BSE: 502355 | NSE: BALKRISIND | Tyres & Allied | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Balkrishna Industries Ltd is a good quality company.
The key valuation ratios of Balkrishna Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Balkrishna Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 17.4% | 15.2% | 22.5% | 23% | 22.9% | 19.9% | 24.1% | 24.1% | 14.8% | 17.7% | - |
| Value Creation Index ⓘ | 0.3 | 0.1 | 0.7 | 1.1 | 0.7 | 0.8 | 1.1 | 1.1 | 0.3 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 3,780 | 3,223 | 3,728 | 4,447 | 5,245 | 4,782 | 5,758 | 8,267 | 9,811 | 9,299 | 10,079 |
| Sales YoY Gr. | - | -14.8% | 15.7% | 19.3% | 17.9% | -8.8% | 20.4% | 43.6% | 18.7% | -5.2% | - |
| Adj EPS ⓘ | 15.6 | 19.3 | 28.6 | 26.6 | 33.5 | 41.8 | 55.9 | 59.8 | 45.9 | 60.8 | 83.6 |
| YoY Gr. | - | 23.9% | 48.2% | -7.2% | 26% | 24.8% | 33.6% | 7% | -23.2% | 32.5% | - |
| BVPS (₹) ⓘ | 118.5 | 143.9 | 183.7 | 211.9 | 242 | 260.1 | 310.8 | 358.2 | 392.6 | 458.5 | 486.5 |
| Adj Net Profit ⓘ | 302 | 374 | 554 | 514 | 648 | 808 | 1,080 | 1,156 | 888 | 1,176 | 1,617 |
| Cash Flow from Ops. ⓘ | 979 | 1,095 | 842 | 753 | 813 | 1,164 | 1,363 | 881 | 1,414 | 2,052 | - |
| Debt/CF from Ops. ⓘ | 2.4 | 1.7 | 1.6 | 1.1 | 1 | 0.7 | 0.7 | 2.8 | 2.3 | 1.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.5% | 12.1% | 17.3% | -5.2% | ||||
| Adj EPS ⓘ | 16.3% | 12.7% | 2.9% | 32.5% | ||||
| BVPSⓘ | 16.2% | 13.6% | 13.8% | 16.8% | ||||
| Share Price | 24.2% | 26.4% | 5.6% | 10.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.4 | 14.7 | 17.5 | 13.4 | 14.8 | 16.7 | 19.6 | 17.9 | 12.2 | 14.3 | 17.7 |
| Op. Profit Mgn % ⓘ | 19.5 | 26.5 | 30.4 | 24.9 | 25.1 | 26.2 | 31 | 23.9 | 17.6 | 23.7 | 24.2 |
| Net Profit Mgn % ⓘ | 8 | 11.6 | 14.9 | 11.6 | 12.4 | 16.9 | 18.8 | 14 | 9.1 | 12.7 | 16 |
| Debt to Equity ⓘ | 1 | 0.7 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.4 | 0.3 | 0.1 |
| Working Cap Days ⓘ | 144 | 140 | 123 | 130 | 128 | 140 | 131 | 134 | 133 | 139 | 88 |
| Cash Conv. Cycle ⓘ | 59 | 47 | 33 | 41 | 50 | 61 | 50 | 58 | 76 | 78 | 21 |
Return on Equity has increased versus last 3 years average to 17.70%
Sales growth is growing at healthy rate in last 3 years 17.32%
Sales growth is good in last 4 quarters at 14.52%
Net Profit has been subdued in last 3 years 2.88%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 83.6 | 84.3 |
| TTM Sales (₹ Cr.) | 10,079 | 10,091 |
| BVPS (₹.) ⓘ | 486.5 | 486.2 |
| Reserves (₹ Cr.) ⓘ | 9,366 | 9,360 |
| P/BV ⓘ | 5.69 | 5.69 |
| PE ⓘ | 33.09 | 32.85 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 2193.85 / 3377.95 |
| All Time Low / High (₹) | 0.58 / 3377.95 |
| Market Cap (₹ Cr.) | 53,508 |
| Equity (₹ Cr.) | 38.7 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 29 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,780 | 3,223 | 3,728 | 4,447 | 5,245 | 4,782 | 5,758 | 8,267 | 9,811 | 9,299 |
| Operating Expenses ⓘ | 3,045 | 2,384 | 2,596 | 3,340 | 3,932 | 3,648 | 3,972 | 6,291 | 8,112 | 7,094 |
| Manufacturing Costs | 439 | 370 | 366 | 484 | 549 | 451 | 558 | 746 | 874 | 946 |
| Material Costs | 1,968 | 1,409 | 1,582 | 2,150 | 2,463 | 2,127 | 2,303 | 3,779 | 4,956 | 4,474 |
| Employee Cost | 194 | 206 | 224 | 249 | 264 | 286 | 326 | 380 | 404 | 441 |
| Other Costs ⓘ | 443 | 398 | 423 | 457 | 656 | 785 | 785 | 1,386 | 1,878 | 1,232 |
