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Consolidated Standalone

Balkrishna Inds.

₹2973.7 18.1 | 0.6%

Market Cap ₹57487 Cr.

Stock P/E 35.3

P/B 6.2

Current Price ₹2973.7

Book Value ₹ 483.1

Face Value 2

52W High ₹3378

Dividend Yield 0.67%

52W Low ₹ 2193.9

Edit Ratio

Balkrishna Inds. Research see more...

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EQUITY RESEARCH: BALKRISHNA INDUSTRIES LIMITED

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Balkrishna Industries Limited (BKT)

Overview Inc. Year: 1961Industry: Tyres & Allied

Balkrishna Industries Limited is engaged in supplying pneumatic tires. The Company gives tires, tubes and tire flaps. It focuses on manufacture of a number of off-highway tires (OHT). These tires are mainly intended for agricultural, industrial and construction, earthmover and port, mining, forestry, garden and lawn and all-terrain cars (ATV). It offers tires for compact loader, compact utility tractor, cotton picker, forwarder, cross-kart, golfing kart, harvester, hay harvester/baler, mower, orchard harvester, pivot irrigator, rotor rake, rototiller, sprayer, spreader, tanker, tractor, trailer, trencher, and vineyard harvester. The Company gives tires for backhoe loader, compact dumper, compactor, container handler, excavator, cellular home and skid steer. It additionally offers tires for dozer, haul teach, load haul dump (LHD) and underground mining motors. Its merchandise consist of AGRIMAX RT 855, PL 801, EARTHMAX SR forty one, EM 934, AGRIMAX TERIS and EARTHMAX SR 30, amongst others.

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Balkrishna Inds. Share Price

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Price

Quarterly Price

Quarterly Monthly
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Peer Comparison

Balkrishna Inds. Quarterly Results

#(Fig in Cr.) Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018
Net Sales 1001 1012 1114 1106 1232
Other Income 62 92 83 78 84
Total Income 1063 1104 1197 1184 1315
Total Expenditure 746 796 810 816 936
Operating Profit 318 308 387 368 379
Interest 5 5 3 2 3
Depreciation 75 76 78 80 78
Exceptional Income / Expenses 0 0 0 0 0
Profit Before Tax 237 228 307 286 298
Provision for Tax 99 75 104 96 104
Profit After Tax 138 153 203 190 194
Adjustments -138 -153 -203 -190 -194
Profit After Adjustments 0 0 0 0 0
Adjusted Earnings Per Share 7.1 7.9 10.5 9.8 10

Balkrishna Inds. Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 3577 3780 3223 3728 4447 5245 4782 5758 8267 9811 9299 4464
Other Income 14 280 149 250 336 214 366 161 431 355 448 337
Total Income 3591 4060 3371 3977 4783 5459 5148 5919 8697 10166 9747 4800
Total Expenditure 2683 3045 2384 2596 3340 3932 3648 3972 6291 8112 7094 3358
Operating Profit 908 1014 987 1382 1444 1527 1500 1947 2406 2054 2652 1442
Interest 25 47 40 21 14 11 9 10 8 46 110 13
Depreciation 165 240 282 304 311 333 368 406 444 557 644 312
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 718 728 665 1056 1118 1183 1123 1531 1954 1451 1899 1119
Provision for Tax 229 239 227 341 379 401 178 376 544 372 461 379
Profit After Tax 488 489 439 716 739 782 945 1155 1411 1079 1438 740
Adjustments 0 0 0 0 0 0 0 0 0 0 0 -740
Profit After Adjustments 488 489 439 716 739 782 945 1155 1411 1079 1438 0
Adjusted Earnings Per Share 25.3 25.3 22.7 37 38.2 40.5 48.9 59.8 73 55.8 74.4 38.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% 17% 12% 10%
Operating Profit CAGR 29% 11% 12% 11%
PAT CAGR 33% 8% 13% 11%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 23% 7% 33% 22%
ROE Average 17% 18% 19% 20%
ROCE Average 18% 19% 20% 20%

Balkrishna Inds. Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 1885 2292 2782 3551 4095 4679 5028 6007 6925 7589 8862
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1656 1359 831 219 3 2 2 1 501 1038 691
Other Non-Current Liabilities 171 190 270 381 359 367 236 261 306 394 471
Total Current Liabilities 1162 1474 1499 1605 1388 1382 1465 1771 3126 3251 3581
Total Liabilities 4874 5315 5382 5756 5845 6430 6731 8040 10857 12272 13605
Fixed Assets 2329 2415 2858 2797 2771 2709 3191 3248 3907 5278 6219
Other Non-Current Assets 1113 832 975 1247 1090 1286 1663 2404 3147 3107 2793
Total Current Assets 1431 2067 1548 1712 1983 2435 1877 2389 3803 3887 4593
Total Assets 4874 5315 5382 5756 5845 6430 6731 8040 10857 12272 13605

