Balkrishna Inds.

₹1950 12.8 | 0.7%

WEBSITE BSE:502355 NSE : BALKRISH IND 28 Mar, 10:04

Market Cap ₹37764 Cr.

Stock P/E 32.1

P/B 4.9

Current Price ₹1950

Book Value ₹ 398.5

Face Value 2

52W High ₹2451

Dividend Yield 1.43%

52W Low ₹ 1801

Edit Ratio

Balkrishna Inds. Research see more...

EQUITY RESEARCH: BALKRISHNA INDUSTRIES LIMITED

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.

Quarterly Price

Quarterly Monthly

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Peer Comparison

Balkrishna Inds. Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	1578	1509	1753	1803	2072	2046	2374	2619	2658	2166
Other Income	20	55	61	82	133	113	109	106	227	45
Total Income	1598	1564	1815	1885	2206	2159	2484	2725	2884	2211
Total Expenditure	1038	1030	1203	1292	1534	1589	1871	2175	2231	1896
Operating Profit	560	534	612	593	671	570	612	550	653	314
Interest	4	2	3	3	2	2	3	3	5	14
Depreciation	104	105	106	107	111	118	120	129	137	149
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	452	428	503	484	558	450	490	417	511	151
Provision for Tax	111	103	123	153	167	111	116	111	129	43
Profit After Tax	341	325	380	331	391	339	375	307	382	108
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	341	325	380	331	391	339	375	307	382	108
Adjusted Earnings Per Share	17.6	16.8	19.7	17.1	20.2	17.5	19.4	15.9	19.8	5.6

Balkrishna Inds. Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	3017	3394	3772	3817	3239	3723	4444	5210	4811	5783	8295	9817
Other Income	4	5	14	277	174	254	340	218	368	172	438	487
Total Income	3021	3398	3786	4094	3413	3977	4784	5428	5179	5955	8733	10304
Total Expenditure	2505	2725	2882	3089	2417	2592	3341	3907	3655	3972	6286	8173
Operating Profit	516	674	904	1005	996	1385	1442	1522	1524	1983	2447	2129
Interest	29	28	27	48	40	22	15	12	11	12	9	25
Depreciation	86	112	170	244	282	304	311	333	374	416	455	535
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	400	534	706	713	674	1059	1116	1177	1140	1555	1982	1569
Provision for Tax	131	184	232	241	229	342	380	403	180	377	547	399
Profit After Tax	269	350	475	473	446	717	736	774	960	1178	1435	1172
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	269	350	475	473	446	717	736	774	960	1178	1435	1172
Adjusted Earnings Per Share	13.9	18.1	24.6	24.4	23.1	37.1	38.1	40	49.6	60.9	74.3	60.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	43%	17%	17%	11%
Operating Profit CAGR	23%	17%	12%	17%
PAT CAGR	22%	23%	15%	18%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-5%	34%	13%	31%
ROE Average	22%	21%	20%	22%
ROCE Average	24%	23%	23%	20%

Balkrishna Inds. Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	1110	1443	1895	2276	2775	3543	4083	4654	5008	6000	6933
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	940	1567	1706	1359	831	219	3	2	2	1	501
Other Non-Current Liabilities	101	204	179	190	267	381	359	368	238	264	309
Total Current Liabilities	1060	937	1241	1493	1526	1647	1434	1455	1558	1902	3236
Total Liabilities	3212	4151	5021	5318	5398	5789	5878	6479	6806	8166	10979
Fixed Assets	873	1335	2389	2415	2859	2797	2771	2709	3308	3370	4019
Other Non-Current Assets	758	1303	1154	832	974	1246	1091	1299	1577	2317	3065
Total Current Assets	1580	1512	1479	2071	1566	1746	2017	2471	1921	2479	3894
Total Assets	3212	4151	5021	5318	5398	5789	5878	6479	6806	8166	10979

Balkrishna Inds. Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	12	370	278	15	433	328	23	26	46	47	55
Cash Flow from Operating Activities	76	549	602	984	1072	847	750	820	1173	1339	908
Cash Flow from Investing Activities	-688	-1011	-1230	-437	-552	-563	-92	-636	-678	-1173	-1897
Cash Flow from Financing Activities	970	370	365	-130	-625	-589	-654	-165	-495	-158	980
Net Cash Inflow / Outflow	357	-92	-263	417	-105	-306	4	20	1	8	-9
Closing Cash & Cash Equivalent	370	278	15	434	328	23	26	46	47	55	46