| Operating Profit ⓘ | 735 | 839 | 1,132 | 1,108 | 1,312 | 1,134 | 1,786 | 1,976 | 1,698 | 2,204 |
| Operating Profit Margin (%) | 19.4% | 26.0% | 30.4% | 24.9% | 25.0% | 23.7% | 31.0% | 23.9% | 17.3% | 23.7% |
| Other Income ⓘ | 280 | 149 | 250 | 336 | 214 | 366 | 161 | 431 | 355 | 448 |
| Interest ⓘ | 47 | 40 | 21 | 14 | 11 | 9 | 10 | 8 | 46 | 110 |
| Depreciation ⓘ | 240 | 282 | 304 | 311 | 333 | 368 | 406 | 444 | 557 | 644 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 728 | 665 | 1,056 | 1,118 | 1,183 | 1,123 | 1,531 | 1,954 | 1,451 | 1,899 |
| Tax ⓘ | 239 | 227 | 341 | 379 | 401 | 178 | 376 | 544 | 372 | 461 |
| Profit After Tax | 489 | 439 | 716 | 739 | 782 | 945 | 1,155 | 1,411 | 1,079 | 1,438 |
| PAT Margin (%) | 12.9% | 13.6% | 19.2% | 16.6% | 14.9% | 19.8% | 20.1% | 17.1% | 11.0% | 15.5% |
| Adjusted EPS (₹) | 25.3 | 22.7 | 37.0 | 38.2 | 40.5 | 48.9 | 59.8 | 73.0 | 55.8 | 74.4 |
| Dividend Payout Ratio (%) | 5% | 12% | 11% | 21% | 20% | 41% | 28% | 38% | 36% | 27% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 2,292 | 2,782 | 3,551 | 4,095 | 4,679 | 5,028 | 6,007 | 6,925 | 7,589 | 8,862 |
| Share Capital ⓘ | 19 | 19 | 19 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves ⓘ | 2,272 | 2,762 | 3,532 | 4,057 | 4,640 | 4,989 | 5,969 | 6,886 | 7,550 | 8,823 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 1,993 | 1,272 | 767 | 619 | 829 | 861 | 893 | 2,442 | 3,254 | 3,037 |
| Long Term Debt | 1,359 | 831 | 219 | 3 | 2 | 2 | 1 | 501 | 1,038 | 691 |
| Short Term Debt | 633 | 441 | 548 | 616 | 827 | 859 | 892 | 1,941 | 2,215 | 2,345 |
| Trade Payables | 380 | 337 | 363 | 397 | 357 | 361 | 633 | 808 | 487 | 893 |
| Others Liabilities ⓘ | 650 | 991 | 1,074 | 734 | 565 | 481 | 506 | 683 | 943 | 814 |
| Total Liabilities ⓘ | 5,315 | 5,382 | 5,756 | 5,845 | 6,430 | 6,731 | 8,040 | 10,857 | 12,272 | 13,605 |
Fixed Assets | ||||||||||
| Gross Block | 3,321 | 3,142 | 3,385 | 3,666 | 3,935 | 4,783 | 5,243 | 6,344 | 8,246 | 9,825 |
| Accumulated Depreciation | 906 | 284 | 588 | 896 | 1,226 | 1,592 | 1,996 | 2,437 | 2,967 | 3,606 |
| Net Fixed Assetsⓘ | 2,415 | 2,858 | 2,797 | 2,771 | 2,709 | 3,191 | 3,248 | 3,907 | 5,278 | 6,219 |
| CWIP ⓘ | 634 | 231 | 110 | 118 | 585 | 586 | 856 | 1,258 | 1,392 | 944 |
| Investmentsⓘ | 445 | 857 | 1,350 | 1,103 | 1,083 | 1,063 | 1,418 | 1,897 | 2,037 | 2,687 |
| Inventories | 392 | 388 | 460 | 594 | 713 | 580 | 909 | 1,639 | 1,592 | 1,271 |
| Trade Receivables | 603 | 380 | 412 | 502 | 568 | 649 | 730 | 1,098 | 1,254 | 1,543 |
| Cash Equivalents | 431 | 303 | 14 | 25 | 56 | 46 | 54 | 35 | 38 | 53 |
| Others Assetsⓘ | 395 | 364 | 614 | 732 | 716 | 616 | 825 | 1,022 | 681 | 888 |
| Total Assets ⓘ | 5,315 | 5,382 | 5,756 | 5,845 | 6,430 | 6,731 | 8,040 | 10,857 | 12,272 | 13,605 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 979 | 1,095 | 842 | 753 | 813 | 1,164 | 1,363 | 881 | 1,414 | 2,052 |
| PBT ⓘ | 728 | 665 | 1,056 | 1,118 | 1,183 | 1,123 | 1,531 | 1,954 | 1,451 | 1,899 |
| Adjustment ⓘ | 286 | 407 | 215 | 241 | 255 | 279 | 258 | 209 | 545 | 408 |
| Changes in Working Capital ⓘ | 179 | 259 | -113 | -215 | -212 | 57 | -77 | -825 | -244 | 163 |
| Tax Paid ⓘ | -210 | -233 | -313 | -386 | -407 | -286 | -349 | -457 | -338 | -418 |
| Cash Flow From Investing Activity ⓘ | -433 | -569 | -534 | -92 | -621 | -656 | -1,159 | -1,889 | -1,772 | -1,468 |