Balkrishna Inds. Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 266 10 430 320 11 18 36 23 34 29 31
Cash Flow from Operating Activities 594 979 1095 842 753 813 1164 1363 881 1414 2052
Cash Flow from Investing Activities -1241 -433 -569 -534 -92 -621 -656 -1159 -1889 -1772 -1468
Cash Flow from Financing Activities 390 -130 -656 -616 -655 -173 -521 -194 1003 359 -568
Net Cash Inflow / Outflow -257 416 -129 -308 6 19 -13 10 -5 1 17
Closing Cash & Cash Equivalent 10 431 301 11 18 36 23 34 29 31 47

Balkrishna Inds. Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 25.26 25.29 22.69 37.02 38.24 40.46 48.89 59.77 72.98 55.81 74.37
CEPS(Rs) 33.8 37.71 37.29 52.74 54.35 57.66 67.92 80.78 95.94 84.6 107.68
DPS(Rs) 2 2.4 5.5 8 8 8 20 17 28 20 20
Book NAV/Share(Rs) 97.5 118.54 143.9 183.72 211.86 242.04 260.12 310.77 358.23 392.61 458.45
Core EBITDA Margin(%) 24.73 19.16 25.62 29.91 24.8 25.02 23.71 31 23.89 17.3 23.65
EBIT Margin(%) 20.55 20.19 21.55 28.48 25.36 22.77 23.67 26.75 23.73 15.25 21.55
Pre Tax Margin(%) 19.85 18.98 20.33 27.91 25.04 22.55 23.48 26.58 23.63 14.78 20.37
PAT Margin (%) 13.51 12.75 13.4 18.91 16.55 14.91 19.76 20.06 17.05 10.99 15.42
Cash Profit Margin (%) 18.07 19.02 22.02 26.94 23.52 21.25 27.45 27.11 22.42 16.66 22.33
ROA(%) 11.02 9.6 8.2 12.85 12.75 12.74 14.36 15.64 14.93 9.33 11.11
ROE(%) 29.56 23.41 17.29 22.6 19.34 17.83 19.47 20.94 21.82 14.86 17.48
ROCE(%) 19.22 17.43 15.15 22.51 23.01 22.88 19.86 24.1 24.13 14.82 17.66
Receivable days 56.69 58.16 54.85 38.22 37.35 37.23 46.45 43.7 40.33 43.7 54.76
Inventory Days 48.54 43.85 43.48 40.86 43.06 45.48 49.35 47.19 56.23 60.07 56.05
Payable days 65.12 69.84 92.79 80.74 64.58 55.87 61.57 78.81 69.6 47.66 56.25
PER(x) 9.46 12.77 13.87 18.72 28.05 24.58 16.18 28.28 29.3 34.97 31.17
Price/Book(x) 2.45 2.72 2.19 3.77 5.06 4.11 3.04 5.44 5.97 4.97 5.06
Dividend Yield(%) 0.42 0.37 0.87 0.58 0.75 0.8 2.53 1.01 1.31 1.02 0.86
EV/Net Sales(x) 1.95 2.16 2.38 3.95 4.85 3.81 3.37 5.82 5.29 4.17 5.14
EV/Core EBITDA(x) 7.67 8.06 7.76 10.67 14.92 13.1 10.74 17.21 18.18 19.94 18.02
Net Sales Growth(%) 12.1 5.68 -14.75 15.68 19.3 17.93 -8.81 20.4 43.57 18.68 -5.22
EBIT Growth(%) 32.4 4.22 -8.89 52.8 5.08 5.44 -5.2 36.15 27.34 -23.72 34.17
PAT Growth(%) 37.25 0.09 -10.28 63.16 3.31 5.78 20.84 22.27 22.1 -23.53 33.27
EPS Growth(%) 37.25 0.09 -10.27 63.16 3.31 5.78 20.84 22.26 22.1 -23.53 33.27
Debt/Equity(x) 1.25 1.03 0.68 0.38 0.2 0.18 0.17 0.15 0.35 0.43 0.34
Current Ratio(x) 1.23 1.4 1.03 1.07 1.43 1.76 1.28 1.35 1.22 1.2 1.28
Quick Ratio(x) 0.78 1.14 0.77 0.78 1 1.25 0.89 0.84 0.69 0.71 0.93
Interest Cover(x) 29.62 16.62 17.71 50.27 80.78 107.58 123.58 151.1 243.49 32.6 18.34
Total Debt/Mcap(x) 0.51 0.38 0.31 0.1 0.04 0.04 0.06 0.03 0.06 0.09 0.07

Balkrishna Inds. Shareholding Pattern

# Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Promoter 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29 58.29
FII 14.05 14.3 12.96 12.45 12.43 12.41 12.54 12.69 12.24 12.61
DII 11.79 11.17 18.92 20.23 20.3 21 21.23 21.42 22.08 22.44
Public 15.87 16.24 9.83 9.03 8.98 8.3 7.95 7.6 7.38 6.66
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 47.66 to 56.25days.
  • Stock is trading at 6.2 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Balkrishna Inds. News

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