Balkrishna Inds. Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	13.91	18.1	24.55	24.45	23.06	37.08	38.06	40.02	49.65	60.92	74.26
CEPS(Rs)	18.38	23.9	33.36	37.05	37.66	52.81	54.17	57.23	68.97	82.45	97.81
DPS(Rs)	1.5	1.5	2	2.4	5.5	8	8	8	20	17	28
Book NAV/Share(Rs)	57.42	74.64	98.03	117.73	143.55	183.28	211.25	240.75	259.09	310.39	358.67
Core EBITDA Margin(%)	16.79	19.49	23.3	18.79	25.01	29.92	24.71	25.02	24.03	31.3	24.2
EBIT Margin(%)	14.09	16.35	19.21	19.66	21.71	28.59	25.35	22.82	23.91	27.08	23.99
Pre Tax Margin(%)	13.13	15.55	18.49	18.43	20.5	28	25.02	22.58	23.68	26.87	23.88
PAT Margin (%)	8.82	10.19	12.43	12.21	13.55	18.96	16.49	14.85	19.95	20.35	17.29
Cash Profit Margin (%)	11.65	13.46	16.88	18.5	22.13	27.01	23.47	21.23	27.71	27.55	22.78
ROA(%)	9.99	9.51	10.35	9.14	8.32	12.82	12.61	12.52	14.45	15.73	14.99
ROE(%)	27.28	27.41	28.44	22.66	17.65	22.69	19.3	17.71	19.86	21.39	22.2
ROCE(%)	19.98	17.47	18.48	16.97	15.35	22.5	22.88	22.7	20.07	24.21	24.19
Receivable days	49.43	53.68	54.16	56.34	53.6	38.46	36.46	34.91	41.99	42.37	40.67
Inventory Days	55.15	50.79	48.98	46.2	44.92	42.21	44.8	48.26	52.13	49.06	57.43
Payable days	34.86	47.55	68.35	74.44	95.12	82.61	66.73	59.39	65.69	82.03	71.7
PER(x)	9.31	7.52	9.74	13.21	13.65	18.68	28.18	24.85	15.93	27.75	28.8
Price/Book(x)	2.26	1.82	2.44	2.74	2.19	3.78	5.08	4.13	3.05	5.45	5.96
Dividend Yield(%)	0.58	0.55	0.42	0.37	0.87	0.58	0.75	0.8	2.53	1.01	1.31
EV/Net Sales(x)	1.27	1.33	1.87	2.14	2.36	3.96	4.85	3.84	3.36	5.81	5.28
EV/Core EBITDA(x)	7.45	6.71	7.79	8.13	7.68	10.66	14.96	13.16	10.6	16.95	17.9
Net Sales Growth(%)	41.48	12.51	11.14	1.19	-15.13	14.94	19.35	17.24	-7.65	20.2	43.44
EBIT Growth(%)	38.77	30.63	30.7	3.74	-6.18	51.32	4.65	5.14	-3.25	36.2	27.12
PAT Growth(%)	38.25	30.1	35.64	-0.43	-5.68	60.83	2.64	5.15	24.04	22.7	21.9
EPS Growth(%)	38.25	30.1	35.64	-0.43	-5.67	60.83	2.64	5.15	24.04	22.7	21.9
Debt/Equity(x)	1.54	1.5	1.29	1.04	0.68	0.39	0.21	0.19	0.19	0.17	0.36
Current Ratio(x)	1.49	1.61	1.19	1.39	1.03	1.06	1.41	1.7	1.23	1.3	1.2
Quick Ratio(x)	1.02	1.13	0.73	1.11	0.77	0.77	0.97	1.18	0.84	0.81	0.69
Interest Cover(x)	14.68	20.4	26.72	15.93	17.92	49.12	76.26	95.58	106.61	133.22	212.99
Total Debt/Mcap(x)	0.68	0.82	0.53	0.38	0.31	0.1	0.04	0.05	0.06	0.03	0.06

Balkrishna Inds. Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	58.3	58.3	58.3	58.3	58.3	58.29	58.29	58.29	58.29	58.29
FII	11.52	15.54	14.4	15.18	15.42	15.07	14.05	14.3	12.96	12.45
DII	18.97	14.97	14.59	14.09	12.56	11.59	11.79	11.17	18.92	20.23
Public	11.21	11.2	12.71	12.44	13.73	15.05	15.87	16.24	9.83	9.03
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27
FII	2.23	3	2.78	2.93	2.98	2.91	2.72	2.76	2.5	2.41
DII	3.67	2.89	2.82	2.72	2.43	2.24	2.28	2.16	3.66	3.91
Public	2.17	2.17	2.46	2.4	2.65	2.91	3.07	3.14	1.9	1.74
Others	0	0	0	0	0	0	0	0	0	0
Total	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33	19.33