| Capex | -366 | -239 | -161 | -411 | -720 | -761 | -908 | -1,580 | -1,741 | -1,075 |
| Net Investments | -77 | -344 | -404 | 305 | 88 | 86 | -289 | -352 | -88 | -458 |
| Others ⓘ | 10 | 14 | 32 | 14 | 11 | 20 | 39 | 43 | 57 | 65 |
| Cash Flow From Financing Activityⓘ | -130 | -656 | -616 | -655 | -173 | -521 | -194 | 1,003 | 359 | -568 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 40 | -974 | -610 | -487 | -116 | -239 | 183 | 1,664 | 385 | 146 |
| Interest Paid ⓘ | -46 | -35 | -22 | -13 | -10 | -7 | -10 | -8 | -40 | -98 |
| Dividend Paid ⓘ | -22 | -91 | -64 | -121 | -174 | -513 | -232 | -560 | -309 | -309 |
| Others ⓘ | -101 | 444 | 80 | -34 | 128 | 238 | -136 | -93 | 323 | -307 |
| Net Cash Flow ⓘ | 416 | -129 | -308 | 6 | 19 | -13 | 10 | -5 | 1 | 17 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 23.41 | 17.29 | 22.6 | 19.34 | 17.83 | 19.47 | 20.94 | 21.82 | 14.86 | 17.48 |
| ROCE (%) | 17.43 | 15.15 | 22.51 | 23.01 | 22.88 | 19.86 | 24.1 | 24.13 | 14.82 | 17.66 |
| Asset Turnover Ratio | 0.75 | 0.61 | 0.68 | 0.77 | 0.85 | 0.73 | 0.78 | 0.88 | 0.85 | 0.72 |
| PAT to CFO Conversion(x) | 2 | 2.49 | 1.18 | 1.02 | 1.04 | 1.23 | 1.18 | 0.62 | 1.31 | 1.43 | Working Capital Days |
| Receivable Days | 58 | 55 | 38 | 37 | 37 | 46 | 44 | 40 | 44 | 55 |
| Inventory Days | 44 | 43 | 41 | 43 | 45 | 49 | 47 | 56 | 60 | 56 |
| Payable Days | 70 | 93 | 81 | 65 | 56 | 62 | 79 | 70 | 48 | 56 |
While the group foundation dates back to the 1950s, Balkrishna Industries (BKT) started its Off-Highway tire business in 1987. For many years, the company has successfully focused on specialist segments such as agricultural, construction and industrial as well as earthmoving, port and mining, ATV, and gardening applications.
Talent for innovation has been the company’s strength ever since as a result of consistent and continuous investment into Research and Development (R&D) as well as into tire technology, tire machinery and tire manufacturing processes. Its independent R&D Center in Bhuj ensures research into innovative product design and development as well as sustainable materials. This includes ‘the tire of the future’ project as well as new compounding methods by using rubber obtained from the Russian Dandelion TKS as a renewable alternative to natural rubber. In addition, it produces in-house its own tire molds and carbon black pigments. This provides company with major autonomy and ensures enhanced quality control throughout the entire supply chain.
Business area of the company
The company is primarily engaged into Specialty ‘Off Highway Tire segment’ which is consisting of Agriculture, Industrial, Construction, Earthmoving, Mining, Port, Lawn and Garden and All-Terrain Vehicle (ATVs) Tires, etc. This segment is highly technical & capital intensive and known as ‘large varieties low volume segment’ where any credible player needs to maintain large number of Stock Keeping Units (SKUs) to meet the diverse requirement of its customers worldwide. While the sub segment (agriculture) is largely known as non-cyclical in nature, the other sub segment (industrial, construction and mining) is generally considered as cyclical and the performance of it is largely linked to overall economic outlook of the world. The market for company’s products is mainly Europe, America, Australasia and India.
Products:
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