.6 | 195.3 | 198.9 | 206.3 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 346.9 | 449.5 | 368.6 | 288.3 | 273.2 | 382.2 | 299.5 | 450.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 44.6% | 17.5% | -2.9% | 11.5% | 3.6% |
| EBITDA margin | 24.1% | 23.5% | 21.3% | ||
| Net margin | 15.7% | 15.8% | 11.5% | ||
| Return on equity | 17.9% | 17.2% | 11.6% | ||
| Return on capital employed | 24.2% | 14.5% | 17.9% | 17.9% | 12.2% |
| Return on assets | 11.3% | 11.3% | 7.4% | ||
| Net debt (₹ crore) | 329.7 | -115.0 | 895.0 | ||
| Net debt / EBITDA | 0.15x | -0.05x | 0.39x | ||
| Interest cover | 235.6x | 34.8x | 18.1x | 17.9x | 13.1x |
| Asset turnover | 0.86x | 0.83x | 0.72x | 0.71x | 0.65x |
| Receivable days | 49 | 42 | 56 | 52 | 49 |
| Inventory days (on revenue) | 74 | 63 | 52 | 62 | 61 |
| Payable days (on revenue) | 37 | 19 | 35 | 26 | 31 |
| Cash conversion | 1.42x | 1.07x | 1.81x | ||
| Capex intensity | 19.4% | 18.2% | 11.7% | 14.2% | 27.7% |
| Free cash flow (₹ crore) | -740.1 | -200.9 | 984.1 | 281.1 | -754.0 |
| Dividend payout | 21.0% | 18.7% | 24.9% | ||
| EPS, diluted (₹) | 74.25 | 54.70 | 76.12 | 85.61 | 64.30 |
| Book value per share (₹) | 358.6 | 390.9 | 458.0 | 537.3 | 566.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl. treasury investments (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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