Balkrishna Industries Ltd(BALKRISIND)

NSE: BALKRISINDBSE: 502355

₹ 2,104.15-0.28%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 40,677 crWebsite: www.bkt-tires.comUpdated: 27 Oct 2026

About

Balkrishna Industries Ltd (BKT) manufactures Off-Highway Tyres (OHT) across agriculture, construction, earthmoving, mining, industry and port segments, with 3,600+ SKUs and a presence in over 160 countries across 5 continents. BKT holds over 5% global OHT market share and is the largest exporter in the agricultural radial segment among Indian tyre manufacturers, as well as the only Indian tyre manufacturer producing All Steel Radial mining tyres.^[1][2]

Business segments

BKT Tyres covers the full tyre portfolio (OHT, and from FY26 on-highway two-wheeler and CV radial tyres); BKT Carbon covers the carbon black and speciality materials business. The group was unified under 'BKT - Growing Together' in FY26.^[1]
Carbon Black contributed approximately 9% of overall FY26 revenue, with ~55% of production sold externally to third-party tyre and industrial customers as of Q2 FY26.^[3][4]

Products and brands

OHT portfolio spans agriculture, construction, earthmoving, mining, industry and port operations with 3,600+ SKUs; the ASR (All Steel Radial) range extends up to 57-inch tyres, with 63-inch tyres under advanced development as of FY26.^[1]
In FY26, BKT expanded into on-highway segments: two-wheeler tyres launched in the domestic market and CV radial (TBR) tyres with supplies to trade commencing April 2026. PCR pilot is scheduled for Q3 FY27.^[1][5]
BKT Carbon produces standard and specialty/advanced carbon black; specialty grades have secured approvals across plastics, pressure pipes, power cables and inks as of FY26.^[1]

Manufacturing capacity and operations

OHT production capacity is 3,60,000 MTPA across 5 manufacturing locations in India as of FY26. OHT achievable capacity is targeted at ~425,000 MTPA post completion of the ongoing 35,000 MTPA OTR capex and de-bottlenecking.^[1][3]
The Bhuj plant is one of the largest integrated OHT plants globally and produces approximately 70% of BKT's exports, with a stated roadmap to raise this to 80%.^[1]
Carbon Black capacity reached 360,000 MTPA after Phase 2 commissioning in Q1 FY27. Captive power at Bhuj was expanded from 40 MW to 64 MW at a capital outlay of INR125 crores.^[5]
CV radial (TBR) Phase 1 capacity is 800 tyres/day; Phase 2 will scale this to ~3,800 tyres/day. Two-wheeler tyre capacity is 100,000 tyres/month, scalable as per market response.^[1][3]
On-highway tyres are certified under IATF 16949 and BIS compliance standards; BKT Carbon is certified under EU REACH and IATF 16949 standards as of FY26.^[1]

Key operating numbers

OHT sales volume in Q1 FY27 was 93,770 MT, the highest-ever quarterly figure, up 16% YoY. FY26 full-year OHT volume was 317,356 MT, also a highest-ever annual figure, up 1% YoY.^[5][3]
India's share of OHT volumes rose to 40% in Q1 FY27, with domestic agri segment market share above 20% as of Q2 FY26.^[5][4]
India OHT market share was approximately 18 - 19% in Q1 FY27; US OHT market share stood at approximately 3 - 4% in Q1 FY27.^[5]
EUR/INR realisation was approximately INR102 in Q1 FY27, compared with approximately INR97 in Q3 FY26 and approximately INR99 in Q4 FY26.^[5][6][3]
Freight cost as a percentage of revenue was approximately 5% in Q1 FY27.^[5]

Customers and distribution

BKT sells to OEM manufacturers of agricultural, construction, mining and earthmoving equipment; replacement-market customers (farmers, contractors, miners); and carbon black customers including major Indian tyre manufacturers.^[1]
BKT has a presence in over 160 countries across 5 continents via subsidiaries BKT Europe S.R.L., BKT USA Inc., BKT Tires Inc., BKT Tires (Canada) Inc., and BKT Netherlands B.V.^[1]
The on-highway business operates through more than 70 regional distributors in India, with pan-India coverage seeded in Q1 FY27 through approximately 70+ distributors targeting Tier II and III retail corridors.^[1][5]
US revenue share was just under 10% of FY26 volumes, down from a historical level of approximately 15 - 16%; recovery towards historical levels is targeted as tariffs normalise.^[3][5]

Expansion and capex

Total programme capex is INR6,800 cr through FY29; approximately INR3,800 cr remained after FY26, with INR1,000 cr spent in Q1 FY27 alone. FY27 full-year capex is expected at INR2,500 - 3,000 cr.^[5][3]
PCR (passenger car radial) tyre pilot is scheduled for Q3 FY27, with gradual ramp-up thereafter; initial phase capacity is 6,700 tyres/day.^[3][5]
On-Highway business (TBR + PCR + two-wheeler) targets approximately INR5,000 cr revenue by FY30, contributing approximately 20% of total company revenue and approximately 5% India market share.^[5]
Total company revenue target is approximately INR23,000 cr by FY30, implying approximately 2.2x growth from the FY25 base at a 5-year CAGR of approximately 17%.^[5]
OHT capacity target is approximately 425,000 MTPA, aiming for 8% global OHT market share by FY30. Carbon Black is targeted to contribute approximately 10% of company revenue by FY30.^[5]

Recent developments

Carbon Black Phase 2 was commissioned in Q1 FY27, raising total capacity to 360,000 MTPA; captive power at Bhuj increased to 64 MW at a capital outlay of INR125 crores.^[5]
TBR (Truck Bus Radial) supplies to trade commenced in April 2026; a two-wheeler tyre portfolio was launched in the domestic market in Q1 FY27; a 24x7 journey-assistance programme (YOU FORWARD) was also introduced.^[5]
US tariffs on India-origin goods settled at 10% as of Q1 FY27, enabling BKT to resume US shipments after a near-complete stoppage in Q2 FY26 when duties rose to 50%. US duty refund applications have been submitted.^[5][4]
Balkrishna Industries received a CRISIL A1+ credit rating for a proposed Rs 500 crore commercial paper programme, as informed to the exchange on 23 September 2026.^[7]
India signed a landmark FTA with the EU in Q3 FY26; current tyre import duty into the EU stands at 4%, with the post-FTA rate not yet finalised as of that date.^[6]

Market Cap

₹40,677 Cr

High / Low

₹2,775 / 1,970

Stock P/E

29.2

Price / Book

3.8

Book Value

₹567

EPS

₹64.3

No. of Shares

19.33 Cr

ROCE

12.3%

ROE

11.7%

OPM

16.1%

Debt / Equity

0.37

Sales

₹10,823 Cr

Net Profit

₹1,243 Cr

Promoter holding

58.3%

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