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Makes off-highway tires (agricultural, construction, mining) under the BKT brand, mostly for export to Europe and the US.
Makes off-highway tires (agricultural, construction, mining) under the BKT brand, mostly for export to Europe and the US.
Sells mainly to the replacement market through distributors and dealers rather than to equipment makers, with exports as the main outlet. Costs track natural rubber and carbon black, so margins move with those inputs. The Poddar family controls the company.
Moat: narrow (brand, scale, distribution). BKT is a top-3 global off-highway tire brand with strong export distribution, in a market historically ceded by Western majors.
Headquarters: Mumbai, India · Founded: 1987 · Employees: 12,491
Size Balkrishna Industries (BALKRISIND.NS) is an India Consumer Discretionary company (Automotive Aftermarket) with a market value of $4.93B, the 211th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,410 on 6 Nov 2026.
Performance Over six months the shares gained 6.7%, against +1.2% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +4.7%); the operating margin is 14.6% (peer median 8.3%).
Valuation It trades at 30.5× forward earnings against a peer median of 15.8× (3rd most expensive of 20).
Capital Return on invested capital runs 4.1 points below its cost of capital (12.5% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹126B | ₹108B | ₹104B | ₹93.4B | ₹96.9B |
| Revenue growth | — | +4% | +11% | -4% | — |
| Gross profit | ₹47.0B | ₹32.8B | ₹31.8B | ₹27.7B | ₹28.8B |
| EBITDA | ₹26.6B | ₹25.7B | ₹24.4B | ₹22.6B | ₹16.7B |
| Net income | ₹14.2B | ₹12.4B | ₹16.5B | ₹14.7B | ₹10.6B |
| Free cash flow | n/a | -₹7.51B | ₹3.13B | ₹9.45B | -₹3.01B |
| Capital expenditure | n/a | ₹30.0B | ₹14.8B | ₹11.0B | ₹17.6B |
| Total debt | ₹60.5B | ₹41.1B | ₹32.7B | ₹31.0B | ₹33.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Balkrishna Industries BALKRISIND.NS | $4.93B | +7% | +20% | 15% | 30.5× | n/a |
| Titan International TWI | $319M | -38% | -4% | 1% | n/a | n/a |
| Trelleborg TREL-B.ST | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% |
| Cie Generale des Etablissements Michelin ML.PA | $25.1B | +5% | -4% | 10% | 12.6× | 3.7% |
| Bridgestone 5108.T | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% |
| Goodyear Tire & Rubber GT | $1.26B | -33% | -4% | 3% | n/a | 5.9% |
| Apollo Tyres APOLLOTYRE.NS | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% |
| CEAT CEATLTD.NS | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BALKRISIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.1% | +1.6% | 2nd highest of 21 |
| 6-month return | +6.7% | +1.2% | 6th highest of 21 |
| Distance from 52-week high | -13.2% | -22.3% | 4th highest of 21 |
| Revenue growth (TTM) | +20.4% | +4.7% | 4th highest of 21 |
| Operating margin | 14.6% | 8.3% | 4th highest of 20 |
| Forward P/E | 30.5× | 15.8× | 3rd most expensive of 20 |
| ROIC minus cost of capital | -4.1 pp | -0.2 pp | 5th lowest of 20 |
| EV / EBITDA | 19.3× | 7.6× | most expensive of 12 |
| Net debt / EBITDA | 1.8× | 1.1× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Pirelli & C PIRC.MI | Italy | $8.27B | +10% | -1% | -9% | 13.3× | -2.4% | +9.5% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Continental CON.DE | Germany | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% | -9.2% